I rented an apartment with my best friend for a year. Moving back out into separate apartments was how we salvaged that relationship. Sharing ownership of a house would have been a nightmare.
My brother-in-law (and my sister...his wife) was getting me excited about the prospect of buying a house together. That is until I realized he wanted to gain equity in the house while my husband and I essentially paid him to rent. 😒 That cured me from ever wanting to go in on a property!
If all of you are on the deed the equity will benefit all of you when it comes time to sell. Sounds like he wants it to be his house with your money. Maybe go in on a duplex together?
Get the 30 year mortgage but calculate the payment to pay it off in 15 years. Pay that amount unless an emergency happens, then you can fall back on the regular monthly payment. Yes, the interest rate will be higher, but think of it as an insurance premium to allow you to keep you house even if you can no longer afford that higher 15 year mortgage payment.
I think if you do this. You should be the one who purchases the house and then you rent to a friend. That's what I did, but I mainly did it cause my friend was in a hard place not so much because I needed it. It did help though.
I once bought a house just to rent it cheaply to a friend’s mother. I did this for several years and I really made no money as a landlord. Then my friend basically said that his mom was going to move if I didn’t sell the house to her… for what I paid for it. Meanwhile the value more than doubled. Needless to say, I told this ungrateful barnacle where to go.
Frustrating situation, but could have been worse. Sounds like they at least paid their (below market?) rent on time and didn't trash the place. And you get to sell or rent at market rate now...
@@mpettengill1981 This was many years ago. Yes, it all worked out in the end and I made a tidy profit. However, if the situation was negative and I had lost money on the sale, I suspect my "friend" would not have spotted me the difference. See... I was supposed to take all of the risk but realize none of the reward.
One detail that can cause a problem for friends is deciding how your going to decorate the shared spaces in that house. And what repairs/renos are necessary and how much should be invested in them. My mother has a house with extra rooms so I suggested she offer one of her older sisters to move in and they could share the costs and have someone there for company and when either needed help. She thought it was a good option but my aunt declined because she thought she would be fine where she was. A couple of years later and my aunt is now in an awful facility one of her sons put her in.
I used to think it was just about buying stocks, but I didn’t realize there are strategies for managing risk and actually making a profit. Now I feel kinda stuck since I’m not seeing any profits in my portfolio. Do you have any recommendations on what I should consider? I’d really appreciate it.
It's not just about having money to invest in stocks; it's about knowing the right strategies for profit and managing risk. That's why working with an investment advisor is important-they have insights not available to everyone.
The truth is, the role of an investment advisor can often be overlooked but should never be underestimated. After facing a significant portfolio loss in 2020 during the COVID pandemic while trying to manage my investments on my own, I decided to reach out to an investment advisor. At that time, I had about $126K left in my portfolio. Now, without having to lift a finger, I'm semi-retired, working only 7.5 hours a week, and I'm just 15% short of my $3.5 million retirement goal thanks to my subsequent investments.
My CFA is Gabriel alberto william, a renowned figure in his line of work. I recommend researching his credentials further. he has many years of experience and is a valuable resource for anyone looking to navigate the financial market. To be honest, I almost didn't buy the idea of letting someone handle growing my finance or even render financial advices, but so glad I did.
@huebothedog665 Reality check: saving $1,000 a month for a down payment. Then saving $100 a month on a phone plan George is advertising would shave about 5 months off before the payments even start. Yes, every bit can count but this just seems silly.🤨
Friend wanted to buy a house together last year. I save 70+% of my income. And him? Well, spent all his savings living the high life because he found a girlfriend in another country. Now complains he doesn’t make enough money. Glad I didn’t get persuaded.
House deals like that are magic. The garbage magically gets taken out. The bills magically get paid. The laundry magically get done, folded and put away. And the refrigerator magically get refilled.
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That's actually easily remedied by having the proper type of joint ownership indicated on your deed. If your title company does their job properly, that will not be an issue. You will want your deed to indicate "joint tenancy", which will give the surviving owner full ownership.
30-year mortgages are great; pay them off in 9 years with the same payment as that 15-year; except you’ll save 6 years of your life. Plus you’d have the option to lower your payments down to only the minimums in case of emergency (ie loss of job for 2 months = 2 months on minimum payments; then back to doubling payments).
And you'll save even more money if you get a 15 year fixed rate pay at 9 years. Look facts don't care about your feelings about this Ramsey Solutions team and anyone with half a brain have already done the fact-based historical math from experience that a 15-year fixed rate mortgage regardless of how many years you pay it off at that amount of years or less on the exact same side of a 30-year will always pay off faster in the end it's a difference in how interest rate works on the 15-year versus 30
I used the Ramsey plan to get our financial lives in order but a 15 year mortgage would have caused us to buy a home after 2020 and priced us out of where we live now. We have a 30 year and if i were to lose my job, I can afford to pay all the bills, mortgage and everything else we need on a much smaller income. I 100% understand the logic behind a 15-year but life doesn't follow a straight path.
@@motoryzen You missed the point. The point was the lower minimum payment that you may need to utilize during emergencies thus preventing a foreclosure or short sale..
When we got our 2nd house there wasn't much difference at all in the rates between a 15 year fixed and a 30 year fixed. We got the 30 and paid it off in about 12 years. And it worked for us. I was laid off 6 years after we bought the house and although we had a good cash cushion it was nice to be able to trim expenses, including reducing the mortgage payment, as we didn't know how long that cushion may need to last. It wasn't a brisk job market at the time and I had buddies that had looked for a new job for many months before finding one. As it turned out a new and better job came along right away - but you don't know that going into the situation.
Heh, I got pregnant and had to drop into nest mode. Stressed me out because the mortgage is my first debt ever, and I still just want it gone. For the first 4 months of pregnancy, I was still on the aggressive pay off plan, but when we went to single income, dropping to almost minimum payments is nice. Lets us breathe a little. Hoping after the baby gets here, I can reevaluate the budget and maybe have a side hustle to get those payments back up. But breathing room is nice on the 30yr. I get that the wealth build up is faster when you're aggressive, but also... if you can't afford the 15yr because the monthly is over 25% of your income, it doesn't matter anyway. You just can't treat it like the world treats credit cards and pay the absolute minimum. Also also, the 15 yr fixed rate was not much lower than our 30 yr fixed. So long as I pay it off in 15 years, I'm okay with the loss for peace of mind. It's not astronomical at this point. Ramsey is a one size fits all approach, but that doesn't mean that life isn't going to switch things up for some people. I'd rather build the equity than be stuck paying rent for the same amount as my 20-30yfr and not have that luxury.
home that costs no more than 25% of your income NOT in the USA In my state (NC) median homes are 374k median pay is 52,700 The payment on a 15yr note is 3354/mo or 76% of income a 30 year is 2655 or 60% Even singlewide mobile homes on the dirt road are 125k and you can't get a mortgage on them
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Planning on living w my 2 bffs when i retire. Dont have to worry about the job relocation aspect. They already live together and I stay with them when I'm in town (fairly often).
