let youngsters stay with their parents. we don't need more competition for rentals. what's wrong living with your parents if there is extra room in their house? I don't care if adult children staying with their parents spend their money on luxuries or invest it, as long as they don't crowd the housing market, they can do whatever the hell they want with their money, it's none of your business.
I told my daughter to live at home until she finishes her training, gets a job, and then saves up enough to make a huge down payment on an affordable home. It's about being family and supporting each other through life's challenges. I feel sorry for the kids who blow that opportunity with expensive hand bags and absurd luxuries.
Having kids still live with parents past college is not all that unreasonable in some cases Having a kid staying with you buy luxury items, and not charge them rent is
She's never moving out, it's going to be hard once the child support stops.......but your daughter will work and bring money into the household making it easier for you....is that your angle?
When I was younger most boomer parents would just kick their kids out at 18 while doing the mental gymnastics that the world was still like when they grew up and a high school degree and a firm hand shake would let you buy your own house at 23. I always noticed this was massively different than my friends whose parents were immigrants, especially from Asian countries. Their parents did not kick them out, saved for their education, took care of them while they built a life in expectation that they would take care of their parents in old age. With that help they got married, got masters degrees, had children. With that said, now that the stock market is shitting itself and real estate is about to crash, how many of these American kids are going to want to or even have the ability to take care of their parents as they enter retirement? Will they regret not helping their own children raise their own families instead of buying fishing boats, jet skis and getting divorced at advanced ages? Would it not be better to watch your grand kids take their first steps in the multi-generational home that has been passed down rather than to get abused by some cheap imported labor that runs the old folks home you were jammed into? With all that said, def don't go out and blow your $, but there is no shame in living as a family, especially now. It's basically what has always happened.
Spot on ! This is how most people survived until the first half of the 20th century ! And they still do it in most of the developing nations on this planet.
Your boomer parents allowed you to huff a little too much. I'll correct your flawed stats. The average "boomer" would be like my parents...middle class with a mgmt job in a F500 company or perhaps a skilled trade job etc...they needed to save 50% for a down payment. You needed spotless credit. A female would need her parents to cosign her mortgage. My aunt needed a cosigner and she made very good money, more than my Dad, living in DC but in those days she needed a cosigner. The old days were not that great for women. Sorry, but true. My parents first loan app was denied because of 1 electric bill being paid 1 day late. That is out of 7 years on time payments for all bills. They would call all your references and ask for letters of reference. Any bad report of personal weakness like a dui, to much LasVegas...denied. My Dad told me it took 7 years of renting to get a loan approval mainly because you needed 50% cash and many years of on time rental payments. And every bank and credit union had diff requirements. 1 credit flaw and that would set you back another year. They built a 25k house...I know that's crazy...but needed 12k down. Seven long years of waiting. My mom said they almost gave up. And all this without cell phones. They had to drive everywhere to get a copy of this or that then drive to the bank to drop it off. No lie. We have it so much better. Approvals were all by committee cuz no internet or computers for the most part. The bank committee could say no cuz they didn't like your suit at your loan interview and you would be fd. No protection laws back then. And whining on social media wouldn't help either. Cuz no social media. And whining was not allowed. My parents were typical. It would take years to get approved before FHA and the consumer protection laws were past. There was no fha...otherwise known has loans for poor people. My parents were far from rich. But they lived within their means. No credit cards, no fancy vacays. We rarely ate out. They drove 1 car and always a used one. Nothing fancy. Buying a house with just a HS diploma was possible after FHA if you had a reliable job like trucking, welding etc. Before FHA you jumped through hoops of fire to buy a house...noone wiped your ass for you. My grandparents were working class and owned their home but only because the rubber companies had a home ownership employee benefit to attract workers. I think we need that today. A company could attract quality workers for life if they offered a home ownership program. An entire neighborhood in my city was built by the rubber factories for their employees and after so many years of service you owned the home. It took me much longer to save money because I did what college kids do today. I ate out with my friends, worried about my nails and hair etc, partied on the weekend. I opened credit cards and bought a nice, slightly used car but at the upper end of my range. I was always going somewhere to 'experience' life. And I had student loan debt as well. Nothing new there. If I could go back I would save save save. I wouldn't waste money on nails, hair etc. I wouldn't eat out and def no party time. I would travel local and appreciate my own backyard as they used to say. But interest rates were double digit and home prices rising rapidly, just like now. So I waited for the crash I knew would happen. Basic Econ 101. And it happened in 2008. I waited for the botptom in my area which was 2011. I bought my 125k house for 55k. And it is in a borderline area which means pretty quiet but with high rental ratio not my preferred area but I can suck it up...cuz my parents were boomers 😅 So be patient, live at home. Offer to turn your parents shed into a tiny home for yourself and pay them rent if it makes you feel better. Or you could turn a basement or an attic into an apartment to soothe your ego. Stay away from credit cards and limit your travel to local or surrounding states. I also wish I had stayed home instead of moving out to live on my own because I was an 'adult'. But it wasn't has welcoming in my dysfunctional home and like alot of people I chose to save my sanity. In retrospect I would have paid my parents rent for their basement and sucked it up. Back then if you were a professional living at home people wouldn't associate with you...like no social life. If I could do it over I would find better quality friends that were not so superficially judgemental and live at home or find a boarding house in a cheaper end of town. In today's market I would wait for the next housing correction then buy. It's coming sooner than expected, I think. And buy a house that you can afford your payment even if you lose your job and are forced to work at a fast food or Walmart to feed yourself. Buy at your lowest end. Fix your place up while you wait on the next market bubble. Save your cash. Next housing correction or buyers market then you can buy into a nicer neighborhood. Always at your low end so if you lose a job you will be okay. That way you will never be underwater. I just spent 30k to side my house and if I sold today I would still double my investment. I agree 100% kids should stay home as long as possible if they are welcome. If not, share a rental house with friends and split the rent. My first rental was that way with 3 girls and 1 guy and it was a great time. 🎉
I have a friend who is 54 and single . He works from time to time in the Middle East in tech. But when he isn't working , he lives with his dad in the family home. No need to pay anything at all, his dad is 85 and is glad to have him around to help out with medical appointments, shopping, cooking, cleaning, etc. The dad is fine with it. Basically, it's like part time work that pays over 2000/mo. with no tax. Plus he draws UI at the same time. He is becoming less enthused about the IT work in the middle east as he gets older. Sometimes it is a legitimate win-win. Case by case.
Absolutely. Nothing wrong with living with your parents as long as everyone is ok with it. I know a state trooper who lives with his folks and he's saving a fortune. Back in the 40s and 50s multi generation households were not unusual.
I blame the parents for allowing their adult children to live the lifestyle of the rich & famous. Thanks Michael for your honesty and being real on all of your videos. It's much appreciated!
You have way more wisdom, knowledge and common sense than most 35 year olds. It is unbelievable. This is coming to you from a 68 year old with vast experiences and in a position to be a very good judge of character.
Really enjoyed todays show. You’re clearly a hard worker and at 35 you’re still in the relatively early stages of the grind that you referred to on the show. Keep it going. You seem to be enjoying it and we’re all enjoying your journey.
I agree with you on this point of view. Michael B . is articulate about the Real Estate Industry. As a Professional Investor, and Realtor, he is definitely well read and researched , 😢in the field of his expertise in Real Estate🌟🌟🌟🌟🌟.( reply to meisterslam)
One of my best friends bought a duplex in Sandy, Utah in 2013 for $189,000. He sold it in Dec 2021 for $650,000… Hope the out-of-state investors that bought it are enjoying it…
Bought a small house in 2021 for $95,000 Locked In 2.25 % interest rate for 30 year loan. Mortgage payment is $615.00 Haven’t had this low payment for housing since 1987 😊
I lived at home until about age 27 with mom and dad and I was traveling and buying anything I wanted. But I also was able to save tremendously. I think for young people we need somewhere to stay these days and save and stack up so that we are able to compete and buy a property one day otherwise it won’t happen. They are already trying to squeeze us out the market by outbidding on good properties. Me staying at home for all those years allowed me to move out with at least 15K in my pocket. It fully set me up for the real world.
Renting can be a great choice. For many people renting is a way of not having to deal with the hassels of ownership, such as lawn and yard maintenance among other tasks. A close friend of mine in the landscaping bussiness loves living in his high rise, walks on city maintained walking paths on a regular basis and never missing have to get out and shovel the snow or cut the grass, and yet designs gardens for a living for people who do have to do this or arrange to get it done. Meanwhile I live on an small old farm (about 20 acres) and I assure people the work never ends and jobs rarely get completed to my satisfaction but good enough, because I have already had enough! Some days I think renting without responsibilty might not be such a bad choice, but actually I am probably a bit addicted to country outdoor living and that requires lots of work or lots of money, lacking the latter, it's the former for me.
