I am 68 and lost everything in 2010. It took 8 yrs to foreclose (thanks to good attorney). I saved 20,000 and bought a couple acres here in Oregon with dilapidated trailer. Still in the trailer, but it's almost paid for. no bank loan, OWC was a blessing to me.
It takes deep humilty to share your personal foreclosure story with everyone out here. Im sure many listening facing the same conundrums you did will be wiser to avoid financial catastrophe as a result of listening to you. What doesn't kill you, makes you stronger. Happy Father's Day Matt.
thanks, Paulina I appreciate you. I am thinking about doing a follow up video today to address things I would’ve done differently. You are correct many are possibly facing a similar situation now or will be in the coming months so I want to explain further.
My friend is 57 ...........went through the same thing and LOST EVERYTHING !! Your true story will humble a lot of people and help them . Great lesson MATT. I live in a big house but Its a learning lesson I am going to sell and downsize . ........I think a lot of people in their 30's are the same as you. We want it all and want it now ....HA. When we get in our 50's we are so much wiser. If younger ones want to LEARN .....LISTEN to older people . If we could go back in time we and a lot of people sure would change things. HAVE a Great Fathers DAY to you and POPS ! THANK -YOU for your story !!
So TRUE! I’m almost willing to give my furnishings away just to be a minimalist! House is paid for but I wish it was smaller😅. I guess we’ll crawl up the staircase if necessary😂we are NOT selling
Living in the Desert is Brutal. I moved to Palmdale Ca for my second home. I am 5 min from the beach now in Laguna Ca. . I am Proud of you for sharing your struggles most people don't
"what's coming" we have heard of "what'd coming" "any time now" "financial collapse" "market crash" since the beginning of YT videos. Still waiting .. 😂
Matt, I listen to you, JB and Patera when I prep and cook dinner for my husband and son. Appreciate your story and always appreciate your videos. I'm also a business owner that wears a lot of hats, so I get all that you talk about. Know that you are seen and heard.
I have made all the right choices for a good 10 years now. 795 credit score, no debt, and saving 1/3 of my salary for retirement. Solid white collar middle class job. It doesn't matter though. At no point in my life has the mortgage on the cheapest house within 100 miles been less than half of my income. Currently the mortgage on the cheapest home would be more than my entire income. Home ownership is impossible for the middle class, and increasingly difficult for the lower upper class.
111 here in Phoenix and heading for San Diego tomorrow. Will golf in the heat later. My biggest fear in life is being broke with no $$ in my pockets. I made it a mission to understand $$ early in life. The Richest Man in Babylon story is a must read for everyone. Cheap, Frugal, and Thrifty are 3 words most should embrace. Work hard.....Save Money!! Timmy C Arizona
My father was a fairly successful. We had a nice house BUT other than that we lived like we were very poor. no vacations no going out to dinner, no big toys. long story short he became a millionaire by living that way. luckily, I've kind of learned from that
that sucks I'm not rich but I enjoy vacations eating out etc with 0 debt. I'm living for today because tomorrow is not guaranteed, again living within my means.
Matt, thank you for choosing to share your story with all of us. It could not have been an easy decision. I totally admire you for setting pride aside and for using your painful experience to hopefully teach people to stay vigilant and not get drunk with success. if even one person learns from your experience, it will be worth it. It may have been a failure at the time, but you have made a more than successful recovery. Take care and Happy Father's Day!!!
One of your younger viewers here at 31 it sounds like. Appreciate the content and honesty on what happened back then, obviously I was pretty young then so this coming crisis will be my first. Trying to be as ready as I can!
Paul welcome to the channel. I hope that you will keep watching and most importantly consider sharing my videos with people your age. You are far ahead of most by paying attention to these videos (and others like mine) and you’ll have a ringside seat for the next crisis, which is unfolding before eyes.
I also had a ARM at 6.5 going up to 8.25. Critics of your or my decision have never faced it. I was laid off and constuction workers faced 56% unemployed. No work. It is happening again. Focasted then the next recession would be worse. We're only seeing the tip of it currently. Thx Matt for your story. Different $ wise but earily simular.
Lost my house in 2010, lived in Las Vegas. Wells would not work with me. Paid 239k and house dropped to 130k. Of the 30 houses on my street 23 were forclosed.
Our tough experiences can help people to not make the same mistakes. You all have a platform to share your stories with the younger generations who are going down the same road again
Thank you. I will send to my son who is looking for a home to buy within their budget. They are not having any luck. He said they would rent before they over extend themselves. They have one car and small student loan to pay off and will be debt free. Excellent credit, stable income - they are “ideal” borrowers - I think he will want to hear this story.
Matt thanks so much for your insights to situations. That had to be an extremely rough time in your life. I can see how easily it can happen to anyone. Now is a terrible time to buy a house. Or any big ticket items. God Bless you and your family 🙏.
You are my youngest brothers age. He also has two daughters ages 20 and 17. They are fine young women as I am sure yours are. Interesting story. Thanks Mr. Ox
5000+ square feet is pretty obnoxious for a family of three at the time. I understand wanting space for a family but that extra space was provably wasted. Hey, my folks built the custom 3600 home on an inlet in nj in 1986. Dad’s business of 20 years went to hell and it was given back to the bank. Fortunately they had some stupid luck and also made some sweet real estate deals in Florida. I learned through them, mostly. Made double my money on my Florida home in 2005 but lost $35000 on my Texas home in 2009. Never buy a home in Texas was my lesson. I’m 52 and know where you are coming from. Been through the same events in my own way.
