i bought 3 houses in the past 2 years under 10,000$. yes 7 thousand, 6 thousand and 9 thousand..old .fixer upper. but very livable...i bought 5 acres house with 4 barns for 220k ... iin texas, s still you can buy 200,000 new houses.
I remember back in 2006, people buying new cars, boats, vacations etc, house prices had shot up. I couldn't figure out what was going on and had an uneasy feeling. I have the same feeling now.
Everyone is taking that money out of their homes and using it like a free ATM. Then those people are slowly starting to realize they should sell the house. But the problem is there is limited to no buyers at these elevated prices.
Mike's right about alternatives, condo, mfg home, whatever it takes to hang on to our money, the vultures are really circling and it won't stop anytime soon.
@@MichaelBordenaro no it isn’t. You said get used to bubble prices? I say 65% collapse coming . Especially in retirement community were inflation and pension collapses is going to be a blind sided freight train…
The market's direction can swiftly change, with indexes frequently transitioning from a bear market to a bull market precisely when the news is most negative and investor sentiment reaches its lowest point. I came across an article highlighting individuals who achieved profits of up to $150,000 during challenging market periods. Considering this, I am curious about the best stocks to purchase now or add to a watchlist.
Saw the homeless places in the capitol city - Sacramento. Really depressing to see how many are homeless there. Cost of living there is high so don't understand why people don't move to cheaper places. Mental problems & drug addiction are 2 major factors in the homeless.
It’s THE Best feeling in The world! I don’t even have a car payment! My Acura has 100k miles and thought of getting a new car and then I remembered how nice it is not to have a car payment………
Never use heloc for anything other than investing while taking calculated risks. I personally have never used it but one day I will. But only for that and only in a calculated way
@@OceanLife772 I am debt free, pay everything in cash, including my properties. One house and one vacation property. Welcome to freedom. Live financially conservative and live free.
I spoke with a builder in ohio last fall and told him I make 180k and am looking for a house under 500k. He told me they haven't built anything that cheap in 2 years and to suggested me to a budget competitor. Last week they started advertising on facebook a new floorplan as "new build under 500k!" lmao...times are changing fast.
@@InternetUser._ I got smart and realized I don’t need to spend 500k would rather be financially independent sooner and live in a modest house half the price
I really enjoy the variety of topics you cover while sticking to the same basic subject. Not repetitive or boring as so many channels become. Nice job. :) We still have ice, can send some your way 🤣
Great information! I inquired few months back and decided against doing it for all the reasons you stated. The lenders are relentless though and call 3-4 times a week. We bought a very old fixer upper in Hawaii in a great location for cash after a probate settlement. It wasn't a lot, but it was the most we had at one time. We paid down bills and bought house cash. Have done some repairs but could use more obviously. I think time is on our side now. If we both work we can do repairs slowly as I can do most of the work. I think we should continue path get place fixed up and if and when market changes to be able to purchase a second home using our equity. Time will tell. Your channel is among the best out there, really dig your laid back casual style backed with REALITY!
We have always been a spending nation; full of consumers. I remember the lifestyles people had in the late 90s during that boom. After the 08 debacle, for a few years, and the stats prove it, we did cut back. But it seems like from about 2013 on, people have just gone crazy as if it were the roaring 20s, where it now looks like a spending addiction. I'm not so sure people's spending will decline even with high layoffs, less equity and wealth, and higher interest rates. People have lived it up well for over a decade now and that is simply hard to stop.
Hi Michael! Posting this 2/3 about 7:00 pm. I'm in the VERO BEACH area. The a/c is off, temperature has plummeted, light rain has ended. It's not going to last, as usual. You got your wish. It is so comfortable with a break in the humidity. I have cousins that relocated from NJ last year (job move). They bought in Palmetto Bay area, and love Miami but not our rollercoaster weather. **** In a previous video, several postings were made by people like me who want to move, but were NOT going along with the inflated inventory prices. I HOPE that prices do drop 20 - 25%, sooner than later! Some of us simply want to downsize and we're cash buyers. I won't leave Florida. Seeing insignificant reductions over a long time period, makes me want to scream! Listings are getting stale, but Sellers won't budge, despite vacant homes with taxes, insurance, utility bills, lawn services, etc are still being incurred. I think they are in for a rude awakening, and will wish they lowered their listing price sooner. While they waited for the perfect contract, time will cause US to reconsider alternative options. IF, if, if........I could shrink my home, I might just stay!
paycheck to paycheck at six figures is just about the reality for anybody with kids imo. You don't qualify for any support, but if you have at least one kid good luck spending less than 5 grand a month between food, healthcare, car insurance, rent/mortgage, and retirement saving. We don't eat out or take trips, no car payments, cheap apartment, one kid, have trouble being under 5k a month. That's 77k gross to live cheaply in a midwest state with one child, if you need to pay daycare add another 1k a month easy. Totally nuts what's happened to our economy.
I make like 180k btw, always trying to spend less. I hate spending and love saving. Don't wear expensive stuff. Drive a volkswagen. I really feel for people who are supporting multiple kids on what SHOULD be a good income, but unfortunately six figures is the new 50k IMO.
After Bush & Obama allowed $750 billion to go out to banks after 2008 foreclosures, CEOs aren't in fear. It's the owners of the homes that should keep their eyes open & watch their budgets. No government handouts for The People only the greedy poker-players aka: Wall Street bankers.
I'm from ohio, it's still pretty bad here, prices aren't supported by local salary. Anything affordable anywhere near dayton is extremely high crime and not a good city to live in.
@@MichaelBordenaro might be, it's definitely more affordable than bad areas of miami that's for sure. We have nasty winter though lol. Couldn't pay me to live in dayton though
Absolutely right about dayton ohio born and raised here. I have 2 homes 1 rental. I make less than 30k a year. I have no financial stress. Yes some of this is due to my own financial responsibility but I attribute most of it to dayton ohio low cost of living. The last 2 bedroom 1 bath home I bought in 2020 I payed 18k
3% mortgage rates do not make homeowners immune to 15 to 20% inflation. The old argument of "nobody's gonna sell their house that has a 3% mortgage" is a misnomer. Inflation affects homeowners and renters the same. The 41% rise in helocs are going to end up hurting homeowners and allow them to rack up much more debt then renters. I see a lot of inventory and great deals hitting the market in the next 2 years from homeowners tapping out.
@@MichaelBordenaro It's the right call, but many people are too short sighted to accept the truth. The 2008 crash started when home prices started sliding down in 2006, and prices finally bottomed out around 2010. The housing market is a multi-year market, but people often forget that homes are different than eggs. One can double overnight, the other takes years to change. While the causes are different than 2008, we'll see a similar level of desperation and price drops over the next several years. It just took time for the bubble to finally pop.