Hey Michael, I'm 25 and it's sad that people in both generations bought into the tik tok high end lifestyle. It's insanity, ROI on a designer bag? Lol. My husband and I have been renting for 6 years with now two kids and that's probably the biggest waste for me was rent but we never had enough for a big down payment. We finally saved up for a 3.5% towards a home and are under contract currently. Wishing the best for everyone in these crazy times. God Bless 🙏
I'm 60 years old and my wife and I paid our house off last year. I can't even wrap my head around the thought process of someone my age on the brink of retirement. Having to pay rent for the rest of my life. Yes, we do have taxes and insurance. But thankfully here in Georgia those haven't gone crazy like in other parts of the country.
And the real estate and mortgage industries have made quite an investment to make sure you're not able to wrap your head around that. In the long term, it all balances out. Renters have to deal with fluctuating rent every year or so, and you owners have to deal with fluctuating property taxes, fluctuating insurance cost, fluctuating water rates, etc. etc. You have a lot more variables than renters. Good luck to you.
@@Corkfish1 You're smart. You haven't drank the American Dream Kool-Aid, which says you HAVE to buy. I've been able to buy for years, but I love the freedom and flexibility of renting. It all balances out in the long term. It's a lifestyle choice.
My parents are retired in GA and their finances are better than ever. Im in my 30s and briefly transferred my tax residency to GA, thinking that the southern states would be better for someone with a slightly high income. I was surprised to find out that the income tax rate is higher than Illinois, one of the more liberal states! Plus, I got laid off during that time and in GA your employer doesn’t have to pay unused sick leave. It’s a great state for retirees, but terrible for any working citizen. Needless to say I’m not sharing my address with my folks anymore and I won’t be returning to GA. Just being there for a few months ended up costing me thousands…
I did many many refinances for people in their early 60’s in 2020 and 2021. Usually qualifying with ss and IRA income. They got 2.75% fixed at least without closing costs. But yeah I get your point it’s kinda stupid at the same time
I'm living with my in-laws. They are letting us stay here for 3 years while we save up all the money we can get our hands on to get into a home. The most money my wife and I spent was to a basketball game in the nosebleed section for $100, and $1000 for a couple of college classes. Our goal is to get us and the kids into a home. I work as an electro-mechanical engineer, and I suffered through college to get the title.
Buying right now in my area would be dumb. I can take my cash and get a 5% return in 1 year or buy a house and watch the value plummet. Luckily I have cheap rent. I’m just getting impatient but it literally pays to wait.
I sold my townhome after 11 years and rented for two years. Yeah actually was a relief for the first year to not have to do any repairs. Unfortunately, I had to move again to another state and I was just getting gouged in the rental market. So then I bought a house in another state when I moved again, and now I’m in sticker shock at all the repairs I had to do that the inspector never caught. I don’t know what the solution is.
these days it seems the main downside of renting is the hassle of moving itself, not always a purely financial matter...its def not a fun experience as you get older and accumulate a lot of stuff, and then you have to move it.
I bought because I was tired of moving I’m 65 and plan on staying where I’m at. If I have to make adjustment add on due to mobility, I don’t have to ask, or move. We have fewer children to help.
I sold my house after living in it for 12 years. Renting now. It is freeing not having to do the maintenance or pay for it, which started getting so expensive (lawns are so expensive to upkeep). Hope to buy again, but I am loosing hope in Fl due to the homeowner’s insurance situation going on in the state right now.
Hopefully in a couple years the insurance situation here will improve once the new laws have time to play out and attract more new companies and that will hopefully coincide with lower prices than today. But FL is a wild card this time around with prices
@Anitsirc25 Thank you for commenting. You definately bring an interesting perspective because it's refreshing to finally hear someone say It's *freeing* to rent. I was thinking the same thing for some people. May I ask how old you are? Asking because I am 52 years old and like I said, you definately bring a different perspective. So interesting to hear. Blessings.
@@MichaelBordenaro In AZ, we have never had mandatory lawns. In fact, if you chose to have a lawn (rare) , you will be closely watched as to how much water you use. If you break any of the many water usage rules, you will face heavy penalties So we play on our dirt and rocks 🤣
7/2020 I bought a 4 br 3 bath w/a 1br 1 bath apt attached which i rent out for $1,100.00 a month. No down payment VA loan. Mortgage payment is $1,073.00. I luckily got a fantastic deal.
The rent to own disparity right now is insane. I live in Southern California in a house made out of twigs. Seriously, the interior walls are framed with 2x3's. My rent is about $2500. The monthly payment to own that would be over $9K with a 10% down payment.
It's insane. I don't understand how average families are surviving. An average family home where I live in California costs 3500 to rent and 750k to buy. I own a business that does very well, so we're doing fine, but I think back to when I was an employee making 90k a year and I don't see how I could support my family of 5 on that anymore. So how are average families surviving?
Yesterday watched "HUGE Price Drops in Dallas Housing Market" the realtor talked about 10+ cities, one had gone up 70% in 2 years and "now it might be a good time to consider purchasing b/c prices dropped 17% so far" I mean really, straight faced into the camera, she said that.
The reason why it's a good time to buy is that it is not as competitive. More and more sellers are offering closing cost credits. Unheard of in a competitive market. You might also get more off the list price. Also, while the interest rate is higher, you can claim more in deductions. You will actually have more money in your paycheck to pay the mortgage. Why wait until it's competitive again?
@@DCGuy1997 Prices will fall and it will be a long time to recover. We are entering the greatest depression. And with the excess deaths spiking around the world, there will be less buyers in the future, more people on disability.
Your housing value also has doubled and tripled and considering this number is a much higher number in absolute terms you made a lot more dollars even accounting for triple taxes and insurance.
@@Re3iRtH my house might be worth 40 to 50% more. I live in a democrat blue state where they steel our home values though high property taxes. Illinois. Second highest housing tax rate.
My millennial children are like you Michael. They are working hard and on their own for a long time. They are better off than me when I was at their age. Very proud of them.
@millennial Wellll, You should be proud of Yourself about how you raised them to be responsible adults. They had a great mom...is all. Congrats on that.. and Blessings.
Mine are the same. I am quite Iill; so my children are taking care of me. They are well educated, working and NOT polluting our gene 🧬 pool . I am so grateful to them for their generosity and support to me “ You did good .” my dad would say , ( May he Rest in Peace) as the highest praise for us . You certainly deserve this praise 🌟🧡🌟👏
Don't care for branded stuffs I'm glad I'm a minimalist. Renting cheap right now but saving up for a down payment. The market is shifting, there is hope for me been looking since 2020. I stopped looking when the market got crazy glad I waited. Thanks for your videos and advice.
The politicians in office are just as guilty, they print out the Trillions and just don't have a Justice Dept. capable of investigating the fraud, maybe they don't care enough to watch the taxpayers money.
I’m so thankful my parents always encouraged me to be independent. I moved out at 17 and paid for my own college and it was difficult but I did it. I think moving out made me more resilient and honestly I would feel awful if I were over 25 and still living at my parents house 😅
Great Video Michael , I have two kids 30 & 32 My Boy 32 Hard worker High Grades Air Force Academy Captin in AF, wife bought a house 2 kids it's a grind but it's working. My Girl train wreck bad grades 2 DUI s no car , wrecked 5 cars, waiting tables never keeps a job , I believe in tough love so she's own her own. Would never let her move back and live like the rich & famous . I have lots of neighbors with 40 something kids still at home , they will never move out just waiting for there parents to pass on...
You said it Bob, just waiting for the parents to pass on... sad part is they will probably suck them dry while still alive and when they do pass on there be nothing left
Michael, I couldn’t agree with you more. I always remind myself though that when mommy and daddy finally pass away and these “children” or my peers are on their own they’re going to get wrecked by reality. Their lifestyles with undoubtedly sink them, and very quickly. I’m not wishing it, I’m just frustrated feeling like I’m not doing as well when my peers have a distorted reality. Not to mention, how they don’t feel guilty not taking care of their aging parents but instead taking advantage of them is beyond me. Maybe it’s the karma of “I had kids to take care of me” and now those kids are using them.
I literally got into a back & forth with someone, because she’s 24 & she said that she’s not giving her parents money for bills & her parents don’t expect her to, because she can’t afford rent. Um what? She’s a RUclipsr by the name of Miree. She said that she wants to keep her money for herself. I said even if your parents aren’t asking for money, you should want to help them. It’s the effort of thinking of your parents
I'm kinda glad you shared your thoughts with her on this. You are totally right. She absolutely SHOULD be paying her parents SOMETHING... I mean...like where else can you stay for free? Also, if she's a You Tuber and cannot afford to pay rent, then she needs to quit and find a job that *WILL* pay for rent. Ughhh. Irresponsible and a slap in the face to her parents. Good on you for telling her she should be doing the right thing.
Exactly right about people living at home who are living off parents and not making a good contribution to the expenses of living there. They are clueless about what it takes to "make a living" and "live according to their means".
Yeah. My nephew worked for an Indian guy who owned some hotels in Indianapolis. That guy took out PPP loans and fired all the maids, bought 2 brand new expensive cars, made the guys at the desk clean rooms and fired my nephew. Pretty sure he didn't use those loans to pay his staff.
