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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants 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.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
My CFA, Sophie Lynn Carrabus is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Wow...that really means a lot to me. Very very sweet. I have had a very rough week and your comment has really lifted my spirits. Yes, real estate is a challenging industry to get into...best of luck to your daughter.
Your 100% right I an Woman immigrant from El Salvador arrived to USA 40 yrs ego with $150 dlls in my pocket 35 years ego I bought a 5 family 2 stores building in NYC I bought it for 250k now have a value of 4 M plus ( note I don’t like to sell ) This building already Fathered more than 10 properties I an 66 years old Thinking about retirement . ( GOOD LUCK FOR EVERYONE )
Sounds like my grandma. She came here to the states , from el salvador around 40 years ago with my dad. Bought a home in Los Angeles. The government wanted it so she sold it to them and bought 3 more homes. She kept doing that throughout her life and now she has like 10 homes. 2 or 3 in Cali and 7 in las vegas. That's where we are now.
For me, the biggest reason I'm not planning on selling my home is the "transactional losses." Everyone involved is out to get your money. From the real estate agents to the inspectors, trades people, exterminators, appraisers, septic services, well inspectors, it's almost endless. By the time your finished any profit from selling goes to the movers and to fixing up your new home. Last time I sold it cost me almost $60,000 and I had to sell my home for less than my purchase price. One piece of advice. Don't hire anyone recommended by your real estate agent. They are all in collusion to make their profit from your home sale.
As a Handyman of 35 years, keep in mind the bigger the house the more expensive it is to repair and if you don’t have any home repair skills get some, you can save boatloads of money
Not just repairs. Heating & cooling costs more. Maintenance is more. Taxes are more. Homeowners insurance is more. Bigger house = bigger expenses overall.
Yeah the problem is to buy a smaller home cost as much and in most cases cost more. I only paid 65,000 for my house . Even a tiny home is more than what I paid for my just under 1200 square feet home. 73@@RG-hf4et
I go to estate sales in wealthy areas and have been surprised at the cheap/ junky furniture in some of these mansions. I'm guessing the owners didn't realize what it costs to furnish a 6000 sq. ft. home.
Everything you're saying is making terrific sense. 70 now and all my friends and family who sold homes because they thought it had gone up too much already looked back and shake their heads.
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.
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.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
We went from a 2700 sq ft home with a 1300 square ft basement, 1.5 acres and a 20x40 in ground pool to a 1450 sq ft condo and don’t regret it at all. We don’t miss the maintenance, ridiculous heating/cooling costs or maintaining that pool. Some people may regret downsizing but we don’t.
Some people like apartments, some don’t. I grew up in apartment - HATED EVERY SECOND OF IT. Live in own house was the dream of mine since i was like 4 years old. So now u give me apartment FOR FREE i would not take it. HATE APARTMENT. I come to my property, close the gate, lock TWICE and breeze freely. Nobody can come there, IT IS MINE
@@AudraLambert Like doing as much of the maintenance as possible. It keeps you young. Why sit around all day when you could be mowing the lawn, trimming those hedges, and raking those leaves? The older we get, the more we need to stay active.
Inflation is not "increased in value." Its a way for these snakes to jack up the property tax until you can no longer afford to live there. That's what they have planned so gloat while you can.
I think in this uncertain time, the paid off roof over your head. the peace of mind and ability to in a small sense.. watch the flood from higher ground is the equivalent to being rich. As far as generational wealth goes.. u can set up the next generation but giving someone your wealth works as well as giving them your kitchen utensils and expecting them to become a chef because u were a chef. ... that wealth gets liquidated and split up, spent and forgotten. Security is the goal of home ownership.. and that means securing your home from the grasp of the bank asap.
We sold our home in Florida made a profit and bought a smaller home in TN that we paid off. No mortgage plus we bought a second 22acres property in TN paid for as well. So we owe nothing on either one. Plus the property taxes are way lower than Florida. Thank you God. We feel blessed. However, I miss my Florida home and I’m not happy with the house I’m in. I regret a lot of things I’ve done. Wished o would have held onto my properties in Florida. 😢They are worth so much more now.
A friend of mine, 100 years old, said her biggest regret in life was selling her house. She lost her independence, had to move several times to rentals she wasn't comfortable with, lived with relatives some, never felt at home. To top it off, her neighborhood TRIPLED in value after she sold. She was sick about all this, and wished she had just stayed put in her home and lived comfortably there.
There was an old rule about not selling during the first year. But it’s hard to get people to listen sometimes. A neighbor gave away her husband’s nearly new car and regretted it within 8 months! We tried to tell her to wait but it fell on deaf ears. And, this is not nearly as serious as a house!
@@Reed-2big Yes, I have seen people make bad decisions out of fear. Never a good idea to make important decisions when you are not in a good mind set to do so. I hate hearing stories like this...but they are good to learn from. Thanks for you comment.
Thank you for calming me down. Your right. We almost sold one of our rentals, but didn't. Listen to her and you'll be better off in the LONG run. Waiting works. Thank you.
So glad I could help. Everyone has different financial situations. I would just say focus on the long term. I know being a landlord can be a pain but it usually pays off in the long term. The days are long but the years are short:)
What about long distance renting. Did you hire a management company.? Looking at second property 1000 miles away. I will not take a lowball offer after. I replaced everything. Has good bones.
I sold two of my past primary homes, and I regretted both of them. Should have kept at least one of them. I come back to listen to you again whenever I get the itch to sell.
Friends of mine bought their house in Philly about 50 yrs ago. Now the house is paid off, they have a million in equity, and a second home in the Poconos to boot.Thank you for the good adviice.
I’m getting ready to put my house on the market. I listened to the video and I know it is the right decision for my age and the condition of the house. Thanks for your insight!
@@elizabethmurray5718 Yes, housing inventories are still very low (at least in my area). The luxury market is a bit sluggish right now (properties over $2m). Its just taking 60-90 days to get properties into escrow in my area...but there are still buyers out there...especially with mortgage rates coming down. Don't know how people are affording it.
Worth doing! Pick a room or a category and do it. It will make your home more enjoyable, it will free you to sell but it doesn’t force you to sell. Do you want to weed out what is important and what is not, or do you want a relative to have to do it for you?
As a fellow UA-camr, I regret that some folks feel the need to rudely criticize that which is provided for free, and I admire the grace with which you reply. For myself, I've noted and appreciate the move away from retention editing on UA-cam, however your views are certainly validation and your content is fantastic. I only discovered your channel yesterday and I've watched about a dozen videos.
Wow...thank you so much for your comment. I love that you are a fellow youtuber. You understand:). Really appreciate you kind words. Means the world to me.
I am a homeowner and single mom with 2 kids! I am so blessed that God gave me the house before all this renting high situations. Thank you you gain another subscriber and yes! You will get your 5000 subscribers and more!
Thank you so much for sharing. I love that you are happy with your housing situation. You do sound blessed. Appreciate your support on my channel. Means a lot. Just trying to help the consumer out there. Someone's got to:). Blessings❤
Another creative renting option if your house is too big, and you think you want to downsize, is reach out amongst your warm circle, and find great roommates to rent to, retain one room as your ‘own’ even if you have somewhere else to ‘live’. Even being a part-time roomate/owner/landlord, allows you constant 24/7 access to keep an watchful eye on your investment/asset. If your bedrooms are fully furnished your future ‘roommates’ -tenants are only bringing in ‘softer’ and smaller items, clothes, books, etc. Much less wear&tear to your home. A weekly shared meal/potluck creates community, continued open communications, and a personal investment in TEAM. My personal point of view is creating simular minded shared community is a formula for getting through some likely challenging transitions ahead of us all. Cocreating & Curating community alliances.
This is the most honest and best advice anyone can give that you will not hear from even the most closest to you. I would like to give Audra a great round of applause she’s nailed it. Honestly best advice I’ve ever, great heart also.
My wife and I took over my father's home when he passed away a couple of years ago. We knew it needed a few big repairs and were ok with making those, so we decided to move in. Long story short we dropped about 100k into it but even to this day, there's always something going wrong the house was built in 1937 and I feel like no matter what we do were going to be dumping money into it left and right. Anyone think we should hang in there or hang it up? Any input would truly be appreciated. Thanks
Hello there! Yes, buying an older home does have its downsides...consistent maintenance is one of those downsides. Everyone's financial situation is different...and their reasons for investing in a property is different for different folks. There is always a good reason to sell and a good reason to hold. I have sold properties in the past just because I was sick of dealing with all the tenant calls about the repairs that came up on a property. I eventually sold this property and bought a newer one with less maintenance issues....my time is valuable too. it may make sense for you to sell. I would do the research...know what your house is worth if you sold it. What would you do with that money? Where would you invest it? I would also see the advice of a trusted financial advisor. Its important to know the implications of selling or buying. Best of luck to you.
You need to predict what it's going to need down the road. Inspect the house thoroughly and get some estimates. A lot will depend on what the replacement home will cost in terms of price, mortgage payments and property taxes. 1937 is an OLD house.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over two hundred grand within months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a coach, and it has been paying off, i have accrued over a half a million and I'm never going back to banks full time
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
i work with Abigail Ryan Ann and I’ve been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
I just googled her and I'm really impressed with her credentials; I reached out to her through her by sending a mail through her web since I need all the assistance I can get
HOW do you deal with all the this old house, syndrome? Our is 1894 vintage, small mortgage. Just jumping hoops often with taxes, repairs it's a 3-family.
I appreciate your honesty! I bought my first house by saving my income tax returns for a few years. That was the smartest thing I ever did. And I too recommend to live below your means, save money for a rainy day. It all adds up.
My coworker told me he rented to a guy who didn't keep up with rent, and after the guy got kicked out he left a ton of dvds around with men on men action. He said there were a few hundred. Also that he trashed the place before he left. 😂 yikes.
I lived in a small dump. The realtor fixed up my dump into a dollhouse and it sold within a week for $50,000 extra. It was horrible. She had excellent taste and quickly changed a lot of things.
