The Real Estate Debt Reset Has Begun
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- Опубликовано: 5 фев 2025
- Ken McElroy explores the real estate challenges ahead as rising interest rates and cap rates disrupt the market, repricing properties and putting deals under stress. Learn how experienced investors can capitalize on this wave of distressed properties in 2025.
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i love you said dscr needs to be 1.8. Especially with expenses going up due to inflation round 2 incoming. We need the extra meat on the bone to stay profitable
Ken, i read your book ABC's of R.E. Investing for the first time 15 years ago. Have read the hard copy 3,4 times and listened to the compact disc version in my vehicle 5x plus. My investment in your book has returned me 1,000+%........we own in Colo and Neb......thank you so much.
No one who had half a brain took out a variable rate loan when rates were at 2.5-3% in 2021
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
@@PatrickLloyd- My partner’s been considering going the same route, could you share more info please on the advisor that guides you
My CFA, Sophie Lynn Carrabus is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Benevolence, this reference seems valid.. Just inputted her full name on my browser and found her site without sweat, 15 years of experience is certainly striking! very much appreciate it
One of my commercial loans came due this year after 5 years. The bank called me. Refied it with no appraisal, $500 fee, 6.5%, and with my lower loan amount the payment was about the same.
Yes, if you didn't over pay at the start then you should be fine. The issue of over paying up front exponentially increases with an increasing property size. I'm guessing you were on a 20 year or less amortization which also plays a big factor.
Without all the details of your project and the depth of your pockets there’s no way judge how this played out for you.
In the current economic climate, a home is not the best investment. I've already sold my Boca Grande area home, but I want to invest roughly $200,000 in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?
The truth is that if you make the right picks, you could make killer riches very quickly, although such profit usually needs expertise, as in hedge funds or financial managers. I personally prefer the latter.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
@@viviancarolgioao who is your advisor?
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
What a concise, fabulous presentation! Although many of us so called insiders know the predicament on 2008 and predictions for 2025, Ken went fully technical (giving us detailed organized specs), but described in the simplest terms.. Good job, Ken! Thanks, AB
This is all super basic CFO stuff. It's a good topic to know if you keep on the track. "Cost of cash" is the general topic.
This formula doesn't work with properties valued at 1 million or less because investors like you are just buying them up with no debt to the bank (all cash). I have investors from all over the country calling me daily to buy my multi unit all cash. I really enjoyed the refresher course on NOI and Cap rate for example though. Thank you again!
Saw on X yesterday that 40% of homes in Cleveland were sold to out of state llcs.
So you’re saying it will be impossible for a new investor to buy a small apartment building in the near future, because we’ll be outbid by the big dogs? Great…
Investor demand has been falling since 2021.
great explanation on this very easy to understand i work the maintenance side of multi family what most of these buyer never learned was asset preservation these properties are a mess on top of value going down most properties have been run into the ground with lack of parts and inexperienced help most of these properties will need ton of cash to bring them back up to par
Really insightful breakdown! The way you explained the impact of rising interest rates on debt service coverage is so relevant, especially with how much pressure it puts on variable loans. It's interesting to see how closely NOI and LTV interplay with cap rates in this environment-definitely highlights why so many deals are struggling to pencil right now. Appreciate the clear explanation of such a nuanced topic.
Not only that, insurance prices are going NUTS too, due to inflation. Here in Florida its up 200 to 400%. Its insane.
It's theft... federal reserve... a non gooberment entity is allowed to create money out of thin air. Devaluing the dollars through ppl have to work to earn... in doing so causes inflation. Home equity appears like your home is worth more. They than can steal more money from the ppl through taxes as well as insurance going up. Oh... not to mention wages never really go up that much.. never keeping up with them inflating currency units. We are forced into debt slavery.
Insurance prices are up primarily because of the increasing claims activity directly arising from climate change-related severe weather.
