I bought my house in 2009 for 84k, I paid it off in 14 years and now it’s worth 200k. I don’t see how there’s people that bought during that time and they still haven’t paid it off.
People are doing 30 year mortgages I don’t understand your comment buying a home is not a one size fits all experience. Not everyone bought a home for $84,000 just saying.
I don't struggle comparing myself to people who bought at the right time (lucky or smart or whatever you want to call it). I struggle with family / coworkers that I can't really avoid who just have to shove in my face their 2% mortgage rate paying $1k a month for a house that ballooned $200k in the past 5 years. 0 empathy from a lot of people who bought at the right time. Some people have no ability how to talk about an issue plaguing America's younger generation without tooting their own horn about how fortunate (again lucky or smart) they are.
@@rathelmmc3194 It's not nearly as bad for people looking to sell. Most of them bought at an incredible rate and often incredible price. They have options, mostly importantly they have the option to not sell and keep their current rate/price. They're only "stuck" because they don't want to lower the asking price to find buyers. My former landlord bought her condo for $200k at a great location and rate. in 2019. She tried selling it in 2023 for $375k, and she turned down a few offers because she thought she could get better. Now she's struggling to find anyone around the $325k asking price and she has the gall to complain that she's ONLY going to make $100kish over the 5 years. That's hardly a plague.
I bought this year. The only thing that would stress me out regarding the value is if it tanks right when i need to refinance to fix something (roof anyone?). If when i sell, i don't profit, i don't really care as long as i break even.
You can get an FHA 203-k loan to fix the roof its limited to 30-35k. Ps I'm a doomer, so I think the Phoenix housing market will tank 30% in the next 36 months. Because reasons.
We saved and saved and bought a auction house in 2020. Lived with family for 2 years fixing it up from the studs. We hunted luck down like the terminator. 🏡 Next idea is the build a house. More work..
I have five kids under 7 in a 950sqft, 2bd apartment (and homeschool my older 4 in here). All of my friends have 1 or 2 kids and swear that they NEEDED a 4+-bed, 2000+ sqft house (and all bought their second or third home in the last 4 years). My kids are all academically advanced and as well adjusted as all of their friends (more so than some). The only thing suffering is my mental health as I listen to my friends still complaining about not having enough while I have so much less, financially.
I for sure got.lucky buying in 2012 now its 4x more .wasn't even stressful, pretty blessed..bought my 2nd in 2021 2.8 intrest so now im also a landlord
@Truebaconluver Stupid when people say "BUT IM NOT STRESSED". Ok bro, live in your cloud. The rest of us will review history and decide to make wise decisions.
Javier.... I am gonna dime you out to Wifey. Because I know you all are going to quadruple your net-worth lol. Jk, keep up the work my guy. My story is, mom bought in 2005 for around 232-260, the house put her in the grave trying to maintain literally (God Rest her soul). I was a squatter in there for a few years after her becoming ill and let it lapse because I hate the area, condo association was a joke, couldn't afford it, was leaving the state, and it just wasn't worth it to me (still isn't) if I had it. I cut out in 2021 The new owner inherited it in 2019ish I think for and unknown amount (I think the 150s) with some damage (maybe 15K worth give or take then they had to fight to get me out of the place) and sold for 328K in 22. My mom lost, second owner won, the current owner is an imbecile and lost. That area isn't getting gentrified for the next 5-7 years IMO. I am willing to take a calculated risk now with a mortgage no more than 38% my income, but I am not looking to eek out any big gains until 4-5 years in.
I am interested in purchasing a property. My annual net income is $180,000, and I have no outstanding debts. I would like to know if a purchase price of $477,000 is reasonable.
Snitches don't get stitches, they live in nice neighborhoods. That whole "snitches get stitches" mentality is why some neighborhoods will always be undesirable to live in. (I know it was prob just a joke, just figured I'd point that out anyway)
Maybe a video about how stable home prices but up and down interest rates affect the market? Because that's what we have. House prices haven't moved a lot over the last couple years but our interest rates are at a 20+ year high making any potential housing crash 100% the will of the government. For example a 300k house 3 years ago cost you 1k less a month today. That's $1000 more in monthly mortgage for the same exact house.
