Is buying a house in your 20s really a smart idea?

[Art Barr]

Situation dependent of course, but some good advice I heard from someone I respect financially was 'Never("never" buy/invest where you live', I haven't bought any property at all, I am 30. I would think about it, but not where I lived.....Also, land can be surprisingly cheap, someone was telling me about buying 15-20 acres for like 15k. Of course, you still have to build a house.

If you urban for real,....
You don't want no 15 acres out in the sticks.

shyt sucks and why I am.moving back to the chi, Seattle, or Colorado, bc or Montreal.


Art Barr

 

[Field Marshall Bradley]

This won't work unless you run across a non-foreclosed property.
Which really don't exist to much and the actual time that the hood will be regentrified in the regions fully like maybe ny is a good eighteen to twenty three years away.

Like my house I was given.
I was there and it was sold out of foreclosure auction at 144k.
When this house is in an area where no house around there is worth a best thirty percent of that.
Yet, those people who do own jn that arena or area are just holding on. That they can not sell and if they did,.... They would not get enough to live near where they are at all.
So, all this whole idea of you will live long enough,....
No you won't.
Stop listening to outdated old entrepreneurial mags and articles that are not in the real world pocket of what actually occurs right now and moving forward.
We got hosed as black Americans, worse than anyone in America and everyone got hosed.

Art Barr

I should've been more clear.... I'm not advocating getting mortgages for homes in undesirable areas, .. but I'm speaking on taking advantage of foreclosed properties and certain types of rehab projects, and turn them into rental investments.....

 

[Black]

Glad for you,.....

Is it a better than a double wide or a move in rancher?


Art Barr

It's a rancher with an inground pool on 2.5 acres.

 

[Art Barr]

No matter how much loot I get im stayin in the projects

If I was in ny,....i would be in the projects forever.
As real talk,....
Once you lived urban.
Good luck with all that uproot to some southern rural shyt.
You will be back in the late nineties if you do,.....
Miserable as fukk,....
nikkaz talking oh they got females blah blah blah,....

They some lame ass homebodies who don't go nowhere and you won't even see ol girl come outside.
Or have to drive thirty miles to just go to McDonald's and Walgreens.

Never buy into that leave the city shyt,....stay in the city with a dilapidated house bad floors plumbing.
At least then you can be in an arena.
where you can manuever out of being miserable.
You move to some shyt that is not urban you got to deal with no structure and nikkaz enamored with old school status drugs like crack just came out.

If you are black stay in the city,....don't move out to this bullshyt country shyt.



Art Barr

 

[Kornball The Conqueror]

85K for my crib and no mortgage.

the fukk you live a refrigerator box

 

[miranda]

i bought near the bottom of the market when i was 28, so yes it was worth it, but it was way more work than I anticipated. I dont think i will purchase an expensive(100k+) primary residence in the us again, but im going to get some cheap rentals. or maybe not, it's ALOT of work.

 

[Art Barr]

I should've been more clear.... I'm not advocating getting mortgages for homes in undesirable areas, .. but I'm speaking on taking advantage of foreclosed properties and certain types of rehab projects, and turn them into rental investments.....

Dawg,...

If I just told you I was in a house across the street from the girl in chi-raq on stl block who was killin nikkaz.
That it just sold for 144k, which means no one lives in it and is a flip property.
in an area where the property value is really only 20-27k you could realistically get.

Where and how are you breaking even and to rent this crib.
it needs a whole rehab in a city licensed area.
where resources and supplies are premium priced and rehab could cost 120k.
to make it nice enough to rent to pass code.
So now in my case you got a rancher for a quarter mill in the middle of right before Inglewood where the real problem is at.
Where is this bread coming from profit wise in rental.
You can't charge 2 stacks for rent for it.
So, rent is at best around there only 1350 for that type of house.
12 months times 1350 times ten years is 162k.
Where is the other 100k plus coming from.
Plus you paying insurance deductibles for shyt like a roof at 5k in ten to eight years.
Where is the bread breh,....
In the sale,....when no house is even worth 25k.
To even possibly even list the house on the market.
Housing market is dead,....
All that old school shyt is over and unless you live in like a well populated urban area like SF or Seattle with a tech industry.
You not cashing out on real estate.

America is at its threshold as far as money making because it is so racist and limited.
it won't allow another group purposefully to do anything at all.
What is gonna happen is we all gonna be poor like dark angel and the one percent gon lock us out of city's every night and every morning at sunrise they gon admit you to be a lowly bike messenger.

This shyt not a game and they are creating poverty just like third world countries.
Plus it won't ever change because we have link and other resources that create a close air environment of poverty.
So the long lines like the depression and the fukkery from that visual that helped change everything before no longer exists.
To cause the public scrutiny to create change,....now they have it how they want and are working on applied knowledge.
It is darker days coming as standard x's and o's,.....