But you need to add you also need to invest in maintaining your property and maybe updating aspects of it over the years. My husband & I bought an older house with a lot of ‘potential’. I was always the one that could see potential in everything not so much the huge bill that comes with it. It was a 3 bdrm, too small for our family that became 5. It needed work on shared retaining walls. Luckily our neighbour was on board and initiated that work. Also repainting, new spouting. Then new back porch covering. Then front porch covering. Then the roof started leaking badly (concrete tile roof). We took the huge concrete chimney off as it was an earthquake hazard. The wooden frame windows needed replacing. We kept putting work off as it was daunting and we couldn’t decide what to do with the porch. Last year the roof leaked so badly it was do or die - if we left it another winter the kids would have got sick and we possibly would have had to move out. Water came through the kitchen light fitting and mould grew on the toilet ceiling. A chunk of ceiling fell out it was so wet. Water stains ran down the toilet and kitchen walls. Still we loved that house. We employed a builder to start renovating and add two more rooms, new roof & various things. 10 months later and thousands of dollars later on architects fees, council consent & inspection, building plan fees, insurance and a complete gutting of the house, new rooms, new roof, we may as well have sold and used the equity to buy a house in better condition. We do like the area but financially we aren’t better off. Probably the house will have cost us around $1m for what will be a 5 bdrm (or 4 bdrm 1 study) house in an relatively convenient area. If it was being sold on today’s market it might get $1.2m? And we still have to pay a mortgage. So.. the old idea of buying an old house to do up and sell later isn’t always the best idea - unless you absolutely love it and love the area it’s in and face up to the fact that it will cost you probably just as much as a newer house over the long term, if not more.
Sold my beautiful home on acreage at a dirt cheap amount over death of husband. Had only one offer due to limited people in my price point in 2010. Realtor pushed me to take this low offer. That house today would have made me another $700,000. Oh well, it is the past.
Thanks for sharing. Its difficult to make decisions when times are tough. Trust me, I can relate. Its pointless to dwell on the past...just good to learn from it. That is the purpose of this video is just to have people be aware of the downsides of selling in the short term. There are always reasons for selling...just want people to know what I didn't know back in 2008/2009. Thanks for your input.
I agree. Ride it out. It’s always fluctuating. I sold our home that my husband and I lived in for over 20 years as it was too much for me after he passed. It was on a couple acres. Wished I would have found a way now. We saw many ups and downs in the market over the years. If you have no reason to sell then stay put. Great advice.
I rented a property and they destroyed it. Broken tile, cabinets-you name it. It would be extremely difficult for me to rent again. I also know people move in and don’t pay their rent or don’t move out!!! How do you rental nightmares?
I AGREE!!!! We decided to downsize from a 5 acre property with a 5 bedroom home and relocate closer to grandkids- we only owed $135K on it- payments were $1200/mo. So we sold - in 2016- the property now(2024) is worth $$1.1 million more because of all the covid fleeing ppl moving into our state ( NW Montana). Huge mistake. Plus we still haven't bought a place - for vairous reasons. Renting a tiny place now for $1200/mo and no hope to buy with increased prices to buy - plus very low inventory where we are. I certainly do wish we hadn't sold.
Oh, I am so sorry to hear that....Covid really changed everything. We have low inventories here too. Really puts the squeeze on buyers. Thanks for sharing.
THANK YOU FOR YOU INFORMATION. I HAVE 10 HOUSES BETWEEN NY AND CT. I WENT FROM FORECLOSURES TO BANKRUPT. I HELD MY HOUSES LIKE MY LIFE. I NEVER SELL,I RENTED. THE REAL STATE HAVE ONE WAY TO MOVE AND IS UP. THIS HOUSES THAT I PAID 120 THOUSAND ARE MILLIONS NOW. I LOVE HOUSES. MONEY IS JUST PAPER.
I actually have horrible dreams that I’ve sold my house & then am so sad & desperately want my house back I wake up from my bad dream & am lying comfortably in my bed in MY house .
That's a powerful dream. I personally experience the same dreams. Been torn about selling a co-owned home with my X. Pushing me to sell for years. I'm moving there. I have to pay attention to my intuition which sometimes comes to us in when we're asleep
Audra, I really appreciate your wealth of knowledge and how you seem to truly care about other people. 😊 It is also very refreshing to see a person, who is obviously very busy, taking the time to personally answer questions from the viewers. Your are a gem! ❤
I’m a bit uncertain what to do, so I do nothing except work on my house when I can. I’m 71, been retired about 9 years, no savings, living on SS. My mortgage is $840. I live in a city. The house needs some repair. Last year I started painting the exterior, and hope to finish it this or next year. I have some money from insurance company to replace the roof and have a roofer and waiting on getting that done when it warms up. Will be replacing one window (purchased) and front door (from money back from property tax this year). AC went out years ago so I use a window AC upstairs and a portable one downstairs. The furnace is about 22 years old, but still works. The back patio door needs fixing or replacing. The sliding screen door is broken. One bedroom has sheet rock removed because I added insulation. A downstairs room needs walls too because of water damage and added insulation, including finishing a bathroom there. Only has toilet with no walls. Shower there but again, no walls. Kitchen electric stovetop very old and should be replaced. Lots of fun. Would like to sell house and move to a more rural area, where more room to garden and away from any future unrest in cities. So as I said, not sure what to do except plug along on repairs.
Hello there...thanks so much for sharing your situation. Sounds like you are very handy. Everyone's situation is different. Holding your property for the long term may not be the best solution for your situation. As we get older and are focusing on downsizing or living in a different area, sometimes selling is a good option. Depending on your area, inventories are still low and some buyers are willing to purchase a property AS IS. May be something for you to consider. I really like the idea of gardening. Appreciate your comment. Best of luck to you. ❤
In late 2007 a luxury residential high rise in downtown Seattle was completed. All the units were sold, and all of the happy buyers moved in, myself included. There were parties in the lounge and on the terrace. We were a happy community of professionals. Cut to a few months later, and the collapse. The building became doom and gloom, as owners became short sellers and there were even foreclosures. These were owner residents. There were very few rentals. I knew I was going to ride it out. I bought with the intention of living there many years. Why would I sell? I knew there is no price on my property until I sold it. Ten years later, I did sell, at top of market as it turned out.
Well done! Its hard to hold onto properties long term when it feels like you're loosing value on your home during a housing correction. If you're able to hold onto your real estate long term, it usually pays off. Congrats! Thanks for your response.
We overpaid for a home thinking our daughter was relocating near us due to a divorce which didn’t happen. I also upgraded the house so we are now way over the market here in Florida. I stand to lose at least $100,000 as it is priced right now with a major reduction recently. It only costs about $21,000 a year to carry with no mortgage. Im having second thoughts about selling because if Im going to lose by selling it makes more sense to lose it with the expenses to keep it and I still have the asset. Is this sound thinking? I don’t really want to rent it but keep it for family to enjoy Florida. You are a super smart gal and I would appreciate what your thoughts might be. One issue that sort of complicates this is that my agent is sort of a “friend” and this is her only listing so she really needs a sale and encouraged us to reduce it way more then we should have which I regret not holding the line on more. So glad I came across your channel. Perhaps your thoughts can help me with a decision I won’t regret!! Thank you!
Oh wow...well I think its a good thing your daughter is working things out (hopefully). Not loving your situation in Florida. The question is if you sell your Florida property what are you going to do with the money? Are you going to invest it to get a better return somewhere else? Just holding a house because you don't want to loose money, is also not a great idea. I would want my asset producing a profit for me. Airbnb, renting it out to help cover some of your upgrades you invested into the property and costs in not a bad idea. A property that is not lived in can have issues...houses like people living in them (plumbing works better, appliances, etc). I don't know your financial situation and of course would advise you speak to a trusted financial advisor about your options. I am also not loving the friend as your realtor situation. That complicates matters. Wish I could help more. I think you just have to really examine the pros and cons. Best of luck to you and your family.
Hello there! Before you make a very important decision, just know the pros and cons. I always recommend seeking a a trusted financial advisor regarding your real estate holdings. Holding real estate for me has proven to be a good investment. Homeownership isn't for everyone. Just trying to make my followers consider both sides of selling or holding their property. Thank you so much for you comment. Means the world to me. ❤
I sold my house when I moved to Mexico and regretted it because the house would have been a good rental property. Luckily I was able to buy a couple of rentals after that mistake and will not make that mistake again. Holding real estate is the best investment.
After I sold some property in 2020, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader 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?
Most people are unable to stand a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
Tthe US stock market had been on its longest bull rally ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
I've tried looking into new strategies to make profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your asset manager is by name.
“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..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
Awesome wisdom. I can identify with you, because I've done the same thing several times. Emotional times, and now I wish I had those properties. I've never had a realtor share such honesty. Blessings to you in fathomless measure.
@florencehendricks4781 Yes, you're TRULY right she is truly awesome!!!! 🤗♥️ I just came across her video, as hope to see more. I've shared this with others, I know who own as well as my circle of friends who own multiple properties.. Hope we get more videos from her.. Love her absolute HONESTY right on POINT!!! ♥️♥️♥️
I'm not that concerned whether my house value raises or plumets. I bought a fixed up, smaller home that I could pay off easily. So, whatever happens to the real estate market, I have FREE RENT!
I LOVE LOVE your advice. So many other content creators our advising people to start liquidating and pay things off in cash which yes, makes sense. It’s more sense of security, but it wasn’t easy to save up the initial down payment for the rental that we have now, and just to think of having to go through that all over again I’m in my 40s now my husband and I are both in our 40s now and to do this all over again I just don’t see that happening especially because circumstances have just changed for us. I’m no longer working due to health issues so it’s not so easy now that we’re a one income family. Ty for this advice. I was literally on the fence of talking to my husband about putting our rental up on the market. Thank you. I think we’re going to hold.