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Here the cost of a 1 bedroom apartment went from $600 a month to $1,000+ the market is intense for single people, That's half of my income and if i were buying a house, I'd be house-poor. People are just trying to make it. Appreciate the risks being shown. Great points. Why has it increased so much and pay for wages has not? Is it just corporate greed? MAKE IT MAKE SENSE GEORGE. Please.
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Off the top of my head, my top 5 guesses are: 1) The government printed a ton of money and gave it to everybody in the form of stimulus checks. They bought things with that money which created higher demand for assets and drove prices up. The companies that had assets made "more" money, but that extra amount is largely moot since all of their expenses also increased proportionally. Really, nobody wins with inflation. Some just lose less. Either way, everything costs more now and will only keep going up the more we print money to give people the government services they demand without raising their taxes proportionally. 2) The rent moratorium drove a ton of mom-and-pop landlords away and major real estate companies bought up all of the rental units. They tend to increase prices more regularly anyway, but they can more easily get away with it now that more of their competition has given up. 3) The cost of repairs has never been higher. Tradesmen have coped with inflation by raising their hourly rate and remodeling materials are assets that have increased in price. 4) The flood of immigrants that are pouring over the border have to live somewhere. I'll give you five seconds to guess where. There's more demand for existing dwellings and the rate of new building construction isn't keeping up. Zoning restrictions, low permit approval, dwindling populations of skilled tradesmen, market uncertainty, and the natural scarcity of land are also contributing to low supply of housing in high-demand areas with good jobs. 5) "Feature creep" has occured in all products. A plumber's work van has more emissions and safety compliance components, is far more mechanically complex, costs more, and requires more billable hours to repair when it breaks. This drives up the price of every good/service that uses said work vans. The same has occurred with refrigerators, which are more expensive, overly feature-laden, and less reliable than ever. New homes are bigger, have more convoluted roof lines, and are loaded with more tech. Now start stacking that logic with every product you buy and it starts to add up exponentially.
@@huebothedog665 Some people are not suited for public living. After 10 years of the roommate thing I'd really enjoy not sharing my hard earned toilet paper after cleaning up snot rockets on my shower curtain. Or perhaps when they have their friends over and at midnight the most deranged starts clawing at your bedroom door saying "mommy let me in" really glad i had a locking door. There's worse stories but keeping it pg.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
When I saw the commercials promoting this type of home ownership/financing my head blew up and screamed Noooooo! Great video covering why to NOT do this :-)
Going into business with friends is bad enough, going into house buying is another level of bad idea. At least in business you can set up contracts and systems, but unless you're Seldon, you're not gonna have a housemate's contact. Anyway, "joint and several" liability with people not related to you is dangerous.
Been there, done that. There were good times and bad times and in the end, it got pretty painful. We haven’t seen each other since the sale. I agree, don’t do it.
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I always see the Zillow commericals promoting this and it irritates me so much. It is so irresponsible for Zillow to do this. I feel like I am watching a cigarette commercials from back in the day and laughing based on the knowledge we have now.
Living with friends can be fine You just make sure YOU are the homeowner, and they pay you to rent out rooms. 😂 The other thing (spouse only) - I can agree/disagree Friends/girlfriend? No Family? (Sibling, parent, whomever) - fine, just have something in writing for contingencies, like someone wanting out. Either a buyout option, or a mutual agreement that you’ll simply sell if one wants out
The real problem is single family zoning, it limits choice/housing supply and options for younger/lower income folks. There aren't enough multi-family options in our nicer neighborhoods (read NIMBY). Imagine if there were duplexes, triplexes, and quadplexes sprinkled in with all of these single family homes. Then there could potentially be enough density to support a corner store or café plus there would be more smaller cheaper options out there.
Thats a good idea in theory but how do you keep people out of nice neighborhoods who are hoodlums and up to no good? Having affordable housing is a double edged sword. Its good because there are good honest people who have a low income and need safe housing, but the bad is, "ghetto" and unsafe individuals who would ruin good neighborhoods by affording the cheap rents.
@@crashtestdummy1972 for that you run background checks like some HOAs do.. keeping out all low-income people because 10% of them might be ghetto is a silly argument against affordable housing
The thing is that it is the other way around. High crime areas lead to low housing costs. If something is low cost it does not mean crime increases. We also have the fact that when an area is made more affordable crime rates in the area do not increase, rather there is a mild decrease. @crashtestdummy1972
Those neighborhoods are nice precisely because there are not so many people crammed in. The minute you disrupt that balance, the neighborhood goes to 💩. If you want to live there, buy a house.
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 ‘’ Lisa Grace Myer” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I think S&P 500 is going for a correction soon. It is 2 years after the correction and it is about time. I aim to gain from this and I'm doing it with 200k and less, thru covered call ETFs, ranging 9-11% divs paid monthly. Am i on the right track?
Such uncertainties are the reasons I don’t base my judgement on a ''heresay''. My dollar portfolio is made up of 30% S&P500, 25% Index funds(ETFs),15% Gold and over 30% in digital assets, thanks to my CFA for this accurate asset allocation. This strategy is what works for my spouse and I. We've made over 80% capital growth minus dividends.
Investments are the roots of financial security; the deeper they grow, the stronger your future will be. By investing you have plan for a good retirement. With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future
Please educate me. I am so much interested in investing but i don't want to make mistakes and loose my money. Can you pls connect me with your Adviser?
Thanks for sharing. I curiously searched the web with his full name and his website popped up immediately. I looked through his credentials very impressive and i will send him an email right now
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I see this as the same cons by buying a house and having your friends be pay part of the mortgage via rent. You don’t have to buy them out since you own the house, but the drama can be the same.
My brother-in-law before marriage got a house with a mother-in-law suite with my grandma to help take care of her as well as use the sale of her house to put a down deposit on this much larger home. My sister and him got divorced a year ago and the house is under his name and my grandmother's name. So now you can imagine the fiasco that is going on.