It's 15 degrees in NJ with 25 mph winds. I was wearing like 7 layers of clothes and was still cold. I'll take your 86 ANY day over what we have here. Can't wait to get down there...forever. I love warm weather, shorts and t-shirts... Thanks for your videos.👍
Good points. A lot of people are suffering but in general as a country in terms of spending habits it’s not a crash it’s a return to a more sensible baseline
We moved from Dallas to OKC away from family etc. It was a big adjustment but glad we did have a way bigger home here in a better area. People should think about getting out their comfort zone
Michael, thank you for your insightful video. People need to wake up and realize a lot of people are playing mind games on them to drain them out of their resources.
Having done over 30 cash out refinances for people in 2022. Many of these people used up 80% of their homes value. And if housing values don’t keep going up they will be in real trouble once they rack up more debt again
Putting inflation/money/real estate/cars/finances in layman's terms allows for a better understanding of how much "it cost to live." I'll ask again for you to define your version of rich. Love it. Pointing out and defining financial irresponsibility is helpful for many to think about. It will S&@K when prices are rock bottom and no one can buy.
My parents did this to fund their business in 2007 while unemployed and that loan is still being paid. Buying a home is a good idea for stabilizing housing expenses if you can't just pay it off right away.
Where I live, a rental for a 4 bed 2 bath went up for rent at $4,100. Deposit is 2x the rent. Has a pool. Has yard maintenance. Renters are responsible for paying pool and yard maintenance on top of rent. Heloc itself isn't bad. It's how you use it. Most people though use it irresponsibly. Just like most people have lived beyond their means and are heavily struggling now and don't want to hear about their fiscal irresponsible nature.
in the 1930's people just had to leave their homes like in oklahoma, texas, etc...and went to california where it was affordable...sometimes you have to do what you have to do...I live in the northeast, and i'm drowning...im thinking about packing up and going to like you said dayton, ohio or cleveland metro or cincinnati, pittsburgh, arkansas, west texas, etc...there is really only 10-15 places left in America where you can get a one bedroom apartment for under 900 a month, or homes from 150,000 to 220,000....what a shame, i have some serious health issues and i need to stay close to advanced medical care facilities, but where the heatlcare is I cant afford to live there..man, what world have we found ourselves in?....🙁
In Florida, a big problem are people flooding into this state , escaping from the blue run states. Causing a housing shortage and driving rentals through the roof
I worry once we no longer have our popular governor, people will pick up and go to another state and leave us with a vacuum. Native Floridians are fleeing to cheaper states due to the unaffordability crisis. I spoke w/a manager the other day who said she keeps advertising for mechanic positions and people apply and get hired and never show up to work -many schedule interviews and don't show up to those either. It's been 2 months..Who will be working these jobs and what will happen when the rich people eventually leave? I must say though if people can afford to pay double for houses hopefully they don't complain when everything else doubles and triples so employers can pay people enough to live in the 'new Florida'.
@@magicparkmemories If you have a functioning brain and heart, you want to leave Florida or go crazy. 2 insurrectionist "leaders" in fascist Florida is no coincidence.
okay this is like the coldest day of the winter here with overnight lows about -30 degrees Celcius which is getting close to the same in Farenheight maybe -27 F to -30C, then it warms up in a few days and we get rain on our beautiful snow, how sad.
$100K after taxes = $50K. Rent in NYC, LA, SFO (and maybe some other cities due to housing inflation) = $3K/month = $36K/year. That leaves you with $14k or a little over $1K/month for food and everything else. That's how 6 figure earners are living paycheck to paycheck.
HI Michael- but $100,000 per year before taxes is likely $60,000 - $70,000 after taxes. Is $5,833 per month high income? $100 of groceries = 2 - 4 bags of groceries.
Here are two for you Michael -two old saws reflecting the correctness of your message and another source for an important further discussion. “Spending will expand to meet the funds available” “ Borrowing is easy-It’s paying back that hurts” . Have a look at the fourth quarter commentary at Horizon Kinetics under “What’s new” their discussion on the repricing of the national debt over the next few years at higher rates is chilling. This is an employee owned investment advisory/ smart guys with a good record and not the normal talking heads .
Our total debt is maybe $3k total .. No mortgage No car loan.. Our rent is dirt cheap @ 600 a month for a 3 bedroom house .. By living so cheap we can afford to go on 3 cruise vacations a year.. I know a lot of people who made the huge mistake of taking out a HELOC
Debt consolidation is one of the worst things people can do because the people who have got into a lot of credit card debt in the first place are almost guaranteed to run those credit cards back up in the future once they are paid off. Another downside is you are taking short term, unsecured debt, that in a worst case scenario, you can basically walk away from and attaching it to your house, which you cannot get away from.. as long as you have the fortitude if you get into dire financial circumstances, you can tell your credit card companies to piss off and it will take years for them to do much of anything other than call you and harass you and once it is charged off after six months, you are in a much better position to negotiate that debt down to 25 cents on the dollar.
Thanks for saying in plain language that too many people have a consumer addiction and can't/won't live within their means. Yes, inflation is high, but that is when we have to stop compiling more debt for things that aren't absolute necessities.
I guarantee if you live in San Diego and make $100k you’re living pay check to paycheck. You need to make $300k just to buy a single family home here and your rent is going to be at least $4k a month
How do just “normal” people live in California? It seems like everyone almost has to be a millionaire or live in their cars. Seriously where do the baristas or the people that work at target live that only make $15? This is a wild time to be alive.
@@Nikkisweeets it's possible. Roommates and save your money. Born n raised in the south bay. Bought a house with my mom in the 08 crash. FHA loan. Then refi a couple years later. Not in the best neighborhood but it's 1,050$. Oh and I work at a grocery store. Oh and it's 6 miles from the beach
@@Nikkisweeets I retired at 60 free of debt and happily left the rat race workforce in 2021. As a family of retirees in these uncertain, manufactured(for corporate monsters’ record profits) inflationary and trying times, to save money we consolidated. My sister, her husband and their son opened their home for me. I moved from my previous residence(rented) and I’m renting a room in their home and contributing money for household groceries(my sister’s brilliant idea). A win, win for all of us. We’re gratefully blessed, happy and living comfortably. So no worries or fears here. This is true wealth. Stay vigilant and discerning. God bless.😊
$200k for a house here in Salt Lake City is a joke. You could buy a shed for that much but not a house here. An average house here is roughly $400k to $500k, and those houses are not that great. I think there will be a housing crash this year that will bring housing back to realistic prices. We just need to wait a bit longer.
We borrowed 10k, finished our basement, paid it off. We will do again if the need arises. It’s all about paying off the loan as quick as possible. The bank wanted us to borrow more and even pressured us, then kept calling us after the loan after the loan was paid off.
BTW. When you were visiting FIU Bay Vista, you noticed the nice park on the campus. Did you know, it was a highly toxic Super Fund site which was given free to the university. As a student in the 80s, I would notice rusted lids on 55 gal drums popping out of the ground.