My parents sold late 2006 they made out sold there 189k home for 499k. Left MD Bought land in PA an design an house an had it built house has been paid off for along time they both been retired for 20 years now an are doing amazing an will.nevrr sell there dream home they designed
My mom likes how she doesn't have a mortgage or car payments my dad want to buy a condo at the beach my mom says no she doesn't want a mortgage wish she would let him buy an ocean from condo somewhere cuz then we could go to the beach for free all time but o well
I bought my first home in 2006 for around 150k (at 6.5%), in 2008 it was worth about 96k. I held out and stayed there mostly because of work. I managed to sell it in 2020 for around 100k, I sold as is, no repairs nothing, it enabled me to pay off my remaining mortgage and walk away with a bit over 900 dollars from the sale after closing costs and fees etc. Just checked zillow and its listed there at around 230k, so while I didnt benefit from it the value did climb backup and exceed even my original purchase. My biggest take away is interest rates hurt more than the price of the home. If you buy a house below your max money available you have more options. I should held out for a better interest rate but I was young newly married and thats what was offered so I took it. I also couldnt refi because I was upside-down on my loan. A lower monthly payment should enable you to paydown extra principle which I believe everyone should do if they can reasonably afford to do so for at least the first few years. I now live in a 250k house, at 3% (bought months before rates started climbing) and I am only paying about 400 more a month than I was for a 150k house.
hello Mr Vidana, I watched Mrs Smallhorn's LIVE stream and you were a guest, my name is Gerald Wade, the one who joined her other LIVE streams before, my other UA-cam account got terminated 4 months ago in January for too much Copyright
Went to Navy bootcamp in 2007, I was totally oblivious to the meltdown that was happening since we don't get outside news while in. My mom had just bought a house in Las Vegas in 2006, it was ~300K and went to $180 while I was gone. She shortselled the house, unfortunately, she didn't know better. Its worth $500k now. I went to boot from that house, came home to an apartment for Christmas. Crazy times. Mom's a nurse so she was fine. The military insulated me from the depression level job market for the years to come. Yes, an enlistment contract is hard to get out of and you are a tool of the state, but its also guaranteed job, housing and food. I considered myself lucky since I heard it was difficult to enlist during those times.
Have my own family now, we are looking at houses, but it seems kind of iffy. Good credit score. I just don't want to make the same mistake my mom made. But then I don't know how to avoid it.
Buying below your means is critical. I’ve met a lot of miserable people who can barely afford their houses and live 40 plus minutes each way from work. Other than avoiding the ridiculous prices of a year or two ago. I just don’t think there really is a perfect time to buy (for someone who is ready to buy).
Recent Newlyweds in 2007 bought a 2/1 condo near Miami and then went underwater almost immediately, condos being foreclosed and auctioned off for 50% of what we bought for. HOA kept rising and since we had 6.5 interest rate we eventually could not afford it anymore. I went back to school and we lost 1 income to push ahead. We eventually foreclosed in 2013 too with two babies, bought a 2/2 mobile home in a better area. We saved and waited 7 years, and cleared up credit/debt free, bought a 3/2 home in 2020 in Tampa because that is when we were ready, thank to God 🙏 Home appreciated 100k since and our interest is at 2.88. We feel back on track but definitely scarred by the 2008 market
I enjoy your work & efforts, every time. What are your thoughts on: •An older well and septic tank? As in more than 20yrs) •I need to know, what I don’t know; any specific suggestions or questions to ask or infer? •What might be the easiest way(s) to find out? (for buyer and realtor) Your time and thoughts are appreciated greatly. Thank you for creating & sharing. Keep going
Im one of those Edgars that sold my house in Oct 2021. I made good equity and was able to move up in house. If it wasnt for the hot market I wouldnt be able to do so without that sale.
I lost a house in the 08 fiasco. Only since the recent run up is the house worth more than what I paid for it. However the house is still upside down in real dollars. People don't really think about real dollars. You only make money if you sell for more in real dollars, not nominal dollars. I think people who bought in the last 2 or 3 years will be upside down in real dollars forever. Housing is too expensive against incomes.
I bought my house in 2009 for 84k, I paid it off in 14 years and now it’s worth 200k. I don’t see how there’s people that bought during that time and they still haven’t paid it off.
Life.
Most likely took out second mortgages or third.
People are doing 30 year mortgages I don’t understand your comment buying a home is not a one size fits all experience. Not everyone bought a home for $84,000 just saying.
That's some cheap market then if the current price is 200k. Back then my parents home was over 200k. No way they pay it off.
I don't struggle comparing myself to people who bought at the right time (lucky or smart or whatever you want to call it). I struggle with family / coworkers that I can't really avoid who just have to shove in my face their 2% mortgage rate paying $1k a month for a house that ballooned $200k in the past 5 years. 0 empathy from a lot of people who bought at the right time.