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I'm glad that he didn't bring up the argument of "what happens if one friend dies? Then you own a house with their parents!" That will not be a problem if you have a competent title company and the property is deeded properly. In that situation, the property should be deeded as "joint tenancy", which will give the surviving friend full ownership of the property.
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That is incorrect. Joint tenancy means each friend owns an undivided one-half interest. When one friend dies, their estate is the “new owner”, not the surviving friend. “Joint, with right of survivorship”, is the language needed to have the property transfer to the surviving friend.
Wait until you have to remodel a house. It makes buying a house seem like picking daisies in a field. I can't imagine doing this with anyone other than my husband. The opinions are plentiful and it's great to be able to ignore everyone's but his.
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My biggest fear is refinancing and personal loans. What happens when the property has $30,000 in equity so one person decides they want to quit work for a month and go on vacation to Barcelona so they take out a HELOC to finance it... Without your knowledge or consent.
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I received criticism for buying a small crappy house on my own without a partner. I was just below the income limits for all the house buying programs. 6 months later had an open house to celebrate and my friend brought a friend. We are now married. I guess the house first wasn’t a bad move.
I agree 100% that this idea is stupid, stupid and stupid but seriously..... if you actually need to explain it to someone, they aren't going to get it. It's like teaching a dog algebra. Some people just need to learn the hard way.
So true. My very immature nephew and his wife were talking about doing this, and I’m tempted to send him this video. But honestly, you can’t tell him anything.
@@christopherbradley5575 anyone who has ever rented an apartment with roommates going through school has at least 1 terrible experience to recount. For me, my 2 roommates moved out within a month of each other, leaving me with no real notice and all the rent to pay by myself. Lesson learned early. Now magnify that impermanent dilemma into a permanent dilemma, like buying a house! Nuff said!
15 year mortgages only make sense for building illiquid equity. It is better to do 30 years and to invest the monthly payment difference elsewhere where it can grow on it's own - as well as be available much more quickly for emergencies. A roof in sudden desperate need of repair or a job loss for example could ruin people with a 15 year term if they have made themselves house poor to pull it off vs. having a buffer to draw from.
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I'm a single guy who waited, lived with family and saved everywhere I could. Just bought a house last year with cash, no mortgage, no debt. It's the perfect size for a small to midsize family, and my future spouse can be a stay at home mother if she wants to. It's entirely possible to purchase a house in your twenties if you have a place to stay while you're socking savings away. Stay committed, stay positive.
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I got a 30 year mortgage in 2024 with PMI and the place went from 97k to 220k in 7 months. had I kept renting to “buy patience” I would have had to move 2 hours from the city instead of 1 or gone broke in those months. You might not be buying patience but a ticket back to mommas basement
Or… have your friend buy the house and you rent a room. You can write up a lease agreement/contract and everything is outlined in the terms. Anything beyond this sounds like a nightmare scenario.
Buying a home with others would require what may seem a picayune legal contract limiting future cohabitants along with everyone having individual 10K+ escroll accounts for when sh*t goes sideways.. The drop with the little kid complaining about the new spouse reminded me an old Keanu Reeves movie Rivers Edge. MFer Food Eater
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I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
I can't believe this is a thing. Wow. My copy of Breaking Free from Broke and am enjoying it so far. Love your videos. Although please don't put Aurther in any of your clips again please. :)
Great video! For 2025, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Lisa Grace Myer” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
As a Spaniard from Madrid, I am deeply offended that’s the city you chose from our country (we all know the capital is better, anyways), and even more, that you played a clip of my team’s biggest rival celebrating their last European trophy (almost 10 years ago, I must say). However, the lisp and correct pronunciation makes up for it.
We should work to lighten the load of mankind, Imagine if we did... Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
I wouldn't do a 15 year mortgage unless the payment was still small. If you have the financial discipline to pay the 15 year mortgage then you have the discipline to pay extra on a 30 year. And if you're paying extra on a 30-year if something happens, you can go to the minimum for a bit and have more flexibility.
15 years mortgage is really stupid. It’s more of a common sense thing. If you can afford a 15 year mortgage chances are you are already financially stable.
Am I missing something? I make great money, supposedly; but the most house I can afford is $1400/month with this math. The homes in my area are selling for a minimum of $3k/month (I have friends that pay $4k/month for an ok modular home in the middle of nowhere) and rent isn't much cheaper. I'm grateful I bought at the bottom of the market in 2011 and have a fantastic interest rate, but again, according to this budget, I'm house poor now and shouldn't even afford this mortgage at $2k/month! Sorry to state the obvious, but this shit is f$cking insanity.
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
One of the problems is there are different laws for married vs non married people; the laws should be the same for everyone regardless of marital status
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I don't agree with the shorter mortgage advice if you have discipline. Get the 30-year mortgage so you are not required to make the higher payment to stay current. Go with the 30 year to lock in a lower required payment and just make extra payments to the principal. I paid off my 30-year loan in 17 years, but when I ran into first a pay cut, then job loss, thamen an even lower salary at my new job during the Great Recession, I never missed at least making a full mortgage payment. Things might have been different if I had been locked into a shorter loan with a higher required payment.
Ramsey Solutions is already proven through historical fact-based math that even if you pay a 30-year like a 15-year you're still going to pay a little more versus paying a 15 year like a 15 year. You forget how interest works from the banks in to the customers end
@motoryzen Maybe, but you don't run as high a risk of having your house foreclosed on should you run into income issues. It might work if you have two high earners in the household and purchase a house well below your means. Seems tough in the current environment. I am not a high earner, but still, I am the breadwinner in my household. Taking a pay cut for 4 or 5 years was painful and would have been disastrous with a 15-year mortgage. It's best to not assume your income will always go up. I still saved a substantial amount of interest and paid my mortgage off very early. With salary increases and zero debt, I'm able to invest 50% of my income.
@RandomJane104 that's what a properly funded emergency fund is for. You all every time I turn around you people that worship debt try to come up with this idiotic mental gymnastics to justify what you know deep down inside is a worse or poor whichever the case may be decision involving debt😂...
@motoryzen To each their own. I do/did have an emergency fund, but the Great Recession was a massive blow to some people in the housing development industry, causing years of financial setback. No telling when that kind of thing will happen again for any given industry or what AI will do to job stability going forward. At 51, I'm 100% debt free and have a net worth over $1M (residence is only $250k of that) with a credit score around 830. I'm not now, nor have I ever been an irresponsible debt addict. Two layoffs in my 30-year career thus far, due to major recessions and no fault of my own, just taught me the importance of not locking yourself into high payments. I'm glad I chose not to put myself in that situation. If people prefer to get locked into high payments in the low job security environment we have these days, that's their decision. My 30 years of experience has lead me to a different conclusion. Your experience may vary.