I'm in St George UT. Seems like 50% of the homes here are new build homes. Hopefully with the overwhelming amount of new homes here things will become more affordable in the future. Median income is 85k a year and a decent 1800 square foot home is 450k-550k. Pretty insane. Hoping to get something this year or next if things become a little more affordable.
@@magicparkmemories Yeah most of the builders were building high dollar custom homes over a million. There is a lot of money here. Huge retirement community as well. Recently it's been switching to where these new communities are offering more basic fair priced homes. There is a limited market for these high dollar homes they've been building. They need to appeal to a bigger buyer pool.
I am boots on the ground in Miami, FL. Prices have come down but not significantly enough to cause major concern. Rental prices have increased again and workforce housing is scarce.
Hi Michael, please forgive my conspiracy theorist approach but here goes. The number of Americans living pay check to pay check is by design not accident. I remember a time before globalization took hold, when a countries economy could operate independently. Some countries would do better than others for a time and then vise versa, in the eighties one British pound would equal nearly two dollars thus making it possible for me to buy property in the US at what I perceived to be lower in price than perhaps an American. There is much talk of the great reset coming but I believe it has already happened, the real estate market helps confirm this as values rise and fall globally now. The crash in 2008 was a stress test, an "Overton Window" for the alignment of world economies. The next step would require a complete stop world wide, hence the pandemic and resulting transfer of wealth and power. The next step will be a world currency, a digital currency, then the introduction of Universal Basic Income will be simple to implement and seen by many as needed and wanted. Social control through credits will be next to achieve acceptance of control as all indivual earning and spending will be taxable and controllable along with the ability to travel etc. Governments have been adopting agenda 21 for years and the latest version agenda 2030 driven by the unelected members of the World Economic Forum, is well entrenched in modern society, so much so that they even have a plan for those not prepared to accept their loss of freedom without a fight. I could go on but I've said enough for now.
Hey folks! They will foreclose on your house if your total loan/home equity loan turns out to be too much for you to make the monthly payment. You'll be out on the street!!!! Home equity loans, as far as I know, are always adjustable rate loans!!! If you are foreclosed on you'll not have one penny of the equity/house payments you have made for years!!!
Half a mil for a house is nothing. I live in Vancouver Canada and that won't even get you a 500 sq ft condo. Houses are 1.5 to 2 mil in bad areas and 4-5+ mil in the good ones. I wish I could buy a house for that price.
I’ll be looking at those houses in the nice subdivisions I drive past differently now. I’ll be wondering how many have a recent HELOC attached to them. I generally envy homeowners with their walls they don’t have to share with another family, a designated parking space (their driveway or garage), and space to garden or windows facing the right direction for houseplants. I know that comes at a hefty price when you consider the mortgage payment, homeowner’s insurance and property taxes. Adding a HELOC to all that is a heavy burden.
What a weird economy we are in. 519k people finally got a new job, record unemployment. Yet, credit card debt went up 18% last quarter and is almost at a trillion dollars! Mortgage rates still high at 5.99% and inflation still going high. Gas at 3.49. All this free money really did he economy in, plus all shutdowns in China. I am they’re finally opening in China. It’s been almost 3 years now, it’s time to come out of your hiding and get back to work. And yes, I hate this heat lately but with climate change this is what we have to get used to. That’s why insurance has gone sky high. Multiple billion dollar disasters throughout the US and in Florida, they raise it on us, leave Florida, or go out of business. It’s crazy.
I live in the Dayton Ohio area. The CITY of Dayton is a little rough, but there are a lot of really great areas in the suburbs that are around that area.
It was 90 yesterday. Very abnormal for us in February. Climate change is wrecking our state. So hot and humid down here 10 months out of the year. Maybe 11 months this year. There will come a time when winter won’t happen in the USA.
Hi Michael, current Montreal weather -15F, can't wait to be at my condo in Sunny Isles Beach soon. FYI, my condo insurance increased by 32% vs last year! Same coverage, no claims....crazy! Great video again. Keep it up!
It depends on the area you live in, if you have student loans, and or small children who need child care. I have a friend who paid 600 a week in daycare cost because her and her husband need to work.
Thanks for this info! Buyers and Sellers need to hear this and agents need to speak truth about moving with caution. With all the increase in HELOCS, credit cards and savings spending, it is so concerning. However, there is SO much manipulation from government intervention that people will still need to buy and sell throughout the slow struggle.
I appreciate the realism here. Yes, home prices will fall and become more affordable. But that doesn't mean they'll be affordable for everyone. As you said,, a 200k national median home price probably isn't ever coming back. So some will need to earn more or live differently than the standard American lifestyle to make ends meet.
@@thomasreynolds1530 As prices fall, demand will come back. You know how it works. I'd love the median home price to drop to 200k. It would be great for me personally. But it's unwise to plan or hope for such a rosy scenario for homebuyers. I'll be more than happy if prices drop that low, but I'm not counting on it.
Enjoyed your commentary. You mentioned Dayton. Some time in the '70's Dayton had the largest layoff in history. NCR (National Cash Register) laid off 110,000 employees. Until that time NCR would service everything they had ever sold so if you broke the crank on your crank operated cash register (because your business did not have electricity) NCR would provide a replacement. If they did not have one they would make one from the original drawings. After this they started to "sunset" their equipment. The fix to your broken machine was to buy a new machine. They told their employees that if they wanted to raise a family they were with the wrong company.
I’m not buying in a seller’s market, which, make no mistake, we’re still in. Too many eager beaver buyers champing at the bit to buy a home at a 10% discount off prices up 50% in 2-3 years. I’ll wait until the pendulum swings the other way, and the tide out goes out on everyone who overpaid for their homes due to FOMO, and then took out HELOCs to put a new car (even more overpriced than the home, no less) in the driveway, all with a household income that can barely support the mortgage and property tax payments, let alone their existing debt, let alone the new debt they will keep taking on to keep keeping up with the Joneses. I will be as patient as I need to be to get on the right side of this equation.
I have to agree with your concept of the current debt level of Americans, no excuses, the government is in the same boat. No wonder so many individuals are broke and owe more than able to sustain.
Typically I would agree that Heloc chewing up equity for cars ,consolidation, and even HI are not great idea especially in a rising rate environment. However having one in place for a medical emergency or to wether a downturn in stock portfolio for a year or two is a good idea for many.
Inventory will not increase because many current homeowners will not exchange their sub 3% interest rate for a new higher rate. They will not sell until rates go down.
Hi Michael. The IRS have invested in a huge way in Ai and are going to target the service and hospitality industry and will be targeting part time staff. So all the people who have taken second or third jobs and not declared the money will be investigated the penalties will bankrupt many.