Thank you so much sharing. Just consider the pros and cons of selling vs holding. Homeownership isn't for everyone. Everyone's circumstances are different. Holding real estate for the long term has proven successful for me. Thanks so much for watching my video. Sorry to hear about your health issues. Blessing to you and your family.
of course, talking with a realtor will coach you to sell your house for self-preservation (commission). Even your friend realtor will talk you into selling the house, what a friend!!! Yes, renting your home will create positive income but what happens when renters do not pay and tenants have rights like in California and San Francisco. The Gov will allow homeowners to sink as long the freeloaders have a board and room to stay in. So it is easier said than done about keeping your home. That will work if you have a lot of reserve in case the market, jobs, etc are down otherwise will end up in foreclosure. We hope the Gov will do the same to lenders and not allow homeowners to foreclose but unfortunate politicians are bought by the corporations.
I hear ya. I live in California too. Its always good to have an eviction specialist. I have a good one, if you ever need one. Reasonable too. Obviously its always a good idea to screen any tenant. There are risks to renting for sure. I am renting my investment property out at a slightly reduced rent because the tenants were solid, with great FICO scores and have a steady job. It really important to find a good tenant. Some landlords will just rent to whoever fogs up a mirror...be careful!!
I agree with your advice. The kids do not want to listen to their parents but they want the parents to listen to them. Strange World we are living. I totally believe in myself and one shouldn’t allow anyone to dictate terms to you unless it’s very very necessary but still needs to give a second thought. Thanks for the positivity
Such great advice! I purchased a townhouse as a rental this year using a HELOC. 7.25% interest hurts, but no competing offers is very nice. Don’t count on it, but interest rates should eventually go down. Just gotta hang in there.
@@bettysmith4527 My tenants paid through covid...and so did all my clients who found tenants through me. Screen very carefully...and check their references and make sure they have a JOB.
Priceless information ! I regret every property I’ve sold. Holding on tight now to my primary residence and it’s cheaper than renting in my area. When I retire, I’ll just rent the house out for an extra income stream.
We never tried keeping up with everyone else. We bought are home new and stayed put. We retired at 55. We aren't rich. But very comfortable. Some of are friends have big fancy homes. Of course we are jealous. But they will be working till they are dead. Work sucks.
Laughing...I am glad you are comfortable and enjoying your life. I am 55...but I really like working;). You can always visit your friends fancy house. Sounds like you made the right decision. Well done!!
You aren't really jealous because you are retired! ..and not still working your butt off to pay for a bigger house 😂 l would never be jealous of a bigger house that would require more 'blood sweat and tears' from me at my age.. life is too short.
Yep. As a financial advisor, when people talk about possibly making money by selling and buying their personal residences, I just tell them not to. A home is a roof over one's head. Nothing more. Nothing less. Trying to use it as an investment is foolish. As, the only way one can access any gain is either mortgage heavily or sell the place, losing the roof over their head.
Thanks for the reassurance! About to buy an other house nearby that fits our lives and business much better. But selling the old house is going very, very slowly. We made a plan knowing how long we could continue to pay the mortgage (at 3.2%) on the original house and be just fine. But I have been really getting more and more anxious lately. Your video has helped immensely. Might actually be able to sleep tonight!
So glad you got some benefit from my video. It’s a tough decision. You just have to weigh the pros and cons. There are not too many people I know that regret holding their homes long term. 😀
Same as the UK, as for renting your house, think hard, yes you can special tenant INSURANCE but if the tenants for some reason burn your house down, GOOD LUCK on the crafty insurance companies paying you out, or even like water damage from tenants etc etc…renting is a stressful and bad idea…..I have bought/and sold in the UK had a divorce but I did manage after that to buy a nice 3 bedroom detached housed cash 10 years ago thank god…Ray in beautiful Norwich city UK..Single and happy lol….
Well Ray in beautiful Norwich city UK...glad you are single and happy..lol. Yes, I do agree renting does have its downsides. Insurance is a big issue especially where I live. Its really important to choose your tenant carefully...and have the proper insurances in place.
I’m sad abut the house we sold to move into this one. It was a needed life and location change but also a surprise that my husband chose a huge three story busy corner small lot an hour each direction for either of our jobs. I questioned it but he was determined. We sold a cottage one level on a lake with acreage. We own too much home now and it cost us way more than I was comfortable agreeing to. However. Within months our sold home was leveled by a tornado that took out nearly the entire city. So Im grateful but I really really miss that home, area, and lifestyle and feel like I’m just always looking for a similar property. This place is so wrong for us, was awful for the kids, not good for ur dogs, and now and retiring in a home that needs constant upgrading and maintenance is rage inducing. But I love my husband even if he makes the worst possible choices for both of us. I want a forever home, but I want one I can see myself staying in forever.
Hi Kelly, I love that you love your husband...that is so important and special. Sounds like you've been through a lot together. Crazy to hear that your single story got leveled. You will eventually get to where you want to live. Its a process. I have been stuck in "the process" for many years...but have finally reached my dream home. Thanks so much for sharing your journey. Its important for people to hear your story so they can learn from it. Buying and selling a home is an important decision...take your time analyzing the pros and cons.
Bought my house for 35 K in 2008 in denver. Mold infested bank repo 800 sq ft 5 years later I had a fixed up paid off house. My neighbor's paying rent what I pay in property taxes per year. I also have no stairs so this is the house I can live in for a very long time.
Our why for selling is to move 2000 miles to be closer to our kids that moved away and now having our grandchildren. We love our Indiana home built in 1872 . It needs so much work but it's on a few acres with beautiful setting and good location. We have already purchased land and put in a well at the new property but it's gonna take a miracle to sell this old home. I wish we could keep it, but renting doesn't seem feasible. We are tired and "poor", and don't want to do all the renovations it would take to make it up to snuff. We could do a heloc to develop the new property, but does that even make sense with the 2000 mile distance. It's a dilemma! 😢 My husband has the same philosophy as your's about cars! Really enjoying and value your no nonsense info and advice!
Hello there!! Thanks so much for sharing your situation. Holding multiple homes isn't for everyone. Your financial situation, financial risk, phase of life all comes into consideration when considering buying or selling any home. Sometimes the maintenance is too much for people. I would just seek the advise of a trusted advisor. Sounds like you know what to do. Really appreciate your kind words...means a lot.
Thanks Audra! I couldn't sleep so wrote that at 3 a.m. You must be up awfully early writing replies! Really appreciate that dedication to your channel. Have a nice day!
I'm a 67-year old woman living in Los Angeles. I'm renting out the small 2-bdrm, 1-bath house that I grew up in and inherited from my mother in 2011 and I'm getting $3,400/month for it. It's an 'as is' house with knob & tube wiring and it's worth approx. $900K-$1M. I own it free & clear, no mortgage and am currently living in a 1-bedroom apartment where the rent is very low because I've been there for 30 years. I have around $700K savings. Your suggestion about taking out a line of credit to buy another house to live in appeals to me because I'm tired of my shabby little apartment. I would probably have to go out of state to find a cheaper house so I could still have savings left after purchasing it. The problem with holding on to this house is that being a landlord in a house that needs a lot of work done is very stressful and I'm not getting any younger.
Yes, I hear you. As we get older, our needs change. I know I am looking for less maintenance and less hassle. No matter what you decide, I would highly recommend you run your idea by a trusted financial advisor. You have a really good set up right now. Moving is a lot of work too. Thanks so much for watching my video. I wish you the best.
I'm horrified at the cost of "rent" in a little house not worth $20,000 in a normal American economy!! 20 years ago $3400 a month would get you a freaking MANSION. Good grief this country is circling the toilet!!
You are sooo awesome!! I am a homeowner, and I've learned so much from you.. Thank you sooo much!! and Your absolutely right !!! Makes perfect sense...
I just purchased a second house that I'm moving into and wondering if I should rent out the house I'm currently in but it worries me being a landlord and all the nightmare stories I've heard about with crazy tenants.
I get it, it can be a nightmare. You just have to be very thorough with who you lease your house to. If you find a good property manager, they can be worth it. They take out all the headaches and do a good job of managing your tenant. Its less personal that way too. There are a lot of horror stories out there...I understand your concern. However, it is nice having someone cover. your mortgage and/or provide cash flow. Best of luck to you.
Check them out thoroughly! Talk to previous landlord Do not rent to anyone that does not have someone that they have rented from because that will tell you a lot. If you do this you're guaranteed pretty much success if you don't do it then you are left wide open for a renter from hell!
great video, thanks for sharing. We've owned our home for 20 years now and have no need to move or sell our home. The transaction costs are just too much to sell IMHO.
Thanks so much for your compliment...appreciate it. So glad you lived in your home for 20 years. I am sure your home has appreciated over the years. Transactional costs can be high...but you do have the ability to negotiate your commissions down. I do hear ya...selling a house is expensive.
I have a property that I wanted to rent out but I have to do too much maintenance to it. Too much cost is going into the fixing it up so it is too expensive to keep it vs renting it out.
If its too expensive to maintain the property for you, then perhaps it makes sense to sell. You don't want to rent out a property with tenants in the property where you cannot guarantee everything is going to be working properly or safely. Its never a good idea to be over leveraged. If you do have a lot of equity in your home, and the rents are very lucrative for you (you'd have to do the research) you could always take an equity line of credit out to do some of the repairs. With the extra cash flow you'd be receiving from your property, you could pay down your loan. This only works is the property would cash flow well for you. Just trying to give you options. Best of luck...and thanks for watching.
@@AudraLambertthank you for educating me on this. Unfortunately also for some reason my house is a condo and there is one down the street same make and model with the owner trying to rent out his unit and his for rent sign has been up for months. So it is not looking good to rent even if the maintenance was not so bad. There was another unit that was for sale with same make and model and it sold really fast. So I think it just makes more sense in my case.
@@brighid13 Yes, totally understand. Each situation is different. Not all markets respond the same way. Sound like you've done your research. This may be the right time for you sell. Best of luck to you...truly!