They gon put you out in a tent city like that vice meth addict shyt.
Then police the fukk outta it and slam a prison nearby if there is not one already to handle all of that.

Where the one percent is all in on it.

Keep thinking these rich punks that create favelas and got poor Irish people in the country side give one iota of a fukk.
Only thing they give a fukk about is seeing you out of site and fukked up like those countrysiders they preyed on in other places.
nikkaz think that Elysium and out of time type poverty shyt is a joke,...
They making that shyt right now, how it was in Elysium on earth.
They making it like that all over.
Most of you guys never even experienced how it was before crack to know how better it could be.
So, all you seen was the crack vial era shyt and they gon keep making it as bad or worse.


Art Barr

 

[Art Barr]

i bought near the bottom of the market when i was 28, so yes it was worth it, but it was way more work than I anticipated. I dont think i will purchase an expensive(100k+) primary residence in the us again, but im going to get some cheap rentals. or maybe not, it's ALOT of work.

I bet you don't even wanna go through the stress level of that shyt ever again.
That is how draining a house is.

Art Barr

 

[Kornball The Conqueror]

Don't listen to this guy

I own two right now

Home in washington state, (currently renting out), I bought at $245K, I owe $228K and it is worth $305k

Second home, in Georgia, I own (which i'm living in now), I bought at $245K, I owe $220k and it is worth $275k

I can quickly off load one if I need the bread quick, or refi and get pull out cash. These things you never want to do, but if you have to, it's always there.

Don't you have landlord obligations?

 

[Art Barr]

It's a rancher with an inground pool on 2.5 acres.

i ain't paying four times what these ranchers were made for after they were not the rage.

i need three floors, for close to 100K, just for starters.
i ain't paying no more than what they pay for a double wide for a rancher, no more no less, real talk.
my guy girl just got a luxury rancher style double wide for 46K.
maybe your location is why you paid that, but i ain't going.



art barr

 

[Art Barr]

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I should've been more clear.... I'm not advocating getting mortgages for homes in undesirable areas, .. but I'm speaking on taking advantage of foreclosed properties and certain types of rehab projects, and turn them into rental investments.....

dawg,..do you watch those rehab shows.
most of those rehab shows are based in canada to just show you the real on what cost is over there.
the only way those shows give you a bit of relief watching is when they in canada like bc.
so the american dollar is back to how it was when i was manuevering in canada. so like thirty eight cents difference after conversion and fees.

so, when you see an overpriced house you can pull out your convertor and look at an american dollar price break.
yet, when you watch a show based in like orlando, with no jobs and shyt.
they selling cribs on some bullshyt for close to a mil as a foreclosure with mad hurrican damage and crocodiles and alligators squating in the shyt.

so, now you take over some close to a mil rancher in orlando, and then rehab it.
where and who are you going to sell that shyt to.
except a few common place people from that area who are in the one percent and they on some even hotter shyt.
there is no upper middle class person who is gonna want that shyt, for that price.
obama should have jailed all those bankers the car companies and seized their shyt and restarted america over with the property made to house any and all americans.
then make the car companies a government based job to aid everyone.

instead he kept those a$$hole afloat who in business were failing and should have failed.


art barr

oh and all you egghead software economic guys,....
the military brings in and uses 300 trillion a MONTH.
so, we have money to fix all the social issues.
if we let those bankers and the car companies fail, too.

 

[miranda]

I bet you don't even wanna go through the stress level of that shyt ever again.
That is how draining a house is.

Art Barr

yeah. I know the "responsible" thing to do is use the money im going to get from selling this home to buy rental homes somewhere cheap. but the potential repairs(and things ALWAYS break, my house was 3 years old and stuff was breaking) and tenant issues arent worth it.I think im just going to use it to live cheap overseas for a few years and then ill see where im at.

 

[Art Barr]

yeah. I know the "responsible" thing to do is use the money im going to get from selling this home to buy rental homes somewhere cheap. but the potential repairs(and things ALWAYS break, my house was 3 years old and stuff was breaking) and tenant issues arent worth it.I think im just going to use it to live cheap overseas for a few years and then ill see where im at.

After being in my crib.
Then selling the mini mansion my parents had.
I don't want no issues at all.
I like old character homes but after enduring all the fukkery of the house given to me.
then, another move and all the bungling I had to fix from mom's having to be the exec cause my pops is past being able to do it.
I am worn out from a house.
If I won the lotto I would not want no house.

Art Barr

 

[Solano707]

Don't you have landlord obligations?

No, I use a property manager for the home in Washington. They collect 10% of the rent I charge, in this case, they get like 150 i believe

 

[Larry Lambo]

The best thing for a young person to do property wise is to buy a duplex and rent out the other unit. With the right set up you can have someone pretty much cover your mortgage.

Outside of that, I'd wait until I could afford a 15 year mortgage on a property (probably in your later 20's). 30 year mortgages are straight scam status.