"If you can make a 50-60k salary, it should be able to afford you to live almost anywhere in the country, comfortably ..." ummmm no. In my area that would mean the average 1bed is pushing you over 40% of your monthly income.
I took out a HELOC for $300,000 on my paid off home of $500,000. 1.5% for year one. Don’t know why. How many of us will never use them. If we have a total collapse of prices, it may useful. Some of us may be too conservative and won’t risk money even when there become screaming buys.
I get about 4 or 5 phone soliciting calls for Home Equity Loans every week. Even though I've told them many times - NOT INTERESTED. Same with the car warranty solicitors even though Ihave an extended warranty already on my car at the time I bought it ! I own my condo & the car without any debts on credit cards that don't get paid off monthly.
Oh yeah? Well we’re highly uncomfortable too because the low tonight will be 20° below zero which is highly unusual here in Central Maine. !!!!!!!! !!!
I Did this ONCE and Promised myself to Never Ever Do that AGAIN ❗️ Yes I lost one of my dream homes 🏡 because of that. 2008 was TERRIBLE 😞 Thank you Michael 😊
I've looked at mfd homes & a lot of them are quite nice. I rented one for awhile & was surprised, I always thought they were rickety & like trailers. The one I rented was as solid as any stick-built house I've ever lived in, & they have some really REALLY great kitchens compared to supposedly nice houses where someone stuck a 50-sf kitchen in some dark corner with no windows as some kind of afterthought. The problem is that mfd are much more expensive to finance. You can get conventional financing for a MODULAR house, but for a MANUFACTURED home, the rates are 2 points higher, give or take. If you find something you can pay cash for, great. But a lot of these mfd homes are on big lots & not cheap. Especially if they've been remodeled & all those furring strips removed & joints smoothed over & kitchen remodeled etc.
I've been looking at manufactured homes lately, to. There are a lot of new ones coming online in the next year or so. Some look amazing and the pricing is typically less than a condo (but we're also talking about around 500 sq ft-ish) And they seem like a great idea for those of us who are reaching retirement age, no kids, etc.
@@brianmatthews4149 Um, I think that's what I just said. I posted the link to a Kirsten Dirksen video on Boxabl with my comments above, yesterday. The casita is 50K -- they are starting to make larger prototypes up to 800 sf but they aren't ready for market yet.
We broke cold records here in Massachusetts this week, but I don't mind....I payed $135k for my house 8 years ago that was worth $270k when I bought it. My mortgage payment is so low, that I have been making double principal payments since I bought it. Thanks for the videos Mike.....subbed.
Interest rates were in the 3s in 2016. Now that we are double and people are poorer than ever, I would be surprised if we *don’t* see 2016 prices again. It might take 5 years, but as you know, it eventually all comes down to interest rates and income. The speed of the drop may rely on how quickly investors sell their non-primary residence to increase supply.
It's not the HELOC. It's a lack of discipline and personal responsibility. I've had a HELOC since 2017. Credit line $90,000.00. Unpaid balance, ZERO. I used it once in 2017 to buy a brand new car. Paid it off in a couple of years. The HELOC costs me nothing to keep. Folks have no self-control.
RAPID Changes Occurring in the Housing Market ruclips.net/video/wN9fyhxrCwc/видео.html
You should wear a hat.. your forehead is burning day after day
It's how the system was intended and design, Borrow, barrow, barrow and work till you die. How dare you, get in line and play ball.🤫🤭
i bought 3 houses in the past 2 years under 10,000$. yes 7 thousand, 6 thousand and 9 thousand..old .fixer upper. but very livable...i bought 5 acres house with 4 barns for 220k ... iin texas, s still you can buy 200,000 new houses.
@@davidjaylaw1920 he should wear sun protection clothing
I remember back in 2006, people buying new cars, boats, vacations etc, house prices had shot up. I couldn't figure out what was going on and had an uneasy feeling. I have the same feeling now.
I think your gut is serving you, correct
Everyone is taking that money out of their homes and using it like a free ATM. Then those people are slowly starting to realize they should sell the house. But the problem is there is limited to no buyers at these elevated prices.
I think a HELOC is the worst loan you can possibly take out. Borrowing against your place of living has bad written all over it.
Totally agree
So True
Very right my friend
I agree I was thinking about a HELOC loan but after watching and following Michael Bordenaro video he saved my butt from making that fatal mistake
What would you call a mortgage?
Wow. People are broke. This is definitely going to bring down real estate prices. Especially as people face foreclosure and bankruptcy.
My thoughts as well
@@MichaelBordenaro cash is still king and there ain't much of it around these days
Mike's right about alternatives, condo, mfg home, whatever it takes to hang on to our money, the vultures are really circling and it won't stop anytime soon.
Not as long s institutions and all cash foreign buyers are in the market; houses have been too expensive for the average person for a long time
@@MichaelBordenaro no it isn’t. You said get used to bubble prices? I say 65% collapse coming . Especially in retirement community were inflation and pension collapses is going to be a blind sided freight train…
The market's direction can swiftly change, with indexes frequently transitioning from a bear market to a bull market precisely when the news is most negative and investor sentiment reaches its lowest point. I came across an article highlighting individuals who achieved profits of up to $150,000 during challenging market periods. Considering this, I am curious about the best stocks to purchase now or add to a watchlist.
Thank you for providing this helpful pointer.
Avoid any unnecessary loans. Live as simply as possible. Buckle down. Feels like a freight train is barreling down on us, here in California!
Improve yourself. Learn new skills that you enjoy. Become more valuable to potential employers and/or customers.
@@philmarsh7723 Just taking this opportunity up right now! Our company upped what they will pay for education each year, by quite a lot. :-)
Saw the homeless places in the capitol city - Sacramento. Really depressing to see how many are homeless there. Cost of living there is high so don't understand why people don't move to cheaper places. Mental problems & drug addiction are 2 major factors in the homeless.
f that i take loans and dont pay it , why should i deprive myself of anything people are brainless
A really slow heavy overladen crashing locomotive.
Btw: 'UnionPacific-2023' is just gonna' smack into still-derailed 'UP-2008'.
Being debt free is the way to go makes life a lot easier.
It’s THE Best feeling in The world! I don’t even have a car payment! My Acura has 100k miles and thought of getting a new car and then I remembered how nice it is not to have a car payment………
Never use heloc for anything other than investing while taking calculated risks.
I personally have never used it but one day I will. But only for that and only in a calculated way
@@OceanLife772 I am debt free, pay everything in cash, including my properties. One house and one vacation property. Welcome to freedom. Live financially conservative and live free.
I spoke with a builder in ohio last fall and told him I make 180k and am looking for a house under 500k. He told me they haven't built anything that cheap in 2 years and to suggested me to a budget competitor. Last week they started advertising on facebook a new floorplan as "new build under 500k!" lmao...times are changing fast.
