Shameful that so many treated stimulus money the way they did. Leaving your landlord out to dry while you save this money or spend as if you had extra cash was ridiculous.
I suspect most spent it, on survival... as it costs far more in this grossly "inflated" fake economy, to survive... than the foreign occupier "government" in DC, is handing- out to 'debase' the (slow burn) dying 'fiat' currency... And of course states like California are now claiming "first right of refusal" on all foreclosures the D of C doesn't, and won't roll into Cede & Company (99% of U$ Muni corp's "mortgage" holdings, on behalf of the Canaanite bloodline banksters, royals, et al) UN subsidiary corporate shareholders. Business as usual... at least until their system, "implodes." (Hence their last ditched effort, of a "Great Reset..." to globalized techno- Fascist, "totalitarianism." ;-)
There are stories of over-leverage landlords who are buying MORE properties, while KNOWING the they are upside down on many others. Investor landlords were propped up to buy after 2008. And they ALSO got PP.P. Now you got 20% of properties investor owned, and they are all going to stop paying mortgages because they can't. Individual homeowners are not the problem. Institutional and small investors are the problem. Buying up massive amounts of the housing inventory they don't even live in, to drive up price.
At some point the economy need a reset-time to pay the piper. Also, I heard a lot of truth spoken about people living above their means. Too many insist on needing a flashy new car but they got nothing in the bank. Also heard truth about first time homeowners not knowing the costs of upkeep on a home, experienced that myself with our first home, only difference was we weren’t over-leveraged like people today that bought homes in the past year. But hey, we had to move for work in 2007 and bought high, it eventually comes back. The important thing is to not be over leveraged. We did over pay for our home in 2006 but we put 50% down so we always had the option to sell if we had to, and let me say 2009 -2011 were scary times for our family.
The entire 'system' has become "predatory..." and 'reality' disappeared in 1971... after the dollar was 'pegged' to "big energy" and then "backed by public confidence," vs. redeemable, as a store of wealth, for a physical commodity. I think the bloodline inbreds behind the front facade are finally (ultimately) "going down..." when this Ponzi "faux reality" century plus (1913, onward) crime cycle, finally plays- out... and 'deleverages.' It's been dragging onward for far to long, now.
Government needs to allow once again "Assumptions" without qualifications. Yes a lost word from another generation, but it worked...Instead of foreclosure proceedings, an investor could simply 'catch up' the deliquency and ASSUME the existing loan without arduous and convoluted paperwork qualifying with a lender. In the old days, even people who had been bankrupt yesterday could assume a VA or FHA loan!
Check the date on the water heater, washer/dryer, electric garage door openers, heating/cooling, roof, insulation/ windows, deck. I can go on and on because I’ve owned 4 homes in my life and replaced almost everything including a fire place, but never had a foundation problem or flooded basement. It can happen very suddenly too. I almost forgot the driveway ,stone steps and stone retaining wall. Good luck 👍 and enjoy your homes.
I will enjoy. They are all 8 years old for me so I got many years left on all of them. It is so much better than renting. But that advice is very important I think to people 2-4 years from retirement.
Good advice! There is so much to investigate. Not at all something to rush rush on like so many did, and without inspection!!! People are in for a wake up call!!! I knew they're be foreclosures just based on work and repairs needed to be done places people weren't smart enough to look into BEFORE acquiring the property. This will hurt everyone's values and will have a ripple effect. There is nothing that can hurt a property's chances more than being situated next to a boarded up house next to it. The list is extensive and it's why I'll stick to a condo because there's too much involved with maintaining a home and everything your responsible for. You're made to replace sewer lines too! Although home owners insurance might cover some of it, it's still another costly burden.
@@melissahouse3488 I think that now inspection thing is crazy I haven’t seen that here because I do so many of them for HVAC and I see even house flippers do it unless they buy the home from a foreclosure auction. Something that was still going on last year. Over all I have seen inspectors be very sporadic in what they see as an issue.
First time on your channel. Great info! I'm a first time home buyer waiting for price adjustments. The economists know we're going into a depression but they are government and media tools.