Some people have no ability how to talk about an issue plaguing America's younger generation without tooting their own horn about how fortunate (again lucky or smart) they are.
It's not just younger people. This is a plague for everyone looking to buy and sell.
@@rathelmmc3194 It's not nearly as bad for people looking to sell. Most of them bought at an incredible rate and often incredible price. They have options, mostly importantly they have the option to not sell and keep their current rate/price. They're only "stuck" because they don't want to lower the asking price to find buyers.
My former landlord bought her condo for $200k at a great location and rate. in 2019. She tried selling it in 2023 for $375k, and she turned down a few offers because she thought she could get better. Now she's struggling to find anyone around the $325k asking price and she has the gall to complain that she's ONLY going to make $100kish over the 5 years. That's hardly a plague.
I bought this year. The only thing that would stress me out regarding the value is if it tanks right when i need to refinance to fix something (roof anyone?).
If when i sell, i don't profit, i don't really care as long as i break even.
You can get an FHA 203-k loan to fix the roof its limited to 30-35k.
Ps I'm a doomer, so I think the Phoenix housing market will tank 30% in the next 36 months. Because reasons.
@alexmoore5970 oh I'm not in Phoenix. Where I bought is in the process of revitalization so I'm hopeful
We saved and saved and bought a auction house in 2020. Lived with family for 2 years fixing it up from the studs. We hunted luck down like the terminator. 🏡
Next idea is the build a house. More work..
Love your stuff Javier. Me and my fiancé watch your videos religiously and it has empowered us in more ways we can’t imagine.
Thank you
No facial hair Javier. What drove you to do it? @javier
Prices are already 12x the median income in my area. Realtors “Buy buy prices are only going to up and refinance later” 😅
I have five kids under 7 in a 950sqft, 2bd apartment (and homeschool my older 4 in here). All of my friends have 1 or 2 kids and swear that they NEEDED a 4+-bed, 2000+ sqft house (and all bought their second or third home in the last 4 years). My kids are all academically advanced and as well adjusted as all of their friends (more so than some). The only thing suffering is my mental health as I listen to my friends still complaining about not having enough while I have so much less, financially.
Do you want a cookie for keeping your family in an overcrowded apartment? Sounds like your friends are doing fine.
Who is this baby faced man and what did he do with Javier?
I for sure got.lucky buying in 2012 now its 4x more .wasn't even stressful, pretty blessed..bought my 2nd in 2021 2.8 intrest so now im also a landlord
And no there's no crash comin
@Truebaconluver Stupid when people say "BUT IM NOT STRESSED". Ok bro, live in your cloud. The rest of us will review history and decide to make wise decisions.
@@nicolcacola sound triggered
@@Truebaconluver Listen for info, not tone 🤙
@@nicolcacola kool
I just got my house for 495 in the east bay Bay Area wish me luck
Javier.... I am gonna dime you out to Wifey. Because I know you all are going to quadruple your net-worth lol. Jk, keep up the work my guy. My story is, mom bought in 2005 for around 232-260, the house put her in the grave trying to maintain literally (God Rest her soul). I was a squatter in there for a few years after her becoming ill and let it lapse because I hate the area, condo association was a joke, couldn't afford it, was leaving the state, and it just wasn't worth it to me (still isn't) if I had it. I cut out in 2021 The new owner inherited it in 2019ish I think for and unknown amount (I think the 150s) with some damage (maybe 15K worth give or take then they had to fight to get me out of the place) and sold for 328K in 22. My mom lost, second owner won, the current owner is an imbecile and lost. That area isn't getting gentrified for the next 5-7 years IMO. I am willing to take a calculated risk now with a mortgage no more than 38% my income, but I am not looking to eek out any big gains until 4-5 years in.
I am interested in purchasing a property. My annual net income is $180,000, and I have no outstanding debts. I would like to know if a purchase price of $477,000 is reasonable.
Snitches don't get stitches, they live in nice neighborhoods.
That whole "snitches get stitches" mentality is why some neighborhoods will always be undesirable to live in.
(I know it was prob just a joke, just figured I'd point that out anyway)
Maybe a video about how stable home prices but up and down interest rates affect the market? Because that's what we have. House prices haven't moved a lot over the last couple years but our interest rates are at a 20+ year high making any potential housing crash 100% the will of the government. For example a 300k house 3 years ago cost you 1k less a month today. That's $1000 more in monthly mortgage for the same exact house.