God bless you and your family, thank God He protected you from those intruders. Thank you for sharing your story with such transparency, it will help others to avoid choices especially in the days we are living in. Have a blessed Father’s Day !🙏✝️☮️
Brave to share with us, thank you. If it was 2006, we, mortgage brokers did not know. There was talk, "it's coming" but we couldn't see it, we were mid, late 30 y.o. then. It happened in 1 day our pipelines shut down, all loans cancelled, few exceptions. $150k comm. in the pipe gone. Thanks for the video Matt!
Thanks for sharing your experiences. Everyone goes through something. And I agree now, more than ever, is the time to batten down the hatches. What will happen now we no longer have a "Petro" dollar? Few currencies last longer than 200 years.
Thank you for sharing. My dad lost our family house & has experienced 2 layoffs. He won’t talk about it! I’m 30 and want to learn about those experiences & 2008 but he won’t share
I lost my house in 2010. Helped my parents keep their home by not over ledgeing. My parents were never financially savvy. Helped family and lost family for trying to be good people. My husband’s credit was toast. For 8 years we couldn’t borrow, we needed a car, stretched every $, when everyone was buying cheap, we looked at their success and regretted making the bad decisions. We helped everyone but couldn’t help ourselves. 😢😢 Sad times. You tube has lots of free info. Study the markets. Study real estate, insurance and above all…live below your means. Good luck!
Matt, you are not alone in the past failure department. Unfortunately, I have had to swallow a heaping helping of that humble pie as well. It is a very unpleasant just desert for having bumped thy head in a serious way. Hind sight is 20/20.😖😞
You made the right call on the house for yourself, family, business, health and future. When you passed on the Porsche last year it showed a level of humility that isn’t seen very often nowadays, Happy Father’s Day!
Such a difficult lesson but it seemed to snap you awake and prompt you to make changes that have served you in the subsequent years. And you kept your family together. Often these enormous stresses just destroy everything. If your focus is going to be more real estate centered would you speak to putting property in trust as it relates to long term care insurance and the medicare lookback? Long term care insurance is complicated and I fear not worth the money and may not offer the security or care that it should given the cost of care and seemingly unviable business model.
thank you for the comment. Yes that’s a tricky subject relative to shielding assets for the long-term care insurance. I personally don’t handle those matters, but if I can provide any insight, I definitely will.
Wow. Thanks Matt! Very greatful you shared this story- I’m hurting, humbled, two kids, I am 43; in a painful housing situation. I will find out Monday if I’m getting a job at a gold and silver brokerage. We sold our house and condo pre covid because we Took a job managing a business for a billionaire on his property, (free housing) lost our job and are now forced into an extremely expensive rent situation in the same town we moved of- rent is now double my previous mortgage. Bravo for having the bravery of sharing such a story. My situation makes me sick every time I think of it. Let go and let God I guess.
In Minnesota judges used to be able to make you pay child support based on what they thought you could earn. 3 bankruptcies and 15 years later restoration of life is finally happening late in retirement.
New subscriber here. Great video! A young person showed me your video, and I’m advising him the same thing. Housing prices have been declining where I am, yet many don’t know it yet while realtors are still saying things like “buy now, you can always refinance”. I started making videos about real estate warning people as well. Proverbs 27:12 12 “A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences”.
Thank you for sharing - I had to buy my current house at the top of the market, due to a divorce with a young child. I’m still in the house and I was so excited the day that my property tax statement came and showed that I wasn’t underwater anymore. Life’s lessons present to all of us, it’s whether we learn from them that matters. Having been through this experience, I am much more appreciative of everything.
WOW, Thank you for sharing this deep cutting, soul searching, tough lesson, I'm 73, seen OC and Vegas die back then, and the bank bailouts, just pushed the can down the road, when ?? this mess finally cracks and crashes, it's going to be VERY, VERY, BAD !!
Well done! I expect that this example of real life problems and their impact will be appreciated by many new viewers and subscribers. Thank you. Please do more of these.
Thank you for sharing…, excellent video. Listening to what happened to you and your family will help many! Many people got caught in that market drop, you did what was right for your family AND you are better for it!!! 👏
23 year old here. My dad sent me this video and it was humbling to hear what was said. I’m not in any trouble financially, probably saving around 1k-1.5k a month with side hustle stuff and my job but it could easily be taken away by a poor financial decision. I wanted to buy a house before 25 but currently rethinking this. Any advice for someone in my shoes?
Just take your time and keep saving and investing. Cash is king right now! It’s 2007 all over again,be patient and everything will work out because you have a good attitude. I was in your position in 1998 and now we have been debt free since 2010 the first million takes time. I know it will happen for you as well because of the questions you’re asking at a young age. Hang in there and stay debt free. Have a great day 😊
Wow thanks for the insight. I agree that staying patient is so important and not trying to keep up with the joneses. I like that you are speaking from experience! Thanks a lot
Your Ego is not your Amigo is so true. I had a similar experience and I have learned much from it. My current home is paid off that I bought in 2000. Learning from experience is key!
Thank you for sharing that story Ox. In a situation like that one step does lead to another. Typically when the banks know you’re screwed, they will not work with you unless it’s a big benefit to them. You did what you had to do as the protector and the provider, God bless
Banks has to mitigate its risk and has seen many of the same story as Matt's from fresh out of college without extensive credit history. Banks work with real estate brokers and know how the casino game is rigged to the borrower. They know there are too many lawyers in this country good or bad and they are taking their little cuts or advantage.
