BMCC 2024 Closing Keynote: Keith Bynum and Evan Thomas
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- Опубліковано 13 вер 2024
- buildingmicomm...
Passionate Detroit boosters and stars of HGTV's Bargain Block, Keith Bynum and Evan Thomas, close out the 2024 25th anniversary Building Michigan Communities Conference.
Kudos to you guys, “bringing more young people into the trades”. That was a powerful mantra that should be spread across the country. When I watch HGTV, too many of the skilled trades are dominated by older white men. Let’s spread the wealth. Public education has placed too much emphasis on higher ed. A skilled plumber or electrician enters the world of work without a crippling student loan. Katie one of the project managers on Home Town is my hero. 😂
In 09 I bought a 1564 sq ft 2 bedroom 1.5 bath condo in California.
I was a 2 story and when the complex was being built my condo was the “model” unit so it had every option available.
It was 1 of 2 condos with a fenced in back yard.
The living room was 17X27.
The master bedroom was above the living room and its dimensions was 12X27.
It had a Galley kitchen, large dining room and a powder room downstairs.
The living room had a fireplace that could burn wood or natural gas.
The bathroom upstairs was a “Jack and Jill”.
It was large. The toilet had its own room as well as the shower/bath had its own room.
The spare bedroom was 12.5X12 with a walk in closet.
In the front private courtyard had a built in laundry room.
A previous owner had put Spanish tile throughout the front courtyard, the entire downstairs, the rear patio and the walkway to the rear gate of my fenced in backyard.
The previous owners paid $178K for my unit and let it go back to the bank.
The woman who appraised my condo had just came from the NE area of the city where houses cost $60K or less, so it was in her head that my condo in the Upper Middle Class in the SW area of the city wasn’t worth very much. She told the bank that it was worth $32K, so that’s what I paid for it.
It needed all new appliances in the kitchen and a sink in the powder room.
I had new carpet installed on the stairs, the landing and both bedrooms and had new tile installed in the upper bathroom.
I repainted the entire interior.
I had landscapers put down faux grass in the backyard and planted dwarf fruit trees, as well as a crooked Willow tree and 2 evergreen trees. On one side of the walkway was my garden area.
I bought a 10X12 covered screened in gazebo that was connected to my patio.
New drapes and blinds were installed as well as double paned windows and a new steel insulated front door with a large oval mirror.
I put up a wall and a garage door so that I could have a 1 car garage with the additional parking space next to my garage.
I lived there for 7 years old when I sold it, 2 families got into a “war” so I sat back and let them fight for it, which drove up the price substantially.
I made enough money on that condo, plus an additional $10K so my wife and I were able to pay cash for a 54.5 acre property on a mountain in north central WA state.
We then built a custom home that is 2220 sq ft, 3bedroom 3 bath house with an attached 800 sq ft 1bedroom 1 bath apartment with a full kitchen and bathroom.
Our oversized 2.5 car garage is under 2 bedrooms and the master bath .
Our home cost $400K to build.
It’s currently worth just shy of $1 Million.
We plan on keeping it for 5-8 more years and sell it to relocate to ID or MT, as the Communist Leftists are now taking over my home state of Washington.
Wherever we choose to relocate to, we’ll pay cash for our land and house so we can live out our Golden Years debt free.
Lovely to hear from the guys first hand -- had no idea about the back stories and all the challenges -- even more respect for them ❤
Our mortgage is $2,500 per month.
Our attached 1 bedroom 1 bath apartment rents for $1,400 per month and that includes all utilities.
We add $1K per month to our mortgage and we take the $400 per month and invest it into a CD, so that when we need a home repair we have the money to pay for it.
Essentially we’re paying $3,500 per month for our mortgage and that’s an additional $1K per month going towards the principal and NOT on the interest.
If you own a home on a 30 year mortgage, if you make just ONE extra payment per year, then you can have your mortgage paid off in only 18 years.
If you have a 15 year mortgage and you make just ONE extra payment a year, then you can have your home paid off in 7 years.
My wife and I pay 2 extra payments per year so we’ll have our mortgage paid off in only 14 years on a 30 year mortgage.
If you have an extra room, rent it out and take that rent money and apply it on Top of your monthly payments.
Get that house paid off ASAP.
My husband and I are also doing a very similar housing rehab in our community and as an interracial gay couple we clearly see part of the problem you're describing but you are leaving out the racial reactive component as one of the issues with the appraisals. There needs to be a way to vet appraisers, much like many other professions, to remove that level of unfairness. I don't have a magic answer but predominantly afro centric neighborhoods are usually valued much less. And that's not just in Detroit.
If you have a basement with a bathroom, rent out that space and put in a small stove, microwave and fridge.
Turn it into an apartment.
Add their rent to your mortgage, or put it into a CD so that you’ll have the money to pay for maintenance.
It really doesn’t matter if you drive a new Cadillac or not. Heck drive a Corolla and get your house paid off. Then buy yourself a new POS Cadillac.
After listening to this session I now know why you guys don’t do concrete counter tops. 😂