😊😊😊😊😊😊😊 Every time I start watching your video of the day I automatically hit the “Like” button because you always do a great job in your reporting. Thank you Michael, Carlos
it is the home owner's decision to charge or not charge rent etc. to their children, but at the end of the day, handing out free lunch all the time can lead to the decay of the moral fibre of the recipient. Like an old proverb runs, You can raise your children so that you spoil your grandchildren or can spoil your children and you will surely raise your grandchildren! Something to ponder and seems to reflect many many people's experiences, in fact up at my grandmother's old camp the neighbour seems to be raising/looking after their great grandchild (and still works driving a school bus in her 70"s, kinda outrageous when I think about it too much, so I try not to).
Fault the kids for taking advantage of mom and dad.... Well mom and dad have their heads up their a... for funding the littler brats . Kidd's cry louder and get more. Great vid Michael!
As soon as my stepson started working his mom asked for $100/week. He complained that he’s spending $5200 a year to pay us. I reminded him that includes a home, food, phone, electric, internet, etc. To his credit I think he realized how easy he has it. He’s still young n going to community college next year so he’s working to improve. If he stops that, we’ll we will have to revisit things. I did stay at home for sometime but kept the house clean while my parents were constantly traveling. I was also in college at the same time. It was a good deal and left shortly after graduation. My brother returned in his 30s n never went back to work or paid for anything. He even told my Dad that he enjoys not having to work a regular job and the freedom that comes with it. The only reason he wasn’t kicked out sooner was my mom. Eventually they booted him when he got involved in serious matters that involved the police. But they wasted sooo much money n time with him. He ended up homeless and on drugs, dying from an overdose last year. So sad, he had everything someone could ask for but treated it like crap.
He wasted his life being a bum & living off of your parents. He needs to be accountable for his actions. I’m sorry to be so blunt. 🏜️We send our Condolences to your family .🌟🧡🌟
Forcing your children, who you allow to live with you, to pay rent isn't really an effective strategy in my opinion. Sure $100/week isn't much but when considering they are probably clearing around $20k per year, 5.2k is about 25% of income, plus vehicle expenses. That's also assuming the person works 40+ hrs a week. Those parents think they're teaching them a lesson but they're really delaying their ability to move out. At least save that money for them by placing it into a savings account. Instead, they're probably just looking at it like additional income. Better yet, it would be better to have them place that money into an IRA. They will thank you in the end. I will say, I'm applying this logic to young adults between 18-22. It's probably a fair ask of those who are older.
The streets look empty. Really calm! I couldn't afford S. FL 10 yrs back, so I left the State. My Condo was in Boynton. I do miss the nice winter weather. I love your video's.
Our Mortgage with taxes and insurance is $800-1100/mo less than rent for the same homes. The only maintenance we've done over the 5 yrs that we've been her was a 4k hvac replacement. We gained over 150k of equity. The difference is of course we bought 5 yrs ago when the prices and interest rates were better
You bought at a good time. Don't forget to save for a roof and other large expenses in the future. Don't expect your insurance company to accept claim(s). They'll have no problem dropping you when you are too risky and no longer profitable to them.
@R P Oh thanks for reminding me. We had our roof replaced by insurance and paid nothing out of pocket. We actually recieved a $900 check of left over money from the insurance company after they paid the expenses.
@Blue sky not all agents. As an agent, I'm telling my clients to run for the hills lol. Also, as an upcoming buyer, I too am running for the hills. When I buy, I'll advise them to. Until then, I'm retired.
@@Tracked350Z Why would you do that? I've gotten clients all their closing costs paid for, reduction in list price, and home inspection items taken care of. First time in a long time that has been possible in our market. It can be a good time to buy.
Here's another point. If she is convicted we will have to spend even more money on her when she's in prison. It's not just daily cost. It's medical,any medicine she needs. And when she's in there and comes down with cancer or anything else it's completely covered too. Even hip replacement 😱😢😢. We get nailed all the way around. .
my partners parents are blessing us by letting us stay with them while we save towards our first home. with their help we are setting ourselves up to be much more financially stable for the rest of our lives. we are so grateful
Homeownership is no joke. After the first year, we learned the banks placed $0 into escrow and proceeded to inform us that the mortgage was increasing an additional $1,700.....per month. Just do your jobs!
i've moved every single year for the past 12 years, minus 2 times when i stayed somewhere for 16 months. i hate it. i hate moving so much and live in a cheap city, so buying is a no brainer
I worked as a maintenance supervisor in a 108 unit complex for 8 years. Oh haha that supervisor label was hilarious since it was just me to fix everything and clean move outs. Anyway I don't understand how anyone would want to buy a nice house to rent out to people. The laws are alot in the renters favor now. You can get really screwed over by the being dead wrong your tenants and thinking they are normal people. I've seen horders that on the outside looked like a nice family of 4. They skipped town and in their place was stuff to the ceiling in entire 3 bedroom apt. So much I opened front door and told all residents, take it all please. I still spent over 50 hours in time to turn that apt back to new.
I know a couple of people who have kids aged 25-30 living at home. They're not making any effort go get a job or become independent. They're just treating it like a long summer vacation. I guess they think an opportunity will fall in their lap if they just wait around long enough, or maybe they think the gobmint will eventually pay off their student debt and give them UBI and a pony.
My logic says if you’re renting and saving at the same time, depending on how much more that mortgage is, it still makes sense to pay more for a mortgage. No matter how you look at it, you’re not getting any of that renting money back
My rent went up 40% in Tampa in the last 2 years so I don't know about 'thrive' but I get that homeowners expenses are also going up a lot. That's why I'm still going to rent for another year.
I personally know of three cases of PPP fraud: 1. A RUclipsr in the Philippines formed a phony business in the States and got a PPP loan which he's never repaid--he won't ever return to the US because he's afraid of the authorities and does visa runs to Thailand every few years; 2. One of my neighbors who owned a one-person business claimed she had employees and collected a PPP loan that she used to buy a new BMW and to go on vacation to Greece when restrictions were lifted; 3. My former landlord, who got a PPP loan and still laid off some of his employees. PPP funds was very poorly monitored, whether by incompetence or by design, and there was rampant fraud.
In Lakeland. My apt complex is now CHANGING THEIR PRICES EVERYDAY!. My 2/2 Friday was $1,843 (was 1,739 all last year, sometime dropping to $1,540) Monday it was $1,691 - $1,896. Today, same thing is listed for $1,795 - $1,935. Three UN rented Apts available now for the lower $1,795. Yesterday’s$1,691- $1,896 showed three apts available now for the higher $1,896 price. So, what kind of game are the playing? Fishing for tenants trying to use psychology? What do you think?
They run algorithms and I believe all the apartment associations have these. They get a list of empty units and the inventory and the algorithm decides the price. It’s ridiculous. That’s why they keep changing. Our community gave different rates for all 12 months of exit like 1st month is x, 2nd month is y, 3rd month is a etc
Apt rents are set by the algorithm. The computer crunches the number daily and that changes the rental amount based on what comparables are renting for.
Renters typically can NOT "just move". First and last month rents, plus deposits, plus a dozen $65 non-refundable credit/background checks costs thousands now-around $5 to land a place. So we cannot just go MOVE whenever we want. I saw my home maintenance and improvement quotes/costs DOUBLE last year. My home savings plan went from $250/month to $500/month to cover maintenance. Mortgage doesn't go up-you get your fixed rate and you're good. What owners are not doing is paying cash for home maintenance. So they think "I can afford that mortgage and taxes no problem!" But you WILL need a new roof one day, right? That all just DOUBLED.
I'm currently renting in Central Florida, and have been watching the market waiting for the right time to buy. I'm in no rush, but have noticed new home prices around here are starting to look more reasonable (existing home prices are still way too inflated to make it worth it to buy one though). So I may pull the trigger this year if I can get a good deal on a new house.
The key in this matter is to find a good realtor. Denis Smykalov is a reliable realtor! He helped me find the perfect housing in Miami. I highly recommend his services!
In my country capital city the gap between rents and home prices is HUGE. There is lots of rent offers and many empty homes. For example 1bd apt rent is $300-450 while price to buy is like $140-180k furnished. So it is 40+ years of rent. If you buy with a loan it goes up 50+ years. So renters are also better here.
Great walk & talk and 1000% agree on kiddies taking advantage of mommy and daddy. Ridiculous, I've been hustling since the age of 16 and was out of my parents house 6 months after graduating high school. My Brothers had it lucky and stayed home rent free till almost 30. They both own houses as a result. Not my story, I've worked my ass off and sacrificed for everything I have, never had the luxury of the easy path in life AND I WOULD NOT CHANGE THAT! I'm grateful for everything I've earned and have huge respect for those who have hustled for a better way in life!
@@yob_woc I totally agree. You are also fortunate to have a secure and stable family. Many of us did not get so lucky in the birth lottery. You don't sound like a leech or a slacker, but you are lucky to have good parents. Take care of them when they have troubles.