That's not inflation, that's just greed. THEY need more of your money that way they can sit pretty while they deny your claim
If I were an insurer, I would avoid Florida.
Increased claims are driving insurance premiums increases.
Illinois had a big hail storm in May. Soon as late Spring hit, everyone got new roofs via insurance. Cost ranging from $12k-&$60k.
If you drove around the suburbs every day from May to October a new roof was going up.
I looked at a new, local, multiplex. It was only a few percent return after expenses. You literally lose money to do all the work of managing a property when compared to just buying a Treasury.
Even after you calculate the equity gained by debt service?
Buy a treasury Uhh no thanks I’m buying bullion
@@PinkFZeppelin The payments initially go mostly toward interest. Only roughly for the last third of the mortgage do the payments largely go toward the principle, which is why banks want people to refinance around that time. So, the return is very nonlinear when considering equity.
For a 30yr mortgage, the average equity received per year would be 3.3%, which is still less than a Treasury. And, for the first 20 years, it will be even less than that.
The biggest issue I had with it was how tight the finances were. You couldn't afford to have one of the four apartments empty for a single month because the margins were so tight. I wouldn't have been able to afford to live in one of the units.
@@Austin1990 Maybe I’m missing something. But a 3.3% return on the cost of the property is still far more than the return you’d get on cash somewhere else. You have 5x leverage on the property. Meaning a 15% return from equity on cash. Also if you keep the down payment small enough you can have cash for vacancies.
@@PinkFZeppelin I am not a real estate person. I was just looking at the finances of getting into real estate What do you mean by 5x leverage? Are you talking about borrowing against the equity?
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
The DSCR is one of the most important factors for the bank I'm currently working with. Ken I think you're the only one talking about commercial real estate on RUclips that has ever mentioned DSCR.
1.8 DSCR requirement seems way high.... especially for class A
As a retired fund SVP and banker, my experience from the 2008 great recession is that banks didn’t turnaround bad loans overnight. Taking back a property and putting it back on the market is sooooo slow, years. Remember there’s loan guarantees, liquidity and net worth backing these loans so these properties have to go through that process too. Most of the regional banks keep everything (shadow inventory) hush and some already know from their watch list that they’re insolvent, so why declare it and not just enjoy the ride until the rates are dropped. I’m hearing the insider rumblings and it’s going to get crazy because all projects requiring loan resets have such unique variables. The only way to kick the can down the road is to lower rates and that IS going to happen to try and fix this…Fed knows the problem. They don’t want another bank bail out situation. The play is to delay even through legal means any refi until at least Q4 2025 and hope the rates save the project. If we have job loss with vacancies all bets are off.
EXCELLENT VIDEO - thanks for walking through the steps, piece at a time
How to analysing a deal and How can you determine the real price of a deal?
Here in UK, building owners and managing agents are severely lacking in energy management and maintenance knowledge. They are constantly worrying about cost not content, because they don't understand what they are being told. This leads to shocking overheads. A"dont touch it, analyse it" attitude is, I would suggest, a good start. What do we have,how does it work and is it effective? ; approach.
Where do u find distressed 17MM properties?
Great info as always.
So much changes when you have a significant amount of money and an ability to put down say 80%. When you can put down so much, the debt coverage ratio a basically an afterthought assuming you have tenants and your interest rate is not extraordinarily high. Your only downside is that you lose out on some LIRR, but then again, that does not matter a whole lot if you are buying a fairly stable asset, say Core-plus or some desirable residential property.
17,5M - 70% out of 25M, not 75%
7,5M - 30% out of 25M, not 25%
A small quirk with the reasoning: if Trumps policies produce inflation (and they should) even though the loan has a fixed 7% interest rate, if rates go up and the country enters a recession (assuming it isn't in one already) the NOI should go down, which also causes the banks to reevaluate the property. I would only do this if I had money set aside to payoff the debt.
