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My house is 124 years old. It’s a very small house and a mediocre neighborhood. But hey, it’s what I could afford when I bought it. When I got it inspected, the guy told me that my house would still be standing in 100 years. He told me the new construction that he was inspecting would literally not be standing in 50 years. So don’t automatically give up on the old houses. They were built back when people had pride in workmanship and they are built to last. New construction is mostly cheap. Crap. I personally would never buy a home in an HOA either, but that’s just me.
New construction is scary. They look good for a couple of years then it's down hill from there. Builders are in the business of making money and just don't care.
@@CheatingZubat I wanted a turn key because of the fixer horror stories. I settled on a townhome because I couldn't find a newer SFH that was in my range.
@@CheatingZubat Right? New builds or old houses, any type of home will require maintenance. Everybody is just wanting that work to be on someone else's dime, and complaining when they actually have to put time and money into a the roof over their heads.
@@aolvaar8792why? What was unmarketable about it? And how do you use Fannie Mae to buy a foreclosure? Isn’t that for first time buyers, for their first properties?
Well, not exactly! It might be the reason people want bigger and more modern homes, but the real reason is that we printed $8 Trillion between 2020-2023. High demand with ultra low rates = higher prices
@@vladimirofsvalbard9477 This was happening as soon as the 2008 recession ended. I saw it take place all over in Long Beach, CA. Lots of small apartment building with around 11 units were sold and everyone was evicted. This happened to me twice. Home prices also rose very quickly from flips and corporate investors.
As someone getting older, I think about how my mobility might change. I would stay away from properties with lots of stairs or steep driveways. In addition to all of the things you mentioned. We also stay away from lots of overhead wires and properties near oil refineries.
@@mvblaise We own a small lot that we are thinking of building on some day. In order to have a good garage, we will have to go 2-storey but we also know that we have to have a bedroom on the ground floor. Probably by compromising the dining/living room if we have to.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 3 years now, amassing nearly $476K in return on investments.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
As a first time buyer and single parent buying a starter home in the late 90’s, I learned a lot of things the hard way. Got burned again with the purchase of my 2nd home because there was still so much more I hadn’t learned. One thing that stuck with me was to never trust a realtor who recommends using an inspector that they know. Sometimes they work together to close the deal since I had already been pre approved. It’s like buying a car from the dealership and allowing them to finance the loan and using them to insure the car 🤪! I was later advised to use a state inspector rather than a city inspector. It may cost a bit more, but well worth it.
@@rokyericksonroks Yeah, needless to say but after the first heavy rainstorm, I had a major leak from the roof into my living room 3 months after closing.
@@AllinJesusname7 you are right!!! That happened to us! Our realtor was so nice and sweet and seemed so great. Yikes. We were taken. Her recommended inspector never told us all the things wrong with our house. It was all a mess. So many issues and inspector should’ve seen. Not to mention we found out our realtor was friends with the seller. And they didn’t tell us probs with the land. We found out later it’s our own responsibility when it comes to the land. The owner doesn’t have to disclose. But if our realtor was so nice and was working for us, she should’ve given us a heads up. Even just for us to look into it. We ended up in court. And lost a lot of money. And learned A Lot. Get your own inspector. And don’t buy any lot or land without checking into water issues or other issues. Your realtor may not mention it.
@@AllinJesusname7, oh yea and it turned out our lot we bought was the lowest point in a 14 mile radius. So everything flowed into that point. They never mentioned there was anything wrong with it. And according to law they didn’t have to.
Your agent is supposed to protect you and have a proper inspection. I use to sell real estate and never let anything like that happen to my buyers. Sad that is like that now. It’s illegal.
Check the water pipe coming into the house, if it's lead or galvanized - no chance. Don't buy it unless you have the budget to pull in new pipe. Don't buy a property that shares a driveway with a neighbor. Make sure you know what easements are on your property.
I recently bought and sold a nearly 100 year old gorgeous house in Savannah, Georgia. Those old wood floors, high ceilings and crown molding were artistic wonders. BUT, I did have this type of driveway issue and the woman next door insisted on backing her SUV in, sometimes with her radio blaring. It was not 5 feet from my kitchen sink! I tried to get a copy of the survey map and believe it or not, in that part of downtown Savannah there WERE no court records on old homes. Sometimes you try to do things right, but others' mistakes get in the way.
My house is over 100 y.o. and in the 50+ years I have lived here, the shared driveway has not been an issue. I drive a little car and can use the garage. My neighborhood is very nice with few private driveways. Every 3rd house has no off street parking but that doesn't seem to bother anyone. My neighborhood is always mentioned in guides to charming places in Portland.
@@Lily-td3co --No garage, alternate side of the street parking (meaning moving the car often), and in my case, tires slashed twice by gangs which meant parking the car nearly a mile away. Not fund for a senior.
One to add to your list is a house that was a rental for years. The owners don't take care of anything. When I bought this place I knew I had to do some expensive work. There was nothing on the market. I had to put a new hvac in, breaker box, sewage backed up the second day, patio, updated the bathroom, big trees cut down, painting, flooring, landscaping, still need a roof along with plywood , bow window needs replaced, needs new fence and concrete work needs done. I am 64 year old female and have worked my butt off.
Disagree. You knew when you bought it it was fixer, so why complain and tell people not to buy a rental? If you didn't want all that work, then you ought not have bought the house. No one said you had to buy that house at that time. You could have waited.
@@gusmonster59 I think the OP was saying the repairs were more than she expected, even knowing there were repairs needed. Rental property repairs are often similar to flips, and not everyone might be aware of that possibility.
Well done you, it is true some landlords do everything on the cheap and avoid investment treating it purely as an income generating vehicle others treat it as an investment which gains value through maintenance and happy longstanding tenants.
If the house has repair issues that come up during the inspection, always ask for the seller to discount the home by the amount the repairs will cost to be done correctly. Do not ever let the seller get the problems "fixed" as this will always be cheap and/or substandard work.
I'd recommend actually having the repair costs be paid in seller concessions, not discounted from home price. Interest will eat that entire repair discount in the long term.
When I was in the market to buy some 30 years ago, one of the first things I did during showings was go down into the basements. I looked for water damage, foundation (poured concrete or block) condition, water heater, furnace, pipes, ductwork, electrical panel, insect damage, windows, doors, humidity levels, and any stained ceilings. Only a few homes basements passed my muster. I bought one of them. Not bad for a girl!
I would say don't be in a hurry to buy and don't have that dream house concept. Buy what you can afford that does not make you house poor, e.g., less than 30% of your income for monthly mortgage payments. Never waive inspection. Check for water and foundation issues. Check gutters and downspouts, grading around the foundation, standing water outside the house, etc. Check for asbestos in older homes. Set realistic goals. You many need to renovate over time, but it is worth it. I bought a fixer upper, but I could visually see any issues. I spent 10 years cash flowing renovations and it is really nice now. The value is double what I paid. I just renovated one room at a time with kitchen last. I got all of the features I wanted and saw how the contractors did their job. I removed a wall and got proper permits. I started with a new roof and painted the entire house inside. Then, I renovated one bathroom to have a nice bathroom. Later, I renovated another bathroom and the kitchen. I also encapsulated and conditioned an old crawlspace.
That's what we're doing. We started with removing all the walls in the basement because it didn't allow for airflow and would smell nasty and musty. After the walls were down, the basement felt and smelled better. We're working in the bedrooms now, almost done with the first. Then, we will work on the bathroom or kitchen. We're also working on the landscaping to make it less maintainence. We found an old path the original owners put in and signs of where they had a small garden off the patio. I think the landscaping would have been gorgeous to see when it was first done. We want to bring that back and we're on our way already.
Love this. I am a first time buyer and I did an inspection and roden test and the report was terrible. So many issues. The inspector warned me about buying it. The realtor tried to convince me to negotiate with the seller. I have no repairs in my life now now so why would I buy just to own a list of repairs? I walked away.
Not a bad idea to find a realtor who thinks more as you do. That's what happened with me when selling my little home. The switch to another realtor was wonderful. (He charged a higher percentage but the understanding, information, and services he offered were well worth it.)
Around $250,000 was made when I sold my flat in Rochester. That's why I was upset when my standard savings account yielded only $171 in interest. It was suggested to me to buy stocks after I conducted some study. Which stocks would be a good place to start?
Although the stock market is exciting and can yield a healthy return on investment, professional advice is necessary for efficient portfolio management to prevent market burnout due to its extreme volatility.
I anticipated receiving $2,500 in interest on my initial $50,000 when I created a high-yield savings account online with 5.12863% interest compounded everyday. Rather, I was only given $420. I asked, and was informed that the website did not make it obvious that the interest is computed daily. With the help of an expert, my partner suggested that I switch to stocks, and in just six months, I experienced almost 80% capital increase (discounting dividends). Extremely advisable!