The situation of millions of home owners falling behind on their motgage payments and a higher number of tenants who are behind on their monthly rent means that we're going to see unprecedented evictions and foreclosures. There's going to be a lot of blood on the floor before anything like sanity returns. Investors with the great fortune of having multiple mortgages covered by rent will be affected. As home values plummet owners are left with high overvalued mortgages and incomes that have not changed or gone down due to inflation. It's the stuff nightmares are made of.
Thank you the information you have provided and also for speaking out about these out of touch economists who continue this narrative about homes in foreclosure having all this equity. I’ve been looking up these homes in foreclosure in California and a lot of them are dilapidated & in need of some serious work that’ll cost more than a pretty penny. Most of the sales are geared towards property investors to buy cheap, but it doesn’t seem to sell as quickly with the rising costs of materials, etc.
There were stories of landlords not getting rent while tenants used stimulus checks to buy designer goods. I knew one landlord who couldn’t evict yet saw his tenant roll up in a brand new car. Keep in mind that eviction doesn’t get a landlord any money back. Even if a landlord tries to sue, the tenant could not show up to court or simply lose in court but not pay. Courts can’t force people to pay. It’s not like child support where wages are garnished.
That is so unfair to landlords, you would think the government had implemented fair rules for landlords and tenants. What an eye opening these last 2 years on how the government runs this country and there are battles being fought at every levels, and seemed like they all fighting for their piece of pie and no one really cares to protect the citizens. What are loosing battles.
My question is why would you pay rent if the government says you don't have to? Also, why would you work if you can get free money from the government not to work, during covid.
That can harm their credit rating and ruin their chances of finding somewhere else to rent in the future. They won't have a positive rental history. So at least there is that consequence. Although I've heard of low income losers getting around this, but even that in my experience is hear-say. So even if the landlord doesn't recover anything, at the very least that scum that screwed them will get theirs because they ruined their name going forward and reckless, irresponsible behavior eventually catches up with those it's due.
If I wanted to buy the property and the owner was still living there and it's bank owned I would tell the bank to offer them cash for keys or I won't buy it. That way I don't have to deal with evicting them.
@David MacGown depending on the state, the eviction backlogs are significant. Plus, you’ll never know what you’re left with as far as the home’s condition when they are finally out.
I expect the property to be in poor condition. I'm not talking about buying as a personal residence but as a flip. My preference is for the property to be vacant.
When the bank foreclosed which options do the homeowner’s choices 1-Loan modification 2-short sale 3-Bk-Think about - There are no choice for home owner to see how to save their home
So happy I bought my house in 2018 - on a 30-year fixed mortgage and a monthly repayment of 273 US dollars/1.950 DKK. Here in Denmark the mortgage rate is climbing and house prices falling just like in the US and most other countries.
As a landlord trying to get by, speaking to deadbeat tenants: Don't waste your money applying to any smart landlord who is gonna screen all your history. And if you don't have a big healthy security deposit? Good luck.
You guss are so right they talk out of both sides of their mouth. The economy is great and everyone has equity! but let's hurry up and pass a massive bailout bill for reckless borrowers.
If you take a loan on the equity on the home and then foreclose you don't pay taxes on the amount you would have made selling the home. If you sell the home, you will pay taxes on equity you made on the home.
You are wrong on two accounts. If you are forgiven debt that is taxable income. If you sell at a gain and have lived in the house 2 of last 5 yrs, first 250k or 500k if married, gain is not taxed.
@@jackpruet554 I can only guess why this guy on my street did this. He owned the place or at least was there a long time like decades, took a big loan on it after his wife died then foreclosed on it, made no sense to me. He didn't sell it, he just left. Weird as hell. He could have just sold it outright without taking the loan and paid the capital gains after 250k.
Just found out that more and more people are buying the new corvette c8 that they found on the showroom floor. This tells me people are backing out of their orders. It’s slowing down! Great podcast!
Thank you so much, I thought the whole thing was click bait. I tried to search ahead because I couldn't stand all the babble, I couldn't find the relevant data, the reason I clicked on the video in the first place.
I price rents well under the going rate and have tons of interested parties. Once they pay to apply and their history is unveiled the list of worthy renters shrinks down much smaller. Out of those the number who have actually saved and prepared for the deposit and first months rent is an even smaller number. Then you meet and talk to them and you wind up with a good renter. (If they seem picky at interview time, oh yes, they will be picky renters) For the rest there are those apartments down the street. You know, the affordable apartments that maybe will approve with looser standards
Rent prices are directly tied to housing prices. No land lord could or should cut it short. The market is what it is. Blame this on the banks and government. Not the people who paid x amount for home. Or have one worth x. And you expect them to rent for a loss out of the kindness of their heart. You wouldn’t either. This is banks and hedge funds and governments….period.
