Just paid my house off. Single mom when I bought. Five beds and three full baths. 1.62 acres. I have other houses to generate income. This is my sanctuary but I get it, Sis.
This is very good advice. I believed the lie and paid dearly. The moment I closed repairs/bills began to add up quickly. Please take your time and do not buy because society says you should. Just because you can pay a mortgage does not mean you can afford a house. 🙁
Depends on how you look at it and the area where you live in. I was fully educated on the housing industry before me and my husband dived in. I purchased a new build. Lived here for 15 yrs with 130k equity. Moved in with 10k already in. I rather pay my mortgage than pay some else’s for them and their family’s generational wealth. My mortgage is nowhere near what the rent is for the size home i’m in . I would advise black women to make sure they have a great financial partner so there’s more income flowing in the home. Please research before jumping in. realtors only want their commission.
In addition, even after you pay your mortgage totally off, but then at some point in life, you fall on hard times where you can't pay your property taxes, you can lose that house you paid all those hundreds of thousands of dollars for. Also, especially where there is high gentrification, you can be forced out of your home by imminent domain. I've seen these things happen in my community over the years. I own, and think Home ownership is ok, but in the US, it's not a guarantee of "home sweet home" for life. Give serious thought, get good counsel, and do much research before obtaining a mortgage. Otherwise the dream can end up being a nightmare. 😊
I NEVER bought into that. It felt like a liability and i had that idea over 20 years ago. Now i see i was right. I am not buying a house in America. Its bondage
I understand what U are saying; however I enjoy having my own property, 2 car garage, not having to worry if I walk down the hall where somone threw up down the hall and the trail is ongoing down the stairs, THAT is a major problem for me. I own, my parents had a home, my grandparents owned their homes. Many of my relatives owned homes in different parts of the country. I love my small home and the privacy.
Become a DIY'r. Learning basic skills of plumbing (clearing a drain, installing a disposal), electrical (installing a fan), painter (drywall repair), gardening (self-lawn care), etc. will enhance and enrich your knowledge, experiences, home esthetics and pocketbook. Heck, it may eventually turn-out to be a side gig.
We don't all benefit equally, but real estate has helped millions, including me, build wealth. I paid off two mortgages. I enjoy home ownership (but not being a landlord). Just keep fixed costs low in the way the poster mentions, be careful and plan, plan, plan!!!
In my experience, our monthly payment hardly changed because we have a fixed rate mortgage. Our monthly payment is nearly 50% less than our former rent.
Word. Got that bill EVERY year for the increased taxes and/or insurance when I "owned" a home. The next property purchase, if there is one, will be a multi-family property for investment.
Most people are trying to buy too much house. You can buy a house without a mortgage. A mortgage is a choice. I’ve bought a lot of houses and always had a mortgage. Recently I bought one without a mortgage.
Totally agree. It’s a complete scam the way they sell it to you. They make having a credit card seem sexy and taking out a mortgage seem like a crowning achievement. However, if you’re not able to pay any of those debts all of a sudden nothing is sexy or dreamlike. Smh.
Hi Ms. Malika Thank you for sharing this. I'm contemplating purchasing a home for stability but you better believe im going to rent a room/basement out! It's such a shame the way America has fallen but we can still make the best decisions for ourselves when we seek out the knowledge.
Thank you Malika.Ive been telling people that house takes your money and that am stupid for not buying a home.Most of then lost the house before it can be paid off or it go into foreclosure 😢😮
Hi Malika! Surprised to see you at this hour. Between my school loan and mortgage I’m at -82k debt. Taxes and utilities are expensive. What do I think about the American dream……not much! lol 😂
When you become an empty nester having such a big house becomes a burden. Yardwork, high utilities and you won’t ever go upstairs most days in your elder years. Thats why I chose to sell my home and my husband and I rent a 2 bedroom apartment and vacation while saving money for retirement. We can move anywhere at anytime. So there are definitely pros to not owning.
Learning this look at the long view...especially with the cost of these houses going up....Throws out way out of DTI ...definitely rent out a room or two ...first time here, I subscribed
The American dream is bull puckey and I wish I knew about the finest fine print that you need a magnifying glass for! I'm ready to sell since I'm technically in a money pit home.
What do you think of the American Dream?
Just paid my house off. Single mom when I bought. Five beds and three full baths. 1.62 acres. I have other houses to generate income. This is my sanctuary but I get it, Sis.