@motoryzen Well good luck to you. To each their own. I know I'm not an irresponsible debt addict and am 100% debt free. I likely have a higher net worth than you do, even on a modest salary. My net worth is higher than average for my age group. I have just learned through 30 years of working in the real world that locking yourself into a high payment might not be the best move even if it might look that way on paper. A standard emergency fund will not save you from something like the Great Recession if you are unlucky enough to be caught in the destruction. I know people who were unemployed for two years despite their best efforts. I was only unemployed for 6 months but underpaid for 3 years l. Pick your poison. 😅
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I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
Also you would be welcome to come to my mancave but I am a college student who is working on a degree at an out of state private college who is not going to become broke for a mancave
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I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
@@AlbertGReene-p8w You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
@@05kkmujgaa I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
@@ChrisWoodBritton Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience
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We should work to lighten the load of mankind, Imagine if we did... Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
To be fair, two people could be married and still run into all these same issues. It's all about communicating - if 2 friends go into buying a house together, have an open conversation about finances and lay out expectations clearly, I think it's a valuable consideration. The trick is communication.
You still would need to build a partnership contract. Marriage offers protections and options. 2 friends agreeing without a binding contract is a total mess.
True, but i thought i heard there was something legally better about being a homeowner and married vs not married and both homeowners. Not sure what that is exactly though....
We should work to lighten the load of mankind, Imagine if we did... Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
We should work to lighten the load of mankind, Imagine if we did... Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
Same here., I strongly agree that the Bitcoin ETFs approval will be greatly life opportunity for us, with my current portfolio of $102,500 from my investments with my personal financial advisor Steve Miley I totally agree with you😊
He's my family's personal Broker and also a personal Broker to many family's in the United states, he is licensed and a FINRA AGENT in the United States.
And that's the reason why Ramsey Solutions tries to teach you how not to be the average person by staying out of debt, by doing a sensible budget by living off less than what you make and the difference you have leftover you save up a nice big down payment, so that you can actually afford that reasonable size house so you can actually have a sense of real security knowing you're going to own that house in 15 years or less
You know, all these same arguments could be made against buying a house with your spouse, except that the husband is legally obligated to give the wife the house when they break up and the wife is socially obligated to complain nonstop about how the husband isn’t doing enough to maintain it. /sarcasm
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Love when self-proclaimed millionnaires go on youtube to explain to poor people why they should not do the things they have to do because they are poor.
I rented an apartment with my best friend for a year. Moving back out into separate apartments was how we salvaged that relationship. Sharing ownership of a house would have been a nightmare.
My brother-in-law (and my sister...his wife) was getting me excited about the prospect of buying a house together. That is until I realized he wanted to gain equity in the house while my husband and I essentially paid him to rent. 😒 That cured me from ever wanting to go in on a property!
If all of you are on the deed the equity will benefit all of you when it comes time to sell. Sounds like he wants it to be his house with your money. Maybe go in on a duplex together?
Get the 30 year mortgage but calculate the payment to pay it off in 15 years. Pay that amount unless an emergency happens, then you can fall back on the regular monthly payment. Yes, the interest rate will be higher, but think of it as an insurance premium to allow you to keep you house even if you can no longer afford that higher 15 year mortgage payment.
That’s the better route, not as much pressure but as long as your dedicated, it can be done.
Currently, rates aren’t any better for 15 year loans compared to 30
I think if you do this. You should be the one who purchases the house and then you rent to a friend. That's what I did, but I mainly did it cause my friend was in a hard place not so much because I needed it. It did help though.
5:09 Thanks for that reference regarding the dishes....I seriously think there's no one who cares enough about cleanliness
I once bought a house just to rent it cheaply to a friend’s mother. I did this for several years and I really made no money as a landlord. Then my friend basically said that his mom was going to move if I didn’t sell the house to her… for what I paid for it. Meanwhile the value more than doubled. Needless to say, I told this ungrateful barnacle where to go.
Sounds like that worked out! Did you sell it?
Frustrating situation, but could have been worse. Sounds like they at least paid their (below market?) rent on time and didn't trash the place. And you get to sell or rent at market rate now...
@@mpettengill1981 This was many years ago. Yes, it all worked out in the end and I made a tidy profit. However, if the situation was negative and I had lost money on the sale, I suspect my "friend" would not have spotted me the difference. See... I was supposed to take all of the risk but realize none of the reward.
One detail that can cause a problem for friends is deciding how your going to decorate the shared spaces in that house. And what repairs/renos are necessary and how much should be invested in them. My mother has a house with extra rooms so I suggested she offer one of her older sisters to move in and they could share the costs and have someone there for company and when either needed help. She thought it was a good option but my aunt declined because she thought she would be fine where she was. A couple of years later and my aunt is now in an awful facility one of her sons put her in.
I used to think it was just about buying stocks, but I didn’t realize there are strategies for managing risk and actually making a profit. Now I feel kinda stuck since I’m not seeing any profits in my portfolio. Do you have any recommendations on what I should consider? I’d really appreciate it.
It's not just about having money to invest in stocks; it's about knowing the right strategies for profit and managing risk. That's why working with an investment advisor is important-they have insights not available to everyone.
The truth is, the role of an investment advisor can often be overlooked but should never be underestimated. After facing a significant portfolio loss in 2020 during the COVID pandemic while trying to manage my investments on my own, I decided to reach out to an investment advisor. At that time, I had about $126K left in my portfolio. Now, without having to lift a finger, I'm semi-retired, working only 7.5 hours a week, and I'm just 15% short of my $3.5 million retirement goal thanks to my subsequent investments.
This is incredible. Could you recommend who you work with? I really could use some help at this moment.
My CFA is Gabriel alberto william, a renowned figure in his line of work. I recommend researching his credentials further. he has many years of experience and is a valuable resource for anyone looking to navigate the financial market. To be honest, I almost didn't buy the idea of letting someone handle growing my finance or even render financial advices, but so glad I did.
Thank you so much for the suggestion! I really needed it. I looked him up online and explored his website; he has an impressive background.
Agree 100% with George. But switching phone plans to afford a house? Seems like a poorly forced ad.
