Not every single one Yolanda, but there is a lot of truth in it. I've been in the business for 22 years and when they ask me that, I say it depends on YOU and I walk them through it. If they have job stability, it's a long term play, and it's comfortable financially, then perhaps yes. If not, I will advise that maybe they should wait or rent.
As buyers, we should boycott and stay away from properties that owns by investors, flippers, Zillow, Redfin, opendoor, blackrock, and many of them inflated this housing market. We should all ignore the housing market in the next year and send a message to those bastards!
@@Patriciacraig599 The inflated housing market was created by regulation. People have clamored for regulation to "protect their investment" for decades now. This is the effect. You have two choices. Demand deregulation, or live with it!
Soon affordable housing will no longer be affordable so anything you want to do i will advise you 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. The Booms and Busts are the ebb and flow and any assets will be affected by it. If you are in cross roads or need sincere advise on the best moves to take now it will be best you seek an investment advisor for proper guidance.
Guys, we're not saying don't buy a house. We're saying the whole process is more complicated, expensive, and bureaucratic than it needs to be. If you can buy a house and it doesn't take you out financially, obviously go for it.
The most honest part was, "Who do they think they are? They don't have any money, just like anyone born after 1975." This is the most honest part of the honest video
Yet they keep raising the damn prices for anything and everything as if anyone born after 1975 were practically MADE of money or just shed it magically! America is just too damn weird sometimes.
Yup there's this fine line until you start going into healthcare. My grandpa thought he was set for life, and he honestly could have been with most everything paid off. Then my grandmothers dementia started, then she fell down the stairs and had to go into a nursing home. Now he's as broke as the "complaining millennials" (his former words not mine) are.
@Mom.left.me.at.Michael's As an American, I refer it to WEALTHCARE because The SYSTEM prices Healthcare like it is a LUXURY to have. Damn Shame though!
Owning a town home is a cheap way to build equity. Homeowner's associations aren't that bad. Rent in my area is over $2000/month for small 2 bedroom in St.Paul MN. I refinanced my town home during Covid 19 when interests rates were 0% for a fixed 3.25% interest and now only pay $500/month for my house.
@@johnbees4443 why so the government can use their toys on you and the media will cover you with every slandering name possible. Throw you in jail without due process.
He should do rentals next. Rent prices are getting insane. It’s used to be 1/3 income but around here even before the pandemic they raised it to 1/2 income. And they wonder why young people have no money.
yep I'm trying to pay off student loans and fighting with people for apartments that house section 8 renters. for more than my parents mortgage. a mortgage which my dad was approved on a blue collar job with a stay at home wife. between housing and student loans I skipped marriage and children, I just want to survive. my master degree gets me a 45-65k job in my field. my dad made more as a cop, without the loans. I think my friend who got pregnant in high school and sold weed was actually the smartest person I know. I wish covid had killed me because life never stops being difficult when you're lower middle class.
@@jadedguardgirl Amen to that. I'm almost 50, have a CPA license, earn a "decent" salary and I am still barely able to save money with a family to take care of. (single income family which is RARE these days) I can't justify buying a house because in doing so, I'd be putting all my investment eggs in one basket. Luckily, lots of old people dying so the housing market should fix itself at some point.
As someone who has been evicted despite never causing issues or being late on payments - just so my landlord can double the price on the rental market - ownership sounds pretty good.
I've seen banks do the same thing. "Wow let's lose a couple of payments in the computer and then balloon the remainder into one big debt so we can seize this house while the market's up."
@@ArmyJames why should it be illegal? If property tax costs increase then you HAVE to raise rents. You don’t really expect property owners to lose money on their property just to keep renters paying the same, do you? And before you say “landlords shouldn’t exist”, remember that millions of people don’t have $20k for a downpayment and need to find a place to rent.
I’m a small developer in the Midwest and my goodness did you not even begin to scrap the small houses issue. I decided in college I wanted to devote my life to actually creating affordable housing rather than just debating it. I build these compact 900ft 3b/2ba unit 4 and 6-plexes. And it is always a massive battle to get municipalities to approve them. Cities want suburban sprawl with huge 3000+ sq.ft. single family housing. Because that’s what brings in large property tax revenue for its decaying infrastructure. Speaking of infrastructure, single family housing is usually unsustainable, particularly building small 1000ft houses in a low density format where you only build 1 house every 1/4 acre. It’s drains more municipal funding then it brings in. We need to be building a bunch of medium density housing like townhomes and 2-6 unit multi family similar to what the Scandinavian countries have done. It’s depressing, some days I think we will never learn.
All well in good, except for the insane Hoa prices most townhomes and condos charge. Which, are variable and you never know what they will be down the road
@@ds3602 Yeah the main reason really high HOA fees happen is they don't charge enough at the beginning (usually the developers have it low to sell better) and then are constantly chasing capX and maintenance items 30 years later. HOA fees should be around 1.5% of the property value per year. So a $250k condo should only be ~$300/month. Unfortunately its not uncommon to see $600 because they needed to replace a roof and didn't have it in reserves.
As a viewer I can attest that not a sole cares that you're a licensed realtor.... I read through the previous posts no one asked "what does Seth do fora living, wish he'd chime in to let us all know so we can sleep at night"... nobody
@@slowery43 Wouldn't it be great to hear from someone who is experienced in the Real Estate Market? Knowing you, some guy in mommy's basement eatting hotpockets has a more worthy opinion (you).
Home ownership is not simply about the 'American dream'. It's about being able to retire (automatically at a lowered income) without having to worry about not being able to afford rent for shelter at an old age
To achieve that, you could also take all that interest you will spend on the mortgage, and make it into a bigger RSP. and then you'd also be able to move to wherever your kids and friends go!
It's also about investing in yourself rather than perpetually lining someone else's pocket. Plus you get a chance to learn a bunch of new skills. Electrical, plumbing, carpentry, flooring, drywall, etc. Some things are going to be beyond your skill/comfort level but 80% of things you can look up on youtube and DIY.
Rent vs. property taxes + repairs + preventive maintenance, even if the mortgage is paid off. It works for me, but don't forget many of the costs of home ownership never end.
@@catreader9733 Landlords make money. If you think that somehow they are taking on the risk to have someone living on their property without a substantial return, you are mistaken. Some people think new cars are a better choice than real estate... well, at least they can move from one rental to the next in their new cars...
My plan at this point is to save up as much as I can and go live in another country. The rent in my area (if you can even find an empty apartment) is nuts. One family has pretty much bought up everything that can get their hands on and can now basically ask anything that want. And forget buying. I've only just gotten into the workforce, my older sister has been working for over a decade and still can't afford anything. My dad was a fireman in new York and bought 64 acres and a farmhouse in another state for my siblings and I to inherit. Up until my Mom decided she wanted a divorce. Everything was divided up and sold to strangers. Any money they got was squandered by both parties on pointless court battles. My mom bought a decent house she won't maintain, and she forced my dad to buy a trailer to avoid having us taken away. My dad is super generous letting me stay with him, but it sucks having to start the whole "generational wealth" thing from square one. Thank you for coming to my TED talk.
If I can, I'd like to move to another state or country and build my own house. A small one that is eco-friendly and with lots of windows. That way, everything can be modern and manageable. I know that most places won't allow small houses to be built, but I heard there are loopholes.
Did you know you can actually buy your own island? I remember hearing about it and looked it up back in the day. There’s islands out there for sale. Start a new country.
@@robertquinlan8063 Even if you buy an island, it's all owned by some country, for example, fiji has a bunch of great islands for sale, but you still have to pay property tax on the island.
I absolutely loved the stone cold stare off into nothingness before Roger started speaking! it really emphasizes the thinly-veiled facade of selling the "American dream".
it was really good. Even better was how he was really happy but by the time he got to the house the happy mixed with the cold stare to be smug, hardened, and realistic to sell that house.
@4:23 "It's expensive to be poor" Sigh, Roger got that right if you think about it. Even those with 2-3 jobs could barely make ends meet because of so many other factors that deducts the daily salary.
It's funny because people often infer that people who are struggling, are struggling because they spend their money on expensive or unnecessary things, that if they just saved, they would be able to improve themselves.
I've been there. From poor to middle class. The more money I've made, life has gotten relatively cheaper. No late fees. Less monthly payments. Loans with better terms. Credit cards with better rewards. The ability to buy groceries in bulk. Less stress due to financial uncertainty. Compound interest works for you instead of against you.
@@mehnotreallymyname3888 Way easier said than done. For many they do save and yet they remain in poverty. The system is by and large pretty rigged against the working class, meanwhile rich folks like Jeffrey Epstein live in decadence
"Are you paying 1500$/monthly in rent? Sorry, when can't approve your mortgage of 800$/monthly, because we are not sure if you would be able to pay it" The Bank's Logic. It's true what they say, the bank only gives you a loan, if you are able to prove that you don't need it on the first place.
Dude I get the frustration but no house right now is $800 a month. The house has to be around 170k for the payment to be that low. Most home mortgages are above 2k a month, not to mention PMI and utilities
Jesus christ. You don't need the biggest possible house. I have a house on .17 acres that is 1100 square feet. 3bds 2 bth. My Mortgage is 721 on a 0%down loan. That includes everything but HOA because there is none in the neighborhood. If you can't find an affordable house, then you either aren't looking, or live in a big city. If either of those things are true, you need to change them. P.S. I dont even pay my mortgage. I rent out the other 2 rooms for 400 each. Where there is a will, there is a way
well that's not how it works at all. you just need to build your credit score. there's programs for first time homebuyers which require small down payments or $0 down. Yes you can get $800 mortgage if you look.
If a realtor tries to rush you into a buy then do not use that realtor. Home buying takes time and you need to be 100% sure that the home you are looking at is for you
That would be the goal but sadly in a few areas including where I live when a home is put on the market it’s picked up cash offer within a week which is *really* not enough time to decide and put an offer on possibly 50+ year long commitment.
"I found a job as a real estate agent because that's an easy way for a washed up creative to make a lot of money without having to learn any real skills." Soooo true!
I'm NOT showing this to my real estate agent; she'd set me on fire! There are some skills to the job, including negotiating with sellers, but not all agents have them or develop them. And anyone ever notice the number of good-looking female agents out there? Apparently the modeling gigs never came through for them, and they had the brains to get their RE licenses. I knew a good-looker who became an agent; she later had to file police reports for phone harassment on people who saw her photo and contact info, and got ALL inappropriate with her. (Wish I had, but I behaved myself since she was married at the time).
@@markh.6687 Besides needing sales techniques, one must be very good at bureaucracy. Many people don't have the mindset necessary for such soul-sucking tedium.
It's true: "POORS" often have no financial resources, and no idea how much trying to 'save money' can cost them. Credit card interest, overdraft and late fees, high-interest payday loans, buy-now pay-later that never gets paid, falling for scams to get rich quick, etc. etc. Some refuse to admit they live far beyond their modest means, with high-interest car loans, expensive cable tv packages, bling, and junk. See it all the time in the southeast suburbs of Chicago.
@@markh.6687 It's because if you're poor you need to pay interest to buy things because you can't afford the whole cost. That is the basis of rent. Even renting and not making a down payment has no benefit because they don't have money to invest. They aren't saving for a down payment they literally have no money. Because schools are funded by property tax poor children living in cheaper apartments go to worse schools and their are fewer businesses around the neighborhood to work and shop at.
@@markh.6687 I get the feeling that you've never actually been poor. Speaking of someone who is on Medicaid and food stamps despite the fact that I work a full-time job it's next to impossible to save money when you aren't paid enough to meet your Necessities. I'm very lucky that I don't have debt but I understand that was a privilege that I was allotted because my parents let me live with them throughout College in exchange for being there their caregiver when both of them got cancer. There were times when I was in the red because I had to get to a job interview but didn't have enough gas to get there because the area that I was living at the time didn't have public transportation but the rent was cheap. It's not because people don't want to try it's not because they're living above their means in this day and age living above your means pretty much comes down to nothing more than how I decided I wanted to have both Heating and food this month
When my ex and I sold our house we had to get the home inspection done twice by two different inspectors/companies. Both inspectors came up with long lists of nitpicking little things they didn't like. The amazing was that not one item was on both lists. That tells you how much the home inspection really means.
Also just depends on who's doing them. A number of inspectors are literally guys with a ladder and a flash light, not former contractors or builders who know what's up. Plus, unless you live with an HOA that demands all items on the inspection be fixed, you as the seller can usually negotiate with the buyer about what appears on the inspection. A minor crack in a window that can only be seen at a certain angle? Pass. An HVAC unit that's 15+ yrs old? Sure, you can cover $7k in closing.
@@patricklee8088 Even the 'former contractors' are crappy inspectors. The inspection report was littered with 'hire an: 1. Electrician, 2. plumber, 3. Builder, 4. roofer ,basically just listing experts in different fields to actually evaluate every system in the house. After buying the house, I started doing the work myself, and discovered defective wiring, rusted out drain pipes, a leaking roof, a foundation that water drained INTO instead of running off away from the building. All the other people I know who had an inspection had the same experience, which is why no one could recommend a house inspector. they all suck. Then they go out of business so you can't sue them.
The problem with Home Inspectors are they take a class. Ive sold many homes as an investor and the best Home Inspectors are converted Contractor/Handyman types, usually who are retired from that work. Someone who just took the class without any prior knowledge will look for things that dont matter, to nit-pick, especially if their arent any real or serious issues. It sounds like you got 2 class-takers with little to no prior knowledge.
I love Roger. Putting things painfully honest, with a dark sense of humor. Living on a boat isn't so bad if it is just you, plus as soon as the cost staying at one marina is too much, you just move onto the next one.
Yeah and if you don't like your neighbors just pull up anchor and sail away. Or better yet, you can truthfully say you sailed the world without leaving your home. Just the awesomeness of that alone makes it sound worth it.
Isn't the maintenance sky high, though? And your safety and biggest asset always dependent on any single weather event? And doesn't riding out a storm make you paint the walls with barf?
You can't leave your boat at a dock of a marina, you have to go off to live at sea in international waters. It's the only way to avoid taxes and fees. Free fish every day, a pet dolphin instead of a dog, pirates instead of burglars, at least you can legally own a cannon to defend yourself.
My grandparents were the living embodiment of American Dream gone wrong. They were members of three Silent Generation, born in 1935 and 36 respectively. My grandma got married at 20 and was told by her mother that she'd may a man and never work again. Grandpa worked for the street department through the city -supposedly quintessential middle class job. Grandma worked full time in a factory and then built a career cleaning houses for women who were too rich and fancy to clean their own chandeliers. Even with both working, they could barely provide for their two kids, even going on food stamps for a number of years. Back in 1969, there was a program called "land contract" that enabled them to buy a home in subdivision. It was their pride and joy. They thought they'd FINALLY have security for their kids and realize the American Dream their Italian immigrant parents had wanted for them. But in 1976, grandma got breast cancer. Her chemo treatments and the mastectomy that saved her life almost bankrupted them. Grandma was forced to go on disability after. In the 80s, Grandpa's health began to decline and he also took disability. Upon his death in 1992, Grandma realized that everything she was raised to believe was a lie. The Public Employees Retirement System pension she was supposed to get, that was SWORN to provide for her for the rest of her life was sliced in half because Grandpa had died on disability. At 55, Grandma was a widow who had to take out a second mortgage to bury her husband. For the rest of her life, she lived on $1200 a month. Idk how she did it. The house they purchased in 1969 was SUPPOSED to be paid off in 1999. After a second mortgage, and a home equity loan (necessary to replace the roof and water heater) Grandma STILL owed $45000 on that house when she went to a nursing home last year. She cried for hours on the phone to me upon realizing that the home and land she'd poored her blood, sweat, and tears into for almost half a century, was sold to a developer for a measly $15,000 $15,000, after investing 52 years and MILLIONS of dollars into a mortgage
There should be a follow up, "If home construction were honest", pay thousands of dollars on a disposable and shoddy mcmansion, built by designers who failed draft school, who hires construction crews who failed basic engineering, so be prepared to make constant repairs to correct craftsmanship errors. To top it off, homes are constructed on hazardous regions, prone to extreme weather, wildfires, and wildlife, so don't be surprised when bears show up on your door, also your utilities will be costly, because it costs more money to run water and electricity to your neighbourhood, also the mcmansion is energy inefficient, making the costs of utilities rise even more, you've been Rodgered by the way.