This is very good advice. I believed the lie and paid dearly. The moment I closed repairs/bills began to add up quickly. Please take your time and do not buy because society says you should. Just because you can pay a mortgage does not mean you can afford a house. 🙁
Depends on how you look at it and the area where you live in. I was fully educated on the housing industry before me and my husband dived in. I purchased a new build. Lived here for 15 yrs with 130k equity. Moved in with 10k already in. I rather pay my mortgage than pay some else’s for them and their family’s generational wealth. My mortgage is nowhere near what the rent is for the size home i’m in . I would advise black women to make sure they have a great financial partner so there’s more income flowing in the home. Please research before jumping in. realtors only want their commission.
In addition, even after you pay your mortgage totally off, but then at some point in life, you fall on hard times where you can't pay your property taxes, you can lose that house you paid all those hundreds of thousands of dollars for. Also, especially where there is high gentrification, you can be forced out of your home by imminent domain. I've seen these things happen in my community over the years. I own, and think Home ownership is ok, but in the US, it's not a guarantee of "home sweet home" for life. Give serious thought, get good counsel, and do much research before obtaining a mortgage. Otherwise the dream can end up being a nightmare. 😊
Good advice
I NEVER bought into that. It felt like a liability and i had that idea over 20 years ago. Now i see i was right.
I am not buying a house in America. Its bondage
I understand what U are saying; however I enjoy having my own property, 2 car garage, not having to worry if I walk down the hall where somone threw up down the hall and the trail is ongoing down the stairs, THAT is a major problem for me.
I own, my parents had a home, my grandparents owned their homes. Many of my relatives owned homes in different parts of the country.
I love my small home and the privacy.
Become a DIY'r. Learning basic skills of plumbing (clearing a drain, installing a disposal), electrical (installing a fan), painter (drywall repair), gardening (self-lawn care), etc. will enhance and enrich your knowledge, experiences, home esthetics and pocketbook. Heck, it may eventually turn-out to be a side gig.
Tell the truth about home ownership. Knowledge and understanding is important. The next property I buy will not have an HOA. Thanks for sharing.
We don't all benefit equally, but real estate has helped millions, including me, build wealth. I paid off two mortgages. I enjoy home ownership (but not being a landlord). Just keep fixed costs low in the way the poster mentions, be careful and plan, plan, plan!!!
In my experience, our monthly payment hardly changed because we have a fixed rate mortgage. Our monthly payment is nearly 50% less than our former rent.
That's exactly what I was told. Learned my lesson after my first home. Never again!
Word. Got that bill EVERY year for the increased taxes and/or insurance when I "owned" a home. The next property purchase, if there is one, will be a multi-family property for investment.
Yes! If I knew then what I know now, I would have I started with a multi family.
Most people are trying to buy too much house. You can buy a house without a mortgage. A mortgage is a choice. I’ve bought a lot of houses and always had a mortgage. Recently I bought one without a mortgage.
Totally agree. It’s a complete scam the way they sell it to you. They make having a credit card seem sexy and taking out a mortgage seem like a crowning achievement. However, if you’re not able to pay any of those debts all of a sudden nothing is sexy or dreamlike. Smh.
Hi Ms. Malika
Thank you for sharing this. I'm contemplating purchasing a home for stability but you better believe im going to rent a room/basement out! It's such a shame the way America has fallen but we can still make the best decisions for ourselves when we seek out the knowledge.
Thank you Malika.Ive been telling people that house takes your money and that am stupid for not buying a home.Most of then lost the house before it can be paid off or it go into foreclosure 😢😮
Thank you! I think i want to buy land and put a tiny home on it.
Oooh, I want a tiny home too!! Whenever I stop traveling and retire for real, I want a tiny home with views of a lake.
Hi Malika! Surprised to see you at this hour. Between my school loan and mortgage I’m at -82k debt. Taxes and utilities are expensive. What do I think about the American dream……not much! lol 😂
The video was scheduled. I’m a slow riser so I could never go live in the morning. 😂
When you become an empty nester having such a big house becomes a burden. Yardwork, high utilities and you won’t ever go upstairs most days in your elder years. Thats why I chose to sell my home and my husband and I rent a 2 bedroom apartment and vacation while saving money for retirement. We can move anywhere at anytime. So there are definitely pros to not owning.
Your payment is always going to increase. Escrow and HOA.
You brought up some good points. I have been struggling about whether to buy a home, manufactured home or continue to rent.
Learning this look at the long view...especially with the cost of these houses going up....Throws out way out of DTI ...definitely rent out a room or two ...first time here, I subscribed
The American dream is bull puckey and I wish I knew about the finest fine print that you need a magnifying glass for! I'm ready to sell since I'm technically in a money pit home.
I’m really sorry to hear you’re dealing with a money pit. If it were a rental, you could write off so much more and probably break even.
I've been saying this for years...🙄🙄🙄
So powerful!
💯