Every cent counts
@huebothedog665 Reality check: saving $1,000 a month for a down payment. Then saving $100 a month on a phone plan George is advertising would shave about 5 months off before the payments even start. Yes, every bit can count but this just seems silly.🤨
Friend wanted to buy a house together last year. I save 70+% of my income. And him? Well, spent all his savings living the high life because he found a girlfriend in another country. Now complains he doesn’t make enough money. Glad I didn’t get persuaded.
George Kamel, thank you so much for always providing such valuable information. God bless you!
Dave pick the right person.
I agree 💯
House deals like that are magic. The garbage magically gets taken out. The bills magically get paid. The laundry magically get done, folded and put away. And the refrigerator magically get refilled.
We should work to lighten the load of mankind, Imagine if we did...
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If some marriages don't survive financial stress why would friendships?
One more con: What if, GOD FORBID, one of the BFFs has a horrible, tragic accident? You now own a house with their parents or siblings!
Or they get married to a raging narcissist or a loser. Never underestimate some people's ability to be a deadbeat magnet!
That's actually easily remedied by having the proper type of joint ownership indicated on your deed. If your title company does their job properly, that will not be an issue. You will want your deed to indicate "joint tenancy", which will give the surviving owner full ownership.
Rights of Survivorship forms
Or what if they get killed and you are left w that payment too?
30-year mortgages are great; pay them off in 9 years with the same payment as that 15-year; except you’ll save 6 years of your life. Plus you’d have the option to lower your payments down to only the minimums in case of emergency (ie loss of job for 2 months = 2 months on minimum payments; then back to doubling payments).
And you'll save even more money if you get a 15 year fixed rate pay at 9 years. Look facts don't care about your feelings about this Ramsey Solutions team and anyone with half a brain have already done the fact-based historical math from experience that a 15-year fixed rate mortgage regardless of how many years you pay it off at that amount of years or less on the exact same side of a 30-year will always pay off faster in the end it's a difference in how interest rate works on the 15-year versus 30
I used the Ramsey plan to get our financial lives in order but a 15 year mortgage would have caused us to buy a home after 2020 and priced us out of where we live now. We have a 30 year and if i were to lose my job, I can afford to pay all the bills, mortgage and everything else we need on a much smaller income. I 100% understand the logic behind a 15-year but life doesn't follow a straight path.
@@motoryzen You missed the point. The point was the lower minimum payment that you may need to utilize during emergencies thus preventing a foreclosure or short sale..
When we got our 2nd house there wasn't much difference at all in the rates between a 15 year fixed and a 30 year fixed. We got the 30 and paid it off in about 12 years. And it worked for us. I was laid off 6 years after we bought the house and although we had a good cash cushion it was nice to be able to trim expenses, including reducing the mortgage payment, as we didn't know how long that cushion may need to last. It wasn't a brisk job market at the time and I had buddies that had looked for a new job for many months before finding one. As it turned out a new and better job came along right away - but you don't know that going into the situation.
Heh, I got pregnant and had to drop into nest mode. Stressed me out because the mortgage is my first debt ever, and I still just want it gone. For the first 4 months of pregnancy, I was still on the aggressive pay off plan, but when we went to single income, dropping to almost minimum payments is nice. Lets us breathe a little. Hoping after the baby gets here, I can reevaluate the budget and maybe have a side hustle to get those payments back up. But breathing room is nice on the 30yr. I get that the wealth build up is faster when you're aggressive, but also... if you can't afford the 15yr because the monthly is over 25% of your income, it doesn't matter anyway. You just can't treat it like the world treats credit cards and pay the absolute minimum.
Also also, the 15 yr fixed rate was not much lower than our 30 yr fixed. So long as I pay it off in 15 years, I'm okay with the loss for peace of mind. It's not astronomical at this point. Ramsey is a one size fits all approach, but that doesn't mean that life isn't going to switch things up for some people. I'd rather build the equity than be stuck paying rent for the same amount as my 20-30yfr and not have that luxury.
home that costs no more than 25% of your income NOT in the USA In my state (NC) median homes are 374k median pay is 52,700 The payment on a 15yr note is 3354/mo or 76% of income a 30 year is 2655 or 60% Even singlewide mobile homes on the dirt road are 125k and you can't get a mortgage on them
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
Thank you for the wisdom and the laughs 😂love your channel
Thanks, George! The knowledge you share here is extremely unique. i must say you and trader Liecy have really helped on growing my finance.
Hw can i get on Trader Liecy.
*Hey Pauline, she's mostly on Telegrams.*
*@LIECY.*
*Her strategy helps newbies to earn without losing much.*
Interesting.
Thanks..
Planning on living w my 2 bffs when i retire. Dont have to worry about the job relocation aspect. They already live together and I stay with them when I'm in town (fairly often).
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Here the cost of a 1 bedroom apartment went from $600 a month to $1,000+ the market is intense for single people, That's half of my income and if i were buying a house, I'd be house-poor. People are just trying to make it. Appreciate the risks being shown. Great points. Why has it increased so much and pay for wages has not? Is it just corporate greed? MAKE IT MAKE SENSE GEORGE. Please.
We should work to lighten the load of mankind, Imagine if we did...
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Why are you getting a 1 bedroom apartment earning $2k? Live with roommates
Off the top of my head, my top 5 guesses are:
1) The government printed a ton of money and gave it to everybody in the form of stimulus checks. They bought things with that money which created higher demand for assets and drove prices up. The companies that had assets made "more" money, but that extra amount is largely moot since all of their expenses also increased proportionally. Really, nobody wins with inflation. Some just lose less. Either way, everything costs more now and will only keep going up the more we print money to give people the government services they demand without raising their taxes proportionally.
2) The rent moratorium drove a ton of mom-and-pop landlords away and major real estate companies bought up all of the rental units. They tend to increase prices more regularly anyway, but they can more easily get away with it now that more of their competition has given up.
3) The cost of repairs has never been higher. Tradesmen have coped with inflation by raising their hourly rate and remodeling materials are assets that have increased in price.
4) The flood of immigrants that are pouring over the border have to live somewhere. I'll give you five seconds to guess where. There's more demand for existing dwellings and the rate of new building construction isn't keeping up. Zoning restrictions, low permit approval, dwindling populations of skilled tradesmen, market uncertainty, and the natural scarcity of land are also contributing to low supply of housing in high-demand areas with good jobs.