It is difficult and treacherous to raise a family in California. It is a real accomplishment. You can't know everything and make perfect decisions all the time.
Thanks Ox, very helpful story. My family was destroyed when my parents lost everything (family home), in the 1980’s. I think you’re right, the economy has actually started collapsing and most people don’t see it yet, although grocery shopping is starting to wake people up. This time there may be 1 major difference though, along with a collapsing economy we may be at the end of our collapsing currency as well. There are many UA-cam channels pumping this idea that real estate is going to collapse so get ready to jump in for the deals. But I’ve been doing research on other countries that have gone through currency collapses, Lebanon, Turkey, Romania, Venezuela, Brazil, just to name a few and as the currency collapses everything with value including real estate rockets to the moon. Assets go up so fast and so aggressively that you need a wheel barrow of cash just to buy a loaf of bread and a few cans of food. At this point why do people think a loaf of bread will be $10 million but house prices will drop to half price? I believe there will be deals in real estate but I think the only way to buy anything of value will be if u are holding gold and or silver. Just my thoughts, thanks for your very helpful and informative story, much appreciated. And congratulations on your successful comeback, you didn’t let it destroy u or your family.
We sold at the right time bought at the wrong time. However, we survived! Luckily, we didn’t bite off more than we could chew. Yes, attorneys can have a huge ego problem until a judge, jury or opposing counsel puts them in their place😉. Our children will NEVER make that housing, car etc… mistake-a great sliver lining to this story❤️ Happy Father’s Day!!
I think that a lot of us have gone through something like what you went through!. A major learning experience. Look at what Dave Ramsey and his wife went through.
Your story is not failure! Its a success story! Wow, your story is just like mine. You needed the failure to make the success. So, the failure was nothing more than painful tuition! First line of the book Conan. it says "Beaten into wisdom on the Anvil of Will!"
thank you for sharing - - must be hard to share . hopefully the people that need to hear this hear it. one of my friends just bought a waterfront condo with a huge condo fee of all things. i advised her against it - prices at at a ridiculous level. the place cost more than a stand alone house of the same size just around the corner
Mark Twain said “Good judgment is the result of experience and experience is the result of bad judgment.” You’ve had the bad judgment and now you’ve got the experience. It’s good of you to be willing to share your bad judgment and the resulting experience. Hopefully you’ve helped one or more people by sharing the story.
Humility is very important, but so is patience. My family has been waiting for so long to buy, but I think the wait will be worth it. When you overbought, you paid around $200 per square foot which was about double what it should have been in my opinion. I believe it used to be the norm to get a home around $100 per square foot with mortgage rates somewhere around 8%. The bubble now is double or more what you experienced. This cannot last. Your message is true. Take care.
Our daughter and one, maybe two of her daughters have contracted to buy homes in a new development in NW Phoenix. Our daughter can weather a RE downturn, but I fear the granddaughters, both of whom are expecting their first child, are going out on a limb…
Old Testament said usury is against the Word of God = my Jewish friend receives a loan without interest when she is in need - lawyers even pro bono cases for her when she is in need - they stick together and do not take advantage of one another - I experienced this first hand and wondered why her religion did this for her but not for others.
Location, location, all real tors know they can market their goods for the price people are willing to finance if its in the right location. Commission is the only thing that might spook them (+5%?). Colorado have a influx of Californians and East Coast real estate buyers. If people don't buy it Black Rock will take it and jack up the value or price listing even more.
First, thank you for sharing this with everyone, I came to your channel from a collaboration you did with Dan of iAllegedly. 63 and an engineer, I lived my form of this story in the real estate mania of the late 80s, buying a inland empire townhome hoping to springboard to a house in the OC. Peaking about 6 mos later and then the decline. I only got out of the because the loan was assumable and lost only my down payment (I had withdrawn my 401k to do this deal). Forced back to renting for 6 years and haven't forgotten what it all cost. I felt like a failure, and the GF went off to someone else. When the 2005 mania was running full steam I could see it coming again, and here we're ready for another dose of reality.
Thank you for bravely sharing your story. It’s important to learn from the past, and your story will help others. Happy Father’s Day. God blessed you and your family! 🙏
Thanks for sharing that, Happy Father’s Day Matt! Those were tough times no doubt, I lived in Florida during that and I had friends ( a husband and wife) that had three houses one in sanibel, one in fort Myers and one in Cape Coral and it was there main investment and they lost all three houses in 2007. It was millions of dollars worth the houses they invested in and lost ,it was incredibly painful to see them go through that and they were much older much closer to retirement. That is why we are being so careful. Our house is paid for but it is too small but with the way the market is and the prices of the houses there is no way we would move on anything right now. I think your right we are here again at the same place we were then but honestly I think it might even be worst this time!! God bless you and thank you for your work
It was amazing how fast the real estate frenzy burst back then. I knew a lot of people that lost their homes, some were neighbors and some were coworkers. I had one neighbor that decided to just quit paying his mortgage and kept living in the house for 2 years until they finally gave him $3500 for the keys to the house. Thanks for sharing your story!
Thank you for being an example of a real man, there are many males walking about yet FEW real men. I believe one key statement you made was, they haven't gone through the school of hard knocks, and people are not humble. I'm thankful I went through 3 decades of poverty level living while being around affluent class of people. I was able to see first hand the arrogance, pure selfish and greedy attitudes. I've learned simplicity living brings greater happiness and comfort. Thanks again for sharing your story with all the information and lessons learned.