Thats right bc they aren't going to have anyone to sell to at this high prices
needless to say I'm no longer intersted
You could buy some land and build an awesome compound for 500k. Customized to your liking and cheaper if you do some work yourself.
@@InternetUser._ I got smart and realized I don’t need to spend 500k would rather be financially independent sooner and live in a modest house half the price
@@InternetUser._ now prices just need to chill out a bit lol
People with no savings are taking Equity out of their house that's not going to end well
Probably not
I really enjoy the variety of topics you cover while sticking to the same basic subject. Not repetitive or boring as so many channels become. Nice job. :)
We still have ice, can send some your way 🤣
Thanks LD! I'll take a little ice in my tea 😆
Totally agree Im having my coffee sipping to watch this. I love Michaels videos.
Great information! I inquired few months back and decided against doing it for all the reasons you stated. The lenders are relentless though and call 3-4 times a week. We bought a very old fixer upper in Hawaii in a great location for cash after a probate settlement. It wasn't a lot, but it was the most we had at one time. We paid down bills and bought house cash. Have done some repairs but could use more obviously. I think time is on our side now. If we both work we can do repairs slowly as I can do most of the work. I think we should continue path get place fixed up and if and when market changes to be able to purchase a second home using our equity. Time will tell. Your channel is among the best out there, really dig your laid back casual style backed with REALITY!
I see people in Walmart all the time with shopping carts full of clothes, toys, and cupcakes. Trouble ahead for these folks…
We have always been a spending nation; full of consumers. I remember the lifestyles people had in the late 90s during that boom. After the 08 debacle, for a few years, and the stats prove it, we did cut back. But it seems like from about 2013 on, people have just gone crazy as if it were the roaring 20s, where it now looks like a spending addiction. I'm not so sure people's spending will decline even with high layoffs, less equity and wealth, and higher interest rates. People have lived it up well for over a decade now and that is simply hard to stop.
some will cut back. some won't stop until they have no choice (cards all maxed out).
It's patriotic to spend, I remember after 9/11 we were told the way to stick it to the terrorists was to go rack up credit card debt lol.
@@the_derpler yeah I remember that....
Too many foreign, corporate, and REIT owners of real property in the US for things to be affordable.
Hi Michael!
Posting this 2/3 about 7:00 pm.
I'm in the VERO BEACH area. The a/c is off, temperature has plummeted, light rain has ended. It's not going to last, as usual. You got your wish. It is so comfortable with a break in the humidity.
I have cousins that relocated from NJ last year (job move). They bought in Palmetto Bay area, and love Miami but not our rollercoaster weather.
****
In a previous video, several postings were made by people like me who want to move, but were NOT going along with the inflated inventory prices.
I HOPE that prices do drop 20 - 25%, sooner than later!
Some of us simply want to downsize and we're cash buyers.
I won't leave Florida. Seeing insignificant reductions over a long time period, makes me want to scream!
Listings are getting stale, but Sellers won't budge, despite vacant homes with taxes, insurance, utility bills, lawn services, etc
are still being incurred.
I think they are in for a rude awakening, and will wish they lowered their listing price sooner.
While they waited for the perfect contract, time will cause US to reconsider alternative options.
IF, if, if........I could shrink my home, I might just stay!
paycheck to paycheck at six figures is just about the reality for anybody with kids imo. You don't qualify for any support, but if you have at least one kid good luck spending less than 5 grand a month between food, healthcare, car insurance, rent/mortgage, and retirement saving. We don't eat out or take trips, no car payments, cheap apartment, one kid, have trouble being under 5k a month. That's 77k gross to live cheaply in a midwest state with one child, if you need to pay daycare add another 1k a month easy. Totally nuts what's happened to our economy.
I make like 180k btw, always trying to spend less. I hate spending and love saving. Don't wear expensive stuff. Drive a volkswagen. I really feel for people who are supporting multiple kids on what SHOULD be a good income, but unfortunately six figures is the new 50k IMO.
That is a good and eye opening point, raising a family today is ridiculously expensive
Very smart
This is so true, Im lucky not to have a mortgage or rent, I make 100k and it’s still hard to invest.
In todays world, planning for a kid should have a class on finances for preparing for a child.
Banks are stupid to even still be offering these kind of loans.
After Bush & Obama allowed $750 billion to go out to banks after 2008 foreclosures, CEOs aren't in fear.
It's the owners of the homes that should keep their eyes open & watch their budgets. No government handouts for The People only the greedy poker-players aka: Wall Street bankers.
I'm from ohio, it's still pretty bad here, prices aren't supported by local salary. Anything affordable anywhere near dayton is extremely high crime and not a good city to live in.
What I see here in Miami is even the "bad" and high crime areas are getting gentrified wouldn't be surprised if that starts happening there as well
@@MichaelBordenaro might be, it's definitely more affordable than bad areas of miami that's for sure. We have nasty winter though lol. Couldn't pay me to live in dayton though
Absolutely right about dayton ohio born and raised here. I have 2 homes 1 rental. I make less than 30k a year. I have no financial stress. Yes some of this is due to my own financial responsibility but I attribute most of it to dayton ohio low cost of living. The last 2 bedroom 1 bath home I bought in 2020 I payed 18k
3% mortgage rates do not make homeowners immune to 15 to 20% inflation. The old argument of "nobody's gonna sell their house that has a 3% mortgage" is a misnomer. Inflation affects homeowners and renters the same. The 41% rise in helocs are going to end up hurting homeowners and allow them to rack up much more debt then renters. I see a lot of inventory and great deals hitting the market in the next 2 years from homeowners tapping out.
Absolutely I’ve been saying the same thing here on the channel for over a year
@@MichaelBordenaro It's the right call, but many people are too short sighted to accept the truth. The 2008 crash started when home prices started sliding down in 2006, and prices finally bottomed out around 2010. The housing market is a multi-year market, but people often forget that homes are different than eggs. One can double overnight, the other takes years to change. While the causes are different than 2008, we'll see a similar level of desperation and price drops over the next several years. It just took time for the bubble to finally pop.
It's 15 degrees in NJ with 25 mph winds. I was wearing like 7 layers of clothes and was still cold. I'll take your 86 ANY day over what we have here. Can't wait to get down there...forever. I love warm weather, shorts and t-shirts...
Thanks for your videos.👍
This is 2008 deja vu all over again.
Good points. A lot of people are suffering but in general as a country in terms of spending habits it’s not a crash it’s a return to a more sensible baseline
We moved from Dallas to OKC away from family etc. It was a big adjustment but glad we did have a way bigger home here in a better area. People should think about getting out their comfort zone
I'm in Austin and have thought bout okc
Michael, thank you for your insightful video. People need to wake up and realize a lot of people are playing mind games on them to drain them out of their resources.
All I can do is warn. It’s up to everyone else if they’ll listen.
I work for a lender. You are 100 percent spot on with what I'm seeing
Boy that's scary.i guess a lot of folks are only thinking of today and not what tomorrow holds for them.