5) "Feature creep" has occured in all products. A plumber's work van has more emissions and safety compliance components, is far more mechanically complex, costs more, and requires more billable hours to repair when it breaks. This drives up the price of every good/service that uses said work vans. The same has occurred with refrigerators, which are more expensive, overly feature-laden, and less reliable than ever. New homes are bigger, have more convoluted roof lines, and are loaded with more tech. Now start stacking that logic with every product you buy and it starts to add up exponentially.
@@huebothedog665 Some people are not suited for public living. After 10 years of the roommate thing I'd really enjoy not sharing my hard earned toilet paper after cleaning up snot rockets on my shower curtain. Or perhaps when they have their friends over and at midnight the most deranged starts clawing at your bedroom door saying "mommy let me in" really glad i had a locking door. There's worse stories but keeping it pg.
Have you looked into studios also 1k sounds wonderful
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Who knows, things may get better.
When I saw the commercials promoting this type of home ownership/financing my head blew up and screamed Noooooo! Great video covering why to NOT do this :-)
Going into business with friends is bad enough, going into house buying is another level of bad idea. At least in business you can set up contracts and systems, but unless you're Seldon, you're not gonna have a housemate's contact.
Anyway, "joint and several" liability with people not related to you is dangerous.
Been there, done that. There were good times and bad times and in the end, it got pretty painful. We haven’t seen each other since the sale. I agree, don’t do it.
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I always see the Zillow commericals promoting this and it irritates me so much. It is so irresponsible for Zillow to do this. I feel like I am watching a cigarette commercials from back in the day and laughing based on the knowledge we have now.
Living with friends can be fine
You just make sure YOU are the homeowner, and they pay you to rent out rooms. 😂
The other thing (spouse only) - I can agree/disagree
Friends/girlfriend? No
Family? (Sibling, parent, whomever) - fine, just have something in writing for contingencies, like someone wanting out. Either a buyout option, or a mutual agreement that you’ll simply sell if one wants out
All that sound easy enough but human relationships can get very complicated & you end up being enemies for life. It happens, sadly.
The real problem is single family zoning, it limits choice/housing supply and options for younger/lower income folks. There aren't enough multi-family options in our nicer neighborhoods (read NIMBY). Imagine if there were duplexes, triplexes, and quadplexes sprinkled in with all of these single family homes. Then there could potentially be enough density to support a corner store or café plus there would be more smaller cheaper options out there.
THIS
Thats a good idea in theory but how do you keep people out of nice neighborhoods who are hoodlums and up to no good? Having affordable housing is a double edged sword. Its good because there are good honest people who have a low income and need safe housing, but the bad is, "ghetto" and unsafe individuals who would ruin good neighborhoods by affording the cheap rents.
@@crashtestdummy1972 for that you run background checks like some HOAs do.. keeping out all low-income people because 10% of them might be ghetto is a silly argument against affordable housing
The thing is that it is the other way around. High crime areas lead to low housing costs. If something is low cost it does not mean crime increases.
We also have the fact that when an area is made more affordable crime rates in the area do not increase, rather there is a mild decrease. @crashtestdummy1972
Those neighborhoods are nice precisely because there are not so many people crammed in. The minute you disrupt that balance, the neighborhood goes to 💩. If you want to live there, buy a house.
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.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Lisa Grace Myer” 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 think S&P 500 is going for a correction soon. It is 2 years after the correction and it is about time. I aim to gain from this and I'm doing it with 200k and less, thru covered call ETFs, ranging 9-11% divs paid monthly. Am i on the right track?
Did you listen to what Tom Lee said? Small caps are under valued. That's the best place for growth in the next year.
Such uncertainties are the reasons I don’t base my judgement on a ''heresay''. My dollar portfolio is made up of 30% S&P500, 25% Index funds(ETFs),15% Gold and over 30% in digital assets, thanks to my CFA for this accurate asset allocation. This strategy is what works for my spouse and I. We've made over 80% capital growth minus dividends.
Supps work better if they aren't fda approved.
Oh my gosh. I laughed so hard at eating chocolate chips and watching the British Baking Show 😂
Investments are the roots of financial security; the deeper they grow, the stronger your future will be. By investing you have plan for a good retirement. With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future
Please educate me. I am so much interested in investing but i don't want to make mistakes and loose my money. Can you pls connect me with your Adviser?
My financial adviser is Gabriel Alberto William , he is not just a broker, he is a financial adviser that gives advice on any financial matters
Thanks for sharing. I curiously searched the web with his full name and his website popped up immediately. I looked through his credentials very impressive and i will send him an email right now
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I see this as the same cons by buying a house and having your friends be pay part of the mortgage via rent. You don’t have to buy them out since you own the house, but the drama can be the same.
My brother-in-law before marriage got a house with a mother-in-law suite with my grandma to help take care of her as well as use the sale of her house to put a down deposit on this much larger home. My sister and him got divorced a year ago and the house is under his name and my grandmother's name. So now you can imagine the fiasco that is going on.
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A group of friends should just rent a house together. Benefits of the house and yard, without the extra overhead of renting alone or exit plan issues.
I'm glad that he didn't bring up the argument of "what happens if one friend dies? Then you own a house with their parents!" That will not be a problem if you have a competent title company and the property is deeded properly. In that situation, the property should be deeded as "joint tenancy", which will give the surviving friend full ownership of the property.
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Who would accept to gift their friend their entire equity position instead of it going to their family first?
That is incorrect. Joint tenancy means each friend owns an undivided one-half interest. When one friend dies, their estate is the “new owner”, not the surviving friend. “Joint, with right of survivorship”, is the language needed to have the property transfer to the surviving friend.
Wait until you have to remodel a house. It makes buying a house seem like picking daisies in a field. I can't imagine doing this with anyone other than my husband. The opinions are plentiful and it's great to be able to ignore everyone's but his.
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My biggest fear is refinancing and personal loans.
What happens when the property has $30,000 in equity so one person decides they want to quit work for a month and go on vacation to Barcelona so they take out a HELOC to finance it... Without your knowledge or consent.
Never been to Barthelona..
I've known a handful of people to this over the past 20 years... not one time did it work out well.
Such great tips George!! 👏🏾 I was renting with a single mom friend and that blew up(not her fault)! 😭
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I received criticism for buying a small crappy house on my own without a partner. I was just below the income limits for all the house buying programs. 6 months later had an open house to celebrate and my friend brought a friend. We are now married. I guess the house first wasn’t a bad move.
I looked into this 20 years ago in my 20s. I’m so glad it didn’t work out.