Happy Father's Day, Matt!!! Thank you for sharing your story. I will verbally share it with others. About 5 years ago I left CA. Watching the direction they had gone in the preceding couple of years gave me the idea that the cost of living there was going to increase significantly and it was already an expensive state to live in. I owed a small amount on the house I had there. I sold it and moved to the Midwest. I chose to downsize & paid cash for a smaller, older home. Yes, it needed work and that's happening as the repairs come up needing to be done. The property taxes here are much lower than they were in CA which is another savings. We use credit cards for online purchases. We may use credit cards for a home repair depending on the situation. The credit cards are paid off before we owe any interest on them. We have zero debt. I am looking at 2-3 long term side hustles. I have settled on one of them and am starting to build that. I had planned to start another one but got delayed on that. We had something good come up that has taken a substantial chunk of time and will continue to do so for about 3-4 more months. I think that diversifying income sources & keeping spending low is wise. I'm keeping spending low now and will continue to do so. I'm also looking at even more ways of diversifying income sources.
This is one of my favorite videos from you. It is helping change the course of my life and others. You’ve got a subscriber for life. Keep sharing wisdom and inspiring. -Eli
Awesome show as always..Ox my man,,You need more content videos so you can make money off this thing…Actually having less videos from a quality influencer makes you in greater demand…Allcthree if you guys have unique skills and backgrounds …I like JB and his prepper angle,,I like Aaron as a combat vet and his skills in Ranching/Farming make us show the best when we get his specialties …Your shows I think are best when you read the data to us the audiences and also when you talk about your personal angle with the knowledge of laws,,real estate,,The courts and basically the gaps and schemes in the system..I know man I get unmotivated as well when I’m real busy …Also you got different tools,,Don’t forget the short reals n stuff
We all need a place to live. I look at owning a home as a liability. Just when people think they have made it, they are losing their homes due to increased property taxes and home insurance premiums they can't afford. The first story about your wife's car getting stolen with the house keys and then robbers trying to get in is creepy af. Traumatic, especially with a new baby? I don't blame you for selling that house. Life in California sure has its twists and turns. I have some of my own creep stories living here. I was a Realtor for 15 years and I saw this coming long before the health crisis. This crash is going to be hideous and last longer than '08.
I wasn't expecting that tbh. You certainly weren't the only one caught but it's interesting to me that people who are so intelligent and capable in so many ways get caught in this way really. Not judging but I just find it interesting in terms of the fact that anyone can get caught in this manner. I understand what you're getting at in term of being a provider but you stuck together as a family, learned some important life lessons and will likely have passed it on to your kids so that they don't do the same thing. I always say that it's better to learn from the mistakes of others, as it's way cheaper, but the fact that you could work it all out and stay together as a family given those events whilst running a stressful business/career and raising young children is very impressive imo. Thanks for sharing.
I am 68 and lost everything in 2010. It took 8 yrs to foreclose (thanks to good attorney). I saved 20,000 and bought a couple acres here in Oregon with dilapidated trailer. Still in the trailer, but it's almost paid for. no bank loan, OWC was a blessing to me.
Alice. thanks for sharing that was the same year our house went back to the bank. I am
happy you are prospering now.
It takes deep humilty to share your personal foreclosure story with everyone out here. Im sure many listening facing the same conundrums you did will be wiser to avoid financial catastrophe as a result of listening to you. What doesn't kill you, makes you stronger. Happy Father's Day Matt.
thanks, Paulina I appreciate you. I am thinking about doing a follow up video today to address things I would’ve done differently. You are correct many are possibly facing a similar situation now or will be in the coming months so I want to explain further.
@@oxtalks It's not Paulina, it's Paul ?LOL !
@@paulinlasvegas My bad Paul! lol
@@oxtalks No worries, if I start wearing a dress, I'll let you know.
« It's good to learn from your mistakes. It's better to learn from other people's mistakes. » ─ Warren Buffett
Humbling yourself with a goal of helping others is worthy of great respect. Thank you.
Great story. Thank you for sharing. Humility goes a long way.
My friend is 57 ...........went through the same thing and LOST EVERYTHING !! Your true story will humble a lot of people and help them . Great lesson MATT. I live in a big house but Its a learning lesson I am going to sell and downsize . ........I think a lot of people in their 30's are the same as you. We want it all and want it now ....HA. When we get in our 50's we are so much wiser. If younger ones want to LEARN .....LISTEN to older people . If we could go back in time we and a lot of people sure would change things. HAVE a Great Fathers DAY to you and POPS ! THANK -YOU for your story !!
Thanks Shell I appreciate you. Hindsight is 2020 right. Hope the kiddos watch lol
@@oxtalks
@@oxtalks P.S. I love the BIG CHAIR !!
So TRUE! I’m almost willing to give my furnishings away just to be a minimalist! House is paid for but I wish it was smaller😅. I guess we’ll crawl up the staircase if necessary😂we are NOT selling
Im 39 I've been watching JB for the last 4 years now
You are old enough to have experienced the Great Financial Crisis to be able to relate with what JB talks about. The younger generation does not.
@@pax0r32 I agree 💯
Living in the Desert is Brutal. I moved to Palmdale Ca for my second home. I am 5 min from the beach now in Laguna Ca. . I am Proud of you for sharing your struggles most people don't
🙏
Today's youngsters live a hedonistic lifestyle, they wouldn't know what humility is. What's coming will humble them!
absolutely
"what's coming" we have heard of "what'd coming" "any time now" "financial collapse" "market crash" since the beginning of YT videos. Still waiting .. 😂
Matt, I listen to you, JB and Patera when I prep and cook dinner for my husband and son. Appreciate your story and always appreciate your videos. I'm also a business owner that wears a lot of hats, so I get all that you talk about. Know that you are seen and heard.