OMG, Michael! This is one of my favorite videos, because I love the reporting and descriptions you gave of the millennials living at home. Hilarious and so true!!! You are wise beyond your years! Keep up the great work!
Another thought: What A LOT OF people fail to understand is that tax incentives / deductions won't benefit the buyer of a home. It allows the buyer to afford a more expensive house with a larger mortage. The ones who are REALLY benefiting are the banks. Then they can give the buyer a larger loan and then the amount of interest banks receive also will be larger.
Currently renting for the short term because I’m not sure where in my area I want to live and taking my time to be choosy on quality, price and schools for kids. As of now rent is high but homes are too. It’s neck and neck except when something breaks I send an email and in 12 hours it’s fixed, no cost to me. Looked at several homes in my area and they are very over priced and dumps. Most need $100k of work. In Florida insurance is a huge issue too. You don’t know if you will be dropped next week or rates raised double. I’m all set renting right now and I will sit back and watch this storm unfold.
Love signing off my work from home job in my basement in cold Chicago so I can watch you walk around Florida! Gonna make it there one day! And I'll let you be my realtor!
I own a house in St. Petersburg which I bought ten years ago with a 30 year mortgage. My mortgage payments have now doubled in that time because of property taxes and insurance. I rent the house out so the property taxes have increased horribly as a rental property. I blame the government for these tax laws, there should be no difference in taxes if the property is rented or lived in. No wonder why rents have gone up so much, the money is going into the State of Florida's pocket. Of course insurance in Florida is insane too.
Yep I’m renting in Florida. My area median sell price when loans were 3% was $1.1m ($525 sq ft). With hoa, tax and insurance 20% down still over $5k a month plus the closing cost of around $30k. You can’t buy anything that you could rent and cover the mortgage in case you needed to move.
PPP will need to be paid back if the people who claimed for cars/trucks, boats, jewellery, and other items instead of putting the money to keep afloat. Will be having the IRS investigating them if found funds have been used inappropriately it will be classed as fraud. What people don't realise is the Government can access data on you and any company it wants to. I know to a lot of people the PPP was like a money tree which was the cause of the MSRP gouging which screwed hard working people having to pay more.
Florida homeowner Insurance has crushed my escrow account, also property taxes. Not to mention the upkeep and maintenance. So yeah it’s out of control and our governor and lawmakers are not helping at all. What gives????
Great video Michael thank you 😊 I have 3 adult, kids at home and I'm single mother for last 18 years and yes I'm paying all the bills so my kids can get educated but at least they are nit a big spenders but can't wait for that to be over that's why I like to move to Florida all by myself and have some life
Yes michael, I agree with you 💯. My daughter is 29 she will be 30 this year . She is in Nursing school and she works in the hospital. I am trying to be patient but everyday Packages get coming from Amazon every day at least 4 a day. I keep telling her to save her money so she can get her own place. I don’t take any money from her because i want her to save. It’s like talking to a wall
You could start taking money from her, and just set up a separate account for a future down payment on a house. Either way, 4 packages every day sounds like too much.
- Makes perfect sense to stay living with one's parents in a number of cases. - Here we see the impact of women entering the workforce over the last say 30, 40, 50, 60 or 70 years. This means that more and more households have 2 incomes instead of 1 income. Having a double income also means that (e.g. a married couple) can afford a larger mortgage and therefore is responsible for pushing up house prices even more. This 2 income household also is able to afford a larger rent. Another reason for rising house prices. - But this also means that households with one income can't afford to buy a house or can't afford to rent and are forced to stay living with their parents. I even know an example of a married couple with 2 incomes and still can't afford to rent or buy. This married couple still lives with the wife 's parents. - A LOT OF look at the ratio between house prices and incomes. Instead the people should be looking at the relationship between house prices and household (!!!) income.
Correct yes I have a fixed rate but my property tax went up so did my house payment it was only 50 bucks but still I always like watching his videos so honest and great knowledge keep up the great work 👍
I always knew that long-time (by choice) renters like myself would be vindicated. The ironic thing is I could have paid cash for a MODEST home over the last few years,...but,..never wanted the hassles of being a home/condo owner,..and the lack of flexibility.
@@AB-yr2eo Not if his rental payment was lower than a mortgage in a similar sized home and he invested it in the stock market before 2022. Don't forget about the cost of home maintenance,closing costs and realtor commissions. Home equity is never yours...it belongs to the bank that will let you access it for a payment with high interest.
Wanted to say thanks, I’ve invested our May 2022 home sale profits into short term Tbills after you mentioned it a few weeks ago Now renting & waiting for the housing market correction if it comes to get back in on a smaller house here in Sac. Not a lot of buying or selling here.. location Is a big part & nobody is feeling the pinch here
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Real Estate Investors Now Accepting NEGATIVE Returns (PROOF!) ruclips.net/video/EfgvoEkD_Zw/видео.html
let youngsters stay with their parents. we don't need more competition for rentals.
what's wrong living with your parents if there is extra room in their house?
I don't care if adult children staying with their parents spend their money on luxuries or invest it, as long as they don't crowd the housing market, they can do whatever the hell they want with their money, it's none of your business.
There is some f****** scammer going around using your profile and username trying to scam all your viewers
I told my daughter to live at home until she finishes her training, gets a job, and then saves up enough to make a huge down payment on an affordable home. It's about being family and supporting each other through life's challenges. I feel sorry for the kids who blow that opportunity with expensive hand bags and absurd luxuries.
Great parenting.
Keep on keeping on with your kids. You’re doing a great thing by doing what you’re doing. Blessings, Carlos ✝️🙏❤️😊❗️
Good luck to her with the huge down payment for an "affordable home" part (lol).
Having kids still live with parents past college is not all that unreasonable in some cases
Having a kid staying with you buy luxury items, and not charge them rent is
Oh, Daisy.....
She's never moving out, it's going to be hard once the child support stops.......but your daughter will work and bring money into the household making it easier for you....is that your angle?
When I was younger most boomer parents would just kick their kids out at 18 while doing the mental gymnastics that the world was still like when they grew up and a high school degree and a firm hand shake would let you buy your own house at 23. I always noticed this was massively different than my friends whose parents were immigrants, especially from Asian countries. Their parents did not kick them out, saved for their education, took care of them while they built a life in expectation that they would take care of their parents in old age. With that help they got married, got masters degrees, had children.
With that said, now that the stock market is shitting itself and real estate is about to crash, how many of these American kids are going to want to or even have the ability to take care of their parents as they enter retirement? Will they regret not helping their own children raise their own families instead of buying fishing boats, jet skis and getting divorced at advanced ages? Would it not be better to watch your grand kids take their first steps in the multi-generational home that has been passed down rather than to get abused by some cheap imported labor that runs the old folks home you were jammed into?
With all that said, def don't go out and blow your $, but there is no shame in living as a family, especially now. It's basically what has always happened.
✔️✔️✔️✔️✔️✔️
Spot on ! This is how most people survived until the first half of the 20th century ! And they still do it in most of the developing nations on this planet.
That's because Asian parents are usually biological parents to their kids. Their love is unconditional love.
Agreed
Your boomer parents allowed you to huff a little too much. I'll correct your flawed stats. The average "boomer" would be like my parents...middle class with a mgmt job in a F500 company or perhaps a skilled trade job etc...they needed to save 50% for a down payment. You needed spotless credit. A female would need her parents to cosign her mortgage. My aunt needed a cosigner and she made very good money, more than my Dad, living in DC but in those days she needed a cosigner. The old days were not that great for women. Sorry, but true. My parents first loan app was denied because of 1 electric bill being paid 1 day late. That is out of 7 years on time payments for all bills. They would call all your references and ask for letters of reference. Any bad report of personal weakness like a dui, to much LasVegas...denied. My Dad told me it took 7 years of renting to get a loan approval mainly because you needed 50% cash and many years of on time rental payments. And every bank and credit union had diff requirements. 1 credit flaw and that would set you back another year. They built a 25k house...I know that's crazy...but needed 12k down. Seven long years of waiting. My mom said they almost gave up. And all this without cell phones. They had to drive everywhere to get a copy of this or that then drive to the bank to drop it off. No lie. We have it so much better.
Approvals were all by committee cuz no internet or computers for the most part. The bank committee could say no cuz they didn't like your suit at your loan interview and you would be fd. No protection laws back then. And whining on social media wouldn't help either. Cuz no social media. And whining was not allowed. My parents were typical. It would take years to get approved before FHA and the consumer protection laws were past.
There was no fha...otherwise known has loans for poor people. My parents were far from rich. But they lived within their means. No credit cards, no fancy vacays. We rarely ate out. They drove 1 car and always a used one. Nothing fancy. Buying a house with just a HS diploma was possible after FHA if you had a reliable job like trucking, welding etc. Before FHA you jumped through hoops of fire to buy a house...noone wiped your ass for you. My grandparents were working class and owned their home but only because the rubber companies had a home ownership employee benefit to attract workers.
I think we need that today. A company could attract quality workers for life if they offered a home ownership program.