Oh God yes. Back when I was 13 we moved to a new house, and the place had some serious construction errors in the basement that we did not know about when dad bought the house. The concrete had to be fixed professionally but 13 year old me, who was familiar with carpentry already, fixed some of the issues in the wood framing. The company that did the construction, I forget the name, but some years later they got in big trouble for cutting corners and buying off building inspectors, which is probably how the house passed inspections. We had an inspector out after the work was done, dad felt my work was pretty good and hiring more professionals would been too expensive, the fixes I did passed inspection. When a 13 year old kid does better work than professional house builders, you know there's a problem.
These developers just build wherever the hell they see will make them that sweet green stuff. Here in Florida the amount of forests they clear to put a sh1tty cookie cutter home is insane. Even though the potential for flooding and sinkholes is prominent, they don’t care! Once the house is built and bought up, why not let the homeowner deal with underlying issues that come along with building a house on disturbed sugar sand. Living is just a chore...
There is a housing development going in down the street from us, it's been a flood plain/sheep field for years. These homes started in the low 420K, then 400K now 390K... all built on fill dirt this spring/summer. Almost a whole NEIGHBORHOOD. It'll be interesting when Oak Creek floods again, as it does every spring and submerges that field in three feet of standing farm slew water.
Don't forget about the builder canceling the contract a week before delivery because real estate prices increased during the construction and they decided they'd earn more selling your house on the open market.
what about the possibility of bad wiring and plumbing cancelling each other out after a flood? I had both bad wiring and plumbing, but luckily no flood. I had to replace the wiring and fix the plumbing.
@@gandalfwiz20007 From a guy that owns an European house, I can confirm that the repairs also cost as much as one of those American houses...which is why...*sigh* I do most of my own renovations, back to painting the impossible to reach 45 degree roof extension that needs to be protected if I still want to live there without the roof coming down...
My house also has dirt, and we can’t forget you have to spend an unholy amount of time and money on that dirt so that your cranky old boomer neighbors don’t think you’re lazy or god forbid, poor AND lazy.
General contractor here, can confirm that the wall on top is different than the side walls. Like how they threw that kind of technical jargon in the video.
I actually just bought a house, was afraid to click this video, actually but I knew exactly what I was getting myself into before I got myself so far into it that I couldn't turn back. Every single step of the way I asked questions, my realtor was extremely helpful, the loan officers I dealt with and never met were extremely helpful and informative, as remote as they were, everyone on my team were absolutely great and we managed to get me a house exactly in the projected time I was meant to close. The house isn't 100% what I was looking for, but it's a good 90% and I'm more than happy with what I landed on. I have plenty of handyman skills and tools to do projects myself, I actually enjoy the projects, helps me learn more intimately about the house. The house was just remodeled so practically everything that matters is new. I bought a house because I'd never lived in a house my entire life, only apartments, not even a condo. I was getting tired of my car getting door dinged and backed into in the parking lot at home, tired of having to wait for maintenance to come and poorly repair something at my place. Tired of hearing the upstairs neighbors moving furniture at midnight and upstairs kids wrestling at 9pm when I'm trying to sleep. Been here for over 4 months now... I'm broke as shit most of the time, but I'm happier than flies in shit.
Glad for you! I bought my house about 11 years ago right after the bubble popped. I was 22 at the time and the bank almost didn't give me the loan, but the house was only 28K. Also I had almost 10K saved up. Now over time I've "had" to put in another 30K; new roof (maybe needed), new windows (helped lower bills), new ac and furnace (actually needed), electric and plumbing (actually needed). The good thing was most of that was done on my terms when I had the money saved up so I didn't have to take out loans.
I think I moght be able to buy a house if my car holds out. The $800-ish a month for the car note and insurance combined is my next biggest bills besides rent, so once those are done (in six years...), I'll be good to go. The car is only 3 years old with less than 28K miles on it, driven two to three times a week and averaging maybe 30 miles a week? In most cases, it's less. So long as I keep up to date with checkups and changes, I intend for it to get me to the finish line and I can start saving for a home.
@@BewareTheLilyOfTheValley $800/mo combined note and insurance? Damn... maybe that's normal, I don't know, especially for a car that new. I repair my own car whenever I can and know what and what not to worry about when it gives me problems so I don't mind buying a well-used car. I was only paying around $400/mo combined for my car until it got paid off at exactly the same time I closed on the house. But I say save now! Even if it's just $20 a check, in the next 6 years that'll give you a nice head start for when you're really ready to put some cash away. Hopefully you chose a nice reliable car, hard to say on something so new obviously, but brand name definitely matters. Low yearly mileage and regular maintenance (ESPECIALLY TIMELY FLUID CHANGES) will keep it fresh for a while too, keeping it from being the thing that holds you back on the house buying. I wish you luck! Be sure to keep your credit nice too, at least over 700. Buying a house ain't that bad if you have everything in order, I felt like every step of the way was my choice and everyone was at my beck and call the whole way through. Until money was exchanged I knew I could just terminate this whole thing at any time, and I refused to get too excited about any step of it, as bad as my friends and family wanted me to. Not until I have keys in hand!
A town near us tried to get builders to build smaller more affordable homes. Gave them a bunch of incentives to do so. Instead they built big houses on tiny lots and charged a fortune. When the town ask why they said even with the incentives they couldn’t make as much money (or any money) and wouldn’t do it. Town took back the incentives and ended the program.
It's crazy because as a single person I'd totally buy a 1 BR house and many neighbors would love to have a quiet single person next to them. I have a big house that I don't live in because it's too large to justify 1 person, so I rent it. I rent a 1 BR apartment and the whole complex is 1 BR, it's very quiet and when something does become available it rents out in a week. Nothing would ever become vacant if the landlord wasn't so horrible.
We had a builder putting up neighborhoods in the area by us maybe 20 years ago. 4 or 5 of them. "Affordable housing", and scaled up housing and one gated community. I kid you not, one of my Black co-workers told me it was racist to build "affordable housing" because only Black families would move there. You just can't win with some people.
Thanks Roger, for a reminder as to why I work full time, have nearly perfect credit, and I'm still homeless. You nailed it again! Keep bringing the truth!
@@Primalxbeast The fact that anyone has to do that while maintaining a full time job of 40+ hours a week and taking on debt to have a decent credit score makes me so angry. Anyone who puts in 40 or more hours a week has definitely paid their dues and should be able to afford BASIC necessities such as housing.
@@FG-bn3qq What's even worse is that a lot of places have laws against sleeping in your car. Housings is unaffordable and it's illegal to be homeless. Makes total sense.
@@Primalxbeast Sounds like a way to get bodies in jails while keeping profits high and productivity too. People can't afford homes on a single salary so they either have to double or triple up or work multiple jobs, landlords get more money that way and bosses get more money by things getting more done. Failure to do those things gets you cited, no money to pay for the citations gets you arrested and thrown in jail, 3 of those jail sentences gets you to prison.
Everybody thinks Roger is an hired actor, while in fact he's a retired illuminati who just doesn't care anymore and might as well tell the truth because he knows that everyone will take it as an comedic exaggeration.
I've owned my own home for nearly 2 years at this point. I'd never go back to renting. My mortgage payment (including property tax & insurance) was slightly more than my rent when I first moved in, but in the last 2 years, the rent where I used to live is nearly double what I'm paying in mortgage, and that's not just because my mortgage payment went down by $100. Sure, I have to maintain my own property, but I basically had to do that at my old apartment. At least now, if an appliance breaks down, I can replace it myself with something better instead of waiting weeks or months for the landlord to send out a repair man with a crappy replacement and doing a shoddy job installing it. I've also learned that there's plenty of maintenance you can do to get more life out of your appliance that my landlord never did or asked me to do. Then there's the neighbors. I don't hear my neighbors when I'm in my house. I heard my neighbors when I was in my apartment. They would party till 5am and keep my family up. Some weekends, we would go to a hotel just to get a break from them. My neighbors now, when they do party, I can't hear them as long as my doors and windows are closed, and even then, they don't usually party past 11pm because they've got jobs and kids and the police actually enforce noise ordinances in residential neighborhoods. At my old apartment, the police literally said they can't do anything about the noise because the streets in the complex were considered private property, so it was up to the landlords to do something about it, and they did nothing.
That's why I really really want to buy a house. I make "enough" money to afford a few houses in my area but I never ever got a loan until June and I didn't have a credit card until recently too so since I don't have an actual credit score I'm just screwed for now. A place a really like sold and other places I could afford literally jumped up a few hundred bucks a month within the last month or so. I want to just buy something already because when everyone is getting screwed by rent hikes of like $500+ a month I'll at least have a consistent mortgage payment.
I really wish that I could afford to get a mortgage. I paid an exorbitant amount of rent and don't get paid a really good wage the sad thing is I'm living in the cheapest apartment that I could find it's a studio that cost me $1,265 a month and before you ask no I'm not living in a big city I am living on the outskirts of Arvada Colorado I have to commute into work everyday because my job which is in Denver doesn't pay enough for me to actually live in Denver
@@ryanarchuleta6231 look up Churchill Mortgage. They advertise on Dave Ramsey. They do what is called manual underwriting for people who don’t have credit scores. Any loan officer could do it but many don’t know how or don’t want to bother.
@@joeblow9657 Mortgages go up with interests only when you get an ARM rate (adjustable rate mortgage). Most these days, in the US at least, are fixed rate. Thus the only thing that increases the monthly payment is insurance and property tax (which varies state to state and some states don't have). Owning generally does make sense if you are going to live in an specific area for long enough or need more room than many apartments. Many apartments make it illegal to put more than 1 or 2 kids in a room: making apartments untenable for larger families. Plus, I'd rather build equity... but I'm married and have kids and don't really need to move to a different city so the expense of getting the loan and doing the maintenance on the property isn't that big a deal for me. In apartments, while sure, you aren't the one doing the maintenance or mowing, the costs are built into the rates which are expected to go up each year: so it's not like renting is avoiding those costs.
EXACTLY! My godmother asked for my advice before she bought her house and I gave it to her. I told her not to get a conventional loan because she was a first time home buyer and conventional loans don't offer any protections against anything. She is a teacher and recently lost her job and has 0 protection against foreclosure and because she has the type of loan she has she didn't qualify for covid relief that would have paid 6 months of her mortgage. I have an FHA loan and COVID relief paid 21 month of my mortgage and an additional 6 months. This is money that's just sitting there and someone will eventually get it. She regrets the conventional loan now but won't say it. Her son convinced her to go conventional, I've owned a house longer than both of them and had already been advised by even freaking Bank of America, who sells conventional loans, to not get into a conventional loan if I could get FHA.
When I first bought my house, I had absolutely no DIY skills. Now I have a basic understanding of electrical, plumbing, HVAC, remodeling etc. Yea it was frustrating having to learn all that but now that I have I’m glad I did. When a problem comes up I don’t feel helpless. UA-cam has been invaluable in learning about these things. Home ownership is hard but it can be rewarding.
Agree. This is pretty much my story as well. Started off with a simple screwdriver set and bought tools as I needed to a fix on the house . 10 years later house paid off and a shed full of tools
Or kick you out for keeping a lawn ornament up for an extra week than they wanted you to, and then turn around and sell your house at a fraction of the cost not even a day later so that you have no chance to re-buy it.
You forgot to mention the painfully archaic homeowners association that is managed by a self-appointed Karen and Chad with rules that contradict other rules and no consistency!
And they won't actually be good at it either so when they inevitably get drunk with power and overstep their bounds legally, everyone else in the association will have to pony up several thousand dollars immediately to cover the cost of the legal bills and settlement.
I was a real estate salesman and when I showed buyers a house with a teeny-tiny kitchen I'd say, "This kitchen is so conveniently appointed, you can cook an entire meal without moving your feet."
Very true...accentuate the (maybe) positive. It's not a 'blighted area', it's "on the upswing". It's not a tiny bedroom, it's a "quiet nook to rest in.". My agent touted the all-brick (not brick and frame) construction and general 'good bones' of my 1940's era house. An investor made an offer just $3K under my already-low ask (it needs some work I just don't want to pay for as the market starts to cool).
You know, this has actually motivate me to become a Realtors. All I have to do is convince a middle or rich class person to give up more money then they need to for a house and I can finally start making enough to get my own house. I like this concept.
As a Realtor, you don’t even need to do that. Give them a good deal and they’ll love you forever and refer you to their rich friends and give them other good deals and good service. You’ll make at least $100k a year, if not more. Source: have done it. And bought houses.
@@TheGeorgeD13 sounded great, now everyone and their mother are becoming realtors and the problem is not there isn't enough home buyers, but there isn't enough sellers. home owners do not want to sell their house with 3% interest to buy another house probably more expensive at 7%
@@chrism3784 Not a real problem for realtors who are able to make it long term or are already established. I think over 90% of Realtors don't renew their license after they get it or something like that. That's par the course really and not unusual to the market. Residential Transactions happen everyday regardless of the market conditions.
That was pretty funny; my house built in 1941 has original steel plumbing in most places (some was renovated to new copper on a bathroom remodel). The old steel pipe has yet to leak, but it's time is coming. Fun tip: Don't bother using pipe tape when connecting new threaded steel pipe to old, just get the pipe 'dope' paste and use that; it's much easier than rewrapping the same connection trying to stop the inevitable leaks due to slight differences in the old pipe vs. new pipe thread tolerances. But the 1940's wiring had to be redone after trying to put in a $10 light fixture. I took one look at the dried-out rubber insulation and said 'Nope. Leave it alone." and found an electrician who let me work as his helper to learn more about doing electrical work. Pretty funny when we tried to fish wires from one junction box to a switch and couldn't figure out where it was going; he gave me some (funny) grief and I said "Oh! So now I'M the master electrician!"; we both cracked up and figured out the fishtape wasn't getting around the conduit bend in the basement leading to the switch box. He also managed to short a connection in a tight junction box and trip a breaker working in the basement; I gave him a funny look, and he said "nice work, Mark!". I hadn't been doing the work! :)
The largest lobbyist group in the U.S. is the National Association of Realtors, who spent over $84 billion on lobbying in 2022. There are over 3,700 companies that lobby the U.S. government
We have the same sh*t in Germany. They block new real estate projects because that would lower the prices. 90 percent of the population are basically their slaves.
Thanks, Roger! A friend of mine’s getting married (you already addressed that joke) and asked ME, of all people, “How can we buy a house?” Ya don’t! The bank does, and you’re in debt the rest of your life!
Yup. You can have finished paying every single payment of the loan except for just ONE, and if you FAIL to pay just that ONE payment... guess what, now the entire apartment/house belongs to the bank and it doesn't matter that you had paid off 99,7% of the loan. All that money you paid? You're not getting it back. The bank doesn't have to buy your share from you because until you've paid off the ENTIRE loan, the bank owns the apartment/house!
State of Indiana building code requires single-family mobile homes to be 900 square feet, but existing stick-built homes in some towns are far less than that. I think the smallest I saw was about 677 sq ft. My current house is 768; at 677 you might as well put in on wheels and a frame for a 'tiny house'.
@@theimortal1974 That's if you believe the 7:1 ratio is a constant. I've heard that some animal docs say that only the first year (pup to full-grown) is equal to 7 years, after that it's 1:1 ratio on the years. That makes scientific sense, given the quick maturation of pups to full-grown dogs.
@@markh.6687 you have it backwards. the first year is a huge jump in age and then a smaller one for a year or two then settles down. i mean have you heard of a 7 year old that can get pregnant or get another pregnant?
“Owning” a home today is like renting but you’re paying a bank and the government who make you do all your own maintenance; but they’ll definitely fine you and take the property if you ever fail to keep up on the maintenance.
@Shi Yu Meng Don't you think someone needs to pay for the roads and services? In Texas, there is no income tax. if there is no property tax, how do you suggest we fund schools and utilities?