Thank you Jenny 🙏😊
I have made all the right choices for a good 10 years now. 795 credit score, no debt, and saving 1/3 of my salary for retirement. Solid white collar middle class job. It doesn't matter though. At no point in my life has the mortgage on the cheapest house within 100 miles been less than half of my income. Currently the mortgage on the cheapest home would be more than my entire income. Home ownership is impossible for the middle class, and increasingly difficult for the lower upper class.
111 here in Phoenix and heading for San Diego tomorrow. Will golf in the heat later. My biggest fear in life is being broke with no $$ in my pockets. I made it a mission to understand $$ early in life. The Richest Man in Babylon story is a must read for everyone. Cheap, Frugal, and Thrifty are 3 words most should embrace. Work hard.....Save Money!! Timmy C Arizona
👍🏻🤙🏻
God loves the humble man. He doesn't like the arrogant and proud so much.
My father was a fairly successful. We had a nice house BUT other than that we lived like we were very poor. no vacations no going out to dinner, no big toys. long story short he became a millionaire by living that way. luckily, I've kind of learned from that
Takes a humble person to live that life style ! Humility is something Americans know very little about !
@@FelipeValdez-og2tgso true
that sucks I'm not rich but I enjoy vacations eating out etc with 0 debt. I'm living for today because tomorrow is not guaranteed, again living within my means.
Your best video, thanks for this.
Thanks Scott 🙏
Matt, thank you for choosing to share your story with all of us. It could not have been an easy decision. I totally admire you for setting pride aside and for using your painful experience to hopefully teach people to stay vigilant and not get drunk with success. if even one person learns from your experience, it will be worth it. It may have been a failure at the time, but you have made a more than successful recovery. Take care and Happy Father's Day!!!
Thank you for this. Means a lot. 🙏
One of your younger viewers here at 31 it sounds like. Appreciate the content and honesty on what happened back then, obviously I was pretty young then so this coming crisis will be my first. Trying to be as ready as I can!
Paul welcome to the channel. I hope that you will keep watching and most importantly consider sharing my videos with people your age. You are far ahead of most by paying attention to these videos (and others like mine) and you’ll have a ringside seat for the next crisis, which is unfolding before eyes.
I also had a ARM at 6.5 going up to 8.25. Critics of your or my decision have never faced it. I was laid off and constuction workers faced 56% unemployed. No work. It is happening again. Focasted then the next recession would be worse. We're only seeing the tip of it currently. Thx Matt for your story. Different $ wise but earily simular.
Thanks for your response. It is happening again.
Scary shit about the keys -- thanks for sharing.
Will share with my sister.....
So Cal is in a massive real estate bubble right now. I'd sell and rent. Personally, I sold my So Cal home and moved out of the country.
do you mind if I ask where you went?
A bold move. Good luck sir.
@@oxtalks We moved to Queretaro, Mexico. My wife is from Mexico.
Great show! One of your best!
Thank you
Lost my house in 2010, lived in Las Vegas. Wells would not work with me. Paid 239k and house dropped to 130k. Of the 30 houses on my street 23 were forclosed.
Yes. Vegas got hit hard. Sorry you had to go through that.
Same here, a beautiful new condo in Cal. short sold. BofA was horrible. Best of luck in the future.
So sorry. I lost mine in 2011. Wells would not work with me even after I found a buyer.
Our tough experiences can help people to not make the same mistakes. You all have a platform to share your stories with the younger generations who are going down the same road again
@@lisaannwhite4080 Best of luck. Things get better.
I like the good long video tonight with good advice
Thank you. I will send to my son who is looking for a home to buy within their budget. They are not having any luck. He said they would rent before they over extend themselves. They have one car and small student loan to pay off and will be debt free. Excellent credit, stable income - they are “ideal” borrowers - I think he will want to hear this story.
Thanks for sharing Matt
For sure 👍 share it please with the young people in your life
Matt thanks so much for your insights to situations. That had to be an extremely rough time in your life. I can see how easily it can happen to anyone. Now is a terrible time to buy a house. Or any big ticket items. God Bless you and your family 🙏.
thanks Mike. 🙏
You are my youngest brothers age. He also has two daughters ages 20 and 17. They are fine young women as I am sure yours are. Interesting story. Thanks Mr. Ox
Thanks Betsy
5000+ square feet is pretty obnoxious for a family of three at the time. I understand wanting space for a family but that extra space was provably wasted. Hey, my folks built the custom 3600 home on an inlet in nj in 1986. Dad’s business of 20 years went to hell and it was given back to the bank. Fortunately they had some stupid luck and also made some sweet real estate deals in Florida. I learned through them, mostly. Made double my money on my Florida home in 2005 but lost $35000 on my Texas home in 2009. Never buy a home in Texas was my lesson. I’m 52 and know where you are coming from. Been through the same events in my own way.
Yes 5000 sq feet was ridiculous. We rarely went to the lower level.
Hello Matthew. Wow! You look great. Healthy. God bless. Happy that your looking and doing well.