Insane that info like this is available for free! 🔥
nice class. good content
Excellent video! Ken is giving us master classes of real estate for free! Who needs to pay for college?!
I'm an LP on deal that is in exactly the same situation. They're trying to raise more capital from the original LPs. I'm not re-investing.
Can you show a deal on a smaller scale something around 400k pls
Thank you Ken. Very useful.
Thank you so much for making all of your videos
“NOI is what the bank is loaning against”is the best explanation I’ve heard for that measurement
I have a DST exactly in that situation.. Probably going to lose my investment. (it is a multi apartment complex) MY question is.. can we get out with just losing our initial investment or can the bank hit us up for more money?
I think it depends if you’re in a non recourse state or not
Why buy a cap rate lower than interest rates + inflation + food/energy?
My duplex is in a city where the council voted in their own ordinance to inspect and fine properties for bullllshit items. I’m being fined for screens on windows that don’t even open.
Thank you I have been trying to understand debt coverage ratio..this video lesson explains it clearly.😊thanks
➡️ 5:11
Mortgages at 3-4% were fixed for 30 years, but till then won't be anymore pressure to sell:(
History does sort of rhyme..2004-2006, lots of adjustable NINJA loans set to readjust come 2008-2009, right in time for the bust. These commercial deals done in 2021/2022, fast forward 3-5 yrs, we are there, 2025/2026 will be very interesting to see how it shakes out....
Only this time, the Fed won't be able to save the credit markets and stop the downward spiral of commercial real estate prices; like they were able to do in 2009. During the 2008 financial crisis, the only bag holders were the original property buyers who bought during the 2004-2007 window and found themselves underwater when the real estate bubble popped in 2008. This time when the bubble pops, not only will the original buyers get crushed, but also so will the first wave of bottom feeder investors get crushed as the doom loop of credit tightening and illiquidity continues to spiral out of control. Best to wait until after interest rates peak and, as the saying goes, "... when there's blood in the streets."
History may not repeat, but it sure does rhyme.
Now is the time to do a variable rate. Why would you do a fixed when are rates are expected to be flat at best?
Becuase yields are going up not down. Be really careful. The exact same thing happened in 2008. Once those ARMs kicked in people got crushed. I think the yields go way higher from here.... not lower.
Yeah... if you can find a seller willing to let go of 8 million just to not loose a couple hundred thousand every year...
I personally would never sign on a deal where the cap rate (6%) is less than my borrow cost (7%). That’s foolish and a recipe for disaster later on. So the problem is worse when that seller goes to fire sale because they are going to offer less than $17m to account for their higher borrow cost. They are fu*ked
Is this an opportunity to buy reverse REIT ETFs?
If the original investors have to add 500k when they sell to get out of the deal, why wouldn't they just hold it for 5 years, pay the 125k negative cashflow, and hope interest rates come down.
Tax loss harvest.
Do you, in this presentation, assume that the property owner has a variable-rate loan? Is that situation common?
Thank you!
Is the cap rate always equal to the cash-on-cash return? They are in the video (4%)
So, why would you ever get a variable-rate loan?
The calculated cash flow allows for interest payment only and not the principle of the loan, is the example assumed as interest only loan?
I thnk interest rates hit 7% sometime in 2025. It will hit 10% sometime in 2026. Regardless the yields are going up and 98% of the people playing this game have no idea what that means. But they will.
Somewhat painfully basic question... in your above example are the cash flow, NOI and loan payments on a yearly timeframe? The math works out for paying 7% on 12.75 per year ~$892,000. Just used to seeing loan payments on a monthly basis.
Knowledge supports growth.
Ken! Working hard i see
I wouldn’t call it so soon. Wait for next summer to confirm. Winter is always slow.
Thank you very much
First rule of realestate investing: leverage works both ways.
How do we take advantage of this Ken? How do we position ourselves
What's with the picture of Burry 🤔
Who would have a variable loan back then? Most people have a fixed rate loan
I think cap rates are going much higher. Getting low rates is going to be a lot tougher than people think.