I love how you are honest without sugar coating it. Pls keep the videos coming
Having done over 30 cash out refinances for people in 2022. Many of these people used up 80% of their homes value. And if housing values don’t keep going up they will be in real trouble once they rack up more debt again
Putting inflation/money/real estate/cars/finances in layman's terms allows for a better understanding of how much "it cost to live." I'll ask again for you to define your version of rich. Love it. Pointing out and defining financial irresponsibility is helpful for many to think about. It will S&@K when prices are rock bottom and no one can buy.
My parents did this to fund their business in 2007 while unemployed and that loan is still being paid. Buying a home is a good idea for stabilizing housing expenses if you can't just pay it off right away.
Where I live, a rental for a 4 bed 2 bath went up for rent at $4,100. Deposit is 2x the rent. Has a pool. Has yard maintenance. Renters are responsible for paying pool and yard maintenance on top of rent.
Heloc itself isn't bad. It's how you use it. Most people though use it irresponsibly. Just like most people have lived beyond their means and are heavily struggling now and don't want to hear about their fiscal irresponsible nature.
in the 1930's people just had to leave their homes like in oklahoma, texas, etc...and went to california where it was affordable...sometimes you have to do what you have to do...I live in the northeast, and i'm drowning...im thinking about packing up and going to like you said dayton, ohio or cleveland metro or cincinnati, pittsburgh, arkansas, west texas, etc...there is really only 10-15 places left in America where you can get a one bedroom apartment for under 900 a month, or homes from 150,000 to 220,000....what a shame, i have some serious health issues and i need to stay close to advanced medical care facilities, but where the heatlcare is I cant afford to live there..man, what world have we found ourselves in?....🙁
In Florida, a big problem are people flooding into this state , escaping from the blue run states. Causing a housing shortage and driving rentals through the roof
Teachers are leaving Florida
I worry once we no longer have our popular governor, people will pick up and go to another state and leave us with a vacuum. Native Floridians are fleeing to cheaper states due to the unaffordability crisis. I spoke w/a manager the other day who said she keeps advertising for mechanic positions and people apply and get hired and never show up to work -many schedule interviews and don't show up to those either. It's been 2 months..Who will be working these jobs and what will happen when the rich people eventually leave? I must say though if people can afford to pay double for houses hopefully they don't complain when everything else doubles and triples so employers can pay people enough to live in the 'new Florida'.
@@magicparkmemories If you have a functioning brain and heart, you want to leave Florida or go crazy.
2 insurrectionist "leaders" in fascist Florida is no coincidence.
okay this is like the coldest day of the winter here with overnight lows about -30 degrees Celcius which is getting close to the same in Farenheight maybe -27 F to -30C, then it warms up in a few days and we get rain on our beautiful snow, how sad.
$100K after taxes = $50K. Rent in NYC, LA, SFO (and maybe some other cities due to housing inflation) = $3K/month = $36K/year. That leaves you with $14k or a little over $1K/month for food and everything else. That's how 6 figure earners are living paycheck to paycheck.
And for those that have small kids, childcare costs are +$10k/year per child.
No; $100K after Fed and SS taxes is actually $77K for a single filer or $84 for a married filer, state/local tax are will vary of course.
Not to mention if you have student loan payments to make and your try to pay the maximum amount
I bet a person living in Mississippi makeing 10.00 a hour is Living a happier life.
@@ls92101
plus state income tax, state and local real estate tax, state and local sales tax.
In states like NY 50% is reality
5deg in Manhattan this morning. But Wednesday will be 50deg. Wild!
Wind chill in Boston is minus 35. I'll trade ya for 85 degrees anytime!
It's freezing cold here in killadelphia
I know you guys are getting a huge freeze and here its a heat wave 🤨
HI Michael- but $100,000 per year before taxes is likely $60,000 - $70,000 after taxes. Is $5,833 per month high income? $100 of groceries = 2 - 4 bags of groceries.
Well it doesn't say if its gross or next but regardless it means peoples spending is out of control
@@MichaelBordenaro Yes! Agreed. Have a great day. 👍
In Wisconsin that's a pretty good wage. Lol 😆
Just eat well and get rid of the rest, won't be forever.
$100 for 2 small bags of groceries in California
Here are two for you Michael -two old saws reflecting the correctness of your message and another source for an important further discussion. “Spending will expand to meet the funds available” “ Borrowing is easy-It’s paying back that hurts” . Have a look at the fourth quarter commentary at Horizon Kinetics under “What’s new” their discussion on the repricing of the national debt over the next few years at higher rates is chilling. This is an employee owned investment advisory/ smart guys with a good record and not the normal talking heads .
Our total debt is maybe $3k total .. No mortgage No car loan.. Our rent is dirt cheap @ 600 a month for a 3 bedroom house .. By living so cheap we can afford to go on 3 cruise vacations a year.. I know a lot of people who made the huge mistake of taking out a HELOC
Debt consolidation is one of the worst things people can do because the people who have got into a lot of credit card debt in the first place are almost guaranteed to run those credit cards back up in the future once they are paid off. Another downside is you are taking short term, unsecured debt, that in a worst case scenario, you can basically walk away from and attaching it to your house, which you cannot get away from.. as long as you have the fortitude if you get into dire financial circumstances, you can tell your credit card companies to piss off and it will take years for them to do much of anything other than call you and harass you and once it is charged off after six months, you are in a much better position to negotiate that debt down to 25 cents on the dollar.
Yep that’s exactly what I said
Thanks for saying in plain language that too many people have a consumer addiction and can't/won't live within their means. Yes, inflation is high, but that is when we have to stop compiling more debt for things that aren't absolute necessities.
HELOCs should only be used to add on to your home and add value, but not at these interest rates.
Beautiful topic Michael- simply excellent !
I guarantee if you live in San Diego and make $100k you’re living pay check to paycheck. You need to make $300k just to buy a single family home here and your rent is going to be at least $4k a month
That's true
How do just “normal” people live in California? It seems like everyone almost has to be a millionaire or live in their cars. Seriously where do the baristas or the people that work at target live that only make $15? This is a wild time to be alive.
@@Nikkisweeets it's possible. Roommates and save your money. Born n raised in the south bay. Bought a house with my mom in the 08 crash. FHA loan. Then refi a couple years later. Not in the best neighborhood but it's 1,050$. Oh and I work at a grocery store. Oh and it's 6 miles from the beach
@@Nikkisweeets I retired at 60 free of debt and happily left the rat race workforce in 2021. As a family of retirees in these uncertain, manufactured(for corporate monsters’ record profits) inflationary and trying times, to save money we consolidated. My sister, her husband and their son opened their home for me. I moved from my previous residence(rented) and I’m renting a room in their home and contributing money for household groceries(my sister’s brilliant idea). A win, win for all of us. We’re gratefully blessed, happy and living comfortably. So no worries or fears here. This is true wealth. Stay vigilant and discerning. God bless.😊
@@happylistener4628 if you have family, you are blessed...many people don't have loving families
$200k for a house here in Salt Lake City is a joke. You could buy a shed for that much but not a house here. An average house here is roughly $400k to $500k, and those houses are not that great. I think there will be a housing crash this year that will bring housing back to realistic prices. We just need to wait a bit longer.