An entire neighborhood in my city was built by the rubber factories for their employees and after so many years of service you owned the home.
It took me much longer to save money because I did what college kids do today. I ate out with my friends, worried about my nails and hair etc, partied on the weekend. I opened credit cards and bought a nice, slightly used car but at the upper end of my range. I was always going somewhere to 'experience' life. And I had student loan debt as well. Nothing new there.
If I could go back I would save save save. I wouldn't waste money on nails, hair etc. I wouldn't eat out and def no party time. I would travel local and appreciate my own backyard as they used to say. But interest rates were double digit and home prices rising rapidly, just like now. So I waited for the crash I knew would happen. Basic Econ 101.
And it happened in 2008. I waited for the botptom in my area which was 2011. I bought my 125k house for 55k. And it is in a borderline area which means pretty quiet but with high rental ratio not my preferred area but I can suck it up...cuz my parents were boomers 😅
So be patient, live at home. Offer to turn your parents shed into a tiny home for yourself and pay them rent if it makes you feel better. Or you could turn a basement or an attic into an apartment to soothe your ego. Stay away from credit cards and limit your travel to local or surrounding states. I also wish I had stayed home instead of moving out to live on my own because I was an 'adult'. But it wasn't has welcoming in my dysfunctional home and like alot of people I chose to save my sanity. In retrospect I would have paid my parents rent for their basement and sucked it up. Back then if you were a professional living at home people wouldn't associate with you...like no social life. If I could do it over I would find better quality friends that were not so superficially judgemental and live at home or find a boarding house in a cheaper end of town.
In today's market I would wait for the next housing correction then buy.
It's coming sooner than expected, I think. And buy a house that you can afford your payment even if you lose your job and are forced to work at a fast food or Walmart to feed yourself. Buy at your lowest end. Fix your place up while you wait on the next market bubble. Save your cash. Next housing correction or buyers market then you can buy into a nicer neighborhood. Always at your low end so if you lose a job you will be okay. That way you will never be underwater. I just spent 30k to side my house and if I sold today I would still double my investment.
I agree 100% kids should stay home as long as possible if they are welcome. If not, share a rental house with friends and split the rent. My first rental was that way with 3 girls and 1 guy and it was a great time. 🎉
I have a friend who is 54 and single . He works from time to time in the Middle East in tech. But when he isn't working , he lives with his dad in the family home. No need to pay anything at all, his dad is 85 and is glad to have him around to help out with medical appointments, shopping, cooking, cleaning, etc. The dad is fine with it. Basically, it's like part time work that pays over 2000/mo. with no tax. Plus he draws UI at the same time. He is becoming less enthused about the IT work in the middle east as he gets older. Sometimes it is a legitimate win-win. Case by case.
Absolutely. Nothing wrong with living with your parents as long as everyone is ok with it. I know a state trooper who lives with his folks and he's saving a fortune. Back in the 40s and 50s multi generation households were not unusual.
@@Corkfish1 If I were to give a guess, probably over 90% of the population in the less developed nations live in a multi-gen household.
Tell him I have a large house Free rent No Party's 😁😁😁😁
@@eddenoy321 It happens in most of western Europe as well. Many in developed countries in Europe still live with their parents.
@@leplane_ Of course, it's also common in the West. Where ever there is need and the people get along.
I blame the parents for allowing their adult children to live the lifestyle of the rich & famous. Thanks Michael for your honesty and being real on all of your videos. It's much appreciated!
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Me too!!
Oh my yes. He is very well educated and I pay attention to his philosophy of Real Estate 🌟🧡🌟
Very true!m
absolutly..arff!
You have way more wisdom, knowledge and common sense than most 35 year olds. It is unbelievable. This is coming to you from a 68 year old with vast experiences and in a position to be a very good judge of character.
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Thanks a lot John, I have heard that before. My wife calls me and old soul.
he looks alot older than 35!
@@IamAnson777 45 sorry..
@@IamAnson777 cmon its just the premature grey lol. I had the same thing.
I'm renting a townhouse for $1600 for the last two years with no rent increase at all.
To buy the same townhouse would cost me $2300 a month.
Thats awesome, the important piece of that is to be saving the difference to really get ahead.
But..2 years ago interest rates were so low..at that time you could have bought at a really low rate and mortgage would have been less each month.
Really enjoyed todays show. You’re clearly a hard worker and at 35 you’re still in the relatively early stages of the grind that you referred to on the show. Keep it going. You seem to be enjoying it and we’re all enjoying your journey.
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He's 35? His voice and how he looks I would have thought 45.
I agree with you on this point of view. Michael B . is articulate about the Real Estate Industry.
As a Professional Investor, and Realtor, he is definitely well read and researched , 😢in the field of his expertise in Real Estate🌟🌟🌟🌟🌟.( reply to meisterslam)
I am enjoying it very much and glad to hear you are as well😊
@@Re3iRtH I was thinking the same exact thing. But you got to remember George Clooney was going grey at 35 too lol
I hate scammers. Good on her being caught. I hope they catch every single person that committed fraud.
And here's one of em about to get reported.
And he's reported.
Yes! Report them every time you see them
I’ve reported them so many times! You tube has disconnected that option on my acct! Seriously!! 🤦♀️
@Florida Girl I now have a goal to achieve lol.
One of my best friends bought a duplex in Sandy, Utah in 2013 for $189,000. He sold it in Dec 2021 for $650,000… Hope the out-of-state investors that bought it are enjoying it…
Lol. Might take awhile to unload that.
The thing I like about your videos is you are always honest and tell the whole story.
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Bought a small house in 2021 for $95,000
Locked In 2.25 % interest rate for 30 year loan. Mortgage payment is $615.00
Haven’t had this low payment for housing since 1987 😊
The term strategic default is about to come back into style.
I lived at home until about age 27 with mom and dad and I was traveling and buying anything I wanted. But I also was able to save tremendously. I think for young people we need somewhere to stay these days and save and stack up so that we are able to compete and buy a property one day otherwise it won’t happen. They are already trying to squeeze us out the market by outbidding on good properties. Me staying at home for all those years allowed me to move out with at least 15K in my pocket. It fully set me up for the real world.
I guess we shouldn't be surprised that people were able to exploit PPP money, it was way too easy to get approved.
Renting can be a great choice.
For many people renting is a way of not having to deal with the hassels of ownership, such as lawn and yard maintenance among other tasks. A close friend of mine in the landscaping bussiness loves living in his high rise, walks on city maintained walking paths on a regular basis and never missing have to get out and shovel the snow or cut the grass, and yet designs gardens for a living for people who do have to do this or arrange to get it done.
Meanwhile I live on an small old farm (about 20 acres) and I assure people the work never ends and jobs rarely get completed to my satisfaction but good enough, because I have already had enough!
Some days I think renting without responsibilty might not be such a bad choice, but actually I am probably a bit addicted to country outdoor living and that requires lots of work or lots of money, lacking the latter, it's the former for me.
Hey Michael, I'm 25 and it's sad that people in both generations bought into the tik tok high end lifestyle. It's insanity, ROI on a designer bag? Lol. My husband and I have been renting for 6 years with now two kids and that's probably the biggest waste for me was rent but we never had enough for a big down payment. We finally saved up for a 3.5% towards a home and are under contract currently. Wishing the best for everyone in these crazy times. God Bless 🙏
I'm 60 years old and my wife and I paid our house off last year. I can't even wrap my head around the thought process of someone my age on the brink of retirement. Having to pay rent for the rest of my life. Yes, we do have taxes and insurance. But thankfully here in Georgia those haven't gone crazy like in other parts of the country.
And the real estate and mortgage industries have made quite an investment to make sure you're not able to wrap your head around that. In the long term, it all balances out. Renters have to deal with fluctuating rent every year or so, and you owners have to deal with fluctuating property taxes, fluctuating insurance cost, fluctuating water rates, etc. etc. You have a lot more variables than renters. Good luck to you.
I'm 63 and rent. Love the freedom and no hassle. Cheaper than owning. I could pay cash for a house but at least for now Im very content with renting
@@Corkfish1 You're smart. You haven't drank the American Dream Kool-Aid, which says you HAVE to buy. I've been able to buy for years, but I love the freedom and flexibility of renting. It all balances out in the long term. It's a lifestyle choice.
My parents are retired in GA and their finances are better than ever. Im in my 30s and briefly transferred my tax residency to GA, thinking that the southern states would be better for someone with a slightly high income. I was surprised to find out that the income tax rate is higher than Illinois, one of the more liberal states! Plus, I got laid off during that time and in GA your employer doesn’t have to pay unused sick leave. It’s a great state for retirees, but terrible for any working citizen. Needless to say I’m not sharing my address with my folks anymore and I won’t be returning to GA. Just being there for a few months ended up costing me thousands…
I did many many refinances for people in their early 60’s in 2020 and 2021. Usually qualifying with ss and IRA income. They got 2.75% fixed at least without closing costs. But yeah I get your point it’s kinda stupid at the same time
I'm living with my in-laws. They are letting us stay here for 3 years while we save up all the money we can get our hands on to get into a home. The most money my wife and I spent was to a basketball game in the nosebleed section for $100, and $1000 for a couple of college classes. Our goal is to get us and the kids into a home. I work as an electro-mechanical engineer, and I suffered through college to get the title.