Def makes sense why Financial market is outperforming right now to help set up the buying spree in 2025. Then its prob safe to assume REIT markets will start cooking late next year and into 2026. Great info here
If these commercial properties are in distress because interest rates went from 4% (in 2021) to 7% (in 2024) and you buy these distressed properties in 2025 at somewhat of a discount (compared to the original owner who bought at the top of the market in 2021), what happens to the value of your investment if interest rates rise from 7% (in 2024) to 10% (in 2028)? Wouldn't values just continue to fall? And if so, wouldn't you just end up becoming the 2nd bag holder of a rapidly crashing commercial investment property?
So basically, during this period of runaway Federal deficit spending which is igniting historic levels of inflation (due also in part to the Federal Reserve's current policy of balance sheet tapering), aren't you just foolishly gambling that interest rates on commercial real estate loans aren't going to continue to rise after 2025?
Are you really prepared to gamble millions of your dollars that the US government and Fed are willing or even able to prevent the commercial asset bubble from violently popping and crashing?
In stock trading, I believe that the term is called "trying to catch a falling knife".
It also assumes you always have tenants who not only exist, but are willing to pay more and more each year.
All real estate is local... So it's tough to generalize.
I like your thought process but don't forget how much money is out there to buy stuff. Also, always keep track of the cost to build. This is a huge factor and will keep most locales with high prices even if there is a nation wide decline. Only those areas overbuilt will have big decreases to value. Most markets are lacking inventory
You simply need to factor that risk into the offer price. Sellers are fearing the same so some are willing to consider steep discounts. On the East Coast, we're seeing properties offered below market and we're offering 20-30% below that and some sellers are taking us up on it.
I’ve heard Ken talk about this before. Yes maybe discounting 10% to retail or what was retail might still be problematic. But if you’re picking up properties up at a more significant discount (let’s say 40%) then even if cap rates continue to decompress and values go down you will be okay.
Also you are assuming that you also are getting a variable rate loan that needs to be refinanced with higher interest. If you get fixed rate financing and the property adequately cash flows you are set. You just need to watch out for other variable costs like insurance, taxes, utilities (depending on lease types), etc.
@@craigb3154yes but that’s why you need to look at absorption rates etc to see how the demand trend will continue. It’s not a matter of if the tenants exist, but what rents will need to be to be competitive in your local market
Pay attention to the ads 😊
Damn that was fire explanation
It sounds like using short term loans is gambling. So what would your financing terms look like if you were to buy the property in this example? Let’s assume interest rates go to 10% in 3-5 yrs from now. How would you avoid the same problem happening to you as the original buyer in this example? Thx
You wouldn't avoid it; you would just become bag holder #2 in a long line of soon-to-be bag holders. Buying commercial real estate as the bubble is popping (or just after it has popped) is a money loser. Leveraging the purchase of commercial real estate with short-term variable-rate loans after the bubble has popped is financial suicide.
The T10Y3M just went POSITIVE for the first time since Oct. of 22. This uninverting should be an additional spicy indication of the expected recession.
Why wouldn't the lender's simply hold the property for a few years?
Thank you for your videos. In today’s uncertain economic climate, investors are rethinking how to protect and grow their wealth. With traditional banking systems under pressure, it’s crucial to explore alternative strategies. Diversifying into high-growth assets like stocks and cryptocurrencies can serve as a hedge against inflation and market downturns, offering not just capital preservation but also opportunities for higher returns. Personally, I’ve grown my portfolio to $532K in just a few months, thanks to the expert guidance of Loraine Souvenir. Her deep expertise and trading acumen have been invaluable in navigating this challenging financial landscape.
Having access to reliable information is crucial for us as investors to succeed both financially and in life. This is valuable, I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
Surprised to see her mentioned here! She tailors trading courses to suit beginners’ needs and really knows her stuff. Her advice has been invaluable to my trading journey-definitely worth it!