YOU ARE TRULY INSPIRATIONAL
God bless you and your family, thank God He protected you from those intruders. Thank you for sharing your story with such transparency, it will help others to avoid choices especially in the days we are living in. Have a blessed Father’s Day !🙏✝️☮️
You are always very sweet with your comments. I appreciate it. Have a blessed day. 😊
Brave to share with us, thank you. If it was 2006, we, mortgage brokers did not know. There was talk, "it's coming" but we couldn't see it, we were mid, late 30 y.o. then. It happened in 1 day our pipelines shut down, all loans cancelled, few exceptions. $150k comm. in the pipe gone. Thanks for the video Matt!
Just subscribed to your channel!
Matt, thank-you for sharing your experience to warn others.
Thanks Debbie 😊
Thanks for sharing your experiences. Everyone goes through something. And I agree now, more than ever, is the time to batten down the hatches.
What will happen now we no longer have a "Petro" dollar? Few currencies last longer than 200 years.
Thank you for sharing. My dad lost our family house & has experienced 2 layoffs. He won’t talk about it! I’m 30 and want to learn about those experiences & 2008 but he won’t share
I lost my house in 2010. Helped
my parents keep their home by not over ledgeing. My parents were never financially savvy. Helped family and lost family for trying to be good people.
My husband’s credit was toast. For 8 years we couldn’t borrow, we needed a car, stretched every $, when everyone was buying cheap, we looked at their success and regretted making the bad decisions. We helped everyone but couldn’t help ourselves. 😢😢
Sad times.
You tube has lots of free info. Study the markets. Study real estate, insurance and above all…live below your means.
Good luck!
Thank you for sharing
I lost my family home in the same time frame never seen it coming, many more of these stories
Matt, you are not alone in the past failure department. Unfortunately, I have had to swallow a heaping helping of that humble pie as well. It is a very unpleasant just desert for having bumped thy head in a serious way. Hind sight is 20/20.😖😞
You made the right call on the house for yourself, family, business, health and future. When you passed on the Porsche last year it showed a level of humility that isn’t seen very often nowadays, Happy Father’s Day!
Such a difficult lesson but it seemed to snap you awake and prompt you to make changes that have served you in the subsequent years. And you kept your family together. Often these enormous stresses just destroy everything.
If your focus is going to be more real estate centered would you speak to putting property in trust as it relates to long term care insurance and the medicare lookback? Long term care insurance is complicated and I fear not worth the money and may not offer the security or care that it should given the cost of care and seemingly unviable business model.
thank you for the comment. Yes that’s a tricky subject relative to shielding assets for the long-term care insurance. I personally don’t handle those matters, but if I can provide any insight, I definitely will.
Wow. Thanks Matt! Very greatful you shared this story- I’m hurting, humbled, two kids, I am 43; in a painful housing situation.
I will find out Monday if I’m getting a job at a gold and silver brokerage. We sold our house and condo pre covid because
we Took a job managing a business for a billionaire on his property, (free housing) lost our job and are now forced into an extremely expensive rent situation in the same town we moved of- rent is now double my previous mortgage. Bravo for having the bravery of sharing such a story. My situation makes me sick every time I think of it. Let go and let God I guess.
Hang in and stay the course. As they say ‘this too shall pass’. 🙏
Happy Fathers Day to all the dads out there!🙂
Respect for this disclosure, man. Mad respect.
In Minnesota judges used to be able to make you pay child support based on what they thought you could earn. 3 bankruptcies and 15 years later restoration of life is finally happening late in retirement.
I appreciate you, the journey is difficult, right?
@@oxtalks With God no. Without God yes.
New subscriber here. Great video! A young person showed me your video, and I’m advising him the same thing. Housing prices have been declining where I am, yet many don’t know it yet while realtors are still saying things like “buy now, you can always refinance”. I started making videos about real estate warning people as well. Proverbs 27:12 12 “A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences”.
Thank you for watching 👍
Thank you for sharing your experience. We all have a story to tell. My husband and I have made many wrong choices. We learn from our mistakes. 😢
Thank you for sharing - I had to buy my current house at the top of the market, due to a divorce with a young child. I’m still in the house and I was so excited the day that my property tax statement came and showed that I wasn’t underwater anymore. Life’s lessons present to all of us, it’s whether we learn from them that matters. Having been through this experience, I am much more appreciative of everything.
Yes, that’s the humbling part. But you are correct some people just get bitter and then double down making an even greater mistake the next time.
WOW, Thank you for sharing this deep cutting, soul searching, tough lesson, I'm 73, seen OC and Vegas die back then, and the bank bailouts, just pushed the can down the road, when ?? this mess finally cracks and crashes, it's going to be VERY, VERY, BAD !!
Such a great video! THANKS for your story. It's bound to keep at least some from having to travel the same path. Happy Fathers' Day to you!
Well done! I expect that this example of real life problems and their impact will be appreciated by many new viewers and subscribers. Thank you. Please do more of these.
Thank you for sharing…, excellent video. Listening to what happened to you and your family will help many!
Many people got caught in that market drop, you did what was right for your family AND you are better for it!!! 👏
Thanks for watching
23 year old here. My dad sent me this video and it was humbling to hear what was said. I’m not in any trouble financially, probably saving around 1k-1.5k a month with side hustle stuff and my job but it could easily be taken away by a poor financial decision. I wanted to buy a house before 25 but currently rethinking this. Any advice for someone in my shoes?
Just take your time and keep saving and investing. Cash is king right now! It’s 2007 all over again,be patient and everything will work out because you have a good attitude. I was in your position in 1998 and now we have been debt free since 2010 the first million takes time. I know it will happen for you as well because of the questions you’re asking at a young age. Hang in there and stay debt free. Have a great day 😊
Wow thanks for the insight. I agree that staying patient is so important and not trying to keep up with the joneses. I like that you are speaking from experience! Thanks a lot
Save your money.
