Person 1 buys house for 100K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 110K to not make a loss.
Person 2 buys it for 110K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 121K to not make a loss.
Person 3 buys it for 121K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 133K to not make a loss.
Hurrr durrr. price go up.
So I should rent and invest the rest of my money into crypto? Of course, I am asking in terms of our current times. My question is not applied to all times.
Also, am I making the right move by keeping my investment a secret from my family? They are the very definition of dumb money.
It can be a terrible purchase, but it has actually saved me money and I didn’t have to live with my fucking parents so it had personal value to me. I put 5% down on a 30 year conventional with no PPP fully fixed at 2.8%. My property taxes and insurance total $1800 per year plus or minus $50. I purchased my home for 170k and it just reappraised at 200k. I have done very few home improvements, mostly just hard work and hvac tune up. My mortgage payment is less than 850 per month and I was paying 1k per month renting a 2 bedroom beforehand. You really cannot view your personal residence as an “investment” so much as just freedom (if in the right area) from having people living above/below you or attached to you on either side. It’s really nice to have my own driveway with guaranteed parking space and allows me equity to hedge IF I want to. You don’t want to pay off a home too quickly due to dead equity and I’m deducting all of my home mortgage interest on a Schedule A aka I get to itemize every year to pay less income taxes. Are the prices a scam? Sure, no doubt. You have to play the game and win
My literal retard uncle is a self made millionaire because of real estate investments. Of course, he's a boomer, so maybe it was easier back when he got in.
Maybe, maybe not.
If you're going to live in one place for years, buying a house at the right price isn't necessarily a bad thing.
The problem is, your life may change and you may want to move. Owning a home can make that more difficult without taking a loss.
You should buy a house to live in it, not as some kind of get rich quick scheme.
Buying a house is complicated in its both a mental and spiritual thing. I bought my house because its great on paper but I despise it. It just feels wrong and there is just not things that I really enjoy around it. I was much happier renting in the area I was renting where the ramen flowed like wine and I could walk to a comfy library to hang out at then get a Japanese rolled crepe with a coffee and discounted Chessmen. Then I could buy fine spices and have pho. None of that anymore. But the schools were rated so high! then I bought and then their score dropped kek.
The point of owning real estate is to build equity in your home instead of throwing that money away every month on rent. You can also deduct the interest payments on your mortgage from your taxes, so there is a definite advantage to buying a house.
If anyone has more questions about buying a house shoot me an email at [email protected]. I am a licensed loan officer, and I can give you an estimate for what a house payment would be for you
>The only decent thing about real estate that it is easier to get leverage (mortgage)
You realize that this is the biggest part of the scam, don't you?
What do you think all this easy dept does to demand and prices?
Baltic countries are now full of houses like this and people are holding them in citycenters, land value goes up million in every other year :Dddd
OP does the opposite I'm assuming. Pays rent and looses 100% what an idiot.
This month I paid $7k to put 5% down on a $110k house, seller gave me 3.5k towards closing. 4% interest on a conventional 30yr fixed rate with 650 credit score and 100% on time payments on my only debt(student loans) prior to this.
How badly did I get gypped? I'm seeing refinancing ads for sub 3% now. I feel ripped off after looking at the amortization table.
get a real estate license then
On a house that cheap 3% vs 4% interest rate really doesn't make much of a difference. When you refinance you pay origination and title fees again so it wouldn't be worth it just to get 3%
In this market it is rare to see sellers paying anything towards closing costs. But to be fair I could have probably got you around 3.375 - 3.5%. if the market stays this way for another 6 months you can refinance. As long as you keep paying your monthly obligations on time your credit score should go up as well, as having different types of debt (credit cards, car loan, Mortgage) helps your score improve.
Typically yes, but I can structure a refinance so you can skip two mortgage payments. So that helps to make back a lot of the cost of refinancing. Once you see how much the refinance will cost after you save two mortgages, and add what you will save each month, you can see how long you have to stay in your home to break even on the refi
>real estate is good
>t. real estate loan peddler
kys moshe
That's when you could buy a house with a McDonald's job and houses were not ridiculously disproportional to income. Do you know how many times I hear of some Boomer owning 30 houses he bought for 25k each and they're all worth over 300k-500k now. It was a common thing and it's why the housing market is ruined now.
>ID Jew
It was obvious even without
>But the schools were rated so high! then I bought and then their score dropped kek.
Yeah because you sent your retarded kids to the schools
Im living rentfree in my gfs house.
Where the living fuck can you buy a whole house for 110k in 2020? Shit-ass 80 year old starter sheds cost 300k where I live and the price only goes up from there.
I'm a property developer, and half of that is right, you really need to be set on owning your house for at least 10 years, otherwise, the fees are just way too high, would you agree to 5-7% fees on binance?