Soon, cheap homes won't be cheap anymore because prices today will look like dips tomorrow. I think inflation will cause panic until the Fed tightens its grip even more. You can't just pull the band-aid Off half way. Booms and busts are the ups and downs of the economy, and they will affect any investments. If you are at a crossroads or need honest advice on the best steps to take right now, it is best to get counsel from a financial expert.
Couple of things you didn't mention. 1) Certain vintages of homes (pre-1980) may be chock full of lead paint and asbestos. If they have been updated they may have simply covered these things up or were not remediated properly. Asbestos floor tiles were very popular. If they haven't then it is a massive expense and PITA to renovate. 2) homes with buried oil or propane tanks on the premises . They leak and you are responsible for very expensive soil remediation. If they are leased then you may be locked into very expensive exclusive contracts with providers.
My uncle lived on a sloped lot. The top where the house was, was reasonably ok to build on but the rest of the yard was a bit of a hazard to go up and down to the fruit trees that he had in the back. Treacherous to traverse when wet.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
Hi @SeanTalkoff, you're absolutely right. The housing market always has a certain degree of unpredictability and the measures taken by the Federal Reserve can certainly complicate things even more. It's a delicate situation, like walking a tightrope, where balance is key. We really appreciate your insightful comment and for taking the time to watch our video! Let's remain hopeful and adaptable to whatever comes our way in this pivotal market. Your input is always valued here.
Hi, Jeb. I think you covered most of the issues. This was a really good refresher for me. Two items come to mind: 1) check whether the home is in a flood zone. Flood insurance is expensive and I would avoid that trap. 2) Find out what the insurance premiums are like for comparable homes in the area. Some large insurers have moved out of neighborhoods and entire states for various reasons, making insurance rates less competitive or just plain unaffordable.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
No, they likely won't drop below 5% again, but absolutely can get back down to the 5-6% range. The issue now isn't the mortgage rates, though. It's the rates combined with the ever-increasing cost of the home (living in Colorado it's been consistently 5-10%/yr for decades) that doesn't align with incomes. My parents bought their current home in 1992 with an 8% interest rate, but that 2,700 sq ft on 3/4 of acre home only cost $110,000. With current costs and interest rates (which is the only comparable number from '92 to '24), the monthly payment would be more than 50% above and beyond the inflation rate that's already there for that stretch. And no one is bringing home that much more. "Back in your day" boomers need to stop commenting on the housing market of the past decade, because you're completely out of touch with reality.
1950s-60s ranch homes and 60s-70s split-level homes with NO remodels may be smaller homes but are relatively problem-free. They will have modern wiring, electric and heating systems. Any problems are likely relatively easy to repair, as the basic structure is simple, assuming it is not in a flood zone or next to a noisy highway, etc. I am a former carpenter and home inspector.
Definitely look at how the neighbors upkeep their yard! Had a problem with weeds bc of my ex neighbor's jungle. Also, another thing I learned is having an arborist inspect the health of the trees in your property. Especially if they are in close proximity to neighbors.
@@nyleac4389 Airports are noisy. You can find flight patterns online for most airports to see if you will have airplanes taking off and landing over your neighborhood. Easier just to avoid them if possible. High-voltage power lines are an eye-sore and have been shown to cause health issues if you live close to them. Houses built next to both of these will be harder to resell in the future.
@@jameslovell8104that’s literally my house you can sit out back and hear the powerlines buzzing and the airplanes fly right over my house ,I personally don’t mind the planes my toddler loves it
As someone that owned a flipped house, I agree 100% with what you said. No permits, older house that was previously condemned. Overall no major structural issues, just sloppy work. Like the drywall contractor put mud down the drain in the basement. A week after moving in, had to pay to have the sewer main line snaked. The dishwasher drain line punch out on the garbage disposal was not removed, causing the dirty water to circulate in the dishwasher.
Having dealt with roof issues, I'd recommend getting a single story home, if you can. Also, avoid roofs with steep pitches. If the home was recently painted, I'd also recommend looking at all the neighbor homes from all sides to see which side gets beaten the most by the weather (you can tell by looking at a 5+ year paint job) because that's the side you'll have all the issues with like leaky windows and rotted window frames.
If you live in an area with heavy snowfall, a steeply pitched roof will keep you from having to climb up there to take the snow off and prevent collapse of the roof. Just a thought.
I bought a split level home once ( raised ranch) and had trouble selling it. Always steps to get into house and people were afraid they could not age in place.
Bi-levels have always been my least favorite type of house. I find it unsettling and unwelcoming to step over the threshold onto a tiny landing and an immediate choice of up or down stairs.
You left out HOAs... That can be (a lot) worse than a bad roof or a flip. FYI: Here in FL assessments of over $100K are propping up. Doubling to tripling of monthly HOA fees are getting commonplace. You should include, that the property tax be figured out - based on the new purchase price - BEFORE the buyer is committed to purchase. Many-many areas the new tax is based on the purchase price and it can double without the buyer being aware, because he/she is shown the old tax amount in the listing.
Hi flooring contractor. Could you tell me what's involved to level a floor? Like something you probably do? I bought an adorable little one bedroom house built in 1930 three years ago my first house. The bedroom & dinning room have what I call fun house floors😆 They are not even at all. I'd like to have these fixed someday & expecting the Amish to fix them, but what's involved? Do you build a level floor over the existing fun house floor? Or do you tear out the floor all together & start over? The living room & kitchen are level & I have the original wood floors from 1930 & I love them, they are so pretty. The bedroom & dinning room have fake wood floors IDK what, but they are ugly & uneven. Under the kitchen & living room is the basement, but under the bedroom & dinning room there's just around 4 feet between the ground & floors & unusable space. I suspect the bedroom & dining room were additions, but IDK. Forgot the cost I can't afford it now, I was just wondering what's involved. Thanks!
you bring up a valid point and it's indeed unfortunate that some people have unpredictable experiences with house flippers. That's why it's so crucial to work with knowledgeable real estate professionals who can help guide you through every step of a real estate transaction. Thankfully, these instances aren't the majority. Thank you for watching our video and sharing your thoughts, your input is appreciated!
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Selena-Nicole cefaloni is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
That can be said about every roof. We have a flat roof, and it finally started leaking after more than 30 years. If it's made of high quality materials it can last a long time still.
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
Did everything you advised against. Bought a home by train tracks, backing onto a Laneway that leads to a somewhat busy street, needed all major systems replaced. I saw it as a blank slate and have customized it into my dream home. Key in the decision: having a good contract and getting a thorough home inspection.
Me too! 🤣😂🤣 and the trees near the highway are being cut down so it’s getting louder but I just like the place. My deal breaker is places too far from a freeway 😂🤣
If you have a house in mind go there at night and check out the neighborhood for noise and the neighbors before you buy it. Also walk the property foot by foot.
We bought a house not on a major street, but a through street. I didn’t realize it when he bought it that it was a preferred access street because it skirts the school zone on the other street. it’s not a big deal, and it’s the best we could find at the time, but I do wish we lived on a quiet cul-de-sac. We had always lived on cul-de-sacs before.
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in 2024 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
@@HectorSnipes I’m in same situation. It comes down to whether the property appreciates enough to make the purchase worthwhile. Stocks are about 8% return where most homes are not cash flowing when you rent it out
@HectorSnipes Housing shortage caused by lack of skilled labor. The US leaned hard on the "college degree". Now that gets you a walmart job. The quality has gone down the pooper. Atleast it has here in Arizona. New home builds are scary.
Companies used to spend a lot of $$ to properly train their employees , which paid off because they had employees who did a better job and stayed with the company longer and moved up. Corporations today have gotten money hungry and let the training go to the wayside & this is where the quality of employees & the jobs they do , start to go downhill. There are a lot of crappy flip/construction remodels out there. Not everyone is a good experienced carpenter or handyman.
I would recommend get a plumbing inspection of the homes sanitary lines before purchasing any home. Having the line scoped with a camera to view its condition could save you thousands in the long run! I wish I'd taken my own advice as this was the only thing I overlooked when purchasing my forever home.
You mostly just have to buy whatever is in your price range at the time you are available to buy. That's how I ended up with 2 mid 1970, ranch style tinker homes that were NOT updated in any way. 😊
Don’t buy a house across or next to a school especially an elementary school. It’s convenient when you have kids. But it’s really noisy during the day. I never noticed it until I started working from home.