Wealth building and financial freedom are attainable with the right knowledge and tools. Using proper financial strategies and products is essential to growing and sustaining long-term wealth.. glad to know you want others to succeed
It's truly refreshing to see a comment about Loraine Souvenir. I've also had the pleasure of working with her for several months after discovering more about her online. She has a knack for simplifying complex issues, whether it's a market surge or decline. Her approach consistently keeps you ahead of the curve. I'd call her a guru, for sure
Thank you for sharing your experience. She’s helped grow my reserve, despite inflation, from $87k to $246k as of today..Her insights and daily siignals are worth following.
The deflationary situation is staggering, if FED doesn’t pivot soon, & accept 2% inflation rate is not sustainable without substantial pain for the entire country. Eating the equity of everyday citizens due to government overspending, then handing it off cheap assets to the mega wealthy will crumble the economy, & hurt stability for the entire world.
Even with the numbers you used your still extremely high. Building have been selling for 50%-75% off. In commercial real estate. Slowly tricking over to multi family and residential. So many people who jumped on this jumped late. If you see it advertised online you’re late.
Generally correct, but the example is extreme. Max multifamily devaluation is closer to 20% and improving, so the $25M -> $20M worst case. Also, decent value adds produce 20%-40% increase in NOI, not 10%-20%. There will be more total losses than usual, but not as bad as this video implies.
I think we’re going to see a shake out of the difference between the Value Adds you have done and the very shaky Value Adds i’ve seen locally.
30 year fixed residential good stable market
Fools paradise when rates were 3%. Us seniors finally have interest rates that are better then inflation. Us savers have a place to park our money
Who the hell got a variable rate loan when they were under 3%?
Why the value of property went down from 25M to 17M
we are already seeing carnage in the rent-stabilized arena in NYC
I still don't see a margin of safety even at a 7 or 8 % cap rate... I'm out
Thanks for sharing today
The global real estate market is clearly facing some serious turmoil with rising interest rates and distressed properties becoming more common, especially in the U.S. and U.K. However, there’s a golden opportunity waiting in Turkey's real estate market. With its stable economy and government-backed initiatives, Turkey offers a dynamic and resilient property market that isn’t as heavily impacted by these debt maturity issues. You mentioned that 2025 will be a year to buy up distressed properties, but think about diversifying into Turkish real estate where coastal homes can be obtained for a fraction of the price of major cities like London or New York. Plus, the rental yields and potential for price appreciation are significant. Let’s chat about how you can take advantage of these opportunities and secure a safe, high-return investment in Turkey!
Definitely going to be some corrections, adjustments, restructures and properties going back to the lender. Not going to be full.
Its gonna pop
Why is this not part of High School curriculum??? 🤯
Not a 3% to 4% jump. It's a 100% jump...and that's why they are in trouble.
Truth
@ken mcelroy Will this happen to residential real estate? If not, why not?
Because it’s fixed rate debt on all residential real estate.
It would probably affect an ARM or balloon mortgage. If you have a fixed rate then probably not
No they are valued differently
Residential is driven by really only 2 things. Access to debt and multifamily rental prices. If access to debt grows prices increase or remain stable, if access is cut (due to systemic risks, or idiosyncratic risk) the opinion of value typically decreases. Multifamily rental rates either compress or inflate residential values, i.e. if the delta widens regarding renting vs local avg mortgage that will drive value up or down. These cause 2nd and 3rd order of effects, if combined, can create volatility within residential real estate (regardless of fixed residential rates).
Return to normal, mean reversion, is painful for debt addicts, drug addicts, crypto addicts, speculation addicts, lying cheaters who have to go back to their honest loving spouse. It is painful to go back to normal. Seven per cent is the normal natural mortgage rate and interest rate. It is painful to go back to normal.