@Shi Yu Meng Print money to pay for services? You are either high or stupid, or both. maybe you need to read basic economics and pay property tax for once so you can see exactly what's covered in there. 还是中国人，这么傻叉。
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from cars to homes.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with Colleen Janie Towe’’ a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@FabioOdelega876 Having a coach is key in a volatile market, My advisor is “Colleen Janie Towe” You can easily look her up, she has years of financial market experience.
Honestly I dont care too much about the mortage rate. why? because its nothing compared to the fact that the average house value in my area quite literally doubled. Theres nothing the interest rate can do to me that the base house rate already hasn't already done. (lock me out of the market for all intents and purposes)
It's such a con. My wife and I are buying a house, and actually should've started moving in a few days ago, but it keeps getting pushed back, like today when we were told the bank needs the appraiser to go back and make sure leaves have been cleaned out from the gutter. Luckily, even with 20k for closing, only 5k is going towards the down payment, so we didn't hire movers who we'd still have to pay for even though the reason we can't move isn't our fault. I'm really surprised that Roger didn't mention HOAs, because those can be quite the ripoff too.
I think he skimmed over that when he mentioned not being legally able to do anything with the front yard (that's why there's a separate dirt lot in the back!) But yeah HOAs are crap.
HOAs are the worse part. If i own my home, i can do as i damn well please with it. I moved into a neighborhood with no HOA. It's an older neighborhood, which is awesome. Neighbors actually talk to each other, and help each other out.
I just saw a news report showing an HOA can legally (through contract) cheat home owners out of there homes due to technical situations. A lady was paying for her home and HOA dues but even though they were taking her money they claim she didn't pay. She had proof of payment but they went ahead and kicked her out of her own home and sold it for $100. The contact she signed allowed them to do that and avoiding her allowed them to justify their claims.
Roger, you did it again! This is a perfect video that everyone should look at before they even consider buying a home. Then again this should be teaching this video in schools. But I wonder if you are going to cover renting next, that one has to be hilarious. I could just imagine a happy couple looking at a rental property, and then being horrified as you explain everything to them, and accepting the deal in defeat, because if they don't they'll be living on the streets, with all their worldly possessions.
Nah, if they don't accept that either, he could always do one about living on the street next, and how often there just *isn't* a way to get off it, either for lack of resources or lack of room. And then they get picked up by police for sleeping in a parking lot and now they're still job hunting in the clothes they've worn for four days but now with a criminal record and blossoming mental illness. Maybe that's too dark even for this
“It’s expensive being poor “what I like about this page is that it’s about informing people kind of like giving an air of caution so that people make informed decisions about both sides in short I appreciate you guys for that
I have money but also don't want to pay bubble prices for houses. Also my credit keeps going down while my bank account has literally never been higher. 👍😍
Paying credit cards weekly instead of monthly boosted my credit and that of at least three other people. Using a first-look, fha, first-time homebuyer, usda, va, or other subsidized loan works well without any money at all. The first-time homebuyer option is great and anyone should use it if they can. Of course, wait for the fed to hike rates to reduce home prices relative to the hike in annual price inflation. So, start chatting with homeowners, who recently bought, so that you can start preparing your finances to buy a house maybe this December or next.
I rented most of my adult life, but have owned a home since 2013 and am glad not to be renting anymore. Wife and I bought a bank owned home in good shape and are upgrading it while we live there so when we sell it, it will sell for more and we can hopefully pay cash for a smaller home in a lower cost of living area when we retire.
Please do an "If fine dining restaurants were honest" video. I can't get over that chef I saw once on TV who charges around $15 for a spoonful of spaghetti.
As a restaurant owner, he would then need to do a segment on how expensive the government makes opening a restaurant. The permit fee for the permission to have the required sinks was $202,000 for my restaurant. This was not the sink or the plumber, just the fee. Plus the tens of thousands I pay each year to the government to have a liquor license, a health department licence, a FOG permit, a grease trap inspection and pump 4 times a year, a hood cleaning twice a year, fire marshal inspections once a year, elevator permits and inspections and we haven't even gotten to the fact that I can't use a normal freezer for a few hundred dollars, no I need an NSF one for $30,000. Everything in stainless steel, plus get this: my shellfish employees want to be paid for their time, can you believe it? So please pay someone to take some flour, make a volcano with it, drop in an egg. Mix it, roll that for out flat, run it multiple times through a press, cut it, dry it, boil it to al dente at the same time take your tomatoes, blanche them, skin them, blend them, simmer then for more than two hours with seasoning, then in a separate pan combine the pasta and sauce and saute together. Then serve it on a dish, garnish it, pay someone to bring it out to you, pay someone to check on you while you eat, pay someone to clean up after you, pay someone to blow cool/warm air on you, pay for a commercial license to have TV and music playing in the background, and pay someone to check to make sure everything was done correctly and see if you can do it for $15. Oh did I mention the utilities charge more for commercial accounts? Gas water and electric are all more than residential rates, but I thought if I were buying more I'd get a bulk discount or something? Nope. How about that my fire extinguishers need to be replaced every 10 years? Why? I could keep going, but I hope you get the point. Or just microwave your spaghetti-Os and pay $2 for that, and repair and clean your own microwave occasionally, run your own dishwasher, provide your own plate and TV service and fill your own drink. $15 sounds like a bargain. I wonder if the $15 also came with a salad and bread?
@@markfairbanks3533 I can confirm this ^ ...I am a former chef, cooked for years in restaurants/bakeries, finally made the mistake of opening my own cafe. Construction was ridiculously expensive -for every little thing. Granted, my cafe was mainly a coffee house with pastries and lunch items, but that alone was expensive enough, couldn't imagine having a full-production restaurant kitchen. People complained our biscotti was $3 a piece (they were extra large biscotti by the way), they thought "why would I pay $3 for a slice of a stale cookie?" -I'd have to explain that its not stale, its twice baked and prepared fresh everyday, and compared to cookie-making it takes a lot longer. The longer it takes to make a pastry, the more money it costs me to make it, plus those fresh hazelnuts that I toast and put into the dough, aren't exactly cheap. People demand quality food, but don't wanna pay for it! Kept my kitchen sparkling clean too, my assistant and I scrubbed that kitchen day and night, had to, it was in full view of the customers, so they could see where their food was made and how it was made. Nobody cared that they were eating quality food from a clean kitchen. Glad I got outta that industry.
@@AlextheHistorian just because I paid it today, I forgot to mention that I also need to pay up to 15 cents per transaction and up to 5 percent when people charge with their card. And a 3% fee to deposit cash. I'm glad you were able to get out and hopefully get an enjoyable job that pays well.
As a homeowner who bought a small affordable house with cash (a few years ago before the market went insane), I can say that home ownership is _way_ better than the alternatives so long as you buy _what you need_ and not an overpriced mansion that's three times too big for you and your dog-husband. That said, right now is _not_ the time to buy a house, not even a little practical one. These businesses that are currently buying up all the residential properties and jacking up the prices are infuriating. That happened with the house next door to mine. The people living there now had to pay double what the house was worth to get in there. It genuinely feels like it should be illegal.
@@jadedguardgirl It all depends on the market you're in. Some folks would be thrilled to buy a home for $350k and laugh all the way to the signing papers. I have a 3 bedroom, 2 bath, 2.25 acres with in inground pool in the middle of town, and it wouldn't appraise for $250k let alone $300k. As for "you happened to have $$$ laying around". Some folks save for houses, some folks inherit the funds, some folks win the lottery, some borrow from family rather than a bank. Point is, it's possible to have a lot of cash sitting around.
@@DJBabb There are better ways to utilize "cash sitting around". Putting it all into a house is putting all your eggs in one basket. Too many risks these days that didn't exist 50 years ago. What if your city runs out of water? What if the insurance company triples the cost of your insurance because you life near a forest, or in a flood zone? What if the market crashes an you have to move?
When I said affordable, I meant _affordable._ It's a small house on a highway (read: noisy environment; i.e., lower property value). The cars don't bother me and I didn't need (or want) a large house, so this was exactly what I _needed_ as a single 25-year-old. The savings were from stashing all my paychecks for a couple years. The house was less than $30K, so it didn't eat up _all_ my savings either. But like I said, _right now_ you can't even do this. I was mostly saying when the market is normal, being pragmatic instead of trying to keep up with the Joneses goes a long way.
What you forgot to mention is that you never truly "own" a house. The state _rents_ the land it's on, which rent you pay in the form of property tax, which you can never pay off in full. And which rent they can raise as much as they want, whenever they want. And if you don't pay it, they will take the land, along with the house on it and everything in the house. Ah, the American Dream.
@@nerfherder4284 Property taxes are rent for occupying the land. You only own the structure. The government owns the land. Stop paying the government and see how long it takes them to remove you from their land.
Roger talking about the basement and learning how it all works made me think of one of the final questions (which involves real-life skills) of Um, Actually, where the contestants had to do a reading of a gas meter, which they totally failed.
The thing is back when houses had higher interest rates, the prices were 2-3x lower than today and that’s with adjusted for inflation. So today we have a house 3 times the price & high interest rates, which is what’s pressuring people to do crazy things or give up.
Let's not forget that the price of living and pretty much everything else keeps going up but wages don't keep pace. Then there's the issue that rent is more expensive than owning so that hurts too. College getting more expensive while college aid gets smaller is another factor
@@ianandersen265 Im in a temp apartment while my home is under repairs (from a fire). The rent on this apartment is $2300-3000 a month. Almost double my mortgage payment. I honestly dont know how people do it.
To actually fight it, you'd need to get rid of all greedy cunts who set margins at 250% of actual price of the product. Government could reduce taxes as well but that's not gonna happen. Demanding higher wages actually gives corporation an argument to justify price increase. There's nothing that can be done in a world where few corporations own all things you need.
@@listek981 I think people severely underesitmate the cost of constructing a new house. Materials and labor make up 80% of the initial cost of the home. We're not building stick and twig homes like we were in the old days, there's a lot of science and safety technology that goes into modern homes. There's also a lot of work that goes into restoring older homes and bringing them into the modern era. 250% price increase is an absurd amount, and is not realistic nor is it normal. Usually if you're paying that amount, it's because the value of the land has increased drastically and therefore the market demands an increase in price.
A lot of these problems could be solved by making housing transactions transparent. We should be able to visit a website and find out the lifetime market history of the house: when it was put on the market and taken off the market, what the asking price was, what realtors were involved, what offers were put in, and what the outcome of every offer was (eg. seller rejected, buyers withdrew after inspection, etc.). Every inspection report should be there. Potential buyers should be informed enough to immediately ask the seller "has the mould problem been taken care of? what about the ghost?" Once the house/apartment/whatever is taken off the market, it would not be available for viewing on the site, but the moment it is put back on the market all the information would be there. Complete lack of transparency is what gives the realtor industry the power to manipulate the market.
@@zuzanazuscinova5209 Not in my city. Realtor associations will never voluntarily make that information available. It requires government intervention.
It's on zillow not your realtors lol its accessible to everyone I'm a real estate agent btw I recommend my clients research all the history on their own and the info of the chain of title I take notes from. Those real estate agents that have "no skill" would tell you this if you honestly and really talked to one lol
@@cracked thanks! I love your videos and think that the only way we can strike back from this grim reality is through the awareness platforms like yours share
In seemingly the only intelligent financial decision I’ve ever made, I bought a modest house in 2017, on a 15yr mortgage at 3%. I am beyond thankful I did. Housing prices have gone nuts since then as have interest rates. Side note, remodeling things like your kitchen is expensive, but simply moving around non-loading bearing walls to reconfigure and create new rooms is actually not that expensive.
@@mikeodonnell11 for my market I got a steal. I am from Baltimore and my apartment rent was 150 more than my mortgage a bit over the line in PA. I still work in MD, now have 30k in positive equity I would never have gotten renting, and don't have to worry about certain things like crime or litter. I still maintain that it was well worth the six months of working for the down payment.
After owning for eight years after renting and being in apartments my whole life as a kid, I love owning. But I would never own old, I would prefer a small house with brand new plumbing, electric, ect. I bought a 1950s house and it's been about twenty grand in repairs so far. And it needs a lot more. Plan to sell and buy small and new next. Love owning.
I am in the same position. I have poured that much in a older home as well. If own old again. It would have to be in a historical district. That will fund you to maintain architectural integrity history.
The way new homes are built, don't count on it being much different. The only way to win at home ownership is to learn how to do a lot of that stuff yourself.
New homes can actually have way more problems than old ones.. we have a neighborhood that the builder cut corners It was some years later when a cold front had the entire neighborhoods plumbing burst and flooded And much was not covered by insurance.. as it's not a place you'd get flood insurance. Also the new homes in my town have thinner walls and the bulidings are so close to each other that it makes the old 1950 house look like luxury ✨️ And honestly, house flippers have been doing that and sell the older homes for triple the cost.. by just barely adding a new flooring
I say travel as much as possible when young. See the world, be talkative and learn as much as you can from everybody you meet. It will help you get an informed opinion whether you want to buy an old house somewhere specific, or a new house elsewhere, or just keep on being dynamic, renting whenever a good job pops up. I moved into a different home 6 times in 30 years and preparing for my 7th. There's always a place to go and live
as a realtor this isn't entirely inaccurate, I wish you had gone more into the process after an offer has been accepted though, because that's when everything goes wrong and you realize NONE of these different organizations involved in a single transaction actually do their jobs, from the seller to the city they all just get drunk and keep their phones off all day
@@JoKoy234 You don't have to, unless the mortgage company requires it. However, my daughter and her family are in their 3rd house. All houses they bought were pre-owned. The first house they didn't get inspected and paid dearly for multiple issues that would have been addressed by an inspection. Second house they bought, I paid the $500 for the inspection.... no problems. The third house, they declined an inspection and are still fixing shit the seller, in my opinion should have been sued for.
@@smoothoperator7534 I know lots of guys who look like garbage who are happily married. Don’t you see them walking around in malls? Time is on your side because girls age worse than us, earn less and do not try as hard. Work hard every day so you have something great to offer.
Loved the part about "learning to work/fix all of the stuff in the basement." So true. There is always an appliance breaking, a water, leak,, a roof leak, low water pressure, funny smell from air conditioner, etc. etc. Still love owning my own home, but the reality is that if you don't learn to fix things, you have to pay others to do it. To quote the great, Red Green- "If the women don't find you handsome, at least they should find you handy."
Everybody loves old mixed-use neighborhoods with charming houses, apartments, stores, restaurants, etc. all mixed together and served by public transportation. Which makes it confusing why no new subdivision features these appealing amenities. In my huge master-planned neighborhood you have to get in your car and drive 15 minutes to get to anything other than another house.
@Texas Wunderkind - Check out the urban planning channel “Not Just Bikes” for great info about the craziness of car-dependent suburbia. Not only does it lack those amenities, but most of car-dependent suburbia is financially unsustainable, essentially a Ponzi scheme.
There are actually laws in place in the US to stop those mixed use places. Laws lobbied for by powerful corporations. Basically, anything you can think of that's awful in the US is either there because of racism or there's money in it. Why can't you build apartments near homes? Because people were worried immigrants in apartments would lower their property value. Why do waiters need tips? Because after slavery, Black people were forced to work or be arrested and put back into slavery. So businesses would hire Black people, but not pay them. Eventually a law was passed that forced businesses to pay Black people. The businesses decided they would only pay a bit and force Black people to depend on tips. Later on when people wanted to change, businesses decided they quite liked not having to pay anyone, and fought hard against it.
@@jimmoses6617 Then you can move away, simple as that. But it's people like you who want to FORCE everyone to have to drive miles and miles every time they leave their home to do absolutely ANYTHING. I'm fucking sick of it. It's literally illegal to build like this in the US now, by the way. So don't come back with some "how about you move somewhere else" bullshit
it's all by design, even so far as codified into law. the channels adam something and not just bikes have a lot to say on the specifics, just to name two.