I was recently browsing for properties and I prioritize not being in areas prone to disasters or areas with a history of disasters, whether that is fire risks, flooding risks, earthquakes, or big trees near homes.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with “Izella Annette Anderson” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I disagree. It depends on the neighborhood and the purpose of the HOA. There’s a neighborhood near us that has beautifully landscaped common areas and a lovely lighted entrance. and I would totally live there and happily pay the $500 annual HOA. But before we lived here, we lived in a neighborhood with an HOA in Louisiana. It was OK. They only had a small entrance area to maintain, but yeah, sometimes people can get a bit nasty. The HOA neighborhood near us is extremely well spelled out legally, and in detail, and, the purposes to maintain the value of the neighborhood
@@joysoul4089 some HOAs are 400-500 a month. And the fines are out of control. There are some cases of people losing their home due to fines. I bought a house to do what I want not be tolled what I can do
@@joysoul4089 Our HOA is made up of seven owners in our building. We have a treasurer and a secretary and meet as a group like twice a year, or as needed. No perks here, we mow our own lawn, etc., though pay for plow services as this is Mass. Only 287 HOA, and we rose it twice last year.
Neighbors house sold for $25k after a flood (only the basement flooded), to a house flipper. They hired low budget contractors to "fix" it up, putting *at most* $40k into it and sold it to the current owner for $140k. Asbestos siding....leaking basement....poorly renovated.... When the market crashes he's going to be sorry he ever bought it....
@@waitaminute2015 Because If You Plan On Just Buying A Roof Over Your Head It's Cheaper To Rent Because When You Buy A House Your Responsible For Keeping Up With The Zoning Laws It Isn't Just Mowing The Lawn And Keeping Your House Looking Nice The City Can Come In And Tell You Can't Have An RV There or A Big Truck Here And Your Breaker Box Needs Replacing Because "fire hazard" And You Can't Backfeed Your Generator or Jerry Rig That Ceiling Fan You Just Installed Oh And That Plastic Hose Running Your Shower Has To Be Underneath The House Not Stretched Across The Floor From The Main Water Tap So Tell Me Than After Your Done "flipping" The House How Much Money Have You Wasted Only For The City To Come In And Say You Did It All Wrong And Condemn Your House After You Spent Your Life Savings Buying A "fixer upper" When You Got Zoning Laws And City Ordinances It's Always Cheaper And More Sustainable To Rent
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
I always use home inspection regardless if it is new or old. As a matter of fact, home inspection on a few of my new homes turned up a bunch of discrepancies that I was able to get builders to fix and note them.
I just bought Jeb! And my property does not meet any of these issues or shortcomings. Had to pay over asking but I'm in the best neighborhood of city so I'll live with it
Thanks for sticking up for house flippers out there that are experienced and renovate responsibly! Usually, I only hear advice given to avoid buying flipped houses altogether. But there are many skilled flippers who do excellent work revitalizing unlivable homes and ultimately increasing the housing supply."
Great video. I had a 115 year old house with a train just beyond the backyard. Needed a lot of work but after ten years and the train still there, I closed on the house in March 2020 the day before the whole country shut down for Covid. Looked at many houses and it is important to look carefully, be unforgiving. A closer look revealed shoddy work in making the house presentable.
My wife and I sold our house in Florida to move to Texas. I invested some of the money from the sale in the stock market. The portfolio is up 300k this week. I guess she knows the investment is making profit, but we've never really spoken openly about it. It's one of the best choices I made.
The FA I personally work with is *Marissa Lynn Babula.* Just research her name. You’ll find necessary details to work with a correspondence to set up an appointment.
I would also add to the list (but maybe they were already obvious to everyone else?): homes near golf courses (because of the high use of pesticides/other chemicals to keep grass green), power lines, and any sort of manufacturing/fracking/recycling/etc. facilities)...
I'm a former real estate agent, like you I've purchased and helped others purchase homes. You are 100% correct in this video! You asked for additional feedback... 1) You alluded to it, but a big risk are steep hills, specifically retaining walls and steep driveways. 2) Speaking of driveways, another risk is any property with a long driveway or on a private road - these are not deal-breakers but consider this. 3) Hazards like radon, asbestos, lead, etc. - indeed I would generally advise any inexperienced home buyer not to buy a home older than 30 years. Well, that's my two cents, thank you for your great videos and sound advice.
As an owner of a 1948 home, I completely gutted and redid all pluming wiring new energy efficient windows, insulation Sheetrock, and the frame is much better than anything you would have found in any new build… so that statement does not 100% hold true. Tho I know mine is an exception to your rule😊
@@CM-oj3oi Thank you for replying, I love tiffs! I’m so glad you had success, it sounds like you’re happy and that’s what really matters. As for me, I’m totally with you, it would’ve permitted as needed and I would do all that work myself and know it was done right. I suppose my advice here is narrow, It is intended for folks who can’t do want we can. Peace brother!
I totally agree about the steep hills! I am trying to buy and renovate my grandparents' home built in the 1940s on a steep hill, and the buying process has been like a horror movie. Each report and bid I received has been worse than the last. The home does not have proper ground drainage and the garage on the 1st floor has walls that were not properly stabilized. The house is leaning, and I am now considering major renovations. 😬
Issues that I have had are exterior doors wirhout proper overhangs that get wet and leak. Slab floors, hate them. They all crack, are cold (unless hydronic heat) usually not insulated and very hard to fix plumbing.
@@nyleac4389 Me too! I love the look of a classic flat-roof mid century house, but I know that the only place the can really stand up well is a “desert”/dry area like Palm Springs.
I bought a home in 2021 that has roof about 30years old. I asked my buyer agent to get some concessions from the seller. But my buyer agent told me I still have 5+ year more to go. So it doesn’t make sense to ask the seller for credits. 🙄
First time viewer--the "gods" of algorithm put your podcast onto my screen thread. Thank you for the excellent information. I am currently interested in a property on a hill... and will make sure I understand (through a pro) the foundation issues.
Don't buy anything from investors, whether a rental property or flip. They don't put real effort into fixing up the property. As for railroads, i guess it depends on if you're righy by it or not. I've lived about 3 streets over from one twice, and there was never a problem with buying and selling in the area. There was never a problem until investors came in and tried turn everything into rentals
I bought a brand new cookie cutter house built by a local builder who makes lot of the houses in the area and is expanding to other region in the state. I've had inspection done but still spent about $1200 (only been 4months since closing) due to two water damages and other stuff that are apparently not covered under home warranty. DO research on the builder's reputation and the warranty program they offer and ask around in that community if the builder is flexible or stubborn for exceptions. My double glass window was cracked on the outside when we moved in and the builder didn't accommodate saying it's not covered under the warranty. This will be another few hundred bucks coming out of my pocket soon.
Take some of it with a grain of salt. Firstly, if you don't ever want to do any maintenance, just rent an apartment. I had to put about an extra 100k in the house I bought in 2020 and I have the roof to do soon. And the fence. Here is the thing : at the end of the day, the value increase in the housing market alone already outweigh what I've invested in.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
We bought Fundrise stock, it’s a mortgage investment stock, the real estate companies built homes etc. If housing market crash and interest rate falls, we may sell the stock to downpayment a new home or just save it for 7 more years. After we pay off our current first home, we will demolish it to built a new home because our home was built in 1947, and it was flipped in 2007, and we have plumping leaks. At the beginning when we bought it, there is not even efficient hot water, it can be cold or hot suddenly, we did gas conversion (it used to be oil), installed new A/C, kitchen remodeling, upcoming project will be bathroom remodeling because we need to fix the leaks inside the ceiling coming from the toilet pipe upstairs, the ceiling of the downstairs bathroom was ruined.
Definitely noises, like a busy road, or backed up to a freeway. Also, houses that are too close together. I figure if you can get a good location, the other issues you mentioned, although they can be costly; it’s still something you can fix, maybe? You can’t fix location, or if you buy in a homeowner association, you are stuck. The saying “location, location, location stands true.
I would avoid those with water lines in the basement along the wall, any sign of raccoon or squirrels issues, and issues in the landscape. If the landscape is uneven there could be a sink hole of some kind.
Absolutely correct. I'm an HVAC contractor and saw all this shoddy work when looking for homes. I walked away. I'd rather purchase a solid older home and upgrade it myself
Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like gold, silver, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
This is why we need a working and serious president. Because they are building these condos intentionally knowing fully well it will just end up vacant and that it's going to bankrupt America and billing American for those vacant properties being fake and they are fully aware of it omg is a terror attack on us Americans.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up " Melissa Terri Swayne” because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
This is why we need a working and serious president. Because they are building these condos intentionally knowing fully well it will just end up vacant and that it's going to bankrupt America and billing American for those vacant properties being fake and they are fully aware of it omg is a terror attack on us Americans. And the people in office knows This and are saying nothing.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
in my area, the property got sold before going to market. the sign went from "coming soon" to "sold" in a week...... this is one example where you don't get to do a lot of due diligence..... :-)
My house is 124 years old and I love it but it was a flip and they put 100 amp instead of 200, they skimped on plumbing. My house has pocket doors and nice wood steps and old wood floors that are not perfect. I love this house ❤
I live next to a flipped house. I have seen the property that is next to a bubbling brook. In spring it can be a roaring river. Washes everything out. Sold for 180.000 selling for 625.000. Still sits empty lol
Never buy a flipper supervised by a realtor. If it's renewed by a general residential contractor, you will have a better result. Research and outside inspections are a must.