Before the Fed got involved in manipulating credit markets and suppressing interest rates in 2000, normal mortgage rates ranges were between 7% and 11% (and up to 18% during high inflationary times).
So, the question must be asked, as we continue to head into inflationary times, doesn't it stand to reason that mortgage interest rates will continue to rise as well?
Also, is the Fed even able to suppress consumer interest rates anymore? The charts say no they are not.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
What makes you think that a commercial real estate crash isn't going to bleed over and cause contagion within the entire US economy and a severe downturn within the stock market?
Bro .. if you really care about people .. don't advice anyone to buy any real estate now .. unless they are rich and can handle shocks
This is not accidental. It’s a plan.
Stated in simple terms: these greedy investors that bought those properties at the height of the stimulus are going to lose their a$$eS and the vultures are waiting in the trees to start feeding.
This is one of several reasons why the Fed is lowering rates. So there won't be much to worry about.
1% after December coming cut? Only 3-4 to go lol, not likely for some time. 2025 will be rough.
The federal funds rate is about 4.5 percent buy mortgages are still high
Even if the Fed was to continue to lower Fed Funds rates, it will have absolutely no effect on slowing the rise of consumer interest rates; which will continue as long as US deficit spending continues to throw gasoline on the inflation fire. The Fed has no more tools left in the tool box to tame interest rates within consumer credit markets. And once the bulk of investors in the credit markets figure this out, consumer interest rates will continue to explode higher and higher.
How do we pay down the debt, become an exporter of goods and energy, correct unfair trade deficits, stop being the world police 🤷♂️
@@patmagic3301 If Russa directed the issuance of a BRICS, asset-backed / gold backed currency as well as a BRICS-denominated debt instrument (think of it like a "Russian T-bill"), it would force the US to have to introduce a new "reset currency" that would have to be a digital currency or an asset-backed / gold-backed currency (call it either digital Fed Coin or gold-backed physical Fed coin).
Every US citizen would get 90 days to trade in their old US dollars for the new Fed Coin at a fixed-price exchange rate.
The minute that happens, then all that the US treasury has to do is just literally print the old US dollar into oblivion, Weimar-style, and then pay off its old US dollar-denominated debt in full, with ease, with hyper-deflated US dollars. As the old US dollar is being printed into toilet paper, the new Fed-Coin value will remain stable.
THAT is exactly the time the US will have to start being a net exporter of goods and energy, THAT is exactly when the US will have to start to correct unfair trade deficits, and THAT is exactly when the US will no longer be able to borrow money to finance being the world's police.
Ken, you’re absolutely one of the most important living investors in the industry now. You’re certainly my go-to voice for reason and experience, but can you please ease up on the ‘sky-is-falling’ click bait? It seems off-brand to why people come to you.
only way u can survive and get your message out on yt
It’s what gets the clicks sadly 😅
An important real estate investor? You’re going to have to explain that one to me.
The onus is on you to learn this stuff. Numbers don’t lie
What % of Canadian houses are like this? It's probably a ton.
CAP at 4% isn't worth the trouble
Lower is better
Lower is better if you are a seller, but as an investor higher CAP is what you want.
Bet the investors are getting excited now 😅
This isn't accurate for single family homes.
But what’s with the picture of Michael burry ?! lol
So basically, 2025 is going to be a yard sale for real estate. Who's ready to buy distressed properties on a budget? 🏠💰
Found a distressed new build sfh for 1M$ off. Price now 2.1M
Pop
Didn't this guy put up a video 4 years ago about the risks of adjustable rates? No? Oh okay.
While the video was educational it barely relates back to the emotional clikcbait title and thumbnail. As a viewer I feel like someone cried wolf for clicks. I appreciate quality math but not packaged like this. Won't click on your any other video because this felt like a deceitful letdown.
You guys and these false video titles.
I won't click in any crap like this anymore.
This is getting old, and NOTHING happens.
F to the U!
Big time!!! 😂