You've just been brainwashed by youtube know it alls who regurgitate European elitism. Nobody actually wants that style of neighbourhood, and that's why it's not available. Everybody who does claim to want that typically doesn't have kids. Nobody actually wants their kids playing in the streets. And Walmarts tend to push small stores and restaurants out of business because people prefer doing all their shopping in one place at cheap prices (people will drive out of town to a walmart instead of shopping at the bodegas and stores). All those youtube videos are written from the perspective of 20 year old hipster bike couriers. The "suburban sprawl" is usually highly designed to prevent high traffic volumes in residential neighbourhoods and usually designed with actual parks where people can walk and play without worrying about cars and other traffic. There is a deliberate penalty on those who drive IE they have to go out of their way to get somewhere because the suburb was designed for people and parks with plenty of sidewalks to keep the area quiet and safe. UA-cam hipsters have convinced everybody that playing in the street as a child is wonderful, and that if a store was 3 blocks away people wouldn't be lazy and walk there, which is not the case. Even in giant cities like Newyork with bodegas and restaurants and mass transit traffic is still a huge problem. Stop listening to youtubers. Actually look at the maps of the suburbs they are criticizing and look at how safe they are for children and how many parks there are. The main roads are deliberately on the outsides of the neighbourhoods with minimal entrances to prevent speeders from cutting across and the streets often snake to slow drivers down. Suburbs weren't designed by accident, and they were deliberately designed to be an inconvenience to drivers so people who didn't need to be there (shortcuts/speeding) wouldn't go there. You will be stuck in traffic for an hour yes, but your child will be able to get to school and play in the parks and walk on sidewalks all day with minimal worries. That's the trade off. The very fact that you are mad that you have to drive 15 mins to get anywhere and you're complaining... about sitting in a car, and we're all to believe you wouldn't be too lazy to ride a bike ten minutes to get milk. That you'd walk 20 minutes to get groceries? No, you'd still drive. And so would everyone else, and then there'd be tons of traffic in your neighbourhood. The point of the suburb is you get groceries once for the week and stay home.
My experience buying and selling several home let me so screwed that it took me years to recover. The mafia couldn't have done a better job of stealing my money. And when I realized that everyone involved was in collusion, I was in shock. The appraiser, inspector, exterminator, title company, landscaper, trades people, both sets of real estate agents. It was like 20 different people all working together. And at both ends the seller, then later the buyer were in on screwing me because I wasn't from their community. I'd have more respect for someone that pulls a gun and robs me to my face than to be ripped off buy or selling real estate.
$350,000 is the median? That counts all the houses in my neighborhood that sell from $40k-50k. And we only had one shoot out with federal law enforcement on our block.
Dude! Always get your potential home inspected! Especially since everyone likes to flip houses now. Make sure everything is up to code before purchase. It will save you a lot of headaches. It was worth it for my family, even though we had to pay extra for it.
Be sure you hire your own inspector. After all the RE agent will have the inspector of their choice to do, and say, whatever it takes to sell you the house.
I will say that many places don’t have any codes and no mandatory skills or things HI must look at. They aren’t obligated to look at anything. I watched a home inspection where the dude never even went into the house and had the balls to check off the plumbing and electrical as up to code. Even made a comment about how the water heater was new, despite never having entered the home. I’ll tell you something else, that water heater had a sticker on it that said it was serviced in 2004, so definitely not a new water heater in the year 2019. I don’t trust home inspectors anymore than a used car salesman.
Yeah, HI are a crapshoot. They're very subjective. And passing inspection doesn't mean nothing is wrong. I'm surprised so many homeowners think inspections are guarantees of some sort. They're not. At best a HI can point out some must fixes because of code violations. They can't tell you about hidden looming issues.
It depends on the HOA. My parents live in an area with an HOA. The dues are pretty cheap and are basically used to pay for the roads to be plowed. Otherwise the HOA leaves ppl alone unless you've got siding that's been missing for like a year. Even then it's more of hey is everything okay letter than anything. Now when I owned a townhouse that HOA was crazy. You could not go more than 30 days exactly with our door holiday themed decorations (ie we couldn't start setting up early for Halloween)
This was a hoot!! I finally have enough money for a down payment if houses were at 30 year ago prices..LOL I think this is a valuable PSA about home buying and ownership.
We live in a cute little mobile home in a nice park. We pay rent for the space (water included), but our actual house is paid for. The space rent here is a lot cheaper than apartment rent for a tiny apartment on a busy street in the same city, and we can do whatever we like with our own space. Also, since we rent the land it sits on, we don't pay property taxes. We pay a yearly fee for the structure to the DMV, and it's $36. (Even though the house is not going anywhere and wouldn't be movable now, it started out that way, so it's DMV's domain.) It's a senior park, so it's nice and quiet. Living in a mobile home can be like living in a normal house, just cheaper. Granted, there are structural differences, but massive repairs like fixing the roof aren't as extensive or expensive. We resisted at first because of the stigma surrounding mobile homes, but we've been living here 5 years, and we both love it. We could never go back to an apartment or rented building/house now, after basically owning our home.
You should read up on the new breed of venture capitalists who are taking over mobile home parks and raising rents by astronomical amounts. I hope you never have to deal with those snakes.
Plus, if you reseal your roof regularly, you'll most likely never need to replace it. I live in an RV in a park myself. Close to work, almost no maintenance, and I'm literally lakefront. I pay $150 every month, while a house in the development next door (not waterfront and with about half the space I have) just sold for $575000. Being a millennial, I spend maybe 5 hours (awake) in my home. I don't miss the space of a house because I'm never home to enjoy it anyway. My baby-boomer parents rent a three bedroom for $700 a month in a bad neighborhood. Like most people, they use maybe 10% of the living space. Not worth it to me. I'll stay here lol
Someone clearly never saw the news about landlords raising the lot rent to thousands of dollars and then obtaining ownership of the mobile home on the grounds it is not in working order and left on their property when the tenants can't pay. You're literally just lucky you don't have a corporate landlord. The instant you do, you'll probably be homeless or paying huge lot rents.
Shout out to BritMonkey's "The Housing Crisis is the Everything Crisis." Learning that the policies where set in the 1980's, to favour 'single family dwellings,' really hurt. Personal note: I had an argument with Code over a sink in a coffee nook, in an upstairs loft... I lost and had to remove it. That sink was enough for them to say the house was 'multi-dwelling' and such was forbidden within that zone. They then pointed out a few of the other regulations, all of them designed to prevent extended families from being able to comfortably live together. Not to show off the stupidity of the system, and then ignore it so we can do things that make sense... but with a pride that should be terrorizing when seen in someone blinding enforcing regulations for the State. The Council is more then happy to enforce regulations made over 50 years ago, when the country had a fraction of the population issues and 'concerns' as to what this new 'Mass Suburban development' idea should look like. Wonder what group of people they could have been targeting during the the Jim Crow era of terrible policy making....
If I ever saw a house for sale at only $350,000 I would wonder what was wrong with it that is causing the price to be so dirt cheap. Here in Vancouver, B.C. the average house price is $1,270,000 CAD ($960,000 USD).
When the video was made, I think the price was accurate at the time (for the United States). I looked at houses last week, though (on Zillow and Trulia), and the prices had jumped up a lot - but not as much as the ones there in Vancouver, though.
Side notes: Some countries have mortgages that last a _century_ or longer, unbelievable but true. Bucky Fuller predicted fifty year mortgages decades before they became a reality in the US. In some European countries people _still_ owe payment on their mortgage even if they lost their house, Spain comes to mind. Also, check and see how much of the _existing_ US housing stock needs to be _replaced_ over the next twenty years according to experts, then check the bottom fifty per cent of the income distribution and realize they can't pay for it. Millions of Americans may well be homeless in the future. Right now the official number is less than a million. I recently told my mother I might have to live out of a vehicle or in a tent at some point in the future, she admitted it was a distinct possibility. When I think about how people will live in the future, I remember how people live in _Snow Crash_ and William Gibson novels.
2nd side note: Americans are dumb enough to fall for 6-10 vehicle loans on depreciating asset as well. A Fun Fact: Mobile homes are depreciating assets as well; they are considered vehicles in most U.S. States, not 'real estate' (unless the wheels are removed and the homes permanently affixed to the land on a crawlspace or basement, but they still depreciate like a vehicle despite being taxed like real estate). A 50-year home mortgage is the height of the insanity, and notice ho mortgage lenders jumped all over it to try getting rich again. Like they don't make enough in 'origination fees' and other 'loan fees' that are pure profit for the lenders.
Building our first house in 2021 wasnt that hard. We just used the builder's realtor. Added 50k of upgrades more than the builder was going to do. I also did a few of my own upgrades, like putting in fiber, network closet, punching all the ethernet into a patch panel, and installed inwall surround speakers. We didnt know our credit scores until the bank approved our mortgage. I regularly use 30-75% of the credit on my credit card every month. We also spent $15k on other large purchases not realted to the house without telling the bank.
Depends in where you live and when you bought. Coworker of my mom's bought a house last year, and between the astronomical loan, AND the recent interest rate hikes, she pays a monthly mortgage payment on-par with mid-tier Seattle 2 bdrm rent There is no lesser of 2 evils anymore It's all a big money bonfire, and we are all required to attend
When I was looking to buy, I stated my maximum affordable price and specified no manufactured homes. Agent 1 showed me only 3 houses, one of which was out of my budget. Agent 2 had more options available but kept trying to show me manufacturered homes.
Asking a real estate broker if it’s time to buy is like asking an alcoholic it was time for a drink.
Not every single one Yolanda, but there is a lot of truth in it. I've been in the business for 22 years and when they ask me that, I say it depends on YOU and I walk them through it. If they have job stability, it's a long term play, and it's comfortable financially, then perhaps yes. If not, I will advise that maybe they should wait or rent.
As buyers, we should boycott and stay away from properties that owns by investors, flippers, Zillow, Redfin, opendoor, blackrock, and many of them inflated this housing market. We should all ignore the housing market in the next year and send a message to those bastards!
@@Patriciacraig599 The inflated housing market was created by regulation. People have clamored for regulation to "protect their investment" for decades now. This is the effect. You have two choices. Demand deregulation, or live with it!
Soon affordable housing will no longer be affordable so anything you want to do i will advise you 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. The Booms and Busts are the ebb and flow and any assets will be affected by it. If you are in cross roads or need sincere advise on the best moves to take now it will be best you seek an investment advisor for proper guidance.
@@marianparker7502 I will be happy getting assistance and glad to get the help of one, just how can one spot a reputable one?
"it's expensive being poor"
By design
No truer words were ever spoken.
Yup
FACTS
There’s a reason Terry Pratchett included it in his novels. Look up the “boots theory”
Guys, we're not saying don't buy a house. We're saying the whole process is more complicated, expensive, and bureaucratic than it needs to be. If you can buy a house and it doesn't take you out financially, obviously go for it.
Why does comedy need to have a disclaimer? Christ.
@@thednmshow Because we keep being accused of communism.
Ha ha ha x love your work
@@cracked you're doing your jobs well, then!
Have Roger tear apart renting next.
"Horton Apartment Management Holdings Incorporated, LLC"
The most honest part was, "Who do they think they are? They don't have any money, just like anyone born after 1975." This is the most honest part of the honest video
1975 is really the right answer.
Yet they keep raising the damn prices for anything and everything as if anyone born after 1975 were practically MADE of money or just shed it magically! America is just too damn weird sometimes.
Was born a couple years prior to 1975, still have no money.
Yup there's this fine line until you start going into healthcare. My grandpa thought he was set for life, and he honestly could have been with most everything paid off. Then my grandmothers dementia started, then she fell down the stairs and had to go into a nursing home. Now he's as broke as the "complaining millennials" (his former words not mine) are.
@Mom.left.me.at.Michael's As an American, I refer it to WEALTHCARE because The SYSTEM prices Healthcare like it is a LUXURY to have. Damn Shame though!
All houses come with "no ghosts". What you should be looking for is "no homeowner's association."
Ya I made that mistake once, now I bought some acreage 20 miles out from the nearest town lol
Wrong. My childhood home came with a ghost, no extra charge.
If there is black mold people have delusions of ghosts. That's why they said it's probably the mold.
Owning a town home is a cheap way to build equity. Homeowner's associations aren't that bad. Rent in my area is over $2000/month for small 2 bedroom in St.Paul MN. I refinanced my town home during Covid 19 when interests rates were 0% for a fixed 3.25% interest and now only pay $500/month for my house.
Speak for yourself
"It’s called the American dream, cause you have to be asleep to believe it ". - George Carlin
The dream dies when men are no longer willing to die for it
@@johnbees4443 why so the government can use their toys on you and the media will cover you with every slandering name possible. Throw you in jail without due process.
smith and wesson retirement Plan one 99¢ bullet to the dome after cocaine and hookers of course
Sleep pods. I have a few for sale.
So true people, so true
He should do rentals next. Rent prices are getting insane. It’s used to be 1/3 income but around here even before the pandemic they raised it to 1/2 income. And they wonder why young people have no money.
and then want the young people with no money, and high rent to have 3 kids🤷♂
It's because of irresponsible personal choices on their part, very simple
yep I'm trying to pay off student loans and fighting with people for apartments that house section 8 renters. for more than my parents mortgage. a mortgage which my dad was approved on a blue collar job with a stay at home wife. between housing and student loans I skipped marriage and children, I just want to survive. my master degree gets me a 45-65k job in my field. my dad made more as a cop, without the loans. I think my friend who got pregnant in high school and sold weed was actually the smartest person I know. I wish covid had killed me because life never stops being difficult when you're lower middle class.
@@dudewaldo4 I'll take "Bootlicker" for 500, Alex
@@jadedguardgirl Amen to that. I'm almost 50, have a CPA license, earn a "decent" salary and I am still barely able to save money with a family to take care of. (single income family which is RARE these days) I can't justify buying a house because in doing so, I'd be putting all my investment eggs in one basket. Luckily, lots of old people dying so the housing market should fix itself at some point.
As someone who has been evicted despite never causing issues or being late on payments - just so my landlord can double the price on the rental market - ownership sounds pretty good.
It should be illegal.
Keep in mind property taxes and mandatory home insurance if you are paying a mortgage.
I've seen banks do the same thing. "Wow let's lose a couple of payments in the computer and then balloon the remainder into one big debt so we can seize this house while the market's up."
@@ArmyJames why should it be illegal? If property tax costs increase then you HAVE to raise rents. You don’t really expect property owners to lose money on their property just to keep renters paying the same, do you? And before you say “landlords shouldn’t exist”, remember that millions of people don’t have $20k for a downpayment and need to find a place to rent.
@@ROVA00to evict someone who pays on time?? Yea that should be illegal they didn’t say they got priced out they got kicked out THEN the price went up.
I’m a small developer in the Midwest and my goodness did you not even begin to scrap the small houses issue. I decided in college I wanted to devote my life to actually creating affordable housing rather than just debating it. I build these compact 900ft 3b/2ba unit 4 and 6-plexes. And it is always a massive battle to get municipalities to approve them. Cities want suburban sprawl with huge 3000+ sq.ft. single family housing. Because that’s what brings in large property tax revenue for its decaying infrastructure. Speaking of infrastructure, single family housing is usually unsustainable, particularly building small 1000ft houses in a low density format where you only build 1 house every 1/4 acre. It’s drains more municipal funding then it brings in. We need to be building a bunch of medium density housing like townhomes and 2-6 unit multi family similar to what the Scandinavian countries have done. It’s depressing, some days I think we will never learn.
Are you still building sustainable housing?
Yes! More people need to realize this...
All well in good, except for the insane Hoa prices most townhomes and condos charge. Which, are variable and you never know what they will be down the road
@@ds3602 Yeah the main reason really high HOA fees happen is they don't charge enough at the beginning (usually the developers have it low to sell better) and then are constantly chasing capX and maintenance items 30 years later. HOA fees should be around 1.5% of the property value per year. So a $250k condo should only be ~$300/month. Unfortunately its not uncommon to see $600 because they needed to replace a roof and didn't have it in reserves.