This is such an excellent video. 14-plus minutes of wisdom. I really appreciate that you are trying to help others by having them learn from your mistakes. Your voice is the voice of experience, and that is always worth listening to. And whether we are talking about the stock market, or the housing market, trying to time things is usually a big mistake.
Great information! This video I happened upon has been very helpful for me. I am retired and do need to make a move but didn't even think about using the equity in my home. Thank you.
I sold my payed of home on half an acre and thought it would be easy to transition into a new home…7 months later we are just now getting approved for a new home but difference is I will have a payment again and my other home was payed off! Low key made a huge mistake :( Pro is the new house is brand new …..:
Hello there. It will all work out. I would love to have a paid off home...and I will. Just takes time. You probably will too. Enjoy your new home. Not fun looking back. I've made mistakes in selling my homes in the past but you just have to learn from it...forward looking. Thanks for sharing and watching my video.
My husband & I are 70 yrs old, been living in this house for 25 yrs now. We had hopes of selling & retiring near the GA or AL coast but the housing market went crazy so we aren’t able to buy another home equally as nice as the one we have, which falls into middle class. We are struggling taking care of this property with drainage & foundation issues that we are in the process of fixing, in ground pool which is a money pit, downward sloping back yard that is difficult to walk up & down & we now have to pay someone to cut grass & weed eat plus burn off some of the yard down near the lake plus stay on top of neighbor to keep his culvert unclogged so we don’t drown. lol I’m ready to sell because I’m overwhelmed & I worry all the time. Hubs isn’t aging well so I’ve had to take over. Our kids all live out of state & there’s only one that lives anywhere we would be interested in living but NC is expensive, too. I’m tired of all the responsibilities of this property. I think I must be one of those that falls into your category of someone that should sell even if it’s not a “good time” to buy but I feel waiting one or 2 more years might be what we need to do. 😊
I hear ya...maintaining a house is a lot of work..especially as we get older. At the end of the day, we need to enjoy our life and our living condition. Sometimes maintaining a house is just to overwhelming. So sorry to hear about your husband. Its so hard! Appreciate your comment and want good things for you and your family.
I have been through this process several times as the individual selling home and every time, every single time the realtor wanted me to price the home far under market value.
I agree with you. I sold my prior homes and would've been a multi millionaire had I held. It's better to hold if you can. Rent your home before you sale it.
Thanks for your comment...ugh..its still painful for me to go back and relive selling all my properties. Live and Learn. Thanks so much for commenting.
Finally a savy and sincere information. All you said truly make sense and is very helpful and valuable. Thanks and I will keep looking for your amazing videos.
I already saw at least 10 of your amazing videos and keep learning, thanks a lot. People change lives and don't even have an idea about it. You are one of those. Thanks
Going to retire next year. Built a smaller house to downsize. at at the high cost of material cost and labor shortage. Now I'm selling my existing home at declining market and high interest rate. Not good timing, but who knows what is going to happen. Luckly I built with cash no, house note, and my existing house has gone up close to 100 K in value. I bought that house for cash also. I dont need two homes , so selling no matter what.
Sounds like you've done your research. You know what you're doing. Congrats, by the way...Way to go!! I am planning on retiring in the next 10 years and selling my house may make sense at the time. Best of luck to you!
I hear ya...but you have to be careful with competing with new developments. You are probably not offering what the new builders are offering. In my area, builders are offering mortgage rate buy downs for their buyers, throwing in a ton of upgrades. In fact, some builders are actually including landscaping in their transactions. Its easier for buyers to go the new builder route also, because most new development will accept a contingent sale. Buying a new home has its pros and cons. Its much easier for a buyer to get into a new development because the builder is assisting with financing, upgrades, and are willing to work with contingent offers (because they have plenty of units to sell).
I am not in love with the condo HOA fees. The insurance premiums usually don't go down and neither do the HOA dues. That is really hard on people who have fixed incomes. Some of the condos out here in CA have had their HOA dues double and triple in cost. I don't know about your area but I do think if it makes sense for you to sell, then go for it. I promise you the insurance costs and HOA dues are only going to increase...I have never seen them decrease. Just saying. It may make sense for you to discuss this with a financial advisor. They may be able to better direct you. Personally, I don't like having a governing HOA body increasing rates anytime they like. Its an area of exposure you can't control.
I am not buying or sailing a house but came across your video somehow. I did watch till the end and I found it quite enjoyable and informative. Thank you for being willing to help someone else. Lord knows we need more people that are willing to do just that in this world. I live in NC in a very tiny home 850 square foot and I am being generous. lol if and when I decide to sale I would love to have a realtor like you. You seem honest and sweet. I wish you well and god bless.
Eastern Tennessee here, and the property has tripled in value in 12 years. I'm selling out and probably moving to Portugal. USA has gone down too much for me.
@@phillyboylaboy I'm in the process of getting ready to leave. As far as a domicile address, that hasn't been a question for me since I've been here for years.
First time I saw you. Made very good sense! Your advise is very understandable and basic enough for all to understand! Picked up a major finance tip that didn't occured to me! You are good at separating the reality from the emotion!!! You are handling real estate in California! God help you!!🤣😂🤣 Thanks much for round of "uncommon sense"!! Subscribed! Good luck!!
I miss my little house, not the half acre landscape hell. But my little kitchen was so easy to cook in, I could reach corner to corner without walking. Oh well.
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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants 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.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
@@PatrickLloyd- this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA, Sophie Lynn Carrabus is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
You have such a pleasing demeanor. My daughter got her real estate license and learned how hard it is. I just want to acknowledge your charm
Wow...that really means a lot to me. Very very sweet. I have had a very rough week and your comment has really lifted my spirits. Yes, real estate is a challenging industry to get into...best of luck to your daughter.
Your 100% right I an Woman immigrant from El Salvador arrived to USA 40 yrs ego with $150 dlls in my pocket
35 years ego I bought a 5 family 2 stores building in NYC I bought it for 250k now have a value of 4 M plus ( note I don’t like to sell ) This building already Fathered more than 10 properties
I an 66 years old Thinking about retirement .
( GOOD LUCK FOR EVERYONE )
Wow...thanks so much for sharing your story. Well done!!
Sounds like my grandma. She came here to the states , from el salvador around 40 years ago with my dad. Bought a home in Los Angeles. The government wanted it so she sold it to them and bought 3 more homes. She kept doing that throughout her life and now she has like 10 homes. 2 or 3 in Cali and 7 in las vegas. That's where we are now.
@@carloscardona9255 Ahhh...I love hearing that. She sounds like an amazing women.
AHHHH SAY HELLO TO U GRANDMA SHE DID WELL DONE
To be wealthy is how to manage life and money goals determination work hard to be financially stable blessed thanks God♥️🇺🇸
For me, the biggest reason I'm not planning on selling my home is the "transactional losses." Everyone involved is out to get your money. From the real estate agents to the inspectors, trades people, exterminators, appraisers, septic services, well inspectors, it's almost endless. By the time your finished any profit from selling goes to the movers and to fixing up your new home. Last time I sold it cost me almost $60,000 and I had to sell my home for less than my purchase price. One piece of advice. Don't hire anyone recommended by your real estate agent. They are all in collusion to make their profit from your home sale.
As a Handyman of 35 years, keep in mind the bigger the house the more expensive it is to repair and if you don’t have any home repair skills get some, you can save boatloads of money
Not just repairs. Heating & cooling costs more. Maintenance is more. Taxes are more. Homeowners insurance is more. Bigger house = bigger expenses overall.
Yeah the problem is to buy a smaller home cost as much and in most cases cost more. I only paid 65,000 for my house . Even a tiny home is more than what I paid for my just under 1200 square feet home. 73@@RG-hf4et
@@RG-hf4et you are correct on all of it. I try to teach people this, but nobody listens everybody lives in this materialistic world.
I go to estate sales in wealthy areas and have been surprised at the cheap/ junky furniture in some of these mansions. I'm guessing the owners didn't realize what it costs to furnish a 6000 sq. ft. home.
@@coppingtonfarnham7731 what I’ve seen people can’t afford furniture
Everything you're saying is making terrific sense. 70 now and all my friends and family who sold homes because they thought it had gone up too much already looked back and shake their heads.
Thanks for your comment. Its very difficult to time the market. My biggest regret is selling the homes I did. Ugh.
@@AudraLambert…you didn’t talk about prop 13 benefits…it keeps me from Selling my house. Do you agree?
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.
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.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
We went from a 2700 sq ft home with a 1300 square ft basement, 1.5 acres and a 20x40 in ground pool to a 1450 sq ft condo and don’t regret it at all. We don’t miss the maintenance, ridiculous heating/cooling costs or maintaining that pool. Some people may regret downsizing but we don’t.
Glad to hear it. As I get older, I think less is more too. So glad you are enjoying your new home.
Some people like apartments, some don’t. I grew up in apartment - HATED EVERY SECOND OF IT. Live in own house was the dream of mine since i was like 4 years old. So now u give me apartment FOR FREE i would not take it. HATE APARTMENT. I come to my property, close the gate, lock TWICE and breeze freely. Nobody can come there, IT IS MINE
@@bambinaforever1402 So glad to hear your dream came true. Enjoy your home:)
@@AudraLambert Like doing as much of the maintenance as possible. It keeps you young. Why sit around all day when you could be mowing the lawn, trimming those hedges, and raking those leaves? The older we get, the more we need to stay active.
@@bambinaforever1402
Exactly how I feel too! Absolutely hate the city & hearing anything except animals & nature.
How refreshing. An expert telling you how it really works. I'm signed up to learn more. Thank you Audra
Ahh...thanks so much!! Glad I could help.
My home has increased in value 6x since I purchased. It’s paid for and gives me peace of mind by not having a mortgage.
Good for you!! I am working on paying off my mortgage too. Congratulations, by the way!!
Not only that, even if you sell to capture that gain, what are you going to pay to replace that basic necessity of life; the roof over your head?
Inflation is not "increased in value." Its a way for these snakes to jack up the property tax until you can no longer afford to live there. That's what they have planned so gloat while you can.