Lack of permits is an issue when money is tight. During the mortgage crisis n 2008, bank appraisers in my area would flag mortage applications if required permits were not on file.
We had a hard time selling our home, it took years. It was on a busy corner and had a built-in swimming pool and those two things were very undesirable for most.
Thanks 🙏🏾 just found your video today . I want to buy a good home 🏡. The apartments are near an express highway 🛣️ which you have advised is not 🚫 good because of the noise and resale value. The apartments are built in a swampy location so when it rains heavily the water 💦 get water logged . They are building cenent pavers over the land but in 10 years they will be swampy again.
My spouse and I live in an area that was booming and two main real estate firms in our area were flipping most of the houses for sale in 2015. Our house was a flip but thankfully all they did was paint, carpet, boob lights, cheap appliances and granite countertops. The location is good, the bones of the backyard are beautiful and we've made it better over the years (thankfully all they did was cut all the weeds to the ground) and we went in knowing that the main things that needed to be fixed hadn't been touched. The house was well built, the price was still in our budget (2015), and the flipper did minimal work/didn't change anything important. Buying a house that we knew would need new windows, water heater, etc at least allowed us to buy quality items knowing how much he cheaped out on the kitchen appliances, which eventually got replaced too. I couldn't imagine trying to buy our house now at the new "value" if it still needed all of that work, it would be unaffordable in today's economy.
Sagging ceilings combined with ragged cracks aren’t always a bad thing. I have a sagging ceiling with ragged cracks in my garage from when I was climbing in the attic and I slipped and fell onto the top of the ceiling. It looks terrible and I should fix it, but it’s not a problem. It’s a $150-$250 repair.
I really like this video because you say significant things that are obvious to some but wouldn't be obvious to most. Too many of these people on UA-cam say so many things that at the end of it it turns out you should never buy a house unless it was built this year. I applaud you.
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
LOL. the house I am currently in was bought by the person for $20K and who sold it to me for $39K after putting in a decent amount of work, including shoring up the (raised) foundation. It's been 14 years, and it's still standing, although it definitely fails the "marble test".
I have an older home and have done a lot of maintenance. My last step is addressing the electrical wiring. Most homes in my neighborhood have aluminum wiring. I have no issues with dimming, etc. I am probably going to sell at some point. Any input from you would be appreciated, as I’m 70 and a bit anxious about this!
Agreed about the home inspection. Don't dismiss it because maybe you don't want to know what may come up or you feel you have no options. Get the inspection, then get some pricing for whatever will need repairs. Realtors can and do say "that is an easy fix". To be fair I have heard that more about cosmetic changes but if you cannot stand some sort of cosmetic issue, price that out too. I bought a home with some damage to cabinet doors and was told it was an easy fix. It wasn't. Found matching stained cabinet repairs is really hard.
The age of all the systems: plumbing, electric, etc. after that if you’re not going to remodel you need good windows. Good windows make an insane amount of difference in your enjoyment of a room. Double and triple pane control heat and sound. If the windows are old,I immediately add in $30,000 to upgrade all of the windows. I’m on a major street. I sound proofed the front of the house. It’s really nice inside. The front yard is for appearances only, you aren’t going to spend time there.
I prefer older houses from the 60’s/70’s-they were made with better material and stand the test of time. We live in a 1979 model and just bought a 1975 model-new houses are built too quick for me to trust them.
I live in the Chicago area on a street that's next to a really busy street (four lanes). In fact, there are homes along this road for miles. Anytime one of these homes goes on the market it sells within days. For instance, the house across the street from me has changed owners three times in the past three years. The first owner had lived in the home 20 years, the second couple got divorced, and the last guy relocated to another state for a job. Each time the house goes on the market it sells within two weeks. Housing in my community is very expensive and it's a premium area, so while living in a home near a busy street isn't ideal there are other factors that may come into play.
Our entire neighborhood is built on steep hillsides and guess what. The views are awesome! It's just a matter of having qualified Geotechnical and structural engineers to design the building pad and foundation.
Just saw a house that was at the bottom of a long driveway, basically in a hole. Beautiful property with grass and big trees, but all I could think was what happens when we have those heavy rains we’ve had for several months in So. Ca.? It also had a strange deep area in the backyard and when I asked about it, the agent said there is no real property line there. Everyone’s ok with not defining it. What? Also if you have a dog or kids, every time you would need to hike up that steep driveway. No thanks! Ran away quickly.
My co-worker bought a home at the peak of the market in 2021 or so. He waived inspection and contingencies despite my warnings. So far, he has spent about 30k on foundation and plumbing repairs and he is not done yet. There was a pipe broken under ground and it caused part of the foundation to wash away and shift. He has also done a lot of electrical work on old wiring and he needs to work on mold in a crawlspace.
I'm really sorry to hear about your co-worker's experience. Buying a house is a significant investment, and it can be quite stressful when unexpected issues crop up. This just emphasizes the importance of having a home inspection and not waiving crucial contingencies. They're there for a reason: to protect buyers from situations like these. I hope your co-worker's situation improves and that your advice will help others in similar situations
But even if you hire an inspector, there is still a high chance of spending that amount of money for maintenance. I had a sewer backup problem after 1~2 years I bought my house. When I bought it, the building inspector wasn't able to tell us that might be one of my future problems. I had to pay about 20K to install a new pipeline and water supply line to resolve the issue.
I stay away from vinyl siding replacement. A new home with vinyl is okay, but many times sellers slap on vinyl siding over houses with isses just to sell it.
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How about twin homes?
Why no timestamps?
My house is 124 years old. It’s a very small house and a mediocre neighborhood. But hey, it’s what I could afford when I bought it. When I got it inspected, the guy told me that my house would still be standing in 100 years. He told me the new construction that he was inspecting would literally not be standing in 50 years. So don’t automatically give up on the old houses. They were built back when people had pride in workmanship and they are built to last. New construction is mostly cheap. Crap.
I personally would never buy a home in an HOA either, but that’s just me.
Agreed!
My old house is 109 years old, now, and my current house is 80.
No HOA for me either
New construction is scary. They look good for a couple of years then it's down hill from there. Builders are in the business of making money and just don't care.
Not only cheap but absurdly overpriced for what you get. Insanity.
In other words, don't buy any of the homes that are for sale right now.
Legit. Like, uh, every home has some issues. Especially noticeable with the naked eye. Can't take this video seriously.
@@CheatingZubat I wanted a turn key because of the fixer horror stories. I settled on a townhome because I couldn't find a newer SFH that was in my range.
Legit. And if you want one without the issues it will be totally out of price range.
@@CheatingZubat Right? New builds or old houses, any type of home will require maintenance. Everybody is just wanting that work to be on someone else's dime, and complaining when they actually have to put time and money into a the roof over their heads.
Fax
I’m a tile contractor and DO NOT buy a flipped home , it’s a disaster!
Let's hear a story or 2.
@@klebercosta5152 Probably 98% are complete crap.
I bought an unmarketable Fannie Mae foreclosure for 20 cents on the Dollar.
2 days and $800 made it Marketable>>> got a 3.5% / 3.5% FHA loan.
@@aolvaar8792why? What was unmarketable about it? And how do you use Fannie Mae to buy a foreclosure? Isn’t that for first time buyers, for their first properties?
You can tell right away a flipped home. Everything grey and white and lots of faux marble tiles.
Give me a” grandma house” any day! They may not be aesthetically up to date , but they tend to keep up with all their maintenance!
Absolutely............great point. They usually take great care and when they buy something, they buy it to last.
No one buys the grandma house's they all want new and move in ready only investor want to do the work and they want to low ball the seller.
I bought a home built in 1938. It was a never ending money pit. I was so glad the day I sold it and bought a new home
I do home inspections. Grandma's don't take care of their homes
@@holleybrown5208 yes we do all of that.
Home flipping shows are the reason why real estate is now unaffordable. What were once sleepy investments are now get-rich schemes.
You're not wrong.
Well, not exactly! It might be the reason people want bigger and more modern homes, but the real reason is that we printed $8 Trillion between 2020-2023.
High demand with ultra low rates = higher prices
@@vladimirofsvalbard9477 This was happening as soon as the 2008 recession ended. I saw it take place all over in Long Beach, CA. Lots of small apartment building with around 11 units were sold and everyone was evicted. This happened to me twice. Home prices also rose very quickly from flips and corporate investors.
It has more to do with the influencer investors pushing zero down real estate investing than the tech and design aspects of home ownership
Pretty ignorant
As someone getting older, I think about how my mobility might change. I would stay away from properties with lots of stairs or steep driveways. In addition to all of the things you mentioned. We also stay away from lots of overhead wires and properties near oil refineries.
I agree with you completely. We are looking at homes that have a master downstairs or single level homes.