Buying right now in my area would be dumb. I can take my cash and get a 5% return in 1 year or buy a house and watch the value plummet. Luckily I have cheap rent. I’m just getting impatient but it literally pays to wait.
Key word, be patient! 👍
Great way of thinking 🌟Well Done 🌟
I am renting and kind of like the care free aspect of it
I sold my townhome after 11 years and rented for two years. Yeah actually was a relief for the first year to not have to do any repairs. Unfortunately, I had to move again to another state and I was just getting gouged in the rental market. So then I bought a house in another state when I moved again, and now I’m in sticker shock at all the repairs I had to do that the inspector never caught. I don’t know what the solution is.
these days it seems the main downside of renting is the hassle of moving itself, not always a purely financial matter...its def not a fun experience as you get older and accumulate a lot of stuff, and then you have to move it.
I bought because I was tired of moving I’m 65 and plan on staying where I’m at. If I have to make adjustment add on due to mobility, I don’t have to ask, or move. We have fewer children to help.
I sold my house after living in it for 12 years. Renting now. It is freeing not having to do the maintenance or pay for it, which started getting so expensive (lawns are so expensive to upkeep). Hope to buy again, but I am loosing hope in Fl due to the homeowner’s insurance situation going on in the state right now.
Hopefully in a couple years the insurance situation here will improve once the new laws have time to play out and attract more new companies and that will hopefully coincide with lower prices than today. But FL is a wild card this time around with prices
Mandatory lawns should be banned nation-wide.
@Anitsirc25 Thank you for commenting. You definately bring an interesting perspective because it's refreshing to finally hear someone say It's *freeing* to rent. I was thinking the same thing for some people. May I ask how old you are? Asking because I am 52 years old and like I said, you definately bring a different perspective. So interesting to hear. Blessings.
@@MichaelBordenaro In AZ, we have never had mandatory lawns. In fact, if you chose to have a lawn (rare) , you will be closely watched as to how much water you use. If you break any of the many water usage rules, you will face heavy penalties So we play on our dirt and rocks 🤣
7/2020 I bought a 4 br 3 bath w/a 1br 1 bath apt attached which i rent out for $1,100.00 a month. No down payment VA loan. Mortgage payment is $1,073.00. I luckily got a fantastic deal.
that is a fantastic deal, basically living free!
@MichaelBordenaro exactly. Saving more to buy other houses i can rent when things calm down.
The rent to own disparity right now is insane. I live in Southern California in a house made out of twigs. Seriously, the interior walls are framed with 2x3's. My rent is about $2500. The monthly payment to own that would be over $9K with a 10% down payment.
At least you are renting a place like that, sounds something no one would want to own
It's insane. I don't understand how average families are surviving. An average family home where I live in California costs 3500 to rent and 750k to buy. I own a business that does very well, so we're doing fine, but I think back to when I was an employee making 90k a year and I don't see how I could support my family of 5 on that anymore. So how are average families surviving?
Yesterday watched "HUGE Price Drops in Dallas Housing Market" the realtor talked about 10+ cities, one had gone up 70% in 2 years and "now it might be a good time to consider purchasing b/c prices dropped 17% so far" I mean really, straight faced into the camera, she said that.
They'll say anything to make a deal right now!
She wants a commission.
The reason why it's a good time to buy is that it is not as competitive. More and more sellers are offering closing cost credits. Unheard of in a competitive market. You might also get more off the list price. Also, while the interest rate is higher, you can claim more in deductions. You will actually have more money in your paycheck to pay the mortgage. Why wait until it's competitive again?
@@DCGuy1997 Prices will fall and it will be a long time to recover. We are entering the greatest depression. And with the excess deaths spiking around the world, there will be less buyers in the future, more people on disability.
@@lilirobin7136 lol sure, Jan.
"It feels like winter now @ 70 degrees" - Gotta love that weather! Thanks for keeping us in the know.
In 20 years I’ve been in my house. My taxes have doubled and insurance has tripled.
Absolutely! Glad you posted that here for all to read
Your housing value also has doubled and tripled and considering this number is a much higher number in absolute terms you made a lot more dollars even accounting for triple taxes and insurance.
@@Re3iRtHonly if you sell. otherwise you never see any of that money.
@@Re3iRtH my house might be worth 40 to 50% more. I live in a democrat blue state where they steel our home values though high property taxes. Illinois. Second highest housing tax rate.
My taxes doubled in 6 years.
My millennial children are like you Michael. They are working hard and on their own for a long time. They are better off than me when I was at their age. Very proud of them.
@millennial Wellll, You should be proud of Yourself about how you raised them to be responsible adults. They had a great mom...is all. Congrats on that.. and Blessings.
Mine are the same. I am quite Iill; so my children are taking care of me. They are well educated, working and NOT polluting our gene 🧬 pool . I am so grateful to them for their generosity and support to me
“ You did good .” my dad would say , ( May he Rest in Peace) as the highest praise for us . You certainly deserve this praise 🌟🧡🌟👏
Mine also! So proud and happy for them!
Don't care for branded stuffs I'm glad I'm a minimalist. Renting cheap right now but saving up for a down payment. The market is shifting, there is hope for me been looking since 2020.
I stopped looking when the market got crazy glad I waited. Thanks for your videos and advice.
Your videos are the most educating and entertaining of all that are on RUclips. Honest and right on, great video.
The politicians in office are just as guilty, they print out the Trillions and just don't have a Justice Dept. capable of investigating the fraud, maybe they don't care enough to watch the taxpayers money.
You can tell times are bad over there because there is a blacked out repo tow truck cruising the streets at 12:28
those guys are always hunting here!
I’m so thankful my parents always encouraged me to be independent. I moved out at 17 and paid for my own college and it was difficult but I did it. I think moving out made me more resilient and honestly I would feel awful if I were over 25 and still living at my parents house 😅
Great Video Michael , I have two kids 30 & 32 My Boy 32 Hard worker High Grades Air Force Academy Captin in AF, wife bought a house 2 kids it's a grind but it's working. My Girl train wreck bad grades 2 DUI s no car , wrecked 5 cars, waiting tables never keeps a job , I believe in tough love so she's own her own. Would never let her move back and live like the rich & famous . I have lots of neighbors with 40 something kids still at home , they will never move out just waiting for there parents to pass on...
You said it Bob, just waiting for the parents to pass on... sad part is they will probably suck them dry while still alive and when they do pass on there be nothing left
Michael, I couldn’t agree with you more. I always remind myself though that when mommy and daddy finally pass away and these “children” or my peers are on their own they’re going to get wrecked by reality. Their lifestyles with undoubtedly sink them, and very quickly. I’m not wishing it, I’m just frustrated feeling like I’m not doing as well when my peers have a distorted reality. Not to mention, how they don’t feel guilty not taking care of their aging parents but instead taking advantage of them is beyond me. Maybe it’s the karma of “I had kids to take care of me” and now those kids are using them.
Yep BINGO! I see it too.
Spot on
I literally got into a back & forth with someone, because she’s 24 & she said that she’s not giving her parents money for bills & her parents don’t expect her to, because she can’t afford rent. Um what? She’s a RUclipsr by the name of Miree. She said that she wants to keep her money for herself. I said even if your parents aren’t asking for money, you should want to help them. It’s the effort of thinking of your parents
I'm kinda glad you shared your thoughts with her on this. You are totally right. She absolutely SHOULD be paying her parents SOMETHING... I mean...like where else can you stay for free? Also, if she's a You Tuber and cannot afford to pay rent, then she needs to quit and find a job that *WILL* pay for rent. Ughhh. Irresponsible and a slap in the face to her parents. Good on you for telling her she should be doing the right thing.
@@girlygirl1890 I have been here 15 years Most kids are Flops. Parents pay for everything Till they die..😂😂😂😂
"No one is flipping a KIA to make money." that was great! Love this channel keeping it real.
Exactly right about people living at home who are living off parents and not making a good contribution to the expenses of living there. They are clueless about what it takes to "make a living" and "live according to their means".
For real!
Yeah. My nephew worked for an Indian guy who owned some hotels in Indianapolis. That guy took out PPP loans and fired all the maids, bought 2 brand new expensive cars, made the guys at the desk clean rooms and fired my nephew. Pretty sure he didn't use those loans to pay his staff.
He'll be next!
Just wait. The Fed’s will be knocking on the Indian guy’s door very soon. 🤣🤣🤣
It’s a trap!
We need some major change in home prices.
I have a friend who paid a little over a million dollars for his house in CT in 2005. He sold it in 2019 for $835k. He wishes he had rented.