@@shanereilly2113 you didn’t hear me say any of that so take your misplace anger someplace else no what they should do is investigate these landlords who keep charging application fees for vantage scores 200 applicants and no one is qualified at $40 a credit check shame on them smh I’m not gone argue we will see how things ends when the dust settles
Im seeing prices both reduced as well as raised these past couple weeks, so I believe noone knows as Todd says. And Ive also seen a price reduced house in a good area which stated the kitchen area was in bad shape.
Yes they do know!! They are watching inventories go up, the refi and mortgage loan applications are going down. Buyers for new homes are drying up or walking away and losing their down payments. Realtors will not be happy but people will still move out of California and NY and Illinois.
Damn that's a radio voice. Electro Voice RE20. Legendary Mic. I'm a backflow Tester driving around the Seattle Tacoma region. All the builders waiting for supply to finish apartments got their shipments at the exact same time. I've never seen so many apartments and also new single fam builds. There's a track house development I test in that is approved for 5000 homes but they have only built 1000 homes.. I'm not so sure they will be able to finish soon with the current rates 😬
Foreclosure can go up 500% and that will bring the United States back into the normal ranges of foreclosure. These next couple of months we will see a huge “spike” in foreclosure. It won’t even be worth waiting for a foreclosure crisis.
Our for profit prison industrial complex is bulging with side hustlers, half the country are living in cars in a Wallmart parking lot, half of collage grads are on there mothers couch, you gotta be a millionaire to afford a home these days
@Suzanne Diamond r This is a great question. I believe rents will stabilize and overpriced rents will drop. The key for a successful tenant/landlord relationship is for the rent to be no more than 1/3 of the tenants gross salary. I do believe we’ll see vacancy rates increase in apartment style rentals. Here’s where investors may be impacted from oversupply. Tennant incentives will likely begin when this occurs. Typically, this may include up to 2 months free rent in exchange for an initial term of more than 12 months. This is the way larger operators reduce rents without upsetting their investors and bank lenders. Actual market rent stays high, but the tenant wins in the short term. Best wishes, Todd
Why does the thought of helping ANYONE who makes under 75k seem like such a Huge Problem 🤔. Our Senators and Congessmen make over 200k and Vote against the interest of middle and poverty class USA citizens and only work 7Months out of the year! How are we so selfish but let THOSE PEOPLE get away with their actions?. Its just my thought.
Go back to your roots. Basic survival knowledge. Fishing, hunting, Gardening. Car pool to work with your friends, Get out of debt. Stoping living fantasy life style. Live with in your means.
But what people mean when they say stimulus is actually Stimulus+unemployment+PPP+EIDL loans+forebearance+moratoria. There were obscene amounts of money being distributed, if you applied and qualified, but the bar was set pretty low. Plus, not having to legally pay your mortgage for 18 months and/or stiffing you landlord for 2 years amounted to an UNBELIEVABLE amount of economic stimulus each and every month which is only now subsiding. Now imagine all the deadbeat couples who BOTH got generous unemployment for a year and a half AND skipped out on rent at the same time. Even without a PPP "loan" (they were forgivable just by asking), most of those people will probably NEVER be able to enjoy that kind of lavish lifestyle again in their entire lives. People think it was not ramapnt but many people in the big cities availed themselves of all these things and it's the reason for inflation and even for why you have to wait longer for an uber driver than pre-pandemic.
I think they are referring to ALL the extras being offered, unemployment was through the roof, food stamps, it was glory days and fools seen the rent forbearance /mortgage deferral as free ride!!! Well the morons did because eventually it's time to collect and no more protections and the programs run dry. People had a lot more extra money in many cases but if they were smart, they saved it and continued being responsible.