@@mvblaise We own a small lot that we are thinking of building on some day. In order to have a good garage, we will have to go 2-storey but we also know that we have to have a bedroom on the ground floor. Probably by compromising the dining/living room if we have to.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 3 years now, amassing nearly $476K in return on investments.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@williamDonaldson432 Could you kindly elaborate on the advisor's background and qualifications?
As a first time buyer and single parent buying a starter home in the late 90’s, I learned a lot of things the hard way. Got burned again with the purchase of my 2nd home because there was still so much more I hadn’t learned.
One thing that stuck with me was to never trust a realtor who recommends using an inspector that they know. Sometimes they work together to close the deal since I had already been pre approved. It’s like buying a car from the dealership and allowing them to finance the loan and using them to insure the car 🤪!
I was later advised to use a state inspector rather than a city inspector. It may cost a bit more, but well worth it.
You make a good point regarding inspectors. You have to hire someone you know is working for you, not the agent trying to close a sale.
@@rokyericksonroks
Yeah, needless to say but after the first heavy rainstorm, I had a major leak from the roof into my living room 3 months after closing.
@@AllinJesusname7 you are right!!! That happened to us! Our realtor was so nice and sweet and seemed so great. Yikes. We were taken. Her recommended inspector never told us all the things wrong with our house. It was all a mess. So many issues and inspector should’ve seen. Not to mention we found out our realtor was friends with the seller. And they didn’t tell us probs with the land. We found out later it’s our own responsibility when it comes to the land. The owner doesn’t have to disclose. But if our realtor was so nice and was working for us, she should’ve given us a heads up. Even just for us to look into it. We ended up in court. And lost a lot of money. And learned A Lot. Get your own inspector. And don’t buy any lot or land without checking into water issues or other issues. Your realtor may not mention it.
@@AllinJesusname7, oh yea and it turned out our lot we bought was the lowest point in a 14 mile radius. So everything flowed into that point. They never mentioned there was anything wrong with it. And according to law they didn’t have to.
Your agent is supposed to protect you and have a proper inspection. I use to sell real estate and never let anything like that happen to my buyers. Sad that is like that now. It’s illegal.
Check the water pipe coming into the house, if it's lead or galvanized - no chance. Don't buy it unless you have the budget to pull in new pipe. Don't buy a property that shares a driveway with a neighbor. Make sure you know what easements are on your property.
I recently bought and sold a nearly 100 year old gorgeous house in Savannah, Georgia. Those old wood floors, high ceilings and crown molding were artistic wonders. BUT, I did have this type of driveway issue and the woman next door insisted on backing her SUV in, sometimes with her radio blaring. It was not 5 feet from my kitchen sink!
I tried to get a copy of the survey map and believe it or not, in that part of downtown Savannah there WERE no court records on old homes.
Sometimes you try to do things right, but others' mistakes get in the way.
My house is over 100 y.o. and in the 50+ years I have lived here, the shared driveway has not been an issue. I drive a little car and can use the garage. My neighborhood is very nice with few private driveways. Every 3rd house has no off street parking but that doesn't seem to bother anyone. My neighborhood is always mentioned in guides to charming places in Portland.
@@Lily-td3co --No garage, alternate side of the street parking (meaning moving the car often), and in my case, tires slashed twice by gangs which meant parking the car nearly a mile away. Not fund for a senior.
One to add to your list is a house that was a rental for years. The owners don't take care of anything. When I bought this place I knew I had to do some expensive work. There was nothing on the market. I had to put a new hvac in, breaker box, sewage backed up the second day, patio, updated the bathroom, big trees cut down, painting, flooring, landscaping, still need a roof along with plywood , bow window needs replaced, needs new fence and concrete work needs done. I am 64 year old female and have worked my butt off.
Disagree. You knew when you bought it it was fixer, so why complain and tell people not to buy a rental? If you didn't want all that work, then you ought not have bought the house. No one said you had to buy that house at that time. You could have waited.
There's two types of homes to purchase ready to move in and fixer upper....sounds like bought a fixer upper
@@gusmonster59 I think the OP was saying the repairs were more than she expected, even knowing there were repairs needed. Rental property repairs are often similar to flips, and not everyone might be aware of that possibility.
Well done you, it is true some landlords do everything on the cheap and avoid investment treating it purely as an income generating vehicle others treat it as an investment which gains value through maintenance and happy longstanding tenants.
If the house has repair issues that come up during the inspection, always ask for the seller to discount the home by the amount the repairs will cost to be done correctly. Do not ever let the seller get the problems "fixed" as this will always be cheap and/or substandard work.
I'd recommend actually having the repair costs be paid in seller concessions, not discounted from home price. Interest will eat that entire repair discount in the long term.
@@Rosabil You've got it backwards....Don't finance the repairs. My point is don't trust the seller to repair it correctly.
Personally, I'd rather buy a fixer upper than buy a flipped home because I'd rather design it in a way that would work for me
Agreed. I cringe at the uniformity and cheap materials.
@@ladycactus110 I do too, and also I have ADHD so I'd try designing it in a way that would make it easier to keep things tidy. Also I'd need color
Plus a flipper is more interested in speed and cost (cheap) not what will work well and last for years to come.
Unfortunately if you need a loan and the house is a "fixer upper" most lenders won't loan.
Yes, most of these flippers are HGTV wannabes.
When I was in the market to buy some 30 years ago, one of the first things I did during showings was go down into the basements. I looked for water damage, foundation (poured concrete or block) condition, water heater, furnace, pipes, ductwork, electrical panel, insect damage, windows, doors, humidity levels, and any stained ceilings. Only a few homes basements passed my muster. I bought one of them. Not bad for a girl!
I would say don't be in a hurry to buy and don't have that dream house concept. Buy what you can afford that does not make you house poor, e.g., less than 30% of your income for monthly mortgage payments. Never waive inspection. Check for water and foundation issues. Check gutters and downspouts, grading around the foundation, standing water outside the house, etc. Check for asbestos in older homes. Set realistic goals. You many need to renovate over time, but it is worth it. I bought a fixer upper, but I could visually see any issues. I spent 10 years cash flowing renovations and it is really nice now. The value is double what I paid. I just renovated one room at a time with kitchen last. I got all of the features I wanted and saw how the contractors did their job. I removed a wall and got proper permits. I started with a new roof and painted the entire house inside. Then, I renovated one bathroom to have a nice bathroom. Later, I renovated another bathroom and the kitchen. I also encapsulated and conditioned an old crawlspace.
You are wise, method, and methodical!
That's what we're doing. We started with removing all the walls in the basement because it didn't allow for airflow and would smell nasty and musty. After the walls were down, the basement felt and smelled better. We're working in the bedrooms now, almost done with the first. Then, we will work on the bathroom or kitchen.
We're also working on the landscaping to make it less maintainence. We found an old path the original owners put in and signs of where they had a small garden off the patio. I think the landscaping would have been gorgeous to see when it was first done. We want to bring that back and we're on our way already.
bought and live in 160 yo home next to railroad tracks. its perfect. LOVE IT! im also a contractor and autistic. Trains, baby!
Trains!!!!
I’m jealous. Not because you bought a house but because it’s next to train tracks.
@@mabybee 😆 I'm glad you guys are thrilled about trains. I lived by a train track. I didn't not like it. Neither did my little kids at the time.
Autistic 😭
Love this. I am a first time buyer and I did an inspection and roden test and the report was terrible. So many issues. The inspector warned me about buying it. The realtor tried to convince me to negotiate with the seller. I have no repairs in my life now now so why would I buy just to own a list of repairs? I walked away.
Not a bad idea to find a realtor who thinks more as you do. That's what happened with me when selling my little home. The switch to another realtor was wonderful. (He charged a higher percentage but the understanding, information, and services he offered were well worth it.)
Around $250,000 was made when I sold my flat in Rochester. That's why I was upset when my standard savings account yielded only $171 in interest. It was suggested to me to buy stocks after I conducted some study. Which stocks would be a good place to start?
Although the stock market is exciting and can yield a healthy return on investment, professional advice is necessary for efficient portfolio management to prevent market burnout due to its extreme volatility.
I anticipated receiving $2,500 in interest on my initial $50,000 when I created a high-yield savings account online with 5.12863% interest compounded everyday. Rather, I was only given $420. I asked, and was informed that the website did not make it obvious that the interest is computed daily. With the help of an expert, my partner suggested that I switch to stocks, and in just six months, I experienced almost 80% capital increase (discounting dividends). Extremely advisable!
Soon, cheap homes won't be cheap anymore because prices today will look like dips tomorrow. I think inflation will cause panic until the Fed tightens its grip even more. You can't just pull the band-aid Off half way. Booms and busts are the ups and downs of the economy, and they will affect any investments. If you are at a crossroads or need honest advice on the best steps to take right now, it is best to get counsel from a financial expert.
Thank you for the advice. When you say financial advisor, are you talking about hedge funds? And how do I get in touch with one?