If you’re financially ready that’s the key. I’ll get there when they stop raising my rent so much 😆
I agree 100% that this idea is stupid, stupid and stupid but seriously..... if you actually need to explain it to someone, they aren't going to get it. It's like teaching a dog algebra. Some people just need to learn the hard way.
Teaching a dog algebra….😂😂😂😂😂
So true. My very immature nephew and his wife were talking about doing this, and I’m tempted to send him this video. But honestly, you can’t tell him anything.
@@christopherbradley5575 anyone who has ever rented an apartment with roommates going through school has at least 1 terrible experience to recount. For me, my 2 roommates moved out within a month of each other, leaving me with no real notice and all the rent to pay by myself. Lesson learned early. Now magnify that impermanent dilemma into a permanent dilemma, like buying a house! Nuff said!
15 year mortgages only make sense for building illiquid equity. It is better to do 30 years and to invest the monthly payment difference elsewhere where it can grow on it's own - as well as be available much more quickly for emergencies. A roof in sudden desperate need of repair or a job loss for example could ruin people with a 15 year term if they have made themselves house poor to pull it off vs. having a buffer to draw from.
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The cons are similar to living with a spouse lol
Intense religious ferver blinds people.
Never mix business and pleasure.❤
As a Brandon.....I feel called out and attacked.
Dude… the dishes have been soaking for 3 days…3 days 😂😂
I would literally be the worst roommate. Anal OCD neatfreak, no one would live up to my standards😂
I'm an extremely frugal person...not everyone's cup of tea.
DTR didn’t work in Cleveland…DTR doesn’t work when purchasing a house.
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I'm a single guy who waited, lived with family and saved everywhere I could. Just bought a house last year with cash, no mortgage, no debt. It's the perfect size for a small to midsize family, and my future spouse can be a stay at home mother if she wants to. It's entirely possible to purchase a house in your twenties if you have a place to stay while you're socking savings away. Stay committed, stay positive.
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I don't even share my house ownership/loan with my spouse. Took 20 yrs mortgage, but plan to pay off within 15 yrs
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I got a 30 year mortgage in 2024 with PMI and the place went from 97k to 220k in 7 months. had I kept renting to “buy patience” I would have had to move 2 hours from the city instead of 1 or gone broke in those months. You might not be buying patience but a ticket back to mommas basement
PMI is a huge scam. LOL You're paying for your lender's insurance payment.
Or… have your friend buy the house and you rent a room. You can write up a lease agreement/contract and everything is outlined in the terms.
Anything beyond this sounds like a nightmare scenario.
Buying a home with others would require what may seem a picayune legal contract limiting future cohabitants along with everyone having individual 10K+ escroll accounts for when sh*t goes sideways..
The drop with the little kid complaining about the new spouse reminded me an old Keanu Reeves movie Rivers Edge. MFer Food Eater
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I could not agree more George!!
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Live by your means, dual income can become a trap
We should work to lighten the load of mankind, Imagine if we did...
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Every thing should have 1 owner. Period.
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Hi, the Every Dollar App is not working for my Region - India. Since your a global phenom can you please help in this matter?
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I can't believe this is a thing. Wow. My copy of Breaking Free from Broke and am enjoying it so far. Love your videos. Although please don't put Aurther in any of your clips again please. :)
Great video! For 2025, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Lisa Grace Myer” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
if i own a home outright before finding a spouse can she take half the house
The ex wife decided this last year that it'd be a great idea to buy a house with her affair partner. Will be interesting to see how that plays out🥴
Stay strong brother
If you do not receive a non zero amount of friendship bracelets, I will be very disappointed in the internet.
Be the change you want to see in the world
As a Spaniard from Madrid, I am deeply offended that’s the city you chose from our country (we all know the capital is better, anyways), and even more, that you played a clip of my team’s biggest rival celebrating their last European trophy (almost 10 years ago, I must say). However, the lisp and correct pronunciation makes up for it.
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I wouldn't do a 15 year mortgage unless the payment was still small. If you have the financial discipline to pay the 15 year mortgage then you have the discipline to pay extra on a 30 year. And if you're paying extra on a 30-year if something happens, you can go to the minimum for a bit and have more flexibility.
15 years mortgage is really stupid. It’s more of a common sense thing. If you can afford a 15 year mortgage chances are you are already financially stable.
Am I missing something? I make great money, supposedly; but the most house I can afford is $1400/month with this math. The homes in my area are selling for a minimum of $3k/month (I have friends that pay $4k/month for an ok modular home in the middle of nowhere) and rent isn't much cheaper.
I'm grateful I bought at the bottom of the market in 2011 and have a fantastic interest rate, but again, according to this budget, I'm house poor now and shouldn't even afford this mortgage at $2k/month!
Sorry to state the obvious, but this shit is f$cking insanity.
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@Georgekamel01 hey scammer.. you're not fooling anyone. Best get to steppin.
Don't go to Barcelona... Go to Valencia or Sevilla
Why is there always a commercial telling me to “delete me” on videos about how we can’t afford a home ?
What do you mean I can’t make millions with my basket weaving degree, 😂😂😂
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One of the problems is there are different laws for married vs non married people; the laws should be the same for everyone regardless of marital status
Depends on the state. Plus you could set up a contract like a marrige structure. You can have civil unions amongst friends.
@@bubblegodanimation4915 so unmarried people have extra hoops to jump through, though it is worth the trouble
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I don't agree with the shorter mortgage advice if you have discipline.
Get the 30-year mortgage so you are not required to make the higher payment to stay current. Go with the 30 year to lock in a lower required payment and just make extra payments to the principal.
I paid off my 30-year loan in 17 years, but when I ran into first a pay cut, then job loss, thamen an even lower salary at my new job during the Great Recession, I never missed at least making a full mortgage payment. Things might have been different if I had been locked into a shorter loan with a higher required payment.
Ramsey Solutions is already proven through historical fact-based math that even if you pay a 30-year like a 15-year you're still going to pay a little more versus paying a 15 year like a 15 year. You forget how interest works from the banks in to the customers end
@motoryzen Maybe, but you don't run as high a risk of having your house foreclosed on should you run into income issues. It might work if you have two high earners in the household and purchase a house well below your means. Seems tough in the current environment.
I am not a high earner, but still, I am the breadwinner in my household. Taking a pay cut for 4 or 5 years was painful and would have been disastrous with a 15-year mortgage. It's best to not assume your income will always go up.
I still saved a substantial amount of interest and paid my mortgage off very early. With salary increases and zero debt, I'm able to invest 50% of my income.