Your Ego is not your Amigo is so true. I had a similar experience and I have learned much from it. My current home is paid off that I bought in 2000. Learning from experience is key!
Very humbling experience. We all go through a humbling experience in life. Thank you for sharing your story.
Thank you for sharing that story Ox. In a situation like that one step does lead to another. Typically when the banks know you’re screwed, they will not work with you unless it’s a big benefit to them. You did what you had to do as the protector and the provider,
God bless
Banks has to mitigate its risk and has seen many of the same story as Matt's from fresh out of college without extensive credit history. Banks work with real estate brokers and know how the casino game is rigged to the borrower. They know there are too many lawyers in this country good or bad and they are taking their little cuts or advantage.
Good lessons to leaen from! Onwards & upwards, Happy father's day 👍
Thanks Dan
Great Story you are an outstanding individual
Thanks for sharing your story. Happy Father's day to you
It is difficult and treacherous to raise a family in California. It is a real accomplishment. You can't know everything and make perfect decisions all the time.
Thanks Ox, very helpful story. My family was destroyed when my parents lost everything (family home), in the 1980’s. I think you’re right, the economy has actually started collapsing and most people don’t see it yet, although grocery shopping is starting to wake people up. This time there may be 1 major difference though, along with a collapsing economy we may be at the end of our collapsing currency as well. There are many UA-cam channels pumping this idea that real estate is going to collapse so get ready to jump in for the deals. But I’ve been doing research on other countries that have gone through currency collapses, Lebanon, Turkey, Romania, Venezuela, Brazil, just to name a few and as the currency collapses everything with value including real estate rockets to the moon. Assets go up so fast and so aggressively that you need a wheel barrow of cash just to buy a loaf of bread and a few cans of food. At this point why do people think a loaf of bread will be $10 million but house prices will drop to half price? I believe there will be deals in real estate but I think the only way to buy anything of value will be if u are holding gold and or silver. Just my thoughts, thanks for your very helpful and informative story, much appreciated. And congratulations on your successful comeback, you didn’t let it destroy u or your family.
Thank you for sharing what happens to real estate prices during currency collapses in other countries. I have been wondering about that.
We sold at the right time bought at the wrong time. However, we survived! Luckily, we didn’t bite off more than we could chew. Yes, attorneys can have a huge ego problem until a judge, jury or opposing counsel puts them in their place😉. Our children will NEVER make that housing, car etc… mistake-a great sliver lining to this story❤️
Happy Father’s Day!!
That’s the big take away, staying within your means. Thanks for watching.
I think that a lot of us have gone through something like what you went through!. A major learning experience. Look at what Dave Ramsey and his wife went through.
Your story is not failure! Its a success story! Wow, your story is just like mine. You needed the failure to make the success. So, the failure was nothing more than painful tuition! First line of the book Conan. it says "Beaten into wisdom on the Anvil of Will!"
First you must build up your muscles, how the hell you going to beat up a anvil? The anvil will beat you up.😂😂😂😂
Thanks for sharing , great life lesson
Be ye therefore perfect, even as your Father which is in heaven is perfect.
thank you for sharing - - must be hard to share . hopefully the people that need to hear this hear it. one of my friends just bought a waterfront condo with a huge condo fee of all things.
i advised her against it - prices at at a ridiculous level. the place cost more than a stand alone house of the same size just around the corner
Mark Twain said “Good judgment is the result of experience and experience is the result of bad judgment.” You’ve had the bad judgment and now you’ve got the experience. It’s good of you to be willing to share your bad judgment and the resulting experience. Hopefully you’ve helped one or more people by sharing the story.
Hello Matt. Thank you for sharing ❤️🙏
Humility is very important, but so is patience. My family has been waiting for so long to buy, but I think the wait will be worth it. When you overbought, you paid around $200 per square foot which was about double what it should have been in my opinion. I believe it used to be the norm to get a home around $100 per square foot with mortgage rates somewhere around 8%. The bubble now is double or more what you experienced. This cannot last. Your message is true. Take care.
Thank you for sharing your story..timely advice for the times were are living in.
Our daughter and one, maybe two of her daughters have contracted to buy homes in a new development in NW Phoenix. Our daughter can weather a RE downturn, but I fear the granddaughters, both of whom are expecting their first child, are going out on a limb…
Old Testament said usury is against the Word of God = my Jewish friend receives a loan without interest when she is in need - lawyers even pro bono cases for her when she is in need - they stick together and do not take advantage of one another - I experienced this first hand and wondered why her religion did this for her but not for others.
J’s only help fellow j’s. Not goyim
June 13, 2024 National Debt $34,683,580,629,557.70 and folks can't buy a house.
Location, location, all real tors know they can market their goods for the price people are willing to finance if its in the right location. Commission is the only thing that might spook them (+5%?). Colorado have a influx of Californians and East Coast real estate buyers. If people don't buy it Black Rock will take it and jack up the value or price listing even more.
Appreciate you sharing your story. Respect
Wow, thanks for sharing. I wish you could have kept the foreclosed house, then sell it last year. Could make a ton of money.
Oh wow! I honestly thought the title was about someone else. Sorry to hear this. Thank you for your honesty and transparency 😍
Thanks for your story…keep it coming
Thank you for sharing your story. I really appreciate it.
I like your channel even more now.
Appreciate you Matt. Thanks for sharing.