'Rebecca Nassar Dunne’ is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
I bought a condo in a flood zone. Big mistake. While my unit wasn't one of those that flooded, access to the home was nearly impossible.
Jeb is 100% Spot on. I have been a realtor for 20 years. These are all true stories/episodes!
Couple of things you didn't mention. 1) Certain vintages of homes (pre-1980) may be chock full of lead paint and asbestos. If they have been updated they may have simply covered these things up or were not remediated properly. Asbestos floor tiles were very popular. If they haven't then it is a massive expense and PITA to renovate. 2) homes with buried oil or propane tanks on the premises . They leak and you are responsible for very expensive soil remediation. If they are leased then you may be locked into very expensive exclusive contracts with providers.
Not wanting sloped yards or properties that are high risk of flooding.
My uncle lived on a sloped lot. The top where the house was, was reasonably ok to build on but the rest of the yard was a bit of a hazard to go up and down to the fruit trees that he had in the back. Treacherous to traverse when wet.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
Hi @SeanTalkoff, you're absolutely right. The housing market always has a certain degree of unpredictability and the measures taken by the Federal Reserve can certainly complicate things even more. It's a delicate situation, like walking a tightrope, where balance is key. We really appreciate your insightful comment and for taking the time to watch our video! Let's remain hopeful and adaptable to whatever comes our way in this pivotal market. Your input is always valued here.
@@JebSmith You commented to a bot.
Hi, Jeb. I think you covered most of the issues. This was a really good refresher for me. Two items come to mind: 1) check whether the home is in a flood zone. Flood insurance is expensive and I would avoid that trap. 2) Find out what the insurance premiums are like for comparable homes in the area. Some large insurers have moved out of neighborhoods and entire states for various reasons, making insurance rates less competitive or just plain unaffordable.
Appreciate it and both very good points.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Nice spam on every homeowner video, boomer.
High interest rates on low prices are fine. High interest rates on high prices is not fine.
No, they likely won't drop below 5% again, but absolutely can get back down to the 5-6% range. The issue now isn't the mortgage rates, though. It's the rates combined with the ever-increasing cost of the home (living in Colorado it's been consistently 5-10%/yr for decades) that doesn't align with incomes. My parents bought their current home in 1992 with an 8% interest rate, but that 2,700 sq ft on 3/4 of acre home only cost $110,000. With current costs and interest rates (which is the only comparable number from '92 to '24), the monthly payment would be more than 50% above and beyond the inflation rate that's already there for that stretch. And no one is bringing home that much more. "Back in your day" boomers need to stop commenting on the housing market of the past decade, because you're completely out of touch with reality.
However, house prices were not inflated by corporations buying up all the property in 1990. Nice try!
Always looked fot the large electrical towers close to the house.
1950s-60s ranch homes and 60s-70s split-level homes with NO remodels may be smaller homes but are relatively problem-free. They will have modern wiring, electric and heating systems. Any problems are likely relatively easy to repair, as the basic structure is simple, assuming it is not in a flood zone or next to a noisy highway, etc. I am a former carpenter and home inspector.
Can u make a video about what to look for in new developments-which are quality builders vs cheapo builders?
For a starter if the new development is in a HOA (most are), don't even look at it.
Definitely look at how the neighbors upkeep their yard! Had a problem with weeds bc of my ex neighbor's jungle. Also, another thing I learned is having an arborist inspect the health of the trees in your property. Especially if they are in close proximity to neighbors.
Stay away from houses near airports and high-voltage power lines!
What are your thoughts on this?
What’s the reason?
@@nyleac4389 Airports are noisy. You can find flight patterns online for most airports to see if you will have airplanes taking off and landing over your neighborhood. Easier just to avoid them if possible. High-voltage power lines are an eye-sore and have been shown to cause health issues if you live close to them. Houses built next to both of these will be harder to resell in the future.
@@jameslovell8104that’s literally my house you can sit out back and hear the powerlines buzzing and the airplanes fly right over my house ,I personally don’t mind the planes my toddler loves it
And cell towers.
I bought a flip house and it turned into a nightmare! This is all very true information
Sorry to hear that
As someone that owned a flipped house, I agree 100% with what you said. No permits, older house that was previously condemned. Overall no major structural issues, just sloppy work. Like the drywall contractor put mud down the drain in the basement. A week after moving in, had to pay to have the sewer main line snaked. The dishwasher drain line punch out on the garbage disposal was not removed, causing the dirty water to circulate in the dishwasher.
Having dealt with roof issues, I'd recommend getting a single story home, if you can. Also, avoid roofs with steep pitches. If the home was recently painted, I'd also recommend looking at all the neighbor homes from all sides to see which side gets beaten the most by the weather (you can tell by looking at a 5+ year paint job) because that's the side you'll have all the issues with like leaky windows and rotted window frames.
That is good practical advice. Roofing expenses will be much higher on those types roofs
If you live in an area with heavy snowfall, a steeply pitched roof will keep you from having to climb up there to take the snow off and prevent collapse of the roof. Just a thought.
I bought a split level home once ( raised ranch) and had trouble selling it. Always steps to get into house and people were afraid they could not age in place.
Bi-levels have always been my least favorite type of house. I find it unsettling and unwelcoming to step over the threshold onto a tiny landing and an immediate choice of up or down stairs.
You left out HOAs... That can be (a lot) worse than a bad roof or a flip.
FYI: Here in FL assessments of over $100K are propping up. Doubling to tripling of monthly HOA fees are getting commonplace.
You should include, that the property tax be figured out - based on the new purchase price - BEFORE the buyer is committed to purchase. Many-many areas the new tax is based on the purchase price and it can double without the buyer being aware, because he/she is shown the old tax amount in the listing.
Very true. In Texas, our property taxes are very high.
I am a flooring contractor and most definitely no flippers when to buy a property!!!! You even got to be careful with the builders nowadays!!!!
Agree!
Hi flooring contractor.
Could you tell me what's involved to level a floor? Like something you probably do? I bought an adorable little one bedroom house built in 1930 three years ago my first house. The bedroom & dinning room have what I call fun house floors😆
They are not even at all. I'd like to have these fixed someday & expecting the Amish to fix them, but what's involved? Do you build a level floor over the existing fun house floor? Or do you tear out the floor all together & start over?
The living room & kitchen are level & I have the original wood floors from 1930 & I love them, they are so pretty. The bedroom & dinning room have fake wood floors IDK what, but they are ugly & uneven. Under the kitchen & living room is the basement, but under the bedroom & dinning room there's just around 4 feet between the ground & floors & unusable space. I suspect the bedroom & dining room were additions, but IDK.
Forgot the cost I can't afford it now, I was just wondering what's involved.
Thanks!
Flipper’s also paint pools with house paint. 6 months later your pool is milky. Shame on them.
you bring up a valid point and it's indeed unfortunate that some people have unpredictable experiences with house flippers. That's why it's so crucial to work with knowledgeable real estate professionals who can help guide you through every step of a real estate transaction. Thankfully, these instances aren't the majority. Thank you for watching our video and sharing your thoughts, your input is appreciated!
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
Selena-Nicole cefaloni is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I have a saying about flat roofs. It's not if they leak, it's when they leak.
True. I worked in roofing for a decade.
Thank you for the wisdom. I love the esthetics of it but a working roof triumphs.
That can be said about every roof. We have a flat roof, and it finally started leaking after more than 30 years. If it's made of high quality materials it can last a long time still.
@@jacobmoss1630 What type of material would be the best?
The Flat Roof Is Easy You Just Drape A Tarp Over It And Let The Water Run Off
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Did everything you advised against. Bought a home by train tracks, backing onto a Laneway that leads to a somewhat busy street, needed all major systems replaced. I saw it as a blank slate and have customized it into my dream home. Key in the decision: having a good contract and getting a thorough home inspection.
nothing I said is an absolute..............there are always exceptions to the rule, you proved that. Congrats.
Me too! 🤣😂🤣 and the trees near the highway are being cut down so it’s getting louder but I just like the place. My deal breaker is places too far from a freeway 😂🤣
If you have a house in mind go there at night and check out the neighborhood for noise and the neighbors before you buy it. Also walk the property foot by foot.
We bought a house not on a major street, but a through street. I didn’t realize it when he bought it that it was a preferred access street because it skirts the school zone on the other street. it’s not a big deal, and it’s the best we could find at the time, but I do wish we lived on a quiet cul-de-sac. We had always lived on cul-de-sacs before.
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in 2024 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
@@HectorSnipes I’m in same situation. It comes down to whether the property appreciates enough to make the purchase worthwhile. Stocks are about 8% return where most homes are not cash flowing when you rent it out
My advice, don't solicit advice/guidance on social media. Research your local businesses.
@HectorSnipes
Housing shortage caused by lack of skilled labor. The US leaned hard on the "college degree". Now that gets you a walmart job.
The quality has gone down the pooper. Atleast it has here in Arizona. New home builds are scary.