@RandomJane104 that's what a properly funded emergency fund is for. You all every time I turn around you people that worship debt try to come up with this idiotic mental gymnastics to justify what you know deep down inside is a worse or poor whichever the case may be decision involving debt😂...
@motoryzen To each their own.
I do/did have an emergency fund, but the Great Recession was a massive blow to some people in the housing development industry, causing years of financial setback. No telling when that kind of thing will happen again for any given industry or what AI will do to job stability going forward.
At 51, I'm 100% debt free and have a net worth over $1M (residence is only $250k of that) with a credit score around 830.
I'm not now, nor have I ever been an irresponsible debt addict. Two layoffs in my 30-year career thus far, due to major recessions and no fault of my own, just taught me the importance of not locking yourself into high payments. I'm glad I chose not to put myself in that situation.
If people prefer to get locked into high payments in the low job security environment we have these days, that's their decision. My 30 years of experience has lead me to a different conclusion. Your experience may vary.
@motoryzen Well good luck to you. To each their own.
I know I'm not an irresponsible debt addict and am 100% debt free. I likely have a higher net worth than you do, even on a modest salary. My net worth is higher than average for my age group. I have just learned through 30 years of working in the real world that locking yourself into a high payment might not be the best move even if it might look that way on paper.
A standard emergency fund will not save you from something like the Great Recession if you are unlucky enough to be caught in the destruction. I know people who were unemployed for two years despite their best efforts. I was only unemployed for 6 months but underpaid for 3 years l. Pick your poison. 😅
I Would never buy a house with a friend
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Why do I keep seeing youtubers telling people not to buy homes? Pretty suspicious.
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it's basically a timeshare that you live in permanently.
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I think you just gave me an idea for 2025 with my brothers 😂... sorry George, but I think I'm gonna do it! 😂😂😂
8:27
I just play jackbox tv with the boys. Nothing crazy. 😂
Also you would be welcome to come to my mancave but I am a college student who is working on a degree at an out of state private college who is not going to become broke for a mancave
Barthelona 👍👍
We should work to lighten the load of mankind, Imagine if we did...
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repair woman... best joke so far this year
Oh damn where did that come from? 😮
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
@@AlbertGReene-p8w You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
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so the 'hack' for affording a home is to get married? That is the best you can offer is it?....
We should work to lighten the load of mankind, Imagine if we did...
Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉😊
There is nothing wrong with a 30 yr mortgage!
you are in debt 30 years and borrowing much more money than a 15 year mortgage, so yeah, there is a lot wrong with 30 year mortgages
@RalphNorton-x9p It must be nice in your ivory tower, looking down at us poor 30 year mortgage peasants.
@RalphNorton-x9p
...
Troll
Troll @@RalphNorton-x9p
@2:37 Ah-Moan-E-Ya The E here is silent lol
Just buy the house, and then rent the extra rooms to your friends.
We should work to lighten the load of mankind, Imagine if we did...
Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
The housing market will eventually crash.
Here's the end 😂😂😂😂
I’d love to hear from you! Feel free to reach me with your thoughts, questions, or just to say hi. Looking forward to connecting🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ±𝟷𝟸𝟷𝟹𝟹𝟶𝟿𝟷𝟼𝟾𝟼🤍❤❤🎉🎉
a repair PERSON George, come on!! but for real, always appreciate your videos - I can't imagine getting a house with a friend
To be fair, two people could be married and still run into all these same issues. It's all about communicating - if 2 friends go into buying a house together, have an open conversation about finances and lay out expectations clearly, I think it's a valuable consideration. The trick is communication.
You still would need to build a partnership contract. Marriage offers protections and options. 2 friends agreeing without a binding contract is a total mess.
True, but i thought i heard there was something legally better about being a homeowner and married vs not married and both homeowners. Not sure what that is exactly though....
@@crashtestdummy1972Then have a contract. We have contracts for mareige and everything else. It's simple.
@@brittanyalburn4886Not really at all from a legal standpoint. People confuse legal and social.
More nightmare than good dreams.
We should work to lighten the load of mankind, Imagine if we did...
Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
3:01 it's still a repair man.
If you can save 20% Down, then why not save longer and pay 100% down skipping the mortgage process altogether?
We should work to lighten the load of mankind, Imagine if we did...
Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
Because house prices will shoot up plus you could invest during that time and end up with more money.
I'm favoured financially with Bitcoin ETFs approval, Thank you buddy.$28,600 weekly profit regardless of how bad it gets on the economy.
Same here., I strongly agree that the Bitcoin ETFs approval will be greatly life opportunity for us, with my current portfolio of $102,500 from my investments with my personal financial advisor Steve Miley I totally agree with you😊
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This sounds so good and i would like to be a party to this, is there any way i can speak with him?
Hate how he acts like it’s so easy to get a house 25% of your after tax income. Yea average people can only afford a 30 year mortgage
And that's the reason why Ramsey Solutions tries to teach you how not to be the average person by staying out of debt, by doing a sensible budget by living off less than what you make and the difference you have leftover you save up a nice big down payment, so that you can actually afford that reasonable size house so you can actually have a sense of real security knowing you're going to own that house in 15 years or less
@@motoryzenThe PPP for housing gets worse and worse.
I will buy a condo with my friend, Hawk Tuah. 😁
Just grow up, find someone of the opposite sex you'd like to have a family with, and get married. Then buy a house with your spouse.
You know, all these same arguments could be made against buying a house with your spouse, except that the husband is legally obligated to give the wife the house when they break up and the wife is socially obligated to complain nonstop about how the husband isn’t doing enough to maintain it. /sarcasm
I don't call that sarcasm I'll call it facts of reality and that's the reason why so many good men have gone either red pill or all out MGTOW
Not gonna lie you just described why buying a house with ANYONE (BFF or spouse) turns out bad.
We should work to lighten the load of mankind, Imagine if we did...
Would love to hear from your positive notes🤍🤍sᴇɴᴅ🤍🤍ᴍᴇ🤍🤍ᴀ🤍🤍ᴅɪʀᴇᴄᴛ🤍🤍ᴛᴇxᴛ🤍±𝟷𝟸𝟷𝟹𝟹𝟶9𝟷𝟼𝟾𝟼❤❤🎉
Love when self-proclaimed millionnaires go on youtube to explain to poor people why they should not do the things they have to do because they are poor.
A lot of the time the things that they "have to do" are what are keeping them poor to begin with.