I think in this uncertain time, the paid off roof over your head. the peace of mind and ability to in a small sense.. watch the flood from higher ground is the equivalent to being rich.
As far as generational wealth goes.. u can set up the next generation but giving someone your wealth works as well as giving them your kitchen utensils and expecting them to become a chef because u were a chef. ... that wealth gets liquidated and split up, spent and forgotten.
Security is the goal of home ownership.. and that means securing your home from the grasp of the bank asap.
We sold our home in Florida made a profit and bought a smaller home in TN that we paid off. No mortgage plus we bought a second 22acres property in TN paid for as well. So we owe nothing on either one. Plus the property taxes are way lower than Florida. Thank you God. We feel blessed.
However, I miss my Florida home and I’m not happy with the house I’m in. I regret a lot of things I’ve done. Wished o would have held onto my properties in Florida. 😢They are worth so much more now.
A friend of mine, 100 years old, said her biggest regret in life was selling her house. She lost her independence, had to move several times to rentals she wasn't comfortable with, lived with relatives some, never felt at home. To top it off, her neighborhood TRIPLED in value after she sold. She was sick about all this, and wished she had just stayed put in her home and lived comfortably there.
Oh that just hurts my heart. Sorry to hear that...but thanks for sharing!!
There ya go
There was an old rule about not selling during the first year. But it’s hard to get people to listen sometimes. A neighbor gave away her husband’s nearly new car and regretted it within 8 months! We tried to tell her to wait but it fell on deaf ears. And, this is not nearly as serious as a house!
@@Reed-2big Yes, I have seen people make bad decisions out of fear. Never a good idea to make important decisions when you are not in a good mind set to do so. I hate hearing stories like this...but they are good to learn from. Thanks for you comment.
God will never forsake you God is not done God has a perfect plan❤
Thank you for calming me down. Your right. We almost sold one of our rentals, but didn't. Listen to her and you'll be better off in the LONG run. Waiting works. Thank you.
So glad I could help. Everyone has different financial situations. I would just say focus on the long term. I know being a landlord can be a pain but it usually pays off in the long term. The days are long but the years are short:)
What about long distance renting. Did you hire a management company.? Looking at second property 1000 miles away. I will not take a lowball offer after. I replaced everything. Has good bones.
When the heloc loan is taken out it seems you have to pay the loan back right away?
I’ve done this 11 times and regretted it every time 😂 that’s quite a learning curve
Well, we are the wiser:). I did the same...painful...but good lesson:)
Slow learner????
I sold two of my past primary homes, and I regretted both of them. Should have kept at least one of them. I come back to listen to you again whenever I get the itch to sell.
Laughing...I listen to my videos too as a reminder. lol!
Friends of mine bought their house in Philly about 50 yrs ago. Now the house is paid off, they have a million in equity, and a second home in the Poconos to boot.Thank you for the good adviice.
I’m getting ready to put my house on the market. I listened to the video and I know it is the right decision for my age and the condition of the house. Thanks for your insight!
Perfect! You'll do great. Best of luck to you!!
Your absolutely right. Had I kept all the properties I would have been sitting pretty in retirement.
Opportunity is coming around again if you're interested.
Me too...its still never too late. You'll know when its right again to jump back in if its the right thing for you. Thanks for your comment.
Are people buying at the top of this market?
@@elizabethmurray5718 Yes, housing inventories are still very low (at least in my area). The luxury market is a bit sluggish right now (properties over $2m). Its just taking 60-90 days to get properties into escrow in my area...but there are still buyers out there...especially with mortgage rates coming down. Don't know how people are affording it.
Us toooooo!!!!
Downsizing is tough. Mentally I want to downsize, but realistically I’m not ready to downsize all my stuff to do it.
I know, I hear ya. I think it sounds good in theory but very difficult to do.
Worth doing! Pick a room or a category and do it. It will make your home more enjoyable, it will free you to sell but it doesn’t force you to sell. Do you want to weed out what is important and what is not, or do you want a relative to have to do it for you?
For me it's all about rarely accumulating too much stuff to begin with. I'm a minimalist.
As a fellow UA-camr, I regret that some folks feel the need to rudely criticize that which is provided for free, and I admire the grace with which you reply. For myself, I've noted and appreciate the move away from retention editing on UA-cam, however your views are certainly validation and your content is fantastic. I only discovered your channel yesterday and I've watched about a dozen videos.
Wow...thank you so much for your comment. I love that you are a fellow youtuber. You understand:). Really appreciate you kind words. Means the world to me.
I am a homeowner and single mom with 2 kids! I am so blessed that God gave me the house before all this renting high situations. Thank you you gain another subscriber and yes! You will get your 5000 subscribers and more!
Thank you so much for sharing. I love that you are happy with your housing situation. You do sound blessed. Appreciate your support on my channel. Means a lot. Just trying to help the consumer out there. Someone's got to:). Blessings❤
God never gave me a house. I had to earn it. 🤔
Another creative renting option if your house is too big, and you think you want to downsize, is reach out amongst your warm circle, and find great roommates to rent to, retain one room as your ‘own’ even if you have somewhere else to ‘live’. Even being a part-time roomate/owner/landlord, allows you constant 24/7 access to keep an watchful eye on your investment/asset. If your bedrooms are fully furnished your future ‘roommates’ -tenants are only bringing in ‘softer’ and smaller items, clothes, books, etc. Much less wear&tear to your home. A weekly shared meal/potluck creates community, continued open communications, and a personal investment in TEAM. My personal point of view is creating simular minded shared community is a formula for getting through some likely challenging transitions ahead of us all. Cocreating & Curating community alliances.
Interesting idea!
Good idea!
This is the most honest and best advice anyone can give that you will not hear from even the most closest to you.
I would like to give Audra a great round of applause she’s nailed it.
Honestly best advice I’ve ever, great heart also.
Agree! I regret selling my former homes too. This video was like a pep talk to not make that mistake again. Thanks
My wife and I took over my father's home when he passed away a couple of years ago. We knew it needed a few big repairs and were ok with making those, so we decided to move in. Long story short we dropped about 100k into it but even to this day, there's always something going wrong the house was built in 1937 and I feel like no matter what we do were going to be dumping money into it left and right. Anyone think we should hang in there or hang it up? Any input would truly be appreciated. Thanks
Hello there! Yes, buying an older home does have its downsides...consistent maintenance is one of those downsides. Everyone's financial situation is different...and their reasons for investing in a property is different for different folks. There is always a good reason to sell and a good reason to hold. I have sold properties in the past just because I was sick of dealing with all the tenant calls about the repairs that came up on a property. I eventually sold this property and bought a newer one with less maintenance issues....my time is valuable too. it may make sense for you to sell. I would do the research...know what your house is worth if you sold it. What would you do with that money? Where would you invest it? I would also see the advice of a trusted financial advisor. Its important to know the implications of selling or buying. Best of luck to you.
You need to predict what it's going to need down the road. Inspect the house thoroughly and get some estimates. A lot will depend on what the replacement home will cost in terms of price, mortgage payments and property taxes. 1937 is an OLD house.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over two hundred grand within months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a coach, and it has been paying off, i have accrued over a half a million and I'm never going back to banks full time
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
i work with Abigail Ryan Ann and I’ve been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
I just googled her and I'm really impressed with her credentials; I reached out to her through her by sending a mail through her web since I need all the assistance I can get
My home has been in the family since 1899 and it ain’t for sale. It’s no palace but it’s been paid for a long time.
Sounds like a palace to me...all paid for? That is priceless!!
HOW do you deal with all the this old house, syndrome? Our is 1894 vintage, small mortgage. Just jumping hoops often with taxes, repairs it's a 3-family.
I appreciate your honesty! I bought my first house by saving my income tax returns for a few years. That was the smartest thing I ever did.
And I too recommend to live below your means, save money for a rainy day. It all adds up.
Good stuff! Thanks for your comment. Really smart saving your income tax returns. Well done!!
The horror stories of renters are terrifying! That is what scares me.
My coworker told me he rented to a guy who didn't keep up with rent, and after the guy got kicked out he left a ton of dvds around with men on men action. He said there were a few hundred. Also that he trashed the place before he left. 😂 yikes.
@@dominicgalloway4481 did your coworker keep the videos
I lived in a small dump. The realtor fixed up my dump into a dollhouse and it sold within a week for $50,000 extra. It was horrible. She had excellent taste and quickly changed a lot of things.
Love good agents like that...so glad to hear you had a great experience. Congrats, by the way!!
She's so right, listen to this lady!
But you need to add you also need to invest in maintaining your property and maybe updating aspects of it over the years. My husband & I bought an older house with a lot of ‘potential’. I was always the one that could see potential in everything not so much the huge bill that comes with it. It was a 3 bdrm, too small for our family that became 5. It needed work on shared retaining walls. Luckily our neighbour was on board and initiated that work. Also repainting, new spouting. Then new back porch covering. Then front porch covering. Then the roof started leaking badly (concrete tile roof). We took the huge concrete chimney off as it was an earthquake hazard. The wooden frame windows needed replacing.
We kept putting work off as it was daunting and we couldn’t decide what to do with the porch. Last year the roof leaked so badly it was do or die - if we left it another winter the kids would have got sick and we possibly would have had to move out. Water came through the kitchen light fitting and mould grew on the toilet ceiling. A chunk of ceiling fell out it was so wet. Water stains ran down the toilet and kitchen walls. Still we loved that house. We employed a builder to start renovating and add two more rooms, new roof & various things. 10 months later and thousands of dollars later on architects fees, council consent & inspection, building plan fees, insurance and a complete gutting of the house, new rooms, new roof, we may as well have sold and used the equity to buy a house in better condition. We do like the area but financially we aren’t better off. Probably the house will have cost us around $1m for what will be a 5 bdrm (or 4 bdrm 1 study) house in an relatively convenient area. If it was being sold on today’s market it might get $1.2m? And we still have to pay a mortgage. So.. the old idea of buying an old house to do up and sell later isn’t always the best idea - unless you absolutely love it and love the area it’s in and face up to the fact that it will cost you probably just as much as a newer house over the long term, if not more.