Thank you! Have felt pain and gains from 70s to current. Would like stability in housing, they are our homes, not investment vehicles and too much govt involvement. Glad for a support leg and some oversight, not Jerome manipulation. I've worked and saved and lived below my very modest income, likely my depression era parents. This 3% or 0 down is terrible, no skin. Home design 100 year old tech, sprawl & waste. A nation that could build a B24 every hour and a car every 45 to 90 seconds, should build better, easier, cheaper, ecological, efficient, low maintenance, safe and able to PAY OFF homes! WTFlip
From what I hear is many of the people are coming out of the forbearance in good shape with the banks over all. Also we millennials have been around for a long time. I am in my 40’s! LOL 100% of the company I work for is millennial’s and most of them own their home.
I don't know what planet your trolling from but most 20-30's are broke as a joke. An 40's is middle aged, it's called Generation X. Sick of the phrase dropping trolls! Using the stupid term millennial doesn't make you important or attention in any positive way. If you were truly in your middle age you wouldn't be referring to yourself as generation Y or Z because you'd know you grew up a long while ago. This channel has thee worst for stupid comments!!!
To get the profit from a house sale is it 2 consecutive years or can it be broken up? We are military and had to move after 18 months in the home as our primary residence for a couple of years but then went back for another year.
You're good if it's been 2 years. You can sell but you may take a hit. If you can get a good tenant in there and you don't mind being a landlord keep it. If not sell asap.
Equity in homes will not save anyone unless they take the equity loan before foreclosure. The market cap of housing will crash as foreclosures, short sells, and sell offs occur. The equity will disappear fast.
The Federal gov learned in 2008 that mass foreclosures cost the government a lot more than stopping the foreclosures. Unless we change to being OK with no safety net, OK if people starve, it's smart for the Federal gov looks for the cheapest solution. But this change hasn't just been in gov. Lenders learned the exact same lesson that they can lose a lot more money with mass foreclosures than if they work with borrowers. Lose a little is better than losing a lot. 2008 wiped out some lenders. And these lenders aren't just people holding a mortgage. The losses affected many Americans who had 401ks, related investments and the equity in owner homes. It had a big effect on rents as people were pushed out of houses and into rentals. It was a big inefficient mess. Yes, we absolutely had some pain coming because of bad lending, but mass foreclosures just spread the pain to everyone. I doubt we'll see such mass foreclosures again in our lifetime.
What really says it to me is a senior citizen trying to learn Medicare and then making the decision which is a gamble how best to predict their future while being subjected to a for profit company. I understand that a retiree medicare payment is worth $900 a month. Everybody tries to get a cut of that and I feel like the vultures are surrounding me and people consider it normal. All at a time where we are tired and our brains don't work as well nor our bodies and so many I think give up or give in. Doing reverse home mortgages is another give to the bankers to prey on seniors.
Is not that at all The second which was hidden Keeps homeowner’s in the dark Now out of the blue come out without a plan to help HO to save their home- These crooked lawyers and these real estates solution which HO paid to fight for End up so sad😂😂😂😂😂
Why I'm not suprise seeing all these people pm FB talking about taking their Stimulus checks for a shopping SPREE. Or they would say this is free money mine going to enjoy etc. I hope that is not the same people who lost their home, homless or in this rent crisis. If so I have no empathy for them whatsoever. Glad we got that money so we can pay off our debt and save it as ER fund.
OK enough already, here is the truth, you don't have no business owning a house unless you are a DIY kind of person. Painting, Landscaping, and roofing are just some of jobs you will encounter when owning a home. If you don't want to work on a house, then rent. Oh! and you will need tools to complete the tasks at hand.
What an old way school of thought. One can own a home without being handy at all and pay for those services. Some peoples time is better spent on their work than the labor work that cost less than their time spent, esp. a qualified services.
and really? Roofing? You think risking a broken bone or being paralyzed to just fix a 1-2 story roof and possibly disabled. You pay someone with experience for that kind of work instead of getting injured.
Putting this in perspective-We spend billions bailing out Banks and no objection there, but we look to bail out our Citizens, and this is a problem. Isn't that interesting. 🙂 Agreed, we do need to be responsible, but policies enacted which prevent that are not helping.