@@aeonreign6456 lol oops guess I shouldn't have stopped reading at "cities want suburban sprawl and large single family homes for their tax revenue"
As a licensed real estate agent, I approve this message.
You can always be a crypto millionaire and buy a house.
@@bobrossopinions Bruh, that's even _worse!_
Literally the most useless profession ever created.
As a viewer I can attest that not a sole cares that you're a licensed realtor.... I read through the previous posts no one asked "what does Seth do fora living, wish he'd chime in to let us all know so we can sleep at night"... nobody
@@slowery43 Wouldn't it be great to hear from someone who is experienced in the Real Estate Market? Knowing you, some guy in mommy's basement eatting hotpockets has a more worthy opinion (you).
Home ownership is not simply about the 'American dream'. It's about being able to retire (automatically at a lowered income) without having to worry about not being able to afford rent for shelter at an old age
Rent is a rip off.
To achieve that, you could also take all that interest you will spend on the mortgage, and make it into a bigger RSP. and then you'd also be able to move to wherever your kids and friends go!
It's also about investing in yourself rather than perpetually lining someone else's pocket. Plus you get a chance to learn a bunch of new skills. Electrical, plumbing, carpentry, flooring, drywall, etc. Some things are going to be beyond your skill/comfort level but 80% of things you can look up on youtube and DIY.
Rent vs. property taxes + repairs + preventive maintenance, even if the mortgage is paid off. It works for me, but don't forget many of the costs of home ownership never end.
@@catreader9733 Landlords make money. If you think that somehow they are taking on the risk to have someone living on their property without a substantial return, you are mistaken.
Some people think new cars are a better choice than real estate... well, at least they can move from one rental to the next in their new cars...
My plan at this point is to save up as much as I can and go live in another country.
The rent in my area (if you can even find an empty apartment) is nuts.
One family has pretty much bought up everything that can get their hands on and can now basically ask anything that want.
And forget buying.
I've only just gotten into the workforce, my older sister has been working for over a decade and still can't afford anything.
My dad was a fireman in new York and bought 64 acres and a farmhouse in another state for my siblings and I to inherit. Up until my Mom decided she wanted a divorce.
Everything was divided up and sold to strangers.
Any money they got was squandered by both parties on pointless court battles.
My mom bought a decent house she won't maintain, and she forced my dad to buy a trailer to avoid having us taken away.
My dad is super generous letting me stay with him, but it sucks having to start the whole "generational wealth" thing from square one.
Thank you for coming to my TED talk.
Same. Going to keep saving and leave for a time or forever. Keeping an eye out. Good luck!
At least you don’t need to get moth balls for your walk in closet.
If I can, I'd like to move to another state or country and build my own house. A small one that is eco-friendly and with lots of windows. That way, everything can be modern and manageable. I know that most places won't allow small houses to be built, but I heard there are loopholes.
Did you know you can actually buy your own island? I remember hearing about it and looked it up back in the day. There’s islands out there for sale. Start a new country.
@@robertquinlan8063 Even if you buy an island, it's all owned by some country, for example, fiji has a bunch of great islands for sale, but you still have to pay property tax on the island.
I absolutely loved the stone cold stare off into nothingness before Roger started speaking! it really emphasizes the thinly-veiled facade of selling the "American dream".
Can you believe Anna tried to get me to cut that scene?
@@cracked *gasp* shame on you Anna! 😉
@@cracked But it was such a subtle but really packs a punch.
it was really good. Even better was how he was really happy but by the time he got to the house the happy mixed with the cold stare to be smug, hardened, and realistic to sell that house.
@@cracked I thought you were trying to 'get into character'.
@4:23 "It's expensive to be poor"
Sigh, Roger got that right if you think about it. Even those with 2-3 jobs could barely make ends meet because of so many other factors that deducts the daily salary.
It's funny because people often infer that people who are struggling, are struggling because they spend their money on expensive or unnecessary things, that if they just saved, they would be able to improve themselves.
Great - Biden says raise taxes to make your live more unaffordable and save the planet.
I've been there. From poor to middle class. The more money I've made, life has gotten relatively cheaper.
No late fees. Less monthly payments. Loans with better terms. Credit cards with better rewards. The ability to buy groceries in bulk. Less stress due to financial uncertainty. Compound interest works for you instead of against you.
@@mehnotreallymyname3888
Way easier said than done. For many they do save and yet they remain in poverty. The system is by and large pretty rigged against the working class, meanwhile rich folks like Jeffrey Epstein live in decadence
@@leonrobinson8180 good for you, I'm hoping to stay in the middle class but with my wife's recent medical bills, it may be a challenge.
"Are you paying 1500$/monthly in rent? Sorry, when can't approve your mortgage of 800$/monthly, because we are not sure if you would be able to pay it" The Bank's Logic.
It's true what they say, the bank only gives you a loan, if you are able to prove that you don't need it on the first place.
Dude I get the frustration but no house right now is $800 a month. The house has to be around 170k for the payment to be that low. Most home mortgages are above 2k a month, not to mention PMI and utilities
Jesus christ. You don't need the biggest possible house. I have a house on .17 acres that is 1100 square feet. 3bds 2 bth. My Mortgage is 721 on a 0%down loan. That includes everything but HOA because there is none in the neighborhood.
If you can't find an affordable house, then you either aren't looking, or live in a big city. If either of those things are true, you need to change them.
P.S. I dont even pay my mortgage. I rent out the other 2 rooms for 400 each. Where there is a will, there is a way
well that's not how it works at all. you just need to build your credit score. there's programs for first time homebuyers which require small down payments or $0 down. Yes you can get $800 mortgage if you look.
This statement is completely wrong.
The only people who talk like this are people who've never actually tried to buy a house.
If a realtor tries to rush you into a buy then do not use that realtor. Home buying takes time and you need to be 100% sure that the home you are looking at is for you
That would be the goal but sadly in a few areas including where I live when a home is put on the market it’s picked up cash offer within a week which is *really* not enough time to decide and put an offer on possibly 50+ year long commitment.
@@sparrow.6392 exactly. Homes in my area receive over 40 offers and routinely sell for 150% of asking. Usually within 4 days.
Too funny!! People buy with emotion, then defend their purchase with logic Doesn't matter what you buy
It will just be bought by a foreign private equity group who will never live in it
OP is a boomer
"I found a job as a real estate agent because that's an easy way for a washed up creative to make a lot of money without having to learn any real skills." Soooo true!
I'm NOT showing this to my real estate agent; she'd set me on fire! There are some skills to the job, including negotiating with sellers, but not all agents have them or develop them.
And anyone ever notice the number of good-looking female agents out there? Apparently the modeling gigs never came through for them, and they had the brains to get their RE licenses. I knew a good-looker who became an agent; she later had to file police reports for phone harassment on people who saw her photo and contact info, and got ALL inappropriate with her. (Wish I had, but I behaved myself since she was married at the time).
@@markh.6687 Besides needing sales techniques, one must be very good at bureaucracy. Many people don't have the mindset necessary for such soul-sucking tedium.
@@markh.6687 ok SIMP!!
@@slimpickens01 No; I'm not simping for my agent; she's not my type. But do go on trying to insult me without the intelligence to actually do so.
@@markh.6687 ok MZUNGU SIMP
when the couple walked up to Roger in the beginning and he just thousand-mile-stared and gave off horror movie vibes I knew it was gonna be good
Mort-gage = Mort- Dead
"it's expensive being poor"
That hits hard.
It's true: "POORS" often have no financial resources, and no idea how much trying to 'save money' can cost them. Credit card interest, overdraft and late fees, high-interest payday loans, buy-now pay-later that never gets paid, falling for scams to get rich quick, etc. etc. Some refuse to admit they live far beyond their modest means, with high-interest car loans, expensive cable tv packages, bling, and junk. See it all the time in the southeast suburbs of Chicago.
@@markh.6687 It's because if you're poor you need to pay interest to buy things because you can't afford the whole cost. That is the basis of rent. Even renting and not making a down payment has no benefit because they don't have money to invest. They aren't saving for a down payment they literally have no money. Because schools are funded by property tax poor children living in cheaper apartments go to worse schools and their are fewer businesses around the neighborhood to work and shop at.
or does it hardly hit?
Yeah that was an oof. I wish I had wiggle room.
@@markh.6687 I get the feeling that you've never actually been poor. Speaking of someone who is on Medicaid and food stamps despite the fact that I work a full-time job it's next to impossible to save money when you aren't paid enough to meet your Necessities. I'm very lucky that I don't have debt but I understand that was a privilege that I was allotted because my parents let me live with them throughout College in exchange for being there their caregiver when both of them got cancer. There were times when I was in the red because I had to get to a job interview but didn't have enough gas to get there because the area that I was living at the time didn't have public transportation but the rent was cheap. It's not because people don't want to try it's not because they're living above their means in this day and age living above your means pretty much comes down to nothing more than how I decided I wanted to have both Heating and food this month
When my ex and I sold our house we had to get the home inspection done twice by two different inspectors/companies. Both inspectors came up with long lists of nitpicking little things they didn't like. The amazing was that not one item was on both lists. That tells you how much the home inspection really means.
Also just depends on who's doing them. A number of inspectors are literally guys with a ladder and a flash light, not former contractors or builders who know what's up.
Plus, unless you live with an HOA that demands all items on the inspection be fixed, you as the seller can usually negotiate with the buyer about what appears on the inspection. A minor crack in a window that can only be seen at a certain angle? Pass. An HVAC unit that's 15+ yrs old? Sure, you can cover $7k in closing.
@@patricklee8088 Even the 'former contractors' are crappy inspectors. The inspection report was littered with 'hire an: 1. Electrician, 2. plumber, 3. Builder, 4. roofer ,basically just listing experts in different fields to actually evaluate every system in the house. After buying the house, I started doing the work myself, and discovered defective wiring, rusted out drain pipes, a leaking roof, a foundation that water drained INTO instead of running off away from the building. All the other people I know who had an inspection had the same experience, which is why no one could recommend a house inspector. they all suck. Then they go out of business so you can't sue them.
The problem with Home Inspectors are they take a class. Ive sold many homes as an investor and the best Home Inspectors are converted Contractor/Handyman types, usually who are retired from that work.
Someone who just took the class without any prior knowledge will look for things that dont matter, to nit-pick, especially if their arent any real or serious issues.
It sounds like you got 2 class-takers with little to no prior knowledge.
I love Roger. Putting things painfully honest, with a dark sense of humor. Living on a boat isn't so bad if it is just you, plus as soon as the cost staying at one marina is too much, you just move onto the next one.
Where the cost is equally as high because they got together for lunch earlier and said they're all going to charge the same price. Ugh
Yeah and if you don't like your neighbors just pull up anchor and sail away. Or better yet, you can truthfully say you sailed the world without leaving your home. Just the awesomeness of that alone makes it sound worth it.
Isn't the maintenance sky high, though? And your safety and biggest asset always dependent on any single weather event? And doesn't riding out a storm make you paint the walls with barf?
You can't leave your boat at a dock of a marina, you have to go off to live at sea in international waters. It's the only way to avoid taxes and fees. Free fish every day, a pet dolphin instead of a dog, pirates instead of burglars, at least you can legally own a cannon to defend yourself.
@@brettatenciorn8522 Or they are all owned by BigBoat, Inc. anyway.
My grandparents were the living embodiment of American Dream gone wrong. They were members of three Silent Generation, born in 1935 and 36 respectively. My grandma got married at 20 and was told by her mother that she'd may a man and never work again. Grandpa worked for the street department through the city -supposedly quintessential middle class job. Grandma worked full time in a factory and then built a career cleaning houses for women who were too rich and fancy to clean their own chandeliers. Even with both working, they could barely provide for their two kids, even going on food stamps for a number of years. Back in 1969, there was a program called "land contract" that enabled them to buy a home in subdivision. It was their pride and joy. They thought they'd FINALLY have security for their kids and realize the American Dream their Italian immigrant parents had wanted for them. But in 1976, grandma got breast cancer. Her chemo treatments and the mastectomy that saved her life almost bankrupted them. Grandma was forced to go on disability after. In the 80s, Grandpa's health began to decline and he also took disability. Upon his death in 1992, Grandma realized that everything she was raised to believe was a lie. The Public Employees Retirement System pension she was supposed to get, that was SWORN to provide for her for the rest of her life was sliced in half because Grandpa had died on disability. At 55, Grandma was a widow who had to take out a second mortgage to bury her husband. For the rest of her life, she lived on $1200 a month. Idk how she did it.
The house they purchased in 1969 was SUPPOSED to be paid off in 1999. After a second mortgage, and a home equity loan (necessary to replace the roof and water heater) Grandma STILL owed $45000 on that house when she went to a nursing home last year. She cried for hours on the phone to me upon realizing that the home and land she'd poored her blood, sweat, and tears into for almost half a century, was sold to a developer for a measly $15,000
$15,000, after investing 52 years and MILLIONS of dollars into a mortgage
I'm living on $1,200 a month now... Thanks ODSP
Yeah, that's Government for ya, their overspending caused the Great Depression in the first place then the New Deal literally fucked up the recovery
My parents also have a story that rhymes closely with your grandparents.
@@monkaf Will you adopt me?
That is so sad !! I really feel for your Grandma and Grandpa !!
There should be a follow up, "If home construction were honest", pay thousands of dollars on a disposable and shoddy mcmansion, built by designers who failed draft school, who hires construction crews who failed basic engineering, so be prepared to make constant repairs to correct craftsmanship errors. To top it off, homes are constructed on hazardous regions, prone to extreme weather, wildfires, and wildlife, so don't be surprised when bears show up on your door, also your utilities will be costly, because it costs more money to run water and electricity to your neighbourhood, also the mcmansion is energy inefficient, making the costs of utilities rise even more, you've been Rodgered by the way.
Oh God yes. Back when I was 13 we moved to a new house, and the place had some serious construction errors in the basement that we did not know about when dad bought the house. The concrete had to be fixed professionally but 13 year old me, who was familiar with carpentry already, fixed some of the issues in the wood framing. The company that did the construction, I forget the name, but some years later they got in big trouble for cutting corners and buying off building inspectors, which is probably how the house passed inspections. We had an inspector out after the work was done, dad felt my work was pretty good and hiring more professionals would been too expensive, the fixes I did passed inspection. When a 13 year old kid does better work than professional house builders, you know there's a problem.
These developers just build wherever the hell they see will make them that sweet green stuff.
Here in Florida the amount of forests they clear to put a sh1tty cookie cutter home is insane. Even though the potential for flooding and sinkholes is prominent, they don’t care! Once the house is built and bought up, why not let the homeowner deal with underlying issues that come along with building a house on disturbed sugar sand.
Living is just a chore...
There is a housing development going in down the street from us, it's been a flood plain/sheep field for years. These homes started in the low 420K, then 400K now 390K... all built on fill dirt this spring/summer. Almost a whole NEIGHBORHOOD. It'll be interesting when Oak Creek floods again, as it does every spring and submerges that field in three feet of standing farm slew water.
Which is why you need to hire an actual contractor. Who works with an architect who draws up your schematics
Don't forget about the builder canceling the contract a week before delivery because real estate prices increased during the construction and they decided they'd earn more selling your house on the open market.
As a house owner, I confirm my house has 4 walls and a different wall on top and dirt outside.
American house are thin and fragile. Try european design
what about the possibility of bad wiring and plumbing cancelling each other out after a flood? I had both bad wiring and plumbing, but luckily no flood. I had to replace the wiring and fix the plumbing.
@@gandalfwiz20007 From a guy that owns an European house, I can confirm that the repairs also cost as much as one of those American houses...which is why...*sigh* I do most of my own renovations, back to painting the impossible to reach 45 degree roof extension that needs to be protected if I still want to live there without the roof coming down...
Same, but I live in Florida so I have sand outside instead.
My house also has dirt, and we can’t forget you have to spend an unholy amount of time and money on that dirt so that your cranky old boomer neighbors don’t think you’re lazy or god forbid, poor AND lazy.
General contractor here, can confirm that the wall on top is different than the side walls. Like how they threw that kind of technical jargon in the video.