Companies used to spend a lot of $$ to properly train their employees , which paid off because they had employees who did a better job and stayed with the company longer and moved up. Corporations today have gotten money hungry and let the training go to the wayside & this is where the quality of employees & the jobs they do , start to go downhill.
There are a lot of crappy flip/construction remodels out there. Not everyone is a good experienced carpenter or handyman.
Is there really a shortage of places to rent like they say though
We try to tour homes during or immediately after a heavy rain or thunderstorm. Amazing what you can uncover
I would recommend get a plumbing inspection of the homes sanitary lines before purchasing any home. Having the line scoped with a camera to view its condition could save you thousands in the long run! I wish I'd taken my own advice as this was the only thing I overlooked when purchasing my forever home.
Same.
You mostly just have to buy whatever is in your price range at the time you are available to buy. That's how I ended up with 2 mid 1970, ranch style tinker homes that were NOT updated in any way. 😊
Don’t buy a house across or next to a school especially an elementary school. It’s convenient when you have kids. But it’s really noisy during the day. I never noticed it until I started working from home.
I was recently browsing for properties and I prioritize not being in areas prone to disasters or areas with a history of disasters, whether that is fire risks, flooding risks, earthquakes, or big trees near homes.
Great Video!! Another concern of mine is, I don't want a black and white home!! Sick of it already.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
@@mikegarvey17Could you possibly recommend a CFA you've consulted with?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with “Izella Annette Anderson” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I would never buy a home that have a HOA!!!!!! No thank you.
I disagree. It depends on the neighborhood and the purpose of the HOA. There’s a neighborhood near us that has beautifully landscaped common areas and a lovely lighted entrance. and I would totally live there and happily pay the $500 annual HOA. But before we lived here, we lived in a neighborhood with an HOA in Louisiana. It was OK. They only had a small entrance area to maintain, but yeah, sometimes people can get a bit nasty. The HOA neighborhood near us is extremely well spelled out legally, and in detail, and, the purposes to maintain the value of the neighborhood
@@joysoul4089 some HOAs are 400-500 a month. And the fines are out of control. There are some cases of people losing their home due to fines. I bought a house to do what I want not be tolled what I can do
@@joysoul4089
Our HOA is made up of seven owners in our building. We have a treasurer and a secretary and meet as a group like twice a year, or as needed. No perks here, we mow our own lawn, etc., though pay for plow services as this is Mass. Only 287 HOA, and we rose it twice last year.
Neighbors house sold for $25k after a flood (only the basement flooded), to a house flipper. They hired low budget contractors to "fix" it up, putting *at most* $40k into it and sold it to the current owner for $140k. Asbestos siding....leaking basement....poorly renovated....
When the market crashes he's going to be sorry he ever bought it....
Only if he plans to sell. People are hyper focused on market value, but why would you care if you're staying put?
@@waitaminute2015 Because If You Plan On Just Buying A Roof Over Your Head It's Cheaper To Rent Because When You Buy A House Your Responsible For Keeping Up With The Zoning Laws It Isn't Just Mowing The Lawn And Keeping Your House Looking Nice The City Can Come In And Tell You Can't Have An RV There or A Big Truck Here And Your Breaker Box Needs Replacing Because "fire hazard" And You Can't Backfeed Your Generator or Jerry Rig That Ceiling Fan You Just Installed Oh And That Plastic Hose Running Your Shower Has To Be Underneath The House Not Stretched Across The Floor From The Main Water Tap So Tell Me Than After Your Done "flipping" The House How Much Money Have You Wasted Only For The City To Come In And Say You Did It All Wrong And Condemn Your House After You Spent Your Life Savings Buying A "fixer upper" When You Got Zoning Laws And City Ordinances It's Always Cheaper And More Sustainable To Rent
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Remember to address homes located near retention ponds, creeks, streams, rivers.
*Lots* of potential for flooding.
Thank you for posting this.
You're welcome
I always use home inspection regardless if it is new or old. As a matter of fact, home inspection on a few of my new homes turned up a bunch of discrepancies that I was able to get builders to fix and note them.
I just bought Jeb! And my property does not meet any of these issues or shortcomings. Had to pay over asking but I'm in the best neighborhood of city so I'll live with it
Thanks for sticking up for house flippers out there that are experienced and renovate responsibly! Usually, I only hear advice given to avoid buying flipped houses altogether. But there are many skilled flippers who do excellent work revitalizing unlivable homes and ultimately increasing the housing supply."
Great video. I had a 115 year old house with a train just beyond the backyard. Needed a lot of work but after ten years and the train still there, I closed on the house in March 2020 the day before the whole country shut down for Covid. Looked at many houses and it is important to look carefully, be unforgiving. A closer look revealed shoddy work in making the house presentable.
My wife and I sold our house in Florida to move to Texas. I invested some of the money from the sale in the stock market. The portfolio is up 300k this week. I guess she knows the investment is making profit, but we've never really spoken openly about it. It's one of the best choices I made.
Wow, that's a good ROI. You trade or you have been holding all this while?
Oh no, I don't really trade. Too complex and random for me. I work with a financial advisor.
pls how can I reach an expert, I need someone to help me manage my portfolio
The FA I personally work with is *Marissa Lynn Babula.* Just research her name. You’ll find necessary details to work with a correspondence to set up an appointment.
Thanks a lot for the recommendation. I'll send her an email and I hope I'm able to connect with her.
I would also add to the list (but maybe they were already obvious to everyone else?): homes near golf courses (because of the high use of pesticides/other chemicals to keep grass green), power lines, and any sort of manufacturing/fracking/recycling/etc. facilities)...
I'm a former real estate agent, like you I've purchased and helped others purchase homes. You are 100% correct in this video! You asked for additional feedback... 1) You alluded to it, but a big risk are steep hills, specifically retaining walls and steep driveways. 2) Speaking of driveways, another risk is any property with a long driveway or on a private road - these are not deal-breakers but consider this. 3) Hazards like radon, asbestos, lead, etc. - indeed I would generally advise any inexperienced home buyer not to buy a home older than 30 years. Well, that's my two cents, thank you for your great videos and sound advice.
As an owner of a 1948 home, I completely gutted and redid all pluming wiring new energy efficient windows, insulation Sheetrock, and the frame is much better than anything you would have found in any new build… so that statement does not 100% hold true. Tho I know mine is an exception to your rule😊
@@CM-oj3oi Thank you for replying, I love tiffs! I’m so glad you had success, it sounds like you’re happy and that’s what really matters. As for me, I’m totally with you, it would’ve permitted as needed and I would do all that work myself and know it was done right. I suppose my advice here is narrow, It is intended for folks who can’t do want we can. Peace brother!
I totally agree about the steep hills! I am trying to buy and renovate my grandparents' home built in the 1940s on a steep hill, and the buying process has been like a horror movie. Each report and bid I received has been worse than the last. The home does not have proper ground drainage and the garage on the 1st floor has walls that were not properly stabilized. The house is leaning, and I am now considering major renovations. 😬
Issues that I have had are exterior doors wirhout proper overhangs that get wet and leak. Slab floors, hate them. They all crack, are cold (unless hydronic heat) usually not insulated and very hard to fix plumbing.
Don’t buy a mid century flat roof house in a rainy city. Good luck!
Thank you for saying this bc I LOVE mid century. So glad I know what they are now lol
@@nyleac4389 Me too! I love the look of a classic flat-roof mid century house, but I know that the only place the can really stand up well is a “desert”/dry area like Palm Springs.
I bought a home in 2021 that has roof about 30years old. I asked my buyer agent to get some concessions from the seller. But my buyer agent told me I still have 5+ year more to go. So it doesn’t make sense to ask the seller for credits. 🙄
Wrong answer 🫣
First time viewer--the "gods" of algorithm put your podcast onto my screen thread.
Thank you for the excellent information. I am currently interested in a property on a hill... and will make sure I understand (through a pro) the foundation issues.
Thank you soo much. I took notes and will be following your expert advice.
Don't buy anything from investors, whether a rental property or flip. They don't put real effort into fixing up the property. As for railroads, i guess it depends on if you're righy by it or not. I've lived about 3 streets over from one twice, and there was never a problem with buying and selling in the area. There was never a problem until investors came in and tried turn everything into rentals
I bought a brand new cookie cutter house built by a local builder who makes lot of the houses in the area and is expanding to other region in the state. I've had inspection done but still spent about $1200 (only been 4months since closing) due to two water damages and other stuff that are apparently not covered under home warranty. DO research on the builder's reputation and the warranty program they offer and ask around in that community if the builder is flexible or stubborn for exceptions.
My double glass window was cracked on the outside when we moved in and the builder didn't accommodate saying it's not covered under the warranty. This will be another few hundred bucks coming out of my pocket soon.
Take some of it with a grain of salt.
Firstly, if you don't ever want to do any maintenance, just rent an apartment.