Hand outs aren’t good for anyone,especially the recipient on the receiving end but a hand up will always benefit the human family as a hold!!!#entitlements are never productive or positive socially or capitalistically!!#accountability#productivity#addingvalue#gratefulness#respect#education
The Democratic party wants to focus on inflation. But the truth of the matter is they cannot make money in a deflationary environment. Home prices are coming down slowly from inflated prices as the Fed raising rate and mortgage costs work in uniform consistency. Rates go up buyers get closed out .prices need to come down but the the purchase price for cash buyers need to be figured in to this equation. There are still biding wars going on.The government wants inflated prices to untaint higher tax revenues from appraisal of current market prices to use as an excuse to raise all other taxes on homes with in that general market. I LIVE in N.Y. a young couple bought a home four years ago for 118thousand dollars two homes sold in the neighborhood recently for The180thousand dollars, their tax assessment went up by 40percent. This is beneficial for the local government but devastating for the young couple. I realize N.Y. is one of the highest taxed states to live in and the corruption is off the charts but I believe this tax assessment is taking place in other states as well.This to should be considered when purchasing a home and should be informed by your realtor and lender. Higher prices for materials, labor, taxes,transporting goods and services all at inflated levels government wins,consumers pays the premium price until demand decreases but don't count on this party incharge to rush to aid the already over taxes citizens. Hope everyone else had a fun filled and happy 4th of July and don't forget to vote this fall.
Realistically, you are not attorneys and should not be giving legal advice! What is your statutory basis to support your statements? Realistically only a mortgage foreclosure defense and bankruptcy attorney can help someone facing foreclosure. You have offered no proof to substantiate your claims.
I have been a mortgage banker for several years. I've changed industries since working in real estate. But ... FYI... this is the most insensitive content I've ever seen. I'm not sure if it's the vibes of the white lady but yes she is and you two are being very insensitive. You told ppl to just get a side hustle??? 🤦🏾♀️🤦🏾♀️🤦🏾♀️ Stick with the facts. I am very bothered by both of your opinions.
Please stop with trying to say you're not coming across as insensitive it is what it is and some people just scammers you're doing a video you should be allowed to say stuff like how we ever going to get out of it
I love the info being shared but I'm taking issue with the comment about millennials not knowing how to cut grass or care for a home. Oldest millennial is 41. Youngest is 26. I think that was a reach. Most millennials who are able to afford homes can and do take care of the homes but others appreciate the value of outsourcing said tasks to professionals which can drive the economy, while making sure the issue/repair in question is done right. Many of the houses on the market are being sold AS-Is by retirees and older generations with major issues. They fail inspection because the owner was handy but didn't do things up to code. Millennials have to buy these homes and then fix them up which could also be why they would rather buy new (if they can). Either way.. We are left fixing the mess. Give us a break. 😅
to pull America out of this crisis it will take well thought out government programs and policies, to build more federally funded homes, "not for free affordable" the free market system fail miserably.force these capitalist investors Blackrock whomever,to compete with government. they will not like that.it will drive cost down and that's not socialism.
This is why I say that there's is no way they will let both the stock market and housing market correct for too long before they intervene somehow...the economy would collapse... They will start forgiving debt left and right soon... Just watch it happen!!!
@@KCoopp9 they may have to dissolve some of the debts just like student loans... They can't keep doing bailouts after bailouts... lot of the debt is unpayable
Yes, the poor landlords that used future rent as income. Stupid. I absolutely don't feel sorry for them. Your coments about people over spending, while landlords buy up all the property and over spend. Don't want to be insensitive? Then don't be. We paid our landlord and we are lucky we could do that. However, I'm completely awair that im paying for their kids college while struggling to pay for my own. STOP ACTING LIKE THESE THIEVES ARE SAINTS. no offence l. I don't want to be insensitive.
Still talking about foreclosures seems like a moot point. It exists but not a game-changer. The economy and FedReserve will make more of an impact in the market.
Shameful that so many treated stimulus money the way they did. Leaving your landlord out to dry while you save this money or spend as if you had extra cash was ridiculous.