We borrowed 10k, finished our basement, paid it off. We will do again if the need arises. It’s all about paying off the loan as quick as possible. The bank wanted us to borrow more and even pressured us, then kept calling us after the loan after the loan was paid off.
Pulling equity out during the biggest bubble EVER is going to be subprime 2.0.
BTW. When you were visiting FIU Bay Vista, you noticed the nice park on the campus. Did you know, it was a highly toxic Super Fund site which was given free to the university. As a student in the 80s, I would notice rusted lids on 55 gal drums popping out of the ground.
I'm in St George UT. Seems like 50% of the homes here are new build homes. Hopefully with the overwhelming amount of new homes here things will become more affordable in the future. Median income is 85k a year and a decent 1800 square foot home is 450k-550k. Pretty insane. Hoping to get something this year or next if things become a little more affordable.
I see a RUclipsr from St. George called the Dashleys have a millon dollar home there
@@magicparkmemories Yeah most of the builders were building high dollar custom homes over a million. There is a lot of money here. Huge retirement community as well. Recently it's been switching to where these new communities are offering more basic fair priced homes. There is a limited market for these high dollar homes they've been building. They need to appeal to a bigger buyer pool.
I am boots on the ground in Miami, FL. Prices have come down but not significantly enough to cause major concern. Rental prices have increased again and workforce housing is scarce.
Hi Michael, please forgive my conspiracy theorist approach but here goes. The number of Americans living pay check to pay check is by design not accident. I remember a time before globalization took hold, when a countries economy could operate independently.
Some countries would do better than others for a time and then vise versa, in the eighties one British pound would equal nearly two dollars thus making it possible for me to buy property in the US at what I perceived to be lower in price than perhaps an American.
There is much talk of the great reset coming but I believe it has already happened, the real estate market helps confirm this as values rise and fall globally now. The crash in 2008 was a stress test, an "Overton Window" for the alignment of world economies.
The next step would require a complete stop world wide, hence the pandemic and resulting transfer of wealth and power. The next step will be a world currency, a digital currency, then the introduction of Universal Basic Income will be simple to implement and seen by many as needed and wanted.
Social control through credits will be next to achieve acceptance of control as all indivual earning and spending will be taxable and controllable along with the ability to travel etc.
Governments have been adopting agenda 21 for years and the latest version agenda 2030 driven by the unelected members of the World Economic Forum, is well entrenched in modern society, so much so that they even have a plan for those not prepared to accept their loss of freedom without a fight. I could go on but I've said enough for now.
I hope what you’re saying does not become reality. But I do think it’s possible.
Hey folks! They will foreclose on your house if your total loan/home equity loan turns out to be too much for you to make the monthly payment. You'll be out on the street!!!! Home equity loans, as far as I know, are always adjustable rate loans!!! If you are foreclosed on you'll not have one penny of the equity/house payments you have made for years!!!
Half a mil for a house is nothing. I live in Vancouver Canada and that won't even get you a 500 sq ft condo. Houses are 1.5 to 2 mil in bad areas and 4-5+ mil in the good ones. I wish I could buy a house for that price.
"DO YOU WANNA LIVE IN DAYTON, OHIO?" Immediately edits to boats, ocean, and sunshine lmao
Reality check 😄
I’ll be looking at those houses in the nice subdivisions I drive past differently now. I’ll be wondering how many have a recent HELOC attached to them. I generally envy homeowners with their walls they don’t have to share with another family, a designated parking space (their driveway or garage), and space to garden or windows facing the right direction for houseplants. I know that comes at a hefty price when you consider the mortgage payment, homeowner’s insurance and property taxes. Adding a HELOC to all that is a heavy burden.
What a weird economy we are in. 519k people finally got a new job, record unemployment. Yet, credit card debt went up 18% last quarter and is almost at a trillion dollars! Mortgage rates still high at 5.99% and inflation still going high. Gas at 3.49. All this free money really did he economy in, plus all shutdowns in China. I am they’re finally opening in China. It’s been almost 3 years now, it’s time to come out of your hiding and get back to work. And yes, I hate this heat lately but with climate change this is what we have to get used to. That’s why insurance has gone sky high. Multiple billion dollar disasters throughout the US and in Florida, they raise it on us, leave Florida, or go out of business. It’s crazy.
I live in the Dayton Ohio area. The CITY of Dayton is a little rough, but there are a lot of really great areas in the suburbs that are around that area.
Great content and great advice. I’m sure you’ve helped many people.
Thank you for reporting Michael God Bless you.
18 degrees here in PA! I would take 80 degrees any day 😊
It was 90 yesterday. Very abnormal for us in February. Climate change is wrecking our state. So hot and humid down here 10 months out of the year. Maybe 11 months this year. There will come a time when winter won’t happen in the USA.
Was -18 here in New Hampshire.
Hi Michael, current Montreal weather -15F, can't wait to be at my condo in Sunny Isles Beach soon. FYI, my condo insurance increased by 32% vs last year! Same coverage, no claims....crazy! Great video again. Keep it up!
$100k a year is more than enough as long as you arent prone to indulgence.
It depends on the area you live in, if you have student loans, and or small children who need child care. I have a friend who paid 600 a week in daycare cost because her and her husband need to work.
@@RJ-lk6lc We call that poor planning.
Thanks for this info! Buyers and Sellers need to hear this and agents need to speak truth about moving with caution. With all the increase in HELOCS, credit cards and savings spending, it is so concerning. However, there is SO much manipulation from government intervention that people will still need to buy and sell throughout the slow struggle.
I appreciate the realism here. Yes, home prices will fall and become more affordable. But that doesn't mean they'll be affordable for everyone. As you said,, a 200k national median home price probably isn't ever coming back. So some will need to earn more or live differently than the standard American lifestyle to make ends meet.
describe the mechanism in which these prices are sustained if there is no demand given affordability constraints....
@@thomasreynolds1530 As prices fall, demand will come back. You know how it works. I'd love the median home price to drop to 200k. It would be great for me personally. But it's unwise to plan or hope for such a rosy scenario for homebuyers. I'll be more than happy if prices drop that low, but I'm not counting on it.
If we have a complete collapse, we could have a good chance.
I borrowed money 💰 from a loan shark and the only requirement is not to use the money to buy a home . 😃
🤣🤣🤣🤣🤣🤣 they going to send one arm Vinnie after you don't borrow to buy a house 🏡😜
Heck even Oklahoma City is above 200K if you want a decent 1800-2200 sq ft home 3 bed, 2 bath, 2 car.