I had to put about an extra 100k in the house I bought in 2020 and I have the roof to do soon. And the fence.
Here is the thing : at the end of the day, the value increase in the housing market alone already outweigh what I've invested in.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
We bought Fundrise stock, it’s a mortgage investment stock, the real estate companies built homes etc. If housing market crash and interest rate falls, we may sell the stock to downpayment a new home or just save it for 7 more years. After we pay off our current first home, we will demolish it to built a new home because our home was built in 1947, and it was flipped in 2007, and we have plumping leaks. At the beginning when we bought it, there is not even efficient hot water, it can be cold or hot suddenly, we did gas conversion (it used to be oil), installed new A/C, kitchen remodeling, upcoming project will be bathroom remodeling because we need to fix the leaks inside the ceiling coming from the toilet pipe upstairs, the ceiling of the downstairs bathroom was ruined.
"Sell a few houses".... yeah, you're part of what's wrong with the housing market.
Definitely noises, like a busy road, or backed up to a freeway. Also, houses that are too close together.
I figure if you can get a good location, the other issues you mentioned, although they can be costly; it’s still something you can fix, maybe? You can’t fix location, or if you buy in a homeowner association, you are stuck.
The saying “location, location, location stands true.
I would avoid those with water lines in the basement along the wall, any sign of raccoon or squirrels issues, and issues in the landscape. If the landscape is uneven there could be a sink hole of some kind.
Absolutely correct. I'm an HVAC contractor and saw all this shoddy work when looking for homes. I walked away. I'd rather purchase a solid older home and upgrade it myself
Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like gold, silver, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
This is why we need a working and serious president. Because they are building these condos intentionally knowing fully well it will just end up vacant and that it's going to bankrupt America and billing American for those vacant properties being fake and they are fully aware of it omg is a terror attack on us Americans.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up " Melissa Terri Swayne” because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
This is why we need a working and serious president. Because they are building these condos intentionally knowing fully well it will just end up vacant and that it's going to bankrupt America and billing American for those vacant properties being fake and they are fully aware of it omg is a terror attack on us Americans. And the people in office knows This and are saying nothing.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
I’ve noticed a lot of issues in the really fast development in new areas. A lot of corners have been cut to get the houses up as quick as possible.
that's pretty typical now as they try to build them high and fast.
@@JebSmith it’s sad to see honestly. You buy a house and it falls apart in 5 years.
in my area, the property got sold before going to market. the sign went from "coming soon" to "sold" in a week...... this is one example where you don't get to do a lot of due diligence..... :-)
some markets are still crazy but waiving all contingencies is just crazy imo.
My house is 124 years old and I love it but it was a flip and they put 100 amp instead of 200, they skimped on plumbing. My house has pocket doors and nice wood steps and old wood floors that are not perfect. I love this house ❤
I live next to a flipped house. I have seen the property that is next to a bubbling brook. In spring it can be a roaring river. Washes everything out. Sold for 180.000 selling for 625.000. Still sits empty lol
Yes, i would never buy a flipped house, putting lipsticks on a pig
Not all but there are definitely some.
Never buy a flipper supervised by a realtor.
If it's renewed by a general residential contractor, you will have a better result.
Research and outside inspections are a must.
@@OLDGUY7301what is the flipper is a realtor ?
I bought a renovated/ flipped property and haven't had any major issues. (almost 10 years in)
Lack of permits is an issue when money is tight. During the mortgage crisis n 2008, bank appraisers in my area would flag mortage applications if required permits were not on file.
We had a hard time selling our home, it took years. It was on a busy corner and had a built-in swimming pool and those two things were very undesirable for most.
Thanks 🙏🏾 just found your video today .
I want to buy a good home 🏡.
The apartments are near an express highway 🛣️ which you have advised is not 🚫 good because of the noise and resale value.
The apartments are built in a swampy location so when it rains heavily the water 💦 get water logged . They are building cenent pavers over the land but in 10 years they will be swampy again.
A good pre-buy home inspection would help protect buyers from properties with many of the issues mentioned in this video.
My spouse and I live in an area that was booming and two main real estate firms in our area were flipping most of the houses for sale in 2015. Our house was a flip but thankfully all they did was paint, carpet, boob lights, cheap appliances and granite countertops. The location is good, the bones of the backyard are beautiful and we've made it better over the years (thankfully all they did was cut all the weeds to the ground) and we went in knowing that the main things that needed to be fixed hadn't been touched. The house was well built, the price was still in our budget (2015), and the flipper did minimal work/didn't change anything important. Buying a house that we knew would need new windows, water heater, etc at least allowed us to buy quality items knowing how much he cheaped out on the kitchen appliances, which eventually got replaced too. I couldn't imagine trying to buy our house now at the new "value" if it still needed all of that work, it would be unaffordable in today's economy.
Sagging ceilings combined with ragged cracks aren’t always a bad thing. I have a sagging ceiling with ragged cracks in my garage from when I was climbing in the attic and I slipped and fell onto the top of the ceiling. It looks terrible and I should fix it, but it’s not a problem. It’s a $150-$250 repair.
I really like this video because you say significant things that are obvious to some but wouldn't be obvious to most. Too many of these people on UA-cam say so many things that at the end of it it turns out you should never buy a house unless it was built this year. I applaud you.
Appreciate the kind comment! Thanks.
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
LOL. the house I am currently in was bought by the person for $20K and who sold it to me for $39K after putting in a decent amount of work, including shoring up the (raised) foundation. It's been 14 years, and it's still standing, although it definitely fails the "marble test".
I have an older home and have done a lot of maintenance. My last step is addressing the electrical wiring. Most homes in my neighborhood have aluminum wiring. I have no issues with dimming, etc. I am probably going to sell at some point. Any input from you would be appreciated, as I’m 70 and a bit anxious about this!
Agreed about the home inspection. Don't dismiss it because maybe you don't want to know what may come up or you feel you have no options. Get the inspection, then get some pricing for whatever will need repairs. Realtors can and do say "that is an easy fix". To be fair I have heard that more about cosmetic changes but if you cannot stand some sort of cosmetic issue, price that out too. I bought a home with some damage to cabinet doors and was told it was an easy fix. It wasn't. Found matching stained cabinet repairs is really hard.
The age of all the systems: plumbing, electric, etc. after that if you’re not going to remodel you need good windows. Good windows make an insane amount of difference in your enjoyment of a room. Double and triple pane control heat and sound. If the windows are old,I immediately add in $30,000 to upgrade all of the windows.
I’m on a major street. I sound proofed the front of the house. It’s really nice inside. The front yard is for appearances only, you aren’t going to spend time there.
I prefer older houses from the 60’s/70’s-they were made with better material and stand the test of time. We live in a 1979 model and just bought a 1975 model-new houses are built too quick for me to trust them.
I live in the Chicago area on a street that's next to a really busy street (four lanes). In fact, there are homes along this road for miles. Anytime one of these homes goes on the market it sells within days. For instance, the house across the street from me has changed owners three times in the past three years. The first owner had lived in the home 20 years, the second couple got divorced, and the last guy relocated to another state for a job. Each time the house goes on the market it sells within two weeks. Housing in my community is very expensive and it's a premium area, so while living in a home near a busy street isn't ideal there are other factors that may come into play.
Our entire neighborhood is built on steep hillsides and guess what. The views are awesome! It's just a matter of having qualified Geotechnical and structural engineers to design the building pad and foundation.
Just saw a house that was at the bottom of a long driveway, basically in a hole. Beautiful property with grass and big trees, but all I could think was what happens when we have those heavy rains we’ve had for several months in So. Ca.? It also had a strange deep area in the backyard and when I asked about it, the agent said there is no real property line there. Everyone’s ok with not defining it. What? Also if you have a dog or kids, every time you would need to hike up that steep driveway. No thanks! Ran away quickly.
My co-worker bought a home at the peak of the market in 2021 or so. He waived inspection and contingencies despite my warnings. So far, he has spent about 30k on foundation and plumbing repairs and he is not done yet. There was a pipe broken under ground and it caused part of the foundation to wash away and shift. He has also done a lot of electrical work on old wiring and he needs to work on mold in a crawlspace.
I'm really sorry to hear about your co-worker's experience. Buying a house is a significant investment, and it can be quite stressful when unexpected issues crop up. This just emphasizes the importance of having a home inspection and not waiving crucial contingencies. They're there for a reason: to protect buyers from situations like these. I hope your co-worker's situation improves and that your advice will help others in similar situations
But even if you hire an inspector, there is still a high chance of spending that amount of money for maintenance.
I had a sewer backup problem after 1~2 years I bought my house. When I bought it, the building inspector wasn't able to tell us that might be one of my future problems.
I had to pay about 20K to install a new pipeline and water supply line to resolve the issue.
I stay away from vinyl siding replacement. A new home with vinyl is okay, but many times sellers slap on vinyl siding over houses with isses just to sell it.