Not for some GC's; like the house where they put the siding over...wait for it!....DRYWALL! (Happened in a Chicago building project; go figure.).
I actually just bought a house, was afraid to click this video, actually but I knew exactly what I was getting myself into before I got myself so far into it that I couldn't turn back. Every single step of the way I asked questions, my realtor was extremely helpful, the loan officers I dealt with and never met were extremely helpful and informative, as remote as they were, everyone on my team were absolutely great and we managed to get me a house exactly in the projected time I was meant to close. The house isn't 100% what I was looking for, but it's a good 90% and I'm more than happy with what I landed on. I have plenty of handyman skills and tools to do projects myself, I actually enjoy the projects, helps me learn more intimately about the house. The house was just remodeled so practically everything that matters is new. I bought a house because I'd never lived in a house my entire life, only apartments, not even a condo. I was getting tired of my car getting door dinged and backed into in the parking lot at home, tired of having to wait for maintenance to come and poorly repair something at my place. Tired of hearing the upstairs neighbors moving furniture at midnight and upstairs kids wrestling at 9pm when I'm trying to sleep. Been here for over 4 months now... I'm broke as shit most of the time, but I'm happier than flies in shit.
Glad for you! I bought my house about 11 years ago right after the bubble popped. I was 22 at the time and the bank almost didn't give me the loan, but the house was only 28K. Also I had almost 10K saved up. Now over time I've "had" to put in another 30K; new roof (maybe needed), new windows (helped lower bills), new ac and furnace (actually needed), electric and plumbing (actually needed). The good thing was most of that was done on my terms when I had the money saved up so I didn't have to take out loans.
You now have a massive ball and chain attached to you ankle.
@@Theosescapades Thats fine, I knew that going into it. The positives outweighed the negatives for me.
I think I moght be able to buy a house if my car holds out. The $800-ish a month for the car note and insurance combined is my next biggest bills besides rent, so once those are done (in six years...), I'll be good to go. The car is only 3 years old with less than 28K miles on it, driven two to three times a week and averaging maybe 30 miles a week? In most cases, it's less. So long as I keep up to date with checkups and changes, I intend for it to get me to the finish line and I can start saving for a home.
@@BewareTheLilyOfTheValley $800/mo combined note and insurance? Damn... maybe that's normal, I don't know, especially for a car that new. I repair my own car whenever I can and know what and what not to worry about when it gives me problems so I don't mind buying a well-used car. I was only paying around $400/mo combined for my car until it got paid off at exactly the same time I closed on the house. But I say save now! Even if it's just $20 a check, in the next 6 years that'll give you a nice head start for when you're really ready to put some cash away. Hopefully you chose a nice reliable car, hard to say on something so new obviously, but brand name definitely matters. Low yearly mileage and regular maintenance (ESPECIALLY TIMELY FLUID CHANGES) will keep it fresh for a while too, keeping it from being the thing that holds you back on the house buying. I wish you luck!
Be sure to keep your credit nice too, at least over 700. Buying a house ain't that bad if you have everything in order, I felt like every step of the way was my choice and everyone was at my beck and call the whole way through. Until money was exchanged I knew I could just terminate this whole thing at any time, and I refused to get too excited about any step of it, as bad as my friends and family wanted me to. Not until I have keys in hand!
"Why You'll Never Buy A House"
Roger: "You're poor."
*Roll credits.*
Sadly, a pretty accurate summary.
You've been Rogered!
Restrictive zoning and nimbys.
A town near us tried to get builders to build smaller more affordable homes. Gave them a bunch of incentives to do so. Instead they built big houses on tiny lots and charged a fortune. When the town ask why they said even with the incentives they couldn’t make as much money (or any money) and wouldn’t do it. Town took back the incentives and ended the program.
It's crazy because as a single person I'd totally buy a 1 BR house and many neighbors would love to have a quiet single person next to them. I have a big house that I don't live in because it's too large to justify 1 person, so I rent it. I rent a 1 BR apartment and the whole complex is 1 BR, it's very quiet and when something does become available it rents out in a week. Nothing would ever become vacant if the landlord wasn't so horrible.
We had a builder putting up neighborhoods in the area by us maybe 20 years ago. 4 or 5 of them. "Affordable housing", and scaled up housing and one gated community. I kid you not, one of my Black co-workers told me it was racist to build "affordable housing" because only Black families would move there. You just can't win with some people.
So glad the town stood up for themselves! It’s happy in our town. All this new construction and only to lease.
No one wants a tiny home. People still want as much Sq. Ft as possible.
Thanks Roger, for a reminder as to why I work full time, have nearly perfect credit, and I'm still homeless. You nailed it again! Keep bringing the truth!
How can you be homeless and work full time? Where do you sleep or shower or keep clothes clean?
@@FG-bn3qq He may live and sleep in a vehicle, you can get a gym membership to shower, and use laundromats for cleaning clothes.
@@Primalxbeast The fact that anyone has to do that while maintaining a full time job of 40+ hours a week and taking on debt to have a decent credit score makes me so angry. Anyone who puts in 40 or more hours a week has definitely paid their dues and should be able to afford BASIC necessities such as housing.
@@FG-bn3qq What's even worse is that a lot of places have laws against sleeping in your car. Housings is unaffordable and it's illegal to be homeless. Makes total sense.
@@Primalxbeast Sounds like a way to get bodies in jails while keeping profits high and productivity too.
People can't afford homes on a single salary so they either have to double or triple up or work multiple jobs, landlords get more money that way and bosses get more money by things getting more done. Failure to do those things gets you cited, no money to pay for the citations gets you arrested and thrown in jail, 3 of those jail sentences gets you to prison.
Everybody thinks Roger is an hired actor, while in fact he's a retired illuminati who just doesn't care anymore and might as well tell the truth because he knows that everyone will take it as an comedic exaggeration.
I've owned my own home for nearly 2 years at this point. I'd never go back to renting. My mortgage payment (including property tax & insurance) was slightly more than my rent when I first moved in, but in the last 2 years, the rent where I used to live is nearly double what I'm paying in mortgage, and that's not just because my mortgage payment went down by $100. Sure, I have to maintain my own property, but I basically had to do that at my old apartment. At least now, if an appliance breaks down, I can replace it myself with something better instead of waiting weeks or months for the landlord to send out a repair man with a crappy replacement and doing a shoddy job installing it. I've also learned that there's plenty of maintenance you can do to get more life out of your appliance that my landlord never did or asked me to do.
Then there's the neighbors. I don't hear my neighbors when I'm in my house. I heard my neighbors when I was in my apartment. They would party till 5am and keep my family up. Some weekends, we would go to a hotel just to get a break from them. My neighbors now, when they do party, I can't hear them as long as my doors and windows are closed, and even then, they don't usually party past 11pm because they've got jobs and kids and the police actually enforce noise ordinances in residential neighborhoods. At my old apartment, the police literally said they can't do anything about the noise because the streets in the complex were considered private property, so it was up to the landlords to do something about it, and they did nothing.
That's why I really really want to buy a house. I make "enough" money to afford a few houses in my area but I never ever got a loan until June and I didn't have a credit card until recently too so since I don't have an actual credit score I'm just screwed for now. A place a really like sold and other places I could afford literally jumped up a few hundred bucks a month within the last month or so. I want to just buy something already because when everyone is getting screwed by rent hikes of like $500+ a month I'll at least have a consistent mortgage payment.
To each their own
I really wish that I could afford to get a mortgage. I paid an exorbitant amount of rent and don't get paid a really good wage the sad thing is I'm living in the cheapest apartment that I could find it's a studio that cost me $1,265 a month and before you ask no I'm not living in a big city I am living on the outskirts of Arvada Colorado I have to commute into work everyday because my job which is in Denver doesn't pay enough for me to actually live in Denver
@@ryanarchuleta6231 look up Churchill Mortgage. They advertise on Dave Ramsey. They do what is called manual underwriting for people who don’t have credit scores. Any loan officer could do it but many don’t know how or don’t want to bother.
Always love how all the 'negatives' for home ownership are often things I still have to deal with in apartments. 😭😭😭😭
Yeah but apartments the rent keeps going up where as mortgages only go up when the interest rate goes up
@@joeblow9657 Mortgages go up with interests only when you get an ARM rate (adjustable rate mortgage). Most these days, in the US at least, are fixed rate. Thus the only thing that increases the monthly payment is insurance and property tax (which varies state to state and some states don't have). Owning generally does make sense if you are going to live in an specific area for long enough or need more room than many apartments. Many apartments make it illegal to put more than 1 or 2 kids in a room: making apartments untenable for larger families. Plus, I'd rather build equity... but I'm married and have kids and don't really need to move to a different city so the expense of getting the loan and doing the maintenance on the property isn't that big a deal for me. In apartments, while sure, you aren't the one doing the maintenance or mowing, the costs are built into the rates which are expected to go up each year: so it's not like renting is avoiding those costs.
@@joeblow9657 you mean the taxes. When the city and state wants to shake you down some more so they can then use it to not fix the roads.
@@kabloosh699 I mean it you still pay those taxes when you rent but it's just built into the price of rent.
yeah, this one is kind of a miss.... It's one thing to talk about ownership, but most apartments are pretty terrible and have little space.
There can never be enough Roger.
Amen
Ah yes... To be cursed with never getting rid of Rodger... One can only imagine 🥹
This guy tells you all the things people refuse to want to know. Hilarious yet educational.
He's amazing 😂 very funny
EXACTLY! My godmother asked for my advice before she bought her house and I gave it to her. I told her not to get a conventional loan because she was a first time home buyer and conventional loans don't offer any protections against anything. She is a teacher and recently lost her job and has 0 protection against foreclosure and because she has the type of loan she has she didn't qualify for covid relief that would have paid 6 months of her mortgage. I have an FHA loan and COVID relief paid 21 month of my mortgage and an additional 6 months. This is money that's just sitting there and someone will eventually get it. She regrets the conventional loan now but won't say it. Her son convinced her to go conventional, I've owned a house longer than both of them and had already been advised by even freaking Bank of America, who sells conventional loans, to not get into a conventional loan if I could get FHA.
When I first bought my house, I had absolutely no DIY skills. Now I have a basic understanding of electrical, plumbing, HVAC, remodeling etc. Yea it was frustrating having to learn all that but now that I have I’m glad I did. When a problem comes up I don’t feel helpless. UA-cam has been invaluable in learning about these things. Home ownership is hard but it can be rewarding.
Agree. This is pretty much my story as well. Started off with a simple screwdriver set and bought tools as I needed to a fix on the house . 10 years later house paid off and a shed full of tools
Don't forget the evil HOA that will take your house if you stop paying your fee and tell you how your house should look.
All while your neighbor piles garbage on their front lawn lowering your property value and the same HOA does jack shit to them
@@fiend_machine never heard of a lazy, incompetent HOA. Sounds like you need new board members.
Or kick you out for keeping a lawn ornament up for an extra week than they wanted you to, and then turn around and sell your house at a fraction of the cost not even a day later so that you have no chance to re-buy it.
Omg! 😫😫😫
@@fiend_machine Because they are either friends with one of the board members or on the board themselves.
You forgot to mention the painfully archaic homeowners association that is managed by a self-appointed Karen and Chad with rules that contradict other rules and no consistency!
Oh institutionalized racism, fun for everyone.
Painfully classist*
And they won't actually be good at it either so when they inevitably get drunk with power and overstep their bounds legally, everyone else in the association will have to pony up several thousand dollars immediately to cover the cost of the legal bills and settlement.
If they even enforce them ...
@@ffaristocrat Exactly as it just happened to my mother in her HOA. Awful stuff.
I was a real estate salesman and when I showed buyers a house with a teeny-tiny kitchen I'd say, "This kitchen is so conveniently appointed, you can cook an entire meal without moving your feet."
oh aren't you the clever one.... ugh
Very true...accentuate the (maybe) positive. It's not a 'blighted area', it's "on the upswing". It's not a tiny bedroom, it's a "quiet nook to rest in.". My agent touted the all-brick (not brick and frame) construction and general 'good bones' of my 1940's era house. An investor made an offer just $3K under my already-low ask (it needs some work I just don't want to pay for as the market starts to cool).
You know, this has actually motivate me to become a Realtors. All I have to do is convince a middle or rich class person to give up more money then they need to for a house and I can finally start making enough to get my own house. I like this concept.
that's an actual Ponzi scheme
As a Realtor, you don’t even need to do that. Give them a good deal and they’ll love you forever and refer you to their rich friends and give them other good deals and good service.
You’ll make at least $100k a year, if not more.
Source: have done it. And bought houses.
@@TheGeorgeD13 sounded great, now everyone and their mother are becoming realtors and the problem is not there isn't enough home buyers, but there isn't enough sellers. home owners do not want to sell their house with 3% interest to buy another house probably more expensive at 7%
@@chrism3784 Not a real problem for realtors who are able to make it long term or are already established.
I think over 90% of Realtors don't renew their license after they get it or something like that. That's par the course really and not unusual to the market.
Residential Transactions happen everyday regardless of the market conditions.
Yeesh, that’s what you took away from this? "Use your limited time on earth to be a leech" lmao
I love Roger standing there in limbo until he's activated by the presence of potential marks
Spooky Roger is the best Roger
😂😂🤣🤣
Then not shaking their hands
I died laughing at the damaged wiring and plumbing cancelling each other out when the place burns down 😂
That was pretty funny; my house built in 1941 has original steel plumbing in most places (some was renovated to new copper on a bathroom remodel). The old steel pipe has yet to leak, but it's time is coming. Fun tip: Don't bother using pipe tape when connecting new threaded steel pipe to old, just get the pipe 'dope' paste and use that; it's much easier than rewrapping the same connection trying to stop the inevitable leaks due to slight differences in the old pipe vs. new pipe thread tolerances.
But the 1940's wiring had to be redone after trying to put in a $10 light fixture. I took one look at the dried-out rubber insulation and said 'Nope. Leave it alone." and found an electrician who let me work as his helper to learn more about doing electrical work. Pretty funny when we tried to fish wires from one junction box to a switch and couldn't figure out where it was going; he gave me some (funny) grief and I said "Oh! So now I'M the master electrician!"; we both cracked up and figured out the fishtape wasn't getting around the conduit bend in the basement leading to the switch box. He also managed to short a connection in a tight junction box and trip a breaker working in the basement; I gave him a funny look, and he said "nice work, Mark!". I hadn't been doing the work! :)
yes because typically the book is that wiring causes the fire that burns the whole place down as the pipes burst and floods whats left
I’m glad you addressed zoning laws! They’re absolutely ridiculous and are doing so much harm.
Not to mention HOAs
The largest lobbyist group in the U.S. is the National Association of Realtors, who spent over $84 billion on lobbying in 2022. There are over 3,700 companies that lobby the U.S. government
Yeah, here we are the American people slaving away, still paying taxes
Money that should have been spent on housing to immediately solve the homeless vets crisis.
I don't understand why you calling it lobbying while it's truly a bribe.
Sounds legit.
We have the same sh*t in Germany. They block new real estate projects because that would lower the prices. 90 percent of the population are basically their slaves.
Thanks, Roger! A friend of mine’s getting married (you already addressed that joke) and asked ME, of all people, “How can we buy a house?”
Ya don’t! The bank does, and you’re in debt the rest of your life!
Sad truth, though the current alternative doesn't provide a much brighter outlook
I'm watching this video from my ILLEGAL cargo van suite! HEH HEH
Yup. You can have finished paying every single payment of the loan except for just ONE, and if you FAIL to pay just that ONE payment... guess what, now the entire apartment/house belongs to the bank and it doesn't matter that you had paid off 99,7% of the loan. All that money you paid? You're not getting it back. The bank doesn't have to buy your share from you because until you've paid off the ENTIRE loan, the bank owns the apartment/house!
Even when you do pay off the loan, if you don’t pay your property taxes, you can get ousted. So, you still don’t actually own the house!
Still better than renting - when applicable. My house is paid off, and taxes are a once a year thing. I have no regrets.
I do appreciate you pointing out that laws have been enacted against small & affordable and multifamily construction.