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But if he had only waited two more years…
😊😊😊😊😊😊😊
Every time I start watching your video of the day I automatically hit the “Like” button because you always do a great job in your reporting. Thank you Michael, Carlos
it is the home owner's decision to charge or not charge rent etc. to their children, but at the end of the day, handing out free lunch all the time can lead to the decay of the moral fibre of the recipient.
Like an old proverb runs,
You can raise your children so that you spoil your grandchildren
or can spoil your children and you will surely raise your grandchildren!
Something to ponder and seems to reflect many many people's experiences, in fact up at my grandmother's old camp the neighbour seems to be raising/looking after their great grandchild (and still works driving a school bus in her 70"s, kinda outrageous when I think about it too much, so I try not to).
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Fault the kids for taking advantage of mom and dad.... Well mom and dad have their heads up their a... for funding the littler brats . Kidd's cry louder and get more.
Great vid Michael!
That lunch and learn for the townhouses sounds pretty similar to a time-share presentation.
It does!
@@MichaelBordenaro Thank you for removing the spam/scam bot. I wish the number of replies under a comment would adjust when replies are removed.
As soon as my stepson started working his mom asked for $100/week. He complained that he’s spending $5200 a year to pay us. I reminded him that includes a home, food, phone, electric, internet, etc. To his credit I think he realized how easy he has it. He’s still young n going to community college next year so he’s working to improve. If he stops that, we’ll we will have to revisit things.
I did stay at home for sometime but kept the house clean while my parents were constantly traveling. I was also in college at the same time. It was a good deal and left shortly after graduation.
My brother returned in his 30s n never went back to work or paid for anything. He even told my Dad that he enjoys not having to work a regular job and the freedom that comes with it. The only reason he wasn’t kicked out sooner was my mom. Eventually they booted him when he got involved in serious matters that involved the police. But they wasted sooo much money n time with him. He ended up homeless and on drugs, dying from an overdose last year. So sad, he had everything someone could ask for but treated it like crap.
So sorry to hear about his travails. It is so hard to watch it go down in slow motion in one’s family.
I'm so sorry for your loss
He wasted his life being a bum & living off of your parents.
He needs to be accountable for his actions. I’m sorry to be so blunt.
🏜️We send our Condolences to your family .🌟🧡🌟
That is a sad story of what happened to your brother, and it’s what I fear will happen to many others that don’t learn how to be on their own
Forcing your children, who you allow to live with you, to pay rent isn't really an effective strategy in my opinion. Sure $100/week isn't much but when considering they are probably clearing around $20k per year, 5.2k is about 25% of income, plus vehicle expenses. That's also assuming the person works 40+ hrs a week. Those parents think they're teaching them a lesson but they're really delaying their ability to move out. At least save that money for them by placing it into a savings account. Instead, they're probably just looking at it like additional income.
Better yet, it would be better to have them place that money into an IRA. They will thank you in the end.
I will say, I'm applying this logic to young adults between 18-22. It's probably a fair ask of those who are older.
The streets look empty. Really calm! I couldn't afford S. FL 10 yrs back, so I left the State. My Condo was in Boynton. I do miss the nice winter weather. I love your video's.
Our Mortgage with taxes and insurance is $800-1100/mo less than rent for the same homes. The only maintenance we've done over the 5 yrs that we've been her was a 4k hvac replacement. We gained over 150k of equity. The difference is of course we bought 5 yrs ago when the prices and interest rates were better
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You bought at a good time. Don't forget to save for a roof and other large expenses in the future. Don't expect your insurance company to accept claim(s). They'll have no problem dropping you when you are too risky and no longer profitable to them.
@R P Oh thanks for reminding me. We had our roof replaced by insurance and paid nothing out of pocket. We actually recieved a $900 check of left over money from the insurance company after they paid the expenses.
Can someone please send the western MA housing market the memo that a crash is occuring? The market here is ridiculous. Hasnt slowed at all.
Some areas may only see small corrections while others crash hard. All depends on local stats and demographics
House in Springfield $80K. Needs $150K finish up.
I actually went to a recent lunch and learn hosted by Champions at a developer home. Some agents are really believing you should buy a home now. Wow.
Agents always believe people should buy homes
@Blue sky not all agents. As an agent, I'm telling my clients to run for the hills lol. Also, as an upcoming buyer, I too am running for the hills. When I buy, I'll advise them to. Until then, I'm retired.
@Stinky10R I know that there are good agents out there that are honest lol.
@@Tracked350Z Why would you do that? I've gotten clients all their closing costs paid for, reduction in list price, and home inspection items taken care of. First time in a long time that has been possible in our market. It can be a good time to buy.
@Jay I mostly work with investors so our market is slightly different. However, I'm glad to hear that you are becoming a successful agent.
Here's another point. If she is convicted we will have to spend even more money on her when she's in prison. It's not just daily cost. It's medical,any medicine she needs. And when she's in there and comes down with cancer or anything else it's completely covered too. Even hip replacement 😱😢😢. We get nailed all the way around. .
Its a big scam that all of honest folks are paying for
Including sex change.
@@kookietherapy9398 yep if a man wants to transition from male to female they will supply the hormones. 😱😱😢😢 All true.
@@MichaelBordenaro Better in JAIL out of Trouble the Longer the better..ALOHA
How do you recommend they handle medical needs for the incarcerated?
I knew a guy who burned down a drug house. He went to prison and when he got out he had to pay back the insurance company.
Thats justice!
Michael it is very evident you put alot of work into each video, I learn something new everthing, great work man
I appreciate that Bob! I give it my all!
my partners parents are blessing us by letting us stay with them while we save towards our first home. with their help we are setting ourselves up to be much more financially stable for the rest of our lives. we are so grateful
700K townhomes. How much for HOA fees? Is it Ala carte? Taxes? Mortgage interest rate? Not good!
Thanks!
ORD I bt 5 new ones in 1986 and sold LONG TERM min 25 years. Ur a Honest Fair person ..Take Care ALOHA
Homeownership is no joke. After the first year, we learned the banks placed $0 into escrow and proceeded to inform us that the mortgage was increasing an additional $1,700.....per month. Just do your jobs!
i've moved every single year for the past 12 years, minus 2 times when i stayed somewhere for 16 months. i hate it. i hate moving so much and live in a cheap city, so buying is a no brainer
I worked as a maintenance supervisor in a 108 unit complex for 8 years. Oh haha that supervisor label was hilarious since it was just me to fix everything and clean move outs. Anyway I don't understand how anyone would want to buy a nice house to rent out to people. The laws are alot in the renters favor now. You can get really screwed over by the being dead wrong your tenants and thinking they are normal people. I've seen horders that on the outside looked like a nice family of 4. They skipped town and in their place was stuff to the ceiling in entire 3 bedroom apt. So much I opened front door and told all residents, take it all please. I still spent over 50 hours in time to turn that apt back to new.
I know a couple of people who have kids aged 25-30 living at home. They're not making any effort go get a job or become independent. They're just treating it like a long summer vacation. I guess they think an opportunity will fall in their lap if they just wait around long enough, or maybe they think the gobmint will eventually pay off their student debt and give them UBI and a pony.
Yes, February has the best weather in Florida. IMO of course.
🥳🥳🥳 never thought I’d ever say, “I ❤️ winter”!
And you put out a new story everyday, good job!
My logic says if you’re renting and saving at the same time, depending on how much more that mortgage is, it still makes sense to pay more for a mortgage. No matter how you look at it, you’re not getting any of that renting money back
I love it when you say congratulations Your videos are both informative and entertaining
I appreciate that!
My rent went up 40% in Tampa in the last 2 years so I don't know about 'thrive' but I get that homeowners expenses are also going up a lot. That's why I'm still going to rent for another year.
Thank you once again for another day of real estate Ed
You bet!
Such an awesome video Michael.. your insights are gold for laymen ppl to understand and be cautious
I personally know of three cases of PPP fraud:
1. A RUclipsr in the Philippines formed a phony business in the States and got a PPP loan which he's never repaid--he won't ever return to the US because he's afraid of the authorities and does visa runs to Thailand every few years;
2. One of my neighbors who owned a one-person business claimed she had employees and collected a PPP loan that she used to buy a new BMW and to go on vacation to Greece when restrictions were lifted;
3. My former landlord, who got a PPP loan and still laid off some of his employees.
PPP funds was very poorly monitored, whether by incompetence or by design, and there was rampant fraud.
All that money was poorly monitored, the PUA and Fed boost for UI was crazy, but they are trying to claw back that money now.
It is such a joke, especially since the rest of us are paying for it
@@MichaelBordenaro Nancy Pelosi dumping bags of cash out of a low flying helicopter would've literally been a better way to distribute this money.
“Poorly monitored”, seems the norm !
Enjoying another chill walk/talk while drinking a beer after work with my buddy Bordenaro
That's awesome!!
In Lakeland. My apt complex is now CHANGING THEIR PRICES EVERYDAY!. My 2/2 Friday was $1,843 (was 1,739 all last year, sometime dropping to $1,540) Monday it was $1,691 - $1,896. Today, same thing is listed for $1,795 - $1,935. Three UN rented Apts available now for the lower $1,795. Yesterday’s$1,691- $1,896 showed three apts available now for the higher $1,896 price. So, what kind of game are the playing? Fishing for tenants trying to use psychology? What do you think?