This is a woman that is brilliant at everything she does!! Her advice is golden!
Ment every word !
Opps, meant
Sold my beautiful home on acreage at a dirt cheap amount over death of husband. Had only one offer due to limited people in my price point in 2010. Realtor pushed me to take this low offer. That house today would have made me another $700,000. Oh well, it is the past.
I hear ya. But timing a market it is a challenge. Doesn’t come with a crystal ball. Same thing here
Thanks for sharing. Its difficult to make decisions when times are tough. Trust me, I can relate. Its pointless to dwell on the past...just good to learn from it. That is the purpose of this video is just to have people be aware of the downsides of selling in the short term. There are always reasons for selling...just want people to know what I didn't know back in 2008/2009. Thanks for your input.
If you have an expensive home,
you have to find someone who can afford it.
@@elizabethmurray5718 Yup, the more expensive the property, the less amount of people can afford it.
Don't feel bad. $700,000 today is like Mexican pesos (due to bankster theft called inflation). The $100k or so you got back then went a lot further.
If you don’t have to move don’t sell unless you know your next move.
I agree. Ride it out. It’s always fluctuating. I sold our home that my husband and I lived in for over 20 years as it was too much for me after he passed. It was on a couple acres. Wished I would have found a way now. We saw many ups and downs in the market over the years. If you have no reason to sell then stay put. Great advice.
I rented a property and they destroyed it. Broken tile, cabinets-you name it. It would be extremely difficult for me to rent again. I also know people move in and don’t pay their rent or don’t move out!!! How do you rental nightmares?
I AGREE!!!! We decided to downsize from a 5 acre property with a 5 bedroom home and relocate closer to grandkids- we only owed $135K on it- payments were $1200/mo. So we sold - in 2016- the property now(2024) is worth $$1.1 million more because of all the covid fleeing ppl moving into our state ( NW Montana). Huge mistake. Plus we still haven't bought a place - for vairous reasons. Renting a tiny place now for $1200/mo and no hope to buy with increased prices to buy - plus very low inventory where we are. I certainly do wish we hadn't sold.
Oh, I am so sorry to hear that....Covid really changed everything. We have low inventories here too. Really puts the squeeze on buyers. Thanks for sharing.
THANK YOU FOR YOU INFORMATION.
I HAVE 10 HOUSES BETWEEN NY AND CT.
I WENT FROM FORECLOSURES TO
BANKRUPT. I HELD MY
HOUSES LIKE MY LIFE.
I NEVER SELL,I RENTED.
THE REAL STATE HAVE
ONE WAY TO MOVE AND
IS UP. THIS HOUSES THAT
I PAID 120 THOUSAND ARE
MILLIONS NOW.
I LOVE HOUSES. MONEY IS
JUST PAPER.
You are very welcome...and congrats on your success. Love to hear it!!
If you regretted the same decision every time, 11 times, I’m curious why you kept doing it.
Not applicable in all areas. In the UK, when you sell, capital gains tax is not payable on your main residence.
Good to know. Thanks for sharing. I am still blown away that people in the UK are watching me. Thanks for the support.
I actually have horrible dreams that I’ve sold my house & then am so sad & desperately want my house back I wake up from my bad dream & am lying comfortably in my bed in MY house .
are you sure you are not dreaming
That's a powerful dream. I personally experience the same dreams. Been torn about selling a co-owned home with my X. Pushing me to sell for years. I'm moving there. I have to pay attention to my intuition which sometimes comes to us in when we're asleep
Audra, I really appreciate your wealth of knowledge and how you seem to truly care about other people. 😊 It is also very refreshing to see a person, who is obviously very busy, taking the time to personally answer questions from the viewers. Your are a gem! ❤
You are so welcome! You just made my day. I do truly care about other people. It brings me joy:) Thanks for you kind compliment.
I hope that your channel goes viral and millions subscribe. Honesty is priceless...
Ahhh...that is the nicest thing to say. I really appreciate it!!
I’m a bit uncertain what to do, so I do nothing except work on my house when I can. I’m 71, been retired about 9 years, no savings, living on SS. My mortgage is $840. I live in a city. The house needs some repair. Last year I started painting the exterior, and hope to finish it this or next year. I have some money from insurance company to replace the roof and have a roofer and waiting on getting that done when it warms up. Will be replacing one window (purchased) and front door (from money back from property tax this year). AC went out years ago so I use a window AC upstairs and a portable one downstairs. The furnace is about 22 years old, but still works. The back patio door needs fixing or replacing. The sliding screen door is broken. One bedroom has sheet rock removed because I added insulation. A downstairs room needs walls too because of water damage and added insulation, including finishing a bathroom there. Only has toilet with no walls. Shower there but again, no walls. Kitchen electric stovetop very old and should be replaced. Lots of fun.
Would like to sell house and move to a more rural area, where more room to garden and away from any future unrest in cities. So as I said, not sure what to do except plug along on repairs.
Hello there...thanks so much for sharing your situation. Sounds like you are very handy. Everyone's situation is different. Holding your property for the long term may not be the best solution for your situation. As we get older and are focusing on downsizing or living in a different area, sometimes selling is a good option. Depending on your area, inventories are still low and some buyers are willing to purchase a property AS IS. May be something for you to consider. I really like the idea of gardening. Appreciate your comment. Best of luck to you. ❤
In late 2007 a luxury residential high rise in downtown Seattle was completed. All the units were sold, and all of the happy buyers moved in, myself included. There were parties in the lounge and on the terrace. We were a happy community of professionals. Cut to a few months later, and the collapse. The building became doom and gloom, as owners became short sellers and there were even foreclosures. These were owner residents. There were very few rentals. I knew I was going to ride it out. I bought with the intention of living there many years. Why would I sell? I knew there is no price on my property until I sold it. Ten years later, I did sell, at top of market as it turned out.
Well done! Its hard to hold onto properties long term when it feels like you're loosing value on your home during a housing correction. If you're able to hold onto your real estate long term, it usually pays off. Congrats! Thanks for your response.
We overpaid for a home thinking our daughter was relocating near us due to a divorce which didn’t happen. I also upgraded the house so we are now way over the market here in Florida. I stand to lose at least $100,000 as it is priced right now with a major reduction recently. It only costs about $21,000 a year to carry with no mortgage. Im having second thoughts about selling because if Im going to lose by selling it makes more sense to lose it with the expenses to keep it and I still have the asset. Is this sound thinking? I don’t really want to rent it but keep it for family to enjoy Florida. You are a super smart gal and I would appreciate what your thoughts might be. One issue that sort of complicates this is that my agent is sort of a “friend” and this is her only listing so she really needs a sale and encouraged us to reduce it way more then we should have which I regret not holding the line on more. So glad I came across your channel. Perhaps your thoughts can help me with a decision I won’t regret!! Thank you!
Oh wow...well I think its a good thing your daughter is working things out (hopefully). Not loving your situation in Florida. The question is if you sell your Florida property what are you going to do with the money? Are you going to invest it to get a better return somewhere else? Just holding a house because you don't want to loose money, is also not a great idea. I would want my asset producing a profit for me. Airbnb, renting it out to help cover some of your upgrades you invested into the property and costs in not a bad idea. A property that is not lived in can have issues...houses like people living in them (plumbing works better, appliances, etc). I don't know your financial situation and of course would advise you speak to a trusted financial advisor about your options. I am also not loving the friend as your realtor situation. That complicates matters. Wish I could help more. I think you just have to really examine the pros and cons. Best of luck to you and your family.
YOU CONVINCED ME . I AM NOT SELLING MY HOUSE NOW . ❤ LOVE YOU DEAR 🎉
Hello there! Before you make a very important decision, just know the pros and cons. I always recommend seeking a a trusted financial advisor regarding your real estate holdings. Holding real estate for me has proven to be a good investment. Homeownership isn't for everyone. Just trying to make my followers consider both sides of selling or holding their property. Thank you so much for you comment. Means the world to me. ❤
@@AudraLambert I WILL FOLLOW YOU MAAM. THANK YOU .
@@birajpradhan6405 Ahhh.thank you!!
This is a great video. This is wisdom. I don’t sell because I know the windfall I get will be gone within a year or two.
Ahh..thanks for your comment. Appreciate it.
Right. We can't live off of what we get for our homes. Not now!
@@AshleySpeaks4U Well, rents are going up...so that does help. But I do hear ya...cost of living is sky high right now.
Audra, wish I'd have heard your brilliant message 5 years ago before I sold my lovely farm. God bless you for giving real advice. Much appreciated 😊
You are so welcome! So sorry to hear about your regretting selling your farm. I have regrets selling my homes, as well. Thanks for watching.
I sold my house when I moved to Mexico and regretted it because the house would have been a good rental property. Luckily I was able to buy a couple of rentals after that mistake and will not make that mistake again. Holding real estate is the best investment.
Agreed!! Good for you for getting back into the market!! Well done!!
No..rentals destroy property
After I sold some property in 2020, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader 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?
Most people are unable to stand a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
Tthe US stock market had been on its longest bull rally ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
I've tried looking into new strategies to make profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your asset manager is by name.
“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..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
Awesome wisdom. I can identify with you, because I've done the same thing several times. Emotional times, and now I wish I had those properties. I've never had a realtor share such honesty. Blessings to you in fathomless measure.
Florence, thank you for noticing me...I really appreciate you. Blessing to you too!!
@florencehendricks4781 Yes, you're TRULY right she is truly awesome!!!! 🤗♥️ I just came across her video, as hope to see more. I've shared this with others, I know who own as well as my circle of friends who own multiple properties.. Hope we get more videos from her.. Love her absolute HONESTY right on POINT!!! ♥️♥️♥️
I'm not that concerned whether my house value raises or plumets. I bought a fixed up, smaller home that I could pay off easily. So, whatever happens to the real estate market, I have FREE RENT!