State of Indiana building code requires single-family mobile homes to be 900 square feet, but existing stick-built homes in some towns are far less than that. I think the smallest I saw was about 677 sq ft. My current house is 768; at 677 you might as well put in on wheels and a frame for a 'tiny house'.
@@markh.6687 I had a 600 sq ft apartment for awhile. It works well enough for a single person out of college; but ain't no way to live long term.
@@Sugar3Glider You have to step outside to change your clothes or your mind!
The beginning of this video was Golden. "We've been together about 84 years....She's the district attorney, and I'm a professional dog."..lol
it took me a bit to realize they were talking dog to human years conversion. aka they've been together for 17 years.
@@theimortal1974 That's if you believe the 7:1 ratio is a constant. I've heard that some animal docs say that only the first year (pup to full-grown) is equal to 7 years, after that it's 1:1 ratio on the years. That makes scientific sense, given the quick maturation of pups to full-grown dogs.
@@markh.6687 you have it backwards. the first year is a huge jump in age and then a smaller one for a year or two then settles down. i mean have you heard of a 7 year old that can get pregnant or get another pregnant?
And then there is the gestapo that is the home owner's association that will make your living inside your own home a living hell.
I love roger. God bless you 😂 these videos bring me so much comfort and a glimpse of what the society does not want us to think or even consider
I miss these videos, so glad they are back! The actor that plays the realtor always does such an exceptional job!👍
More to come!
“Owning” a home today is like renting but you’re paying a bank and the government who make you do all your own maintenance; but they’ll definitely fine you and take the property if you ever fail to keep up on the maintenance.
@Shi Yu Meng Don't you think someone needs to pay for the roads and services? In Texas, there is no income tax. if there is no property tax, how do you suggest we fund schools and utilities?
@Shi Yu Meng Print money to pay for services? You are either high or stupid, or both.
maybe you need to read basic economics and pay property tax for once so you can see exactly what's covered in there.
还是中国人，这么傻叉。
@Shi Yu Meng lol ok hitler
@@kyang162 100% tax on corporate profits.
@Shi Yu Meng Found the anti-Semite.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from cars to homes.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with Colleen Janie Towe’’ a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@FabioOdelega876 Having a coach is key in a volatile market, My advisor is “Colleen Janie Towe” You can easily look her up, she has years of financial market experience.
Honestly I dont care too much about the mortage rate. why? because its nothing compared to the fact that the average house value in my area quite literally doubled. Theres nothing the interest rate can do to me that the base house rate already hasn't already done. (lock me out of the market for all intents and purposes)
It's such a con. My wife and I are buying a house, and actually should've started moving in a few days ago, but it keeps getting pushed back, like today when we were told the bank needs the appraiser to go back and make sure leaves have been cleaned out from the gutter. Luckily, even with 20k for closing, only 5k is going towards the down payment, so we didn't hire movers who we'd still have to pay for even though the reason we can't move isn't our fault. I'm really surprised that Roger didn't mention HOAs, because those can be quite the ripoff too.
I think he skimmed over that when he mentioned not being legally able to do anything with the front yard (that's why there's a separate dirt lot in the back!)
But yeah HOAs are crap.
HOAs are the worse part. If i own my home, i can do as i damn well please with it. I moved into a neighborhood with no HOA. It's an older neighborhood, which is awesome. Neighbors actually talk to each other, and help each other out.
HOAs should be their own Roger vid
I just saw a news report showing an HOA can legally (through contract) cheat home owners out of there homes due to technical situations. A lady was paying for her home and HOA dues but even though they were taking her money they claim she didn't pay. She had proof of payment but they went ahead and kicked her out of her own home and sold it for $100. The contact she signed allowed them to do that and avoiding her allowed them to justify their claims.
I like how there's a cameo by a real dog across the street at the end. Take notes Jordan, that's how you dog.
That's my dog. She taught me everything I know.
Roger, you did it again! This is a perfect video that everyone should look at before they even consider buying a home. Then again this should be teaching this video in schools. But I wonder if you are going to cover renting next, that one has to be hilarious. I could just imagine a happy couple looking at a rental property, and then being horrified as you explain everything to them, and accepting the deal in defeat, because if they don't they'll be living on the streets, with all their worldly possessions.
Nah, if they don't accept that either, he could always do one about living on the street next, and how often there just *isn't* a way to get off it, either for lack of resources or lack of room. And then they get picked up by police for sleeping in a parking lot and now they're still job hunting in the clothes they've worn for four days but now with a criminal record and blossoming mental illness. Maybe that's too dark even for this
@@nepenthe281 true, but I expect that particular video sometime in the not far future.
They can't because these 2 are tied in together just like everything else.
“It’s expensive being poor “what I like about this page is that it’s about informing people kind of like giving an air of caution so that people make informed decisions about both sides in short I appreciate you guys for that
I love the recognition that realtor ads imply that you should plop down a million or two just so your dog can be a little happier.
I'm almost 30 and highly doubt I'll ever own a house. I have bad credit with derogatory marks. I can't even get approved for a car, let alone a house.
I have money but also don't want to pay bubble prices for houses. Also my credit keeps going down while my bank account has literally never been higher. 👍😍
Paying credit cards weekly instead of monthly boosted my credit and that of at least three other people. Using a first-look, fha, first-time homebuyer, usda, va, or other subsidized loan works well without any money at all. The first-time homebuyer option is great and anyone should use it if they can. Of course, wait for the fed to hike rates to reduce home prices relative to the hike in annual price inflation. So, start chatting with homeowners, who recently bought, so that you can start preparing your finances to buy a house maybe this December or next.
Interesting.
And what are you doing to repair your credit?
@@bugwar5545 Well, I've been slowly paying off my debts as money becomes available, but my score refuses to rise.
I had no credit. So I bought some services and refused to pay. Now my credit score shot up into the 100s.
I love the end where it turns into an outtake. Roger is a treasure.
I rented most of my adult life, but have owned a home since 2013 and am glad not to be renting anymore. Wife and I bought a bank owned home in good shape and are upgrading it while we live there so when we sell it, it will sell for more and we can hopefully pay cash for a smaller home in a lower cost of living area when we retire.
Please do an "If fine dining restaurants were honest" video. I can't get over that chef I saw once on TV who charges around $15 for a spoonful of spaghetti.
Yes!! This, please, @Cracked !!!
No one charges $15 for a spoonful of spaghetti. They do charge $15 for a durum strand nest with tomato fruit foam tasting sample.
As a restaurant owner, he would then need to do a segment on how expensive the government makes opening a restaurant. The permit fee for the permission to have the required sinks was $202,000 for my restaurant. This was not the sink or the plumber, just the fee. Plus the tens of thousands I pay each year to the government to have a liquor license, a health department licence, a FOG permit, a grease trap inspection and pump 4 times a year, a hood cleaning twice a year, fire marshal inspections once a year, elevator permits and inspections and we haven't even gotten to the fact that I can't use a normal freezer for a few hundred dollars, no I need an NSF one for $30,000. Everything in stainless steel, plus get this: my shellfish employees want to be paid for their time, can you believe it?
So please pay someone to take some flour, make a volcano with it, drop in an egg. Mix it, roll that for out flat, run it multiple times through a press, cut it, dry it, boil it to al dente at the same time take your tomatoes, blanche them, skin them, blend them, simmer then for more than two hours with seasoning, then in a separate pan combine the pasta and sauce and saute together. Then serve it on a dish, garnish it, pay someone to bring it out to you, pay someone to check on you while you eat, pay someone to clean up after you, pay someone to blow cool/warm air on you, pay for a commercial license to have TV and music playing in the background, and pay someone to check to make sure everything was done correctly and see if you can do it for $15.
Oh did I mention the utilities charge more for commercial accounts? Gas water and electric are all more than residential rates, but I thought if I were buying more I'd get a bulk discount or something? Nope.
How about that my fire extinguishers need to be replaced every 10 years? Why?
I could keep going, but I hope you get the point.
Or just microwave your spaghetti-Os and pay $2 for that, and repair and clean your own microwave occasionally, run your own dishwasher, provide your own plate and TV service and fill your own drink. $15 sounds like a bargain. I wonder if the $15 also came with a salad and bread?
@@markfairbanks3533 I can confirm this ^ ...I am a former chef, cooked for years in restaurants/bakeries, finally made the mistake of opening my own cafe. Construction was ridiculously expensive -for every little thing. Granted, my cafe was mainly a coffee house with pastries and lunch items, but that alone was expensive enough, couldn't imagine having a full-production restaurant kitchen. People complained our biscotti was $3 a piece (they were extra large biscotti by the way), they thought "why would I pay $3 for a slice of a stale cookie?" -I'd have to explain that its not stale, its twice baked and prepared fresh everyday, and compared to cookie-making it takes a lot longer. The longer it takes to make a pastry, the more money it costs me to make it, plus those fresh hazelnuts that I toast and put into the dough, aren't exactly cheap. People demand quality food, but don't wanna pay for it! Kept my kitchen sparkling clean too, my assistant and I scrubbed that kitchen day and night, had to, it was in full view of the customers, so they could see where their food was made and how it was made. Nobody cared that they were eating quality food from a clean kitchen. Glad I got outta that industry.
@@AlextheHistorian just because I paid it today, I forgot to mention that I also need to pay up to 15 cents per transaction and up to 5 percent when people charge with their card. And a 3% fee to deposit cash.
I'm glad you were able to get out and hopefully get an enjoyable job that pays well.
As a homeowner who bought a small affordable house with cash (a few years ago before the market went insane), I can say that home ownership is _way_ better than the alternatives so long as you buy _what you need_ and not an overpriced mansion that's three times too big for you and your dog-husband.
That said, right now is _not_ the time to buy a house, not even a little practical one. These businesses that are currently buying up all the residential properties and jacking up the prices are infuriating. That happened with the house next door to mine. The people living there now had to pay double what the house was worth to get in there. It genuinely feels like it should be illegal.
you just randomly had $350,000 in cash lying around? oh wait a few years ago. So you had $250,000 in cash just lying around?
As long as the wealthy make laws, society will never know equality
@@jadedguardgirl It all depends on the market you're in. Some folks would be thrilled to buy a home for $350k and laugh all the way to the signing papers. I have a 3 bedroom, 2 bath, 2.25 acres with in inground pool in the middle of town, and it wouldn't appraise for $250k let alone $300k.
As for "you happened to have $$$ laying around". Some folks save for houses, some folks inherit the funds, some folks win the lottery, some borrow from family rather than a bank. Point is, it's possible to have a lot of cash sitting around.
@@DJBabb There are better ways to utilize "cash sitting around". Putting it all into a house is putting all your eggs in one basket. Too many risks these days that didn't exist 50 years ago. What if your city runs out of water? What if the insurance company triples the cost of your insurance because you life near a forest, or in a flood zone? What if the market crashes an you have to move?
When I said affordable, I meant _affordable._ It's a small house on a highway (read: noisy environment; i.e., lower property value). The cars don't bother me and I didn't need (or want) a large house, so this was exactly what I _needed_ as a single 25-year-old. The savings were from stashing all my paychecks for a couple years. The house was less than $30K, so it didn't eat up _all_ my savings either.
But like I said, _right now_ you can't even do this. I was mostly saying when the market is normal, being pragmatic instead of trying to keep up with the Joneses goes a long way.
0:56 I was really waiting for that "do you...", felt like an eternity.
For that creepy intro stare. So glad it was pushed for - nailed it!
What you forgot to mention is that you never truly "own" a house. The state _rents_ the land it's on, which rent you pay in the form of property tax, which you can never pay off in full. And which rent they can raise as much as they want, whenever they want. And if you don't pay it, they will take the land, along with the house on it and everything in the house. Ah, the American Dream.
Tax isn't rent. Renters pay those taxes too they just don't know it. I certainly feel like I own my home and wouldn't wish a landlord on anyone.
I made a similar point and personally believe property taxes should not be collected from seniors (unless they are very rich).
@@nerfherder4284 Property taxes are rent for occupying the land. You only own the structure. The government owns the land. Stop paying the government and see how long it takes them to remove you from their land.
@@BTrain-is8ch Exactly.
Yeah, this is the biggest pile of bullshit ever. It's government overreach beyond insanity, and not enough people are fighting against this tyranny.
Please make sure Roger has the best healthcare possible. Need him for a few more decades
Roger talking about the basement and learning how it all works made me think of one of the final questions (which involves real-life skills) of Um, Actually, where the contestants had to do a reading of a gas meter, which they totally failed.
The thing is back when houses had higher interest rates, the prices were 2-3x lower than today and that’s with adjusted for inflation. So today we have a house 3 times the price & high interest rates, which is what’s pressuring people to do crazy things or give up.
Let's not forget that the price of living and pretty much everything else keeps going up but wages don't keep pace. Then there's the issue that rent is more expensive than owning so that hurts too. College getting more expensive while college aid gets smaller is another factor
Actually, it often varies. Sometimes it is better to own, and sometimes it's better to rent, depending on the market you're in.
@@ianandersen265 Which makes no sense, lol.
@@ianandersen265 Im in a temp apartment while my home is under repairs (from a fire). The rent on this apartment is $2300-3000 a month. Almost double my mortgage payment. I honestly dont know how people do it.
To actually fight it, you'd need to get rid of all greedy cunts who set margins at 250% of actual price of the product. Government could reduce taxes as well but that's not gonna happen. Demanding higher wages actually gives corporation an argument to justify price increase. There's nothing that can be done in a world where few corporations own all things you need.
@@listek981 I think people severely underesitmate the cost of constructing a new house. Materials and labor make up 80% of the initial cost of the home. We're not building stick and twig homes like we were in the old days, there's a lot of science and safety technology that goes into modern homes. There's also a lot of work that goes into restoring older homes and bringing them into the modern era. 250% price increase is an absurd amount, and is not realistic nor is it normal. Usually if you're paying that amount, it's because the value of the land has increased drastically and therefore the market demands an increase in price.
A lot of these problems could be solved by making housing transactions transparent. We should be able to visit a website and find out the lifetime market history of the house: when it was put on the market and taken off the market, what the asking price was, what realtors were involved, what offers were put in, and what the outcome of every offer was (eg. seller rejected, buyers withdrew after inspection, etc.). Every inspection report should be there. Potential buyers should be informed enough to immediately ask the seller "has the mould problem been taken care of? what about the ghost?" Once the house/apartment/whatever is taken off the market, it would not be available for viewing on the site, but the moment it is put back on the market all the information would be there.
Complete lack of transparency is what gives the realtor industry the power to manipulate the market.
That is why you need lots of friends and community. You sound like you are trying to beat entire industry
@@mikiandfriends1820 Yes. The problem is large enough that it requires government intervention.
Zillow has all that information
@@zuzanazuscinova5209 Not in my city. Realtor associations will never voluntarily make that information available. It requires government intervention.
It's on zillow not your realtors lol its accessible to everyone I'm a real estate agent btw I recommend my clients research all the history on their own and the info of the chain of title I take notes from. Those real estate agents that have "no skill" would tell you this if you honestly and really talked to one lol
I love how Roger is just powered down until the music starts
I've just discovered this channel today, and boy am I glad I did! Roger is awesome and the whole team behind this is doing a fantastic job! :)
I defied the odds and got my first house last November. There are pros and cons for this, but I do not regret it
Hey congrats!
@@cracked thanks! I love your videos and think that the only way we can strike back from this grim reality is through the awareness platforms like yours share
In seemingly the only intelligent financial decision I’ve ever made, I bought a modest house in 2017, on a 15yr mortgage at 3%. I am beyond thankful I did. Housing prices have gone nuts since then as have interest rates.
Side note, remodeling things like your kitchen is expensive, but simply moving around non-loading bearing walls to reconfigure and create new rooms is actually not that expensive.
You probably paid too much but good luck
@@mikeodonnell11 for my market I got a steal. I am from Baltimore and my apartment rent was 150 more than my mortgage a bit over the line in PA. I still work in MD, now have 30k in positive equity I would never have gotten renting, and don't have to worry about certain things like crime or litter.
I still maintain that it was well worth the six months of working for the down payment.