I suspect most spent it, on survival... as it costs far more in this grossly "inflated" fake economy, to survive... than the foreign occupier "government" in DC, is handing- out to 'debase' the (slow burn) dying 'fiat' currency... And of course states like California are now claiming "first right of refusal" on all foreclosures the D of C doesn't, and won't roll into Cede & Company (99% of U$ Muni corp's "mortgage" holdings, on behalf of the Canaanite bloodline banksters, royals, et al) UN subsidiary corporate shareholders. Business as usual... at least until their system, "implodes." (Hence their last ditched effort, of a "Great Reset..." to globalized techno- Fascist, "totalitarianism." ;-)
It's all fun and games buying a big house until the maintenance bills start coming
There are stories of over-leverage landlords who are buying MORE properties, while KNOWING the they are upside down on many others. Investor landlords were propped up to buy after 2008. And they ALSO got PP.P. Now you got 20% of properties investor owned, and they are all going to stop paying mortgages because they can't. Individual homeowners are not the problem. Institutional and small investors are the problem. Buying up massive amounts of the housing inventory they don't even live in, to drive up price.
💯👍🏼
At some point the economy need a reset-time to pay the piper. Also, I heard a lot of truth spoken about people living above their means. Too many insist on needing a flashy new car but they got nothing in the bank. Also heard truth about first time homeowners not knowing the costs of upkeep on a home, experienced that myself with our first home, only difference was we weren’t over-leveraged like people today that bought homes in the past year. But hey, we had to move for work in 2007 and bought high, it eventually comes back. The important thing is to not be over leveraged. We did over pay for our home in 2006 but we put 50% down so we always had the option to sell if we had to, and let me say 2009 -2011 were scary times for our family.
The government has fomented risky, irresponsible behavior far too long. Once they're forced to remove the safety net, it's going to be painful
The entire 'system' has become "predatory..." and 'reality' disappeared in 1971... after the dollar was 'pegged' to "big energy" and then "backed by public confidence," vs. redeemable, as a store of wealth, for a physical commodity. I think the bloodline inbreds behind the front facade are finally (ultimately) "going down..." when this Ponzi "faux reality" century plus (1913, onward) crime cycle, finally plays- out... and 'deleverages.' It's been dragging onward for far to long, now.
I feel bad for people that are already maxes out and now Property tax, food and gas prices are going up
Government needs to allow once again "Assumptions" without qualifications. Yes a lost word from another generation, but it worked...Instead of foreclosure proceedings, an investor could simply 'catch up' the deliquency and ASSUME the existing loan without arduous and convoluted paperwork qualifying with a lender. In the old days, even people who had been bankrupt yesterday could assume a VA or FHA loan!
16:28 for the actual information promised in the title.
OMG Right! SMH
Check the date on the water heater, washer/dryer, electric garage door openers, heating/cooling, roof, insulation/ windows, deck. I can go on and on because I’ve owned 4 homes in my life and replaced almost everything including a fire place, but never had a foundation problem or flooded basement. It can happen very suddenly too. I almost forgot the driveway ,stone steps and stone retaining wall. Good luck 👍 and enjoy your homes.
I will enjoy. They are all 8 years old for me so I got many years left on all of them. It is so much better than renting. But that advice is very important I think to people 2-4 years from retirement.
Good advice! There is so much to investigate. Not at all something to rush rush on like so many did, and without inspection!!! People are in for a wake up call!!! I knew they're be foreclosures just based on work and repairs needed to be done places people weren't smart enough to look into BEFORE acquiring the property. This will hurt everyone's values and will have a ripple effect. There is nothing that can hurt a property's chances more than being situated next to a boarded up house next to it. The list is extensive and it's why I'll stick to a condo because there's too much involved with maintaining a home and everything your responsible for. You're made to replace sewer lines too! Although home owners insurance might cover some of it, it's still another costly burden.
@@melissahouse3488 I think that now inspection thing is crazy I haven’t seen that here because I do so many of them for HVAC and I see even house flippers do it unless they buy the home from a foreclosure auction. Something that was still going on last year. Over all I have seen inspectors be very sporadic in what they see as an issue.
First time on your channel. Great info! I'm a first time home buyer waiting for price adjustments. The economists know we're going into a depression but they are government and media tools.
The situation of millions of home owners falling behind on their motgage payments and a higher number of tenants who are behind on their monthly rent means that we're going to see unprecedented evictions and foreclosures. There's going to be a lot of blood on the floor before anything like sanity returns. Investors with the great fortune of having multiple mortgages covered by rent will be affected. As home values plummet owners are left with high overvalued mortgages and incomes that have not changed or gone down due to inflation. It's the stuff nightmares are made of.