I think they constantly testing to see what people are willing to pay, and of course always trying to get more
They run algorithms and I believe all the apartment associations have these. They get a list of empty units and the inventory and the algorithm decides the price. It’s ridiculous. That’s why they keep changing. Our community gave different rates for all 12 months of exit like 1st month is x, 2nd month is y, 3rd month is a etc
Michael, please know how much you information is ever so appreciated by all of us, your subscribers 🌟🧡🌟. Thanks 🌟
I think they are greedy fools...
Apt rents are set by the algorithm. The computer crunches the number daily and that changes the rental amount based on what comparables are renting for.
If you knew the real financial situation of everyone in America, I would bet that you would be astonished.
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lol @ "investments into my wardrobe."
What a joke!!
Renters typically can NOT "just move". First and last month rents, plus deposits, plus a dozen $65 non-refundable credit/background checks costs thousands now-around $5 to land a place. So we cannot just go MOVE whenever we want. I saw my home maintenance and improvement quotes/costs DOUBLE last year. My home savings plan went from $250/month to $500/month to cover maintenance. Mortgage doesn't go up-you get your fixed rate and you're good. What owners are not doing is paying cash for home maintenance. So they think "I can afford that mortgage and taxes no problem!" But you WILL need a new roof one day, right? That all just DOUBLED.
I'm currently renting in Central Florida, and have been watching the market waiting for the right time to buy. I'm in no rush, but have noticed new home prices around here are starting to look more reasonable (existing home prices are still way too inflated to make it worth it to buy one though). So I may pull the trigger this year if I can get a good deal on a new house.
The key in this matter is to find a good realtor. Denis Smykalov is a reliable realtor! He helped me find the perfect housing in Miami. I highly recommend his services!
In florida, if kids want to stay in the house they are more than welcome to the basement.
That must be a joke...since FL houses don't have basements 😄
@@MichaelBordenaro of course...
In my country capital city the gap between rents and home prices is HUGE. There is lots of rent offers and many empty homes. For example 1bd apt rent is $300-450 while price to buy is like $140-180k furnished. So it is 40+ years of rent. If you buy with a loan it goes up 50+ years. So renters are also better here.
Great walk & talk and 1000% agree on kiddies taking advantage of mommy and daddy. Ridiculous, I've been hustling since the age of 16 and was out of my parents house 6 months after graduating high school. My Brothers had it lucky and stayed home rent free till almost 30. They both own houses as a result. Not my story, I've worked my ass off and sacrificed for everything I have, never had the luxury of the easy path in life AND I WOULD NOT CHANGE THAT! I'm grateful for everything I've earned and have huge respect for those who have hustled for a better way in life!
It feels SO MUCH BETTER When you earn it yourself 👍
💯
@@MichaelBordenaro In the same spirit that you earned it you would help your kid as much.
@@yob_woc I totally agree. You are also fortunate to have a secure and stable family. Many of us did not get so lucky in the birth lottery. You don't sound like a leech or a slacker, but you are lucky to have good parents. Take care of them when they have troubles.
OMG, Michael! This is one of my favorite videos, because I love the reporting and descriptions you gave of the millennials living at home. Hilarious and so true!!! You are wise beyond your years! Keep up the great work!
Haha glad you enjoyed that part, it is crazy that this is happening!
Sad fact is these low skilled millennials will be quickly replaced at anything they do by AI
Property tax up, Home owners insurance up,everything's up.
Another thought: What A LOT OF people fail to understand is that tax incentives / deductions won't benefit the buyer of a home. It allows the buyer to afford a more expensive house with a larger mortage. The ones who are REALLY benefiting are the banks. Then they can give the buyer a larger loan and then the amount of interest banks receive also will be larger.
Currently renting for the short term because I’m not sure where in my area I want to live and taking my time to be choosy on quality, price and schools for kids. As of now rent is high but homes are too. It’s neck and neck except when something breaks I send an email and in 12 hours it’s fixed, no cost to me. Looked at several homes in my area and they are very over priced and dumps. Most need $100k of work. In Florida insurance is a huge issue too. You don’t know if you will be dropped next week or rates raised double. I’m all set renting right now and I will sit back and watch this storm unfold.
It’s about time someone speaks out about PPP fraud and money laundering!! Blame the federal government !!
14:05. ‘Better the Broucure, the Worse the Deal’
LOL.
Wisdom for today and tomorrow
Love signing off my work from home job in my basement in cold Chicago so I can watch you walk around Florida! Gonna make it there one day! And I'll let you be my realtor!
I own a house in St. Petersburg which I bought ten years ago with a 30 year mortgage. My mortgage payments have now doubled in that time because of property taxes and insurance. I rent the house out so the property taxes have increased horribly as a rental property. I blame the government for these tax laws, there should be no difference in taxes if the property is
rented or lived in. No wonder why rents have gone up so much, the money is going into the State of Florida's pocket. Of course insurance in Florida is insane too.
Yep I’m renting in Florida. My area median sell price when loans were 3% was $1.1m ($525 sq ft). With hoa, tax and insurance 20% down still over $5k a month plus the closing cost of around $30k. You can’t buy anything that you could rent and cover the mortgage in case you needed to move.
Good summary
PPP will need to be paid back if the people who claimed for cars/trucks, boats, jewellery, and other items instead of putting the money to keep afloat. Will be having the IRS investigating them if found funds have been used inappropriately it will be classed as fraud. What people don't realise is the Government can access data on you and any company it wants to. I know to a lot of people the PPP was like a money tree which was the cause of the MSRP gouging which screwed hard working people having to pay more.
Florida homeowner Insurance has crushed my escrow account, also property taxes. Not to mention the upkeep and maintenance. So yeah it’s out of control and our governor and lawmakers are not helping at all. What gives????
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Great video Michael thank you 😊
I have 3 adult, kids at home and I'm single mother for last 18 years and yes I'm paying all the bills so my kids can get educated but at least they are nit a big spenders but can't wait for that to be over that's why I like to move to Florida all by myself and have some life
Yes michael, I agree with you 💯. My daughter is 29 she will be 30 this year . She is in Nursing school and she works in the hospital. I am trying to be patient but everyday Packages get coming from Amazon every day at least 4 a day. I keep telling her to save her money so she can get her own place. I don’t take any money from her because i want her to save. It’s like talking to a wall
You could start taking money from her, and just set up a separate account for a future down payment on a house. Either way, 4 packages every day sounds like too much.
Watching now. You are “on it” Michael, with these daily videos! They are awesome!
Awesome! Thank you Jeannie😀
- Makes perfect sense to stay living with one's parents in a number of cases.
- Here we see the impact of women entering the workforce over the last say 30, 40, 50, 60 or 70 years. This means that more and more households have 2 incomes instead of 1 income. Having a double income also means that (e.g. a married couple) can afford a larger mortgage and therefore is responsible for pushing up house prices even more. This 2 income household also is able to afford a larger rent. Another reason for rising house prices.
- But this also means that households with one income can't afford to buy a house or can't afford to rent and are forced to stay living with their parents. I even know an example of a married couple with 2 incomes and still can't afford to rent or buy. This married couple still lives with the wife 's parents.
- A LOT OF look at the ratio between house prices and incomes. Instead the people should be looking at the relationship between house prices and household (!!!) income.
I love today’s content, Michael. You covered a lot! 👍👍👍
Correct yes I have a fixed rate but my property tax went up so did my house payment it was only 50 bucks but still I always like watching his videos so honest and great knowledge keep up the great work 👍
It's definitely cheaper to rent in Boise than to buy. I just renewed my lease and for the first time ever, my rent stayed the same at $2,389.
I always knew that long-time (by choice) renters like myself would be vindicated. The ironic thing is I could have paid cash for a MODEST home over the last few years,...but,..never wanted the hassles of being a home/condo owner,..and the lack of flexibility.
Thats right! I must have been thinking of your story Tony when I was making this 👌
Congratulations, you missed out on a ton of money.
@@AB-yr2eo Not if his rental payment was lower than a mortgage in a similar sized home and he invested it in the stock market before 2022. Don't forget about the cost of home maintenance,closing costs and realtor commissions. Home equity is never yours...it belongs to the bank that will let you access it for a payment with high interest.
@@AB-yr2eo No I didn't,.....I retired at 58 with almost 800k thru shrewd investing.Owning a home isn't the only way to get rich.
Wanted to say thanks, I’ve invested our May 2022 home sale profits into short term Tbills after you mentioned it a few weeks ago
Now renting & waiting for the housing market correction if it comes to get back in on a smaller house here in Sac. Not a lot of buying or selling here.. location Is a big part & nobody is feeling the pinch here
You're welcome Russel! At least you're earning the best rate you can at the moment, while waiting to see what comes next 👌
Same here 5% but waiting to get back in market like 2009.
Hi Michael, your videos are great
Thank you James!!