Thanks for being transparent.
Thank you for sharing your story!
First, thank you for sharing this with everyone, I came to your channel from a collaboration you did with Dan of iAllegedly.
63 and an engineer, I lived my form of this story in the real estate mania of the late 80s, buying a inland empire townhome hoping to springboard to a house in the OC. Peaking about 6 mos later and then the decline. I only got out of the because the loan was assumable and lost only my down payment (I had withdrawn my 401k to do this deal). Forced back to renting for 6 years and haven't forgotten what it all cost. I felt like a failure, and the GF went off to someone else.
When the 2005 mania was running full steam I could see it coming again, and here we're ready for another dose of reality.
Thank you for bravely sharing your story. It’s important to learn from the past, and your story will help others. Happy Father’s Day. God blessed you and your family! 🙏
Thanks for sharing that, Happy Father’s Day Matt! Those were tough times no doubt, I lived in Florida during that and I had friends ( a husband and wife) that had three houses one in sanibel, one in fort Myers and one in Cape Coral and it was there main investment and they lost all three houses in 2007. It was millions of dollars worth the houses they invested in and lost ,it was incredibly painful to see them go through that and they were much older much closer to retirement. That is why we are being so careful. Our house is paid for but it is too small but with the way the market is and the prices of the houses there is no way we would move on anything right now. I think your right we are here again at the same place we were then but honestly I think it might even be worst this time!! God bless you and thank you for your work
It was amazing how fast the real estate frenzy burst back then. I knew a lot of people that lost their homes, some were neighbors and some were coworkers. I had one neighbor that decided to just quit paying his mortgage and kept living in the house for 2 years until they finally gave him $3500 for the keys to the house. Thanks for sharing your story!
Tx matt....that was a hard life lesson you had.
always live below your means .
Thank you for sharing. Our family has lost so much in the last few years, rebuilding is exhausting, but so very possible.
Thank you for being an example of a real man, there are many males walking about yet FEW real men. I believe one key statement you made was, they haven't gone through the school of hard knocks, and people are not humble. I'm thankful I went through 3 decades of poverty level living while being around affluent class of people. I was able to see first hand the arrogance, pure selfish and greedy attitudes. I've learned simplicity living brings greater happiness and comfort. Thanks again for sharing your story with all the information and lessons learned.
Thank you 🙏
The "why" behind your advice should influence people more than the advice by itself.
I am going to do a follow-up video today I think to explain things I would’ve done differently once we were in the situation.
HAPPY FATHERS DAY, MATT. ENJOY. ❤
Happy Father's Day, Matt!!! Thank you for sharing your story. I will verbally share it with others. About 5 years ago I left CA. Watching the direction they had gone in the preceding couple of years gave me the idea that the cost of living there was going to increase significantly and it was already an expensive state to live in. I owed a small amount on the house I had there. I sold it and moved to the Midwest. I chose to downsize & paid cash for a smaller, older home. Yes, it needed work and that's happening as the repairs come up needing to be done. The property taxes here are much lower than they were in CA which is another savings. We use credit cards for online purchases. We may use credit cards for a home repair depending on the situation. The credit cards are paid off before we owe any interest on them. We have zero debt. I am looking at 2-3 long term side hustles. I have settled on one of them and am starting to build that. I had planned to start another one but got delayed on that. We had something good come up that has taken a substantial chunk of time and will continue to do so for about 3-4 more months. I think that diversifying income sources & keeping spending low is wise. I'm keeping spending low now and will continue to do so. I'm also looking at even more ways of diversifying income sources.
This is one of my favorite videos from you. It is helping change the course of my life and others. You’ve got a subscriber for life.
Keep sharing wisdom and inspiring.
-Eli
I appreciate you Eli 👍
Awesome show as always..Ox my man,,You need more content videos so you can make money off this thing…Actually having less videos from a quality influencer makes you in greater demand…Allcthree if you guys have unique skills and backgrounds …I like JB and his prepper angle,,I like Aaron as a combat vet and his skills in Ranching/Farming make us show the best when we get his specialties …Your shows I think are best when you read the data to us the audiences and also when you talk about your personal angle with the knowledge of laws,,real estate,,The courts and basically the gaps and schemes in the system..I know man I get unmotivated as well when I’m real busy …Also you got different tools,,Don’t forget the short reals n stuff
HI MATT. Thank you for sharing your story. I wish you continued sucess in all you do while our country goes down.
We all need a place to live. I look at owning a home as a liability. Just when people think they have made it, they are losing their homes due to increased property taxes and home insurance premiums they can't afford. The first story about your wife's car getting stolen with the house keys and then robbers trying to get in is creepy af. Traumatic, especially with a new baby? I don't blame you for selling that house. Life in California sure has its twists and turns. I have some of my own creep stories living here. I was a Realtor for 15 years and I saw this coming long before the health crisis. This crash is going to be hideous and last longer than '08.
I wasn't expecting that tbh.
You certainly weren't the only one caught but it's interesting to me that people who are so intelligent and capable in so many ways get caught in this way really. Not judging but I just find it interesting in terms of the fact that anyone can get caught in this manner.
I understand what you're getting at in term of being a provider but you stuck together as a family, learned some important life lessons and will likely have passed it on to your kids so that they don't do the same thing.
I always say that it's better to learn from the mistakes of others, as it's way cheaper, but the fact that you could work it all out and stay together as a family given those events whilst running a stressful business/career and raising young children is very impressive imo.
Thanks for sharing.
Thanks Matt
Thanks