Enjoyed your commentary. You mentioned Dayton. Some time in the '70's Dayton had the largest layoff in history. NCR (National Cash Register) laid off 110,000 employees. Until that time NCR would service everything they had ever sold so if you broke the crank on your crank operated cash register (because your business did not have electricity) NCR would provide a replacement. If they did not have one they would make one from the original drawings. After this they started to "sunset" their equipment. The fix to your broken machine was to buy a new machine. They told their employees that if they wanted to raise a family they were with the wrong company.
I’m not buying in a seller’s market, which, make no mistake, we’re still in. Too many eager beaver buyers champing at the bit to buy a home at a 10% discount off prices up 50% in 2-3 years. I’ll wait until the pendulum swings the other way, and the tide out goes out on everyone who overpaid for their homes due to FOMO, and then took out HELOCs to put a new car (even more overpriced than the home, no less) in the driveway, all with a household income that can barely support the mortgage and property tax payments, let alone their existing debt, let alone the new debt they will keep taking on to keep keeping up with the Joneses. I will be as patient as I need to be to get on the right side of this equation.
Smart!
Record heat in South Florida while we’re having record cold in the Northeast…Take care.
Why in the world does the U. of California have $4B to invest in something like that? Education is too expensive.
I lived in Miami for a few years. Now I'm on the central gulf coast. I love the heat. The hotter the better.
I have to agree with your concept of the current debt level of Americans, no excuses, the government is in the same boat. No wonder so many individuals are broke and owe more than able to sustain.
Borrowing is the way to get wealthy
don't convert unsecured debt to secured debt via a heloc or refi. or at least know what you are doing. settle the accounts.
Typically I would agree that Heloc chewing up equity for cars ,consolidation, and even HI are not great idea especially in a rising rate environment. However having one in place for a medical emergency or to wether a downturn in stock portfolio for a year or two is a good idea for many.
Hello Michael, just come up here in Michigan, 10 Fahrenheit right now...
Tonight we'll have minus 28 centigrade here in Montreal. We could use some Florida weather. No one will sleep in their cars or on park benches.
Inventory will not increase because many current homeowners will not exchange their sub 3% interest rate for a new higher rate. They will not sell until rates go down.
I’m not
Hi Michael. The IRS have invested in a huge way in Ai and are going to target the service and hospitality industry and will be targeting part time staff. So all the people who have taken second or third jobs and not declared the money will be investigated the penalties will bankrupt many.
"If you can make a 50-60k salary, it should be able to afford you to live almost anywhere in the country, comfortably ..." ummmm no. In my area that would mean the average 1bed is pushing you over 40% of your monthly income.
I took out a HELOC for $300,000 on my paid off home of $500,000. 1.5% for year one. Don’t know why. How many of us will never use them. If we have a total collapse of prices, it may useful. Some of us may be too conservative and won’t risk money even when there become screaming buys.
I get about 4 or 5 phone soliciting calls for Home Equity Loans every week. Even though I've told them many times - NOT INTERESTED. Same with the car warranty solicitors even though Ihave an extended warranty already on my car at the time I bought it ! I own my condo & the car without any debts on credit cards that don't get paid off monthly.
Oh yeah? Well we’re highly uncomfortable too because the low tonight will be 20° below zero which is highly unusual here in Central Maine. !!!!!!!! !!!
Well done . Great delivery and prudent thoughts .
I Did this ONCE and Promised myself to Never Ever Do that AGAIN ❗️
Yes I lost one of my dream homes 🏡 because of that.
2008 was TERRIBLE 😞
Thank you Michael 😊
Mike … there are no condos in Winter Garden or Windermere. They built too many apartments here
86 in February and it’s -36 f in my part of Ontario today
Ain’t that something!
Here in NJ it's about 13 farenheit with the wind chill at about zero!!!
3 degrees with wind in Hartford , CT now
I've looked at mfd homes & a lot of them are quite nice. I rented one for awhile & was surprised, I always thought they were rickety & like trailers. The one I rented was as solid as any stick-built house I've ever lived in, & they have some really REALLY great kitchens compared to supposedly nice houses where someone stuck a 50-sf kitchen in some dark corner with no windows as some kind of afterthought. The problem is that mfd are much more expensive to finance. You can get conventional financing for a MODULAR house, but for a MANUFACTURED home, the rates are 2 points higher, give or take. If you find something you can pay cash for, great. But a lot of these mfd homes are on big lots & not cheap. Especially if they've been remodeled & all those furring strips removed & joints smoothed over & kitchen remodeled etc.
I've been looking at manufactured homes lately, to. There are a lot of new ones coming online in the next year or so. Some look amazing and the pricing is typically less than a condo (but we're also talking about around 500 sq ft-ish) And they seem like a great idea for those of us who are reaching retirement age, no kids, etc.
Check out boxabl. A mfg in Las Vegas 150.000 on your land 3.2 they ship all over.
@@brianmatthews4149 Um, I think that's what I just said. I posted the link to a Kirsten Dirksen video on Boxabl with my comments above, yesterday. The casita is 50K -- they are starting to make larger prototypes up to 800 sf but they aren't ready for market yet.
@@deenibeeniable And Boxabl's waiting list was at least 100K long last year. Looks like a great product, though.
@@lokijordan Yes apparently you can cut in line (not sure by how much) if you prepay.
The problem with Florida.
Hot AF!!!! And Buggy!!!!
People pay everything off! Everything!! Stop buying stuff you can't afford or need including kids!
I agree that if a person cannot buy a home in any market for $200K, the market is totally out of control.
I think the plan for a lot of people is to get a heloc, then do a strategic default
Maybe
We broke cold records here in Massachusetts this week, but I don't mind....I payed $135k for my house 8 years ago that was worth $270k when I bought it. My mortgage payment is so low, that I have been making double principal payments since I bought it. Thanks for the videos Mike.....subbed.
They r pretty much doing what the saying is “ robbing Peter to pay Paul”🙈
That's right!
Depression Era mind set here. I was not there, but I am here. Deja vu.
Interest rates were in the 3s in 2016. Now that we are double and people are poorer than ever, I would be surprised if we *don’t* see 2016 prices again. It might take 5 years, but as you know, it eventually all comes down to interest rates and income. The speed of the drop may rely on how quickly investors sell their non-primary residence to increase supply.
Ha! -11 in Rhode Island this morning.
It's not the HELOC. It's a lack of discipline and personal responsibility.
I've had a HELOC since 2017. Credit line $90,000.00.
Unpaid balance, ZERO.
I used it once in 2017 to buy a brand new car. Paid it off in a couple of years.
The HELOC costs me nothing to keep.
Folks have no self-control.
Absolutely