After owning for eight years after renting and being in apartments my whole life as a kid, I love owning.
But I would never own old, I would prefer a small house with brand new plumbing, electric, ect.
I bought a 1950s house and it's been about twenty grand in repairs so far. And it needs a lot more.
Plan to sell and buy small and new next. Love owning.
Old homes are gorgeous moneypits.
I am in the same position. I have poured that much in a older home as well. If own old again. It would have to be in a historical district. That will fund you to maintain architectural integrity history.
The way new homes are built, don't count on it being much different. The only way to win at home ownership is to learn how to do a lot of that stuff yourself.
New homes can actually have way more problems than old ones..
we have a neighborhood that the builder cut corners
It was some years later when a cold front had the entire neighborhoods plumbing burst and flooded
And much was not covered by insurance.. as it's not a place you'd get flood insurance.
Also the new homes in my town have thinner walls and the bulidings are so close to each other that it makes the old 1950 house look like luxury ✨️
And honestly, house flippers have been doing that and sell the older homes for triple the cost.. by just barely adding a new flooring
I say travel as much as possible when young. See the world, be talkative and learn as much as you can from everybody you meet. It will help you get an informed opinion whether you want to buy an old house somewhere specific, or a new house elsewhere, or just keep on being dynamic, renting whenever a good job pops up. I moved into a different home 6 times in 30 years and preparing for my 7th. There's always a place to go and live
as a realtor this isn't entirely inaccurate, I wish you had gone more into the process after an offer has been accepted though, because that's when everything goes wrong and you realize NONE of these different organizations involved in a single transaction actually do their jobs, from the seller to the city they all just get drunk and keep their phones off all day
Too true
So i shouldn't pay for home inspection?
When I was buying my house, the seller went on vacation to New Mexico and took all the relevant documents with him. 😑 Idiot/jerk.
@@JoKoy234 that's negotiable
@@JoKoy234 You don't have to, unless the mortgage company requires it. However, my daughter and her family are in their 3rd house. All houses they bought were pre-owned. The first house they didn't get inspected and paid dearly for multiple issues that would have been addressed by an inspection. Second house they bought, I paid the $500 for the inspection.... no problems. The third house, they declined an inspection and are still fixing shit the seller, in my opinion should have been sued for.
Damn it's so sad.. I'm 35 and can't afford a house
This is America.
@@code.islife493cant afford rent in my area
@@smoothoperator7534 There's your problem, don't be single.
@@smoothoperator7534 Are you pulling my leg? Sounds like you are a slacker. You can do it, dude, you need to work on it.
@@smoothoperator7534 I know lots of guys who look like garbage who are happily married. Don’t you see them walking around in malls? Time is on your side because girls age worse than us, earn less and do not try as hard. Work hard every day so you have something great to offer.
As a realtor myself, he is spot on.
Loved the part about "learning to work/fix all of the stuff in the basement." So true. There is always an appliance breaking, a water, leak,, a roof leak, low water pressure, funny smell from air conditioner, etc. etc. Still love owning my own home, but the reality is that if you don't learn to fix things, you have to pay others to do it. To quote the great, Red Green- "If the women don't find you handsome, at least they should find you handy."
Everybody loves old mixed-use neighborhoods with charming houses, apartments, stores, restaurants, etc. all mixed together and served by public transportation. Which makes it confusing why no new subdivision features these appealing amenities. In my huge master-planned neighborhood you have to get in your car and drive 15 minutes to get to anything other than another house.
@Texas Wunderkind - Check out the urban planning channel “Not Just Bikes” for great info about the craziness of car-dependent suburbia. Not only does it lack those amenities, but most of car-dependent suburbia is financially unsustainable, essentially a Ponzi scheme.
There are actually laws in place in the US to stop those mixed use places. Laws lobbied for by powerful corporations. Basically, anything you can think of that's awful in the US is either there because of racism or there's money in it.
Why can't you build apartments near homes? Because people were worried immigrants in apartments would lower their property value.
Why do waiters need tips? Because after slavery, Black people were forced to work or be arrested and put back into slavery. So businesses would hire Black people, but not pay them. Eventually a law was passed that forced businesses to pay Black people. The businesses decided they would only pay a bit and force Black people to depend on tips. Later on when people wanted to change, businesses decided they quite liked not having to pay anyone, and fought hard against it.
@@jimmoses6617 Then you can move away, simple as that. But it's people like you who want to FORCE everyone to have to drive miles and miles every time they leave their home to do absolutely ANYTHING. I'm fucking sick of it. It's literally illegal to build like this in the US now, by the way. So don't come back with some "how about you move somewhere else" bullshit
it's all by design, even so far as codified into law. the channels adam something and not just bikes have a lot to say on the specifics, just to name two.
You've just been brainwashed by youtube know it alls who regurgitate European elitism. Nobody actually wants that style of neighbourhood, and that's why it's not available. Everybody who does claim to want that typically doesn't have kids. Nobody actually wants their kids playing in the streets. And Walmarts tend to push small stores and restaurants out of business because people prefer doing all their shopping in one place at cheap prices (people will drive out of town to a walmart instead of shopping at the bodegas and stores). All those youtube videos are written from the perspective of 20 year old hipster bike couriers. The "suburban sprawl" is usually highly designed to prevent high traffic volumes in residential neighbourhoods and usually designed with actual parks where people can walk and play without worrying about cars and other traffic. There is a deliberate penalty on those who drive IE they have to go out of their way to get somewhere because the suburb was designed for people and parks with plenty of sidewalks to keep the area quiet and safe. UA-cam hipsters have convinced everybody that playing in the street as a child is wonderful, and that if a store was 3 blocks away people wouldn't be lazy and walk there, which is not the case. Even in giant cities like Newyork with bodegas and restaurants and mass transit traffic is still a huge problem.
Stop listening to youtubers. Actually look at the maps of the suburbs they are criticizing and look at how safe they are for children and how many parks there are. The main roads are deliberately on the outsides of the neighbourhoods with minimal entrances to prevent speeders from cutting across and the streets often snake to slow drivers down. Suburbs weren't designed by accident, and they were deliberately designed to be an inconvenience to drivers so people who didn't need to be there (shortcuts/speeding) wouldn't go there. You will be stuck in traffic for an hour yes, but your child will be able to get to school and play in the parks and walk on sidewalks all day with minimal worries. That's the trade off. The very fact that you are mad that you have to drive 15 mins to get anywhere and you're complaining... about sitting in a car, and we're all to believe you wouldn't be too lazy to ride a bike ten minutes to get milk. That you'd walk 20 minutes to get groceries? No, you'd still drive. And so would everyone else, and then there'd be tons of traffic in your neighbourhood. The point of the suburb is you get groceries once for the week and stay home.
My experience buying and selling several home let me so screwed that it took me years to recover. The mafia couldn't have done a better job of stealing my money. And when I realized that everyone involved was in collusion, I was in shock. The appraiser, inspector, exterminator, title company, landscaper, trades people, both sets of real estate agents. It was like 20 different people all working together. And at both ends the seller, then later the buyer were in on screwing me because I wasn't from their community. I'd have more respect for someone that pulls a gun and robs me to my face than to be ripped off buy or selling real estate.
Just think lock, you could also have a home owners association that dictates what you can, and can't do for even more money.
That dead soul stare at 0:44 was all I needed today.
This is by far the best intro to Roger ever. Those eyes and then immediately that smile.
Fantastic!
$350,000 is the median? That counts all the houses in my neighborhood that sell from $40k-50k. And we only had one shoot out with federal law enforcement on our block.
How many ghosts though?
I mean, did the whole block take part in the shoot out ?
@@kyang162 i made the news as witness ua-cam.com/video/0Z-5C0_-4Ps/v-deo.html
As of last week it was $417k
just think of it. Most new houses are 2500+ square feet. They are huge.
Dude! Always get your potential home inspected! Especially since everyone likes to flip houses now. Make sure everything is up to code before purchase. It will save you a lot of headaches. It was worth it for my family, even though we had to pay extra for it.
Be sure you hire your own inspector. After all the RE agent will have the inspector of their choice to do, and say, whatever it takes to sell you the house.
I will say that many places don’t have any codes and no mandatory skills or things HI must look at. They aren’t obligated to look at anything. I watched a home inspection where the dude never even went into the house and had the balls to check off the plumbing and electrical as up to code. Even made a comment about how the water heater was new, despite never having entered the home. I’ll tell you something else, that water heater had a sticker on it that said it was serviced in 2004, so definitely not a new water heater in the year 2019.
I don’t trust home inspectors anymore than a used car salesman.
Yeah, HI are a crapshoot. They're very subjective. And passing inspection doesn't mean nothing is wrong. I'm surprised so many homeowners think inspections are guarantees of some sort. They're not.
At best a HI can point out some must fixes because of code violations. They can't tell you about hidden looming issues.
Roger went "Savage Mode" on this one. But Roger is still THE MAN!
When buying a house NEVER get one in a HOA area!
¡HOAs aren’t crazy; they’re
Oh yeah, they’re crazy!
Amen to that! If I lived in a HOA area I would be constantly at war with them.
It depends on the HOA. My parents live in an area with an HOA. The dues are pretty cheap and are basically used to pay for the roads to be plowed. Otherwise the HOA leaves ppl alone unless you've got siding that's been missing for like a year. Even then it's more of hey is everything okay letter than anything.
Now when I owned a townhouse that HOA was crazy. You could not go more than 30 days exactly with our door holiday themed decorations (ie we couldn't start setting up early for Halloween)
@@eacalvert The roads should be plowed by tax payer money. Or did you mean the sidewalk, that's your job. Or wait, many suburbs don't have sidewalks.
@@maythesciencebewithyou my understanding is that the roads in the subdivision are the responsibility of the HOA, which is quite common where I am at.
Roger is the most honest guy on the internet
Cynical and satirical but honest
I FING LOVEEEEEEEEEEE ROGER. I saw him for pretty much all the videos and I gotta say, HE"S AWESOME
This was a hoot!! I finally have enough money for a down payment if houses were at 30 year ago prices..LOL I think this is a valuable PSA about home buying and ownership.
We live in a cute little mobile home in a nice park. We pay rent for the space (water included), but our actual house is paid for. The space rent here is a lot cheaper than apartment rent for a tiny apartment on a busy street in the same city, and we can do whatever we like with our own space. Also, since we rent the land it sits on, we don't pay property taxes. We pay a yearly fee for the structure to the DMV, and it's $36. (Even though the house is not going anywhere and wouldn't be movable now, it started out that way, so it's DMV's domain.) It's a senior park, so it's nice and quiet.
Living in a mobile home can be like living in a normal house, just cheaper. Granted, there are structural differences, but massive repairs like fixing the roof aren't as extensive or expensive.
We resisted at first because of the stigma surrounding mobile homes, but we've been living here 5 years, and we both love it. We could never go back to an apartment or rented building/house now, after basically owning our home.
You should read up on the new breed of venture capitalists who are taking over mobile home parks and raising rents by astronomical amounts. I hope you never have to deal with those snakes.
Plus, if you reseal your roof regularly, you'll most likely never need to replace it. I live in an RV in a park myself. Close to work, almost no maintenance, and I'm literally lakefront. I pay $150 every month, while a house in the development next door (not waterfront and with about half the space I have) just sold for $575000.
Being a millennial, I spend maybe 5 hours (awake) in my home. I don't miss the space of a house because I'm never home to enjoy it anyway. My baby-boomer parents rent a three bedroom for $700 a month in a bad neighborhood. Like most people, they use maybe 10% of the living space. Not worth it to me. I'll stay here lol
Someone clearly never saw the news about landlords raising the lot rent to thousands of dollars and then obtaining ownership of the mobile home on the grounds it is not in working order and left on their property when the tenants can't pay. You're literally just lucky you don't have a corporate landlord. The instant you do, you'll probably be homeless or paying huge lot rents.
@@setcheck67 Yep
@@alexandercoleman3104 home is where you make it and what you make of it. Enjoy!
Shout out to BritMonkey's "The Housing Crisis is the Everything Crisis."
Learning that the policies where set in the 1980's, to favour 'single family dwellings,' really hurt.
Personal note:
I had an argument with Code over a sink in a coffee nook, in an upstairs loft... I lost and had to remove it.
That sink was enough for them to say the house was 'multi-dwelling' and such was forbidden within that zone. They then pointed out a few of the other regulations, all of them designed to prevent extended families from being able to comfortably live together. Not to show off the stupidity of the system, and then ignore it so we can do things that make sense... but with a pride that should be terrorizing when seen in someone blinding enforcing regulations for the State. The Council is more then happy to enforce regulations made over 50 years ago, when the country had a fraction of the population issues and 'concerns' as to what this new 'Mass Suburban development' idea should look like.
Wonder what group of people they could have been targeting during the the Jim Crow era of terrible policy making....
If I ever saw a house for sale at only $350,000 I would wonder what was wrong with it that is causing the price to be so dirt cheap. Here in Vancouver, B.C. the average house price is $1,270,000 CAD ($960,000 USD).
leave vancouver, its a terrible place to live anyways
When the video was made, I think the price was accurate at the time (for the United States). I looked at houses last week, though (on Zillow and Trulia), and the prices had jumped up a lot - but not as much as the ones there in Vancouver, though.
“With a different wall on top” got me lol 😂
Side notes: Some countries have mortgages that last a _century_ or longer, unbelievable but true. Bucky Fuller predicted fifty year mortgages decades before they became a reality in the US. In some European countries people _still_ owe payment on their mortgage even if they lost their house, Spain comes to mind.
Also, check and see how much of the _existing_ US housing stock needs to be _replaced_ over the next twenty years according to experts, then check the bottom fifty per cent of the income distribution and realize they can't pay for it. Millions of Americans may well be homeless in the future. Right now the official number is less than a million. I recently told my mother I might have to live out of a vehicle or in a tent at some point in the future, she admitted it was a distinct possibility. When I think about how people will live in the future, I remember how people live in _Snow Crash_ and William Gibson novels.
2nd side note: Americans are dumb enough to fall for 6-10 vehicle loans on depreciating asset as well. A Fun Fact: Mobile homes are depreciating assets as well; they are considered vehicles in most U.S. States, not 'real estate' (unless the wheels are removed and the homes permanently affixed to the land on a crawlspace or basement, but they still depreciate like a vehicle despite being taxed like real estate).
A 50-year home mortgage is the height of the insanity, and notice ho mortgage lenders jumped all over it to try getting rich again. Like they don't make enough in 'origination fees' and other 'loan fees' that are pure profit for the lenders.
Building our first house in 2021 wasnt that hard. We just used the builder's realtor. Added 50k of upgrades more than the builder was going to do. I also did a few of my own upgrades, like putting in fiber, network closet, punching all the ethernet into a patch panel, and installed inwall surround speakers. We didnt know our credit scores until the bank approved our mortgage. I regularly use 30-75% of the credit on my credit card every month. We also spent $15k on other large purchases not realted to the house without telling the bank.
Rent is usually higher than mortgage payments though because rent is used to make profit on top of mortgage payments.
No, it is because of mortgage, property taxes, homeowners' insurance, and maintenance fees and costs! I'm a homeowner, I know!
Your mortgage payment is also generating profit - that's what interest is.
Depends in where you live and when you bought. Coworker of my mom's bought a house last year, and between the astronomical loan, AND the recent interest rate hikes, she pays a monthly mortgage payment on-par with mid-tier Seattle 2 bdrm rent
There is no lesser of 2 evils anymore
It's all a big money bonfire, and we are all required to attend
I love how Roger never ages
"They'll never get rid of me" - this is correct, we will never let Cracked get rid of you Roger.
2:40 Screw that! "Crack den bandit camp" sounds like MY American dream.
Also, loved the format on this one. Your videos keep getting better!
Hey thanks! I like to try and push myself when I can.
When I was looking to buy, I stated my maximum affordable price and specified no manufactured homes.
Agent 1 showed me only 3 houses, one of which was out of my budget. Agent 2 had more options available but kept trying to show me manufacturered homes.
I think Roger should get his own HGTV show.