Love it! Well done!
I LOVE LOVE your advice. So many other content creators our advising people to start liquidating and pay things off in cash which yes, makes sense. It’s more sense of security, but it wasn’t easy to save up the initial down payment for the rental that we have now, and just to think of having to go through that all over again I’m in my 40s now my husband and I are both in our 40s now and to do this all over again I just don’t see that happening especially because circumstances have just changed for us. I’m no longer working due to health issues so it’s not so easy now that we’re a one income family. Ty for this advice. I was literally on the fence of talking to my husband about putting our rental up on the market. Thank you. I think we’re going to hold.
Thank you so much sharing. Just consider the pros and cons of selling vs holding. Homeownership isn't for everyone. Everyone's circumstances are different. Holding real estate for the long term has proven successful for me. Thanks so much for watching my video. Sorry to hear about your health issues. Blessing to you and your family.
of course, talking with a realtor will coach you to sell your house for self-preservation (commission). Even your friend realtor will talk you into selling the house, what a friend!!! Yes, renting your home will create positive income but what happens when renters do not pay and tenants have rights like in California and San Francisco. The Gov will allow homeowners to sink as long the freeloaders have a board and room to stay in. So it is easier said than done about keeping your home. That will work if you have a lot of reserve in case the market, jobs, etc are down otherwise will end up in foreclosure. We hope the Gov will do the same to lenders and not allow homeowners to foreclose but unfortunate politicians are bought by the corporations.
I hear ya. I live in California too. Its always good to have an eviction specialist. I have a good one, if you ever need one. Reasonable too. Obviously its always a good idea to screen any tenant. There are risks to renting for sure. I am renting my investment property out at a slightly reduced rent because the tenants were solid, with great FICO scores and have a steady job. It really important to find a good tenant. Some landlords will just rent to whoever fogs up a mirror...be careful!!
Thank you Audra! This is very sound advice. My son is pushing me to sell and move across the state to be near to him, but I just don't want to do it!
Last I checked, you're the boss of yourself:). You only live one life...live it the way you want. Just saying:)
I agree with your advice. The kids do not want to listen to their parents but they want the parents to listen to them. Strange World we are living. I totally believe in myself and one shouldn’t allow anyone to dictate terms to you unless it’s very very necessary but still needs to give a second thought. Thanks for the positivity
Hey Audra, Thanks so much for being so very caring and honest.
Such great advice! I purchased a townhouse as a rental this year using a HELOC. 7.25% interest hurts, but no competing offers is very nice. Don’t count on it, but interest rates should eventually go down. Just gotta hang in there.
I agree with you...I do think rates re coming down. Appreciate your compliment. Means a lot.
Not a great idea, what if we have another COVID and your tenants don't pay rent for two plus years?!
@@bettysmith4527 My tenants paid through covid...and so did all my clients who found tenants through me. Screen very carefully...and check their references and make sure they have a JOB.
Priceless information ! I regret every property I’ve sold. Holding on tight now to my primary residence and it’s cheaper than renting in my area. When I retire, I’ll just rent the house out for an extra income stream.
Thanks for your comment. Sounds like you have a great plan!! Best of luck to you and thanks for watching my video.
I subscribed! I appreciate that you are sharing your knowledge and personal experience.
Thanks for the sub! Really appreciate your kind words. Always good to learn from someone else's mistakes.
We never tried keeping up with everyone else. We bought are home new and stayed put. We retired at 55. We aren't rich. But very comfortable. Some of are friends have big fancy homes. Of course we are jealous. But they will be working till they are dead. Work sucks.
Laughing...I am glad you are comfortable and enjoying your life. I am 55...but I really like working;). You can always visit your friends fancy house. Sounds like you made the right decision. Well done!!
U were the smart ones! Retire & enjoy a house that is tried & true
Not not if you're making 2000 to $4,000 a week working😂😂
You aren't really jealous because you are retired! ..and not still working your butt off to pay for a bigger house 😂 l would never be jealous of a bigger house that would require more 'blood sweat and tears' from me at my age.. life is too short.
@@rocketman7471 Heck, who makes that?
Finally an Honest realtor and who today wants to trade in a 3% mortgage for a 6% mortgage? Thank you!
You are so very welcome. Thank you so much for comment. Means a lot to me.
Great video! Thank you, Audra, for being professional and honest!
You are so welcome! Appreciate your comment!!
Thanks for the new video! I’m looking forward to seeing what other content you post. Always good to learn as much as possible!
Yep. As a financial advisor, when people talk about possibly making money by selling and buying their personal residences, I just tell them not to. A home is a roof over one's head. Nothing more. Nothing less. Trying to use it as an investment is foolish. As, the only way one can access any gain is either mortgage heavily or sell the place, losing the roof over their head.
You make good points...thanks for your perspective!!
Thanks for the reassurance! About to buy an other house nearby that fits our lives and business much better. But selling the old house is going very, very slowly. We made a plan knowing how long we could continue to pay the mortgage (at 3.2%) on the original house and be just fine. But I have been really getting more and more anxious lately. Your video has helped immensely. Might actually be able to sleep tonight!
So glad you got some benefit from my video. It’s a tough decision. You just have to weigh the pros and cons. There are not too many people I know that regret holding their homes long term. 😀
Same as the UK, as for renting your house, think hard, yes you can special tenant INSURANCE but if the tenants for some reason burn your house down, GOOD LUCK on the crafty insurance companies paying you out, or even like water damage from tenants etc etc…renting is a stressful and bad idea…..I have bought/and sold in the UK had a divorce but I did manage after that to buy a nice 3 bedroom detached housed cash 10 years ago thank god…Ray in beautiful Norwich city UK..Single and happy lol….
Well Ray in beautiful Norwich city UK...glad you are single and happy..lol. Yes, I do agree renting does have its downsides. Insurance is a big issue especially where I live. Its really important to choose your tenant carefully...and have the proper insurances in place.
I’m sad abut the house we sold to move into this one. It was a needed life and location change but also a surprise that my husband chose a huge three story busy corner small lot an hour each direction for either of our jobs. I questioned it but he was determined. We sold a cottage one level on a lake with acreage.
We own too much home now and it cost us way more than I was comfortable agreeing to.
However.
Within months our sold home was leveled by a tornado that took out nearly the entire city.
So Im grateful but I really really miss that home, area, and lifestyle and feel like I’m just always looking for a similar property. This place is so wrong for us, was awful for the kids, not good for ur dogs, and now and retiring in a home that needs constant upgrading and maintenance is rage inducing. But I love my husband even if he makes the worst possible choices for both of us.
I want a forever home, but I want one I can see myself staying in forever.
Hi Kelly, I love that you love your husband...that is so important and special. Sounds like you've been through a lot together. Crazy to hear that your single story got leveled. You will eventually get to where you want to live. Its a process. I have been stuck in "the process" for many years...but have finally reached my dream home. Thanks so much for sharing your journey. Its important for people to hear your story so they can learn from it. Buying and selling a home is an important decision...take your time analyzing the pros and cons.
Bought my house for 35 K in 2008 in denver. Mold infested bank repo 800 sq ft 5 years later I had a fixed up paid off house. My neighbor's paying rent what I pay in property taxes per year. I also have no stairs so this is the house I can live in for a very long time.
Good Job! So happy for you!!!
Our why for selling is to move 2000 miles to be closer to our kids that moved away and now having our grandchildren. We love our Indiana home built in 1872 . It needs so much work but it's on a few acres with beautiful setting and good location. We have already purchased land and put in a well at the new property but it's gonna take a miracle to sell this old home. I wish we could keep it, but renting doesn't seem feasible. We are tired and "poor", and don't want to do all the renovations it would take to make it up to snuff. We could do a heloc to develop the new property, but does that even make sense with the 2000 mile distance. It's a dilemma! 😢
My husband has the same philosophy as your's about cars! Really enjoying and value your no nonsense info and advice!
Hello there!! Thanks so much for sharing your situation. Holding multiple homes isn't for everyone. Your financial situation, financial risk, phase of life all comes into consideration when considering buying or selling any home. Sometimes the maintenance is too much for people. I would just seek the advise of a trusted advisor. Sounds like you know what to do. Really appreciate your kind words...means a lot.
Thanks Audra! I couldn't sleep so wrote that at 3 a.m. You must be up awfully early writing replies! Really appreciate that dedication to your channel. Have a nice day!
Im looking for a fixer upper in indiana. Im in northern indiana. What area is your house ?
Solid honest advice. I regret selling my previous home as well but have learned my lesson. ❤
I'm a 67-year old woman living in Los Angeles. I'm renting out the small 2-bdrm, 1-bath house that I grew up in and inherited from my mother in 2011 and I'm getting $3,400/month for it. It's an 'as is' house with knob & tube wiring and it's worth approx. $900K-$1M. I own it free & clear, no mortgage and am currently living in a 1-bedroom apartment where the rent is very low because I've been there for 30 years. I have around $700K savings. Your suggestion about taking out a line of credit to buy another house to live in appeals to me because I'm tired of my shabby little apartment. I would probably have to go out of state to find a cheaper house so I could still have savings left after purchasing it. The problem with holding on to this house is that being a landlord in a house that needs a lot of work done is very stressful and I'm not getting any younger.
Yes, I hear you. As we get older, our needs change. I know I am looking for less maintenance and less hassle. No matter what you decide, I would highly recommend you run your idea by a trusted financial advisor. You have a really good set up right now. Moving is a lot of work too. Thanks so much for watching my video. I wish you the best.
I'm horrified at the cost of "rent" in a little house not worth $20,000 in a normal American economy!! 20 years ago $3400 a month would get you a freaking MANSION. Good grief this country is circling the toilet!!
I went through the same situation back in 2008. I learned my lesson not making the same mistakes. I wish I had a wife like you. 😊
Laughing...I'll tell my husband you said that. So you had a similar experience in 2008...it hurts!! Appreciate your comment.
Audra, love your channel, advice and presentation. Thank you!
Thank you so much! Appreciate your support.