My parents sold late 2006 they made out sold there 189k home for 499k. Left MD Bought land in PA an design an house an had it built house has been paid off for along time they both been retired for 20 years now an are doing amazing an will.nevrr sell there dream home they designed
My mom likes how she doesn't have a mortgage or car payments my dad want to buy a condo at the beach my mom says no she doesn't want a mortgage wish she would let him buy an ocean from condo somewhere cuz then we could go to the beach for free all time but o well
I bought my first home in 2006 for around 150k (at 6.5%), in 2008 it was worth about 96k. I held out and stayed there mostly because of work. I managed to sell it in 2020 for around 100k, I sold as is, no repairs nothing, it enabled me to pay off my remaining mortgage and walk away with a bit over 900 dollars from the sale after closing costs and fees etc. Just checked zillow and its listed there at around 230k, so while I didnt benefit from it the value did climb backup and exceed even my original purchase.
My biggest take away is interest rates hurt more than the price of the home. If you buy a house below your max money available you have more options. I should held out for a better interest rate but I was young newly married and thats what was offered so I took it. I also couldnt refi because I was upside-down on my loan. A lower monthly payment should enable you to paydown extra principle which I believe everyone should do if they can reasonably afford to do so for at least the first few years. I now live in a 250k house, at 3% (bought months before rates started climbing) and I am only paying about 400 more a month than I was for a 150k house.
Speaks volumes on people buying 500k+ homes at a 7%+ interest rate. They have no idea.
hello Mr Vidana, I watched Mrs Smallhorn's LIVE stream and you were a guest, my name is Gerald Wade, the one who joined her other LIVE streams before, my other UA-cam account got terminated 4 months ago in January for too much Copyright
Went to Navy bootcamp in 2007, I was totally oblivious to the meltdown that was happening since we don't get outside news while in. My mom had just bought a house in Las Vegas in 2006, it was ~300K and went to $180 while I was gone. She shortselled the house, unfortunately, she didn't know better. Its worth $500k now.
I went to boot from that house, came home to an apartment for Christmas. Crazy times. Mom's a nurse so she was fine. The military insulated me from the depression level job market for the years to come. Yes, an enlistment contract is hard to get out of and you are a tool of the state, but its also guaranteed job, housing and food. I considered myself lucky since I heard it was difficult to enlist during those times.
Have my own family now, we are looking at houses, but it seems kind of iffy. Good credit score. I just don't want to make the same mistake my mom made. But then I don't know how to avoid it.
??????? Face
Buying below your means is critical. I’ve met a lot of miserable people who can barely afford their houses and live 40 plus minutes each way from work.
Other than avoiding the ridiculous prices of a year or two ago. I just don’t think there really is a perfect time to buy (for someone who is ready to buy).
I’m not a home owner yet but this is one of the top lessons I’m seeing doing my research, think long term just in case emergency might happen.
@@jwat3217 I just bought a starter home on January myself. The long term mindset is definitely the way to go.
Recent Newlyweds in 2007 bought a 2/1 condo near Miami and then went underwater almost immediately, condos being foreclosed and auctioned off for 50% of what we bought for. HOA kept rising and since we had 6.5 interest rate we eventually could not afford it anymore. I went back to school and we lost 1 income to push ahead. We eventually foreclosed in 2013 too with two babies, bought a 2/2 mobile home in a better area. We saved and waited 7 years, and cleared up credit/debt free, bought a 3/2 home in 2020 in Tampa because that is when we were ready, thank to God 🙏 Home appreciated 100k since and our interest is at 2.88. We feel back on track but definitely scarred by the 2008 market
I enjoy your work & efforts, every time. What are your thoughts on:
•An older well and septic tank? As in more than 20yrs)
•I need to know, what I don’t know; any specific suggestions or questions to ask or infer?
•What might be the easiest way(s) to find out? (for buyer and realtor)
Your time and thoughts are appreciated greatly. Thank you for creating & sharing. Keep going
Im one of those Edgars that sold my house in Oct 2021. I made good equity and was able to move up in house. If it wasnt for the hot market I wouldnt be able to do so without that sale.
Rcisotc
What are those cities where the housing market should be crashing? Come on don't be shy
Why would sellers choose to offer concessions instead of a lower asking price?
I always appreciate your videos and honesty.
So don't buy in this market?
I know people on the picture😂
I lost a house in the 08 fiasco. Only since the recent run up is the house worth more than what I paid for it. However the house is still upside down in real dollars. People don't really think about real dollars. You only make money if you sell for more in real dollars, not nominal dollars. I think people who bought in the last 2 or 3 years will be upside down in real dollars forever. Housing is too expensive against incomes.