The idea that property owners and landlords are rich is just a lefty political motive. Most landlords are just people who have one or two to supplement their retirement or income.
The money in real estate is made like in most fields where you CREATE VALUE. Eg, getting a house on a long term basis and renting it short term as a holiday let. Buying something big and cutting it into affordable smaller chunks. Buying something that is run down and turning it into brand new high-end accommodation.
Still all of this is risky mainly because the government can just decide to scrap rules, introduce new ones, or new costs that make your whole project obsolete once you have already bought the property and spend hundreds of thousands on it.
Good point I guess. I'm not expecting much appreciation, it's a growing city and within a mile of the schools and big hospital. 20 minutes from a big city that could go either way. But it's in an established neighborhood where $150k is on the higher end of home values. I want to put money in just for comfort. I like a nice bathroom and kitchen but it will be a loss if and when I sell. Folks around here just don't care for such things. Maybe if I keep the most expensive appliances it'd be alright though.
I'm torn between $70k in interest or try to pay it off early. Poorfag mindset debt = bad I know but it would be so nice to have utilities, insurance, and all for under 5k/yr. The other guy raised the point of dead equity. I should at least be able to match the 4% with my 1:1 each week in vanguard:crypto so it's probably a dumb idea to pay off early.
I was offered points for like $1.1k but it would take over 6 years to makeup the difference. I figure I could pay in full under 7 years working no extra, or two years going hard but I plan to do part time from now on. Feels like I've already made it with link once we get steaking.
I'll keep you in mind if I wind up trying to buy again in a couple of years. Something on a few acres is more my speed and I won't care about city living once I retire. That leads to my next question. Is it considered dirty to only keep working long enough to land a mortgage? Say 5 years at current job, I put wet ink on paper to buy and turn in my two weeks the next day with intentions to repay using unearned income. I don't plan to sell any link except for returns from steaking so I'd rather a loan, but no one will give me 300k with no income so it's something to be strategic about. It's the dead equity issue again.
Your instinct is correct, paying off a mortgage early is for low financial iq cucks
Cool can you do this on cash out or only rate term refis?
How do you explain all those kids on tiktok who make millions wholesaling real estate. They claim you can sign a contract with a seller and then find some other buyer to pay an extra $20k which you pocket with no risk. If it's that easy then why isn't everyone doing it.
Like any asset as an investment it has ups and downs. What is beyond question is that a single modest home for residing in is worth it.
the fact that it's possible to """flip a house""" by spending a few thousand dollars on fresh paint and complete other cheap and minor improvements, which yields a kike-approved +$30k increase in appraised value, just shows it's a judaic scheme top to bottom. credit markets need to be crushed into oblivion to return us to reality.
oh and as kiked as home ownership is, it's vastly superior to paying mr. shekelstein $1200/month for a 600 square foot cuckshed in perpetuity (well, increasing 1-2% each year with talmudic inflation.)
My house was built in the 70s, but one year old roof and 5 year old heat and air system. These are definitely something to consider here when it gets hot and wet, but the same probably goes for anywhere.
30 minutes south of me is 2 acres with a 1.7k sqft house, shop, pond, gated entry and fence for 74k. 15 minutes to gym, community college, and walmart. Dixie has a good combination of cost of living and income depending on your industry. Outside of medical, tourism, and trucking we don't have much unless you do oil or telecommute though. 5% state capital gains tax too, and sales tax can be on the high side. Overall I like it and plan to stay, jogger problems aside.
Buying a house with a 15-year mortgage may be the worst financial decision I’ve ever made. I can’t even leave hell jobs now because the payments are fucking insane.
As long as you can afford the mortgage payments it doesn't really matter. So as soon as you sign the closing documents you can do whatever you want.
I can do it on both cash out and rate/term refinances
You can refinance into a 30 year mortgage, rates are more than likely lower now than they were when you bought the house, which would greatly lower your payment. Shoot me an email and I can price you out and do an estimate for you
Based
>The idea that property owners and landlords are rich is just a lefty political motive.
maybe most aren't rich, but they are at least building equity and the infinitely appreciating housing prices are leaving millennials and zoomers in the dust when it comes to affording home ownership. They're stuck renting forever and never get to benefit from the 'forced savings' and inflationproofness of a mortgage payment.
Yeah man I’m totally going to refinance a $350k mortgage with someone off of a fucking Bangladeshi knitting circle using a ProtonMail account
I don't need any personal info to do an estimate for you. This is a business forum, I'm just discussing business. By that same logic why would I give my work email out here?
Houses depreciate, but land will hold its value forever, and due to our population increases is guaranteed to always have increasing buy pressure (barring an apocalypse, which even though money would be useless essentially, would make your land infinitely more useful/valuable)