Gov knew what they were doing when they set up stimulus checks and made it okay not to pay rent.
Thank you the information you have provided and also for speaking out about these out of touch economists who continue this narrative about homes in foreclosure having all this equity. I’ve been looking up these homes in foreclosure in California and a lot of them are dilapidated & in need of some serious work that’ll cost more than a pretty penny. Most of the sales are geared towards property investors to buy cheap, but it doesn’t seem to sell as quickly with the rising costs of materials, etc.
There were stories of landlords not getting rent while tenants used stimulus checks to buy designer goods. I knew one landlord who couldn’t evict yet saw his tenant roll up in a brand new car. Keep in mind that eviction doesn’t get a landlord any money back. Even if a landlord tries to sue, the tenant could not show up to court or simply lose in court but not pay. Courts can’t force people to pay. It’s not like child support where wages are garnished.
That is so unfair to landlords, you would think the government had implemented fair rules for landlords and tenants. What an eye opening these last 2 years on how the government runs this country and there are battles being fought at every levels, and seemed like they all fighting for their piece of pie and no one really cares to protect the citizens. What are loosing battles.
No sympathy for landlords, they buy houses they don’t live in. That’s the chance you take
My question is why would you pay rent if the government says you don't have to? Also, why would you work if you can get free money from the government not to work, during covid.
Link?
That can harm their credit rating and ruin their chances of finding somewhere else to rent in the future. They won't have a positive rental history. So at least there is that consequence. Although I've heard of low income losers getting around this, but even that in my experience is hear-say. So even if the landlord doesn't recover anything, at the very least that scum that screwed them will get theirs because they ruined their name going forward and reckless, irresponsible behavior eventually catches up with those it's due.
Thank you for including all pertinent details. Very informative.
This was a powerful content and eye opening. Thank you.
If I wanted to buy the property and the owner was still living there and it's bank owned I would tell the bank to offer them cash for keys or I won't buy it. That way I don't have to deal with evicting them.
@David MacGown depending on the state, the eviction backlogs are significant. Plus, you’ll never know what you’re left with as far as the home’s condition when they are finally out.
I expect the property to be in poor condition. I'm not talking about buying as a personal residence but as a flip. My preference is for the property to be vacant.
When the bank foreclosed which options do the homeowner’s choices
1-Loan modification 2-short sale 3-Bk-Think about - There are no choice for home owner to see how to save their home
Such thorough information. Thank you.
Thank you guys for the great material, as always!
So happy I bought my house in 2018 - on a 30-year fixed mortgage and a monthly repayment of 273 US dollars/1.950 DKK. Here in Denmark the mortgage rate is climbing and house prices falling just like in the US and most other countries.
As a landlord trying to get by, speaking to deadbeat tenants: Don't waste your money applying to any smart landlord who is gonna screen all your history. And if you don't have a big healthy security deposit? Good luck.
You guss are so right they talk out of both sides of their mouth. The economy is great and everyone has equity! but let's hurry up and pass a massive bailout bill for reckless borrowers.
If you take a loan on the equity on the home and then foreclose you don't pay taxes on the amount you would have made selling the home. If you sell the home, you will pay taxes on equity you made on the home.
Exactly true.
You are wrong on two accounts. If you are forgiven debt that is taxable income. If you sell at a gain and have lived in the house 2 of last 5 yrs, first 250k or 500k if married, gain is not taxed.
@@jackpruet554 I can only guess why this guy on my street did this. He owned the place or at least was there a long time like decades, took a big loan on it after his wife died then foreclosed on it, made no sense to me. He didn't sell it, he just left. Weird as hell. He could have just sold it outright without taking the loan and paid the capital gains after 250k.
Just found out that more and more people are buying the new corvette c8 that they found on the showroom floor. This tells me people are backing out of their orders. It’s slowing down! Great podcast!
Very nice information!
I take what a Real Estate salesperson says with a grain of salt.
For those short on time: #10) GA; 9) MI; 8) FL; 7) IN; 6) DE; 5) NV; 4) SC; 3) OH; 2) NJ, #1....Crappy Illinois.
Looks like the same markets that were hit the hardest in 2008 will be repeated...Atlanta, Miami, Las Vegas.
Thank you so much, I thought the whole thing was click bait. I tried to search ahead because I couldn't stand all the babble