You are sooo awesome!! I am a homeowner, and I've learned so much from you.. Thank you sooo much!! and Your absolutely right !!! Makes perfect sense...
I just purchased a second house that I'm moving into and wondering if I should rent out the house I'm currently in but it worries me being a landlord and all the nightmare stories I've heard about with crazy tenants.
I get it, it can be a nightmare. You just have to be very thorough with who you lease your house to. If you find a good property manager, they can be worth it. They take out all the headaches and do a good job of managing your tenant. Its less personal that way too. There are a lot of horror stories out there...I understand your concern. However, it is nice having someone cover. your mortgage and/or provide cash flow. Best of luck to you.
Check them out thoroughly! Talk to previous landlord Do not rent to anyone that does not have someone that they have rented from because that will tell you a lot. If you do this you're guaranteed pretty much success if you don't do it then you are left wide open for a renter from hell!
@@rocketman7471 Great advice! thanks for commenting.
Before you rent out any home, watch the movie with Micgael Keaton, "Pacific Heights"
Like Audra said, "Check them out throughly!"😢
great video, thanks for sharing. We've owned our home for 20 years now and have no need to move or sell our home. The transaction costs are just too much to sell IMHO.
Thanks so much for your compliment...appreciate it. So glad you lived in your home for 20 years. I am sure your home has appreciated over the years. Transactional costs can be high...but you do have the ability to negotiate your commissions down. I do hear ya...selling a house is expensive.
The only problem in selling is you have to buy another.
I do agree with that!!
no you actually don't. Id rather rent than deal with another house.
I have a property that I wanted to rent out but I have to do too much maintenance to it. Too much cost is going into the fixing it up so it is too expensive to keep it vs renting it out.
If its too expensive to maintain the property for you, then perhaps it makes sense to sell. You don't want to rent out a property with tenants in the property where you cannot guarantee everything is going to be working properly or safely. Its never a good idea to be over leveraged. If you do have a lot of equity in your home, and the rents are very lucrative for you (you'd have to do the research) you could always take an equity line of credit out to do some of the repairs. With the extra cash flow you'd be receiving from your property, you could pay down your loan. This only works is the property would cash flow well for you. Just trying to give you options. Best of luck...and thanks for watching.
@@AudraLambertthank you for educating me on this. Unfortunately also for some reason my house is a condo and there is one down the street same make and model with the owner trying to rent out his unit and his for rent sign has been up for months. So it is not looking good to rent even if the maintenance was not so bad. There was another unit that was for sale with same make and model and it sold really fast. So I think it just makes more sense in my case.
@@brighid13 Yes, totally understand. Each situation is different. Not all markets respond the same way. Sound like you've done your research. This may be the right time for you sell. Best of luck to you...truly!
This is such an excellent video. 14-plus minutes of wisdom. I really appreciate that you are trying to help others by having them learn from your mistakes. Your voice is the voice of experience, and that is always worth listening to. And whether we are talking about the stock market, or the housing market, trying to time things is usually a big mistake.
Thanks for the Honest Wize thoughts / we all have homes we should not sold in our families.
You are very welcome!!! I can relate to selling homes I wish I never did. Thanks for your comment.
Great information! This video I happened upon has been very helpful for me. I am retired and do need to make a move but didn't even think about using the equity in my home. Thank you.
Thank you. I wasn't sure how we could buy a new home and keep the one we own.
Glad I could help! Best of luck...and thanks for watching.
nice job Audra, honest and sincere! means a lot!
My pleasure!!
I sold my payed of home on half an acre and thought it would be easy to transition into a new home…7 months later we are just now getting approved for a new home but difference is I will have a payment again and my other home was payed off! Low key made a huge mistake :(
Pro is the new house is brand new …..:
Hello there. It will all work out. I would love to have a paid off home...and I will. Just takes time. You probably will too. Enjoy your new home. Not fun looking back. I've made mistakes in selling my homes in the past but you just have to learn from it...forward looking. Thanks for sharing and watching my video.
Thank you for your HONESTY, because there are so many shysters in that Business
My husband & I are 70 yrs old, been living in this house for 25 yrs now. We had hopes of selling & retiring near the GA or AL coast but the housing market went crazy so we aren’t able to buy another home equally as nice as the one we have, which falls into middle class. We are struggling taking care of this property with drainage & foundation issues that we are in the process of fixing, in ground pool which is a money pit, downward sloping back yard that is difficult to walk up & down & we now have to pay someone to cut grass & weed eat plus burn off some of the yard down near the lake plus stay on top of neighbor to keep his culvert unclogged so we don’t drown. lol I’m ready to sell because I’m overwhelmed & I worry all the time. Hubs isn’t aging well so I’ve had to take over. Our kids all live out of state & there’s only one that lives anywhere we would be interested in living but NC is expensive, too. I’m tired of all the responsibilities of this property. I think I must be one of those that falls into your category of someone that should sell even if it’s not a “good time” to buy but I feel waiting one or 2 more years might be what we need to do. 😊
I hear ya...maintaining a house is a lot of work..especially as we get older. At the end of the day, we need to enjoy our life and our living condition. Sometimes maintaining a house is just to overwhelming. So sorry to hear about your husband. Its so hard! Appreciate your comment and want good things for you and your family.
In ground pools can be filled in easily. A truck load of top soil and your done!
I have been through this process several times as the individual selling home and every time, every single time the realtor wanted me to price the home far under market value.
Yikes! Bad realtor
I have a house that I fully own just to have a place to go if I ever need to I would not rent it for a million dollars 😊 great video 😊😊
That is awesome! Well done!! And thanks for your comment!
Watch out for people who see an empty house and live in it. It's hard to remove them.
@21silvermoon Oh, yes, squatters!!
I agree with you. I sold my prior homes and would've been a multi millionaire had I held. It's better to hold if you can. Rent your home before you sale it.
Thanks for your comment...ugh..its still painful for me to go back and relive selling all my properties. Live and Learn. Thanks so much for commenting.
Finally a savy and sincere information. All you said truly make sense and is very helpful and valuable. Thanks and I will keep looking for your amazing videos.
I appreciate that! That really means a lot of me. Thank you!!
I already saw at least 10 of your amazing videos and keep learning, thanks a lot. People change lives and don't even have an idea about it. You are one of those. Thanks
@@johnlozano5054 wow...thank you so much!! You just made my day!!
Going to retire next year. Built a smaller house to downsize. at at the high cost of material cost and labor shortage. Now I'm selling my existing home at declining market and high interest rate. Not good timing, but who knows what is going to happen. Luckly I built with cash no, house note, and my existing house has gone up close to 100 K in value. I bought that house for cash also. I dont need two homes , so selling no matter what.
Sounds like you've done your research. You know what you're doing. Congrats, by the way...Way to go!! I am planning on retiring in the next 10 years and selling my house may make sense at the time. Best of luck to you!
Shockingly honest advice.
Ahhh...thanks so much. Appreciate your comment.
You made so many great points that I totally related to. Thank you so much!
@@Revstarr1 So glad you found value in this.
I did get an offer for $850,000. However the price in this area with a new development is 1 million per lot
I hear ya...but you have to be careful with competing with new developments. You are probably not offering what the new builders are offering. In my area, builders are offering mortgage rate buy downs for their buyers, throwing in a ton of upgrades. In fact, some builders are actually including landscaping in their transactions. Its easier for buyers to go the new builder route also, because most new development will accept a contingent sale. Buying a new home has its pros and cons. Its much easier for a buyer to get into a new development because the builder is assisting with financing, upgrades, and are willing to work with contingent offers (because they have plenty of units to sell).
What about condos? Since condo fees go up every year and insurance is very expensive, do you think it's better to wait or sell?
I am not in love with the condo HOA fees. The insurance premiums usually don't go down and neither do the HOA dues. That is really hard on people who have fixed incomes. Some of the condos out here in CA have had their HOA dues double and triple in cost. I don't know about your area but I do think if it makes sense for you to sell, then go for it. I promise you the insurance costs and HOA dues are only going to increase...I have never seen them decrease. Just saying. It may make sense for you to discuss this with a financial advisor. They may be able to better direct you. Personally, I don't like having a governing HOA body increasing rates anytime they like. Its an area of exposure you can't control.
I have a small 4 bedroom house theye will take me out in a box !!!!!! Love it bigtime!!!!!!
So happy to hear that. You're living the dream😀
I am not buying or sailing a house but came across your video somehow. I did watch till the end and I found it quite enjoyable and informative. Thank you for being willing to help someone else. Lord knows we need more people that are willing to do just that in this world. I live in NC in a very tiny home 850 square foot and I am being generous. lol if and when I decide to sale I would love to have a realtor like you. You seem honest and sweet. I wish you well and god bless.
Eastern Tennessee here, and the property has tripled in value in 12 years. I'm selling out and probably moving to Portugal. USA has gone down too much for me.
I was told a great place for expats to consider. I don’t speak the language, but the people are nice and helpful. Good luck.
I am on same situation. Did you need to get a domicile address in the US before leaving?
I understand. You need to do what is best for you. I hear Portugal is amazing.
I believe you have to deposit X $$$ in their bank to show you will not leach of their govt.
@@phillyboylaboy I'm in the process of getting ready to leave. As far as a domicile address, that hasn't been a question for me since I've been here for years.
Thank you. I’m in this situation right now, but preparing to move to a condo because this house is too much work!
First time I saw you. Made very good sense! Your advise is very understandable and basic enough for all to understand! Picked up a major finance tip that didn't occured to me! You are good at separating the reality from the emotion!!!
You are handling real estate in California! God help you!!🤣😂🤣 Thanks much for round of "uncommon sense"!! Subscribed! Good luck!!
Ahhh...thanks so much! I really appreciate your kind words. Glad you got a tip out of the video. Have a wonderful day!
I miss my little house, not the half acre landscape hell. But my little kitchen was so easy to cook in, I could reach corner to corner without walking. Oh well.
I hear ya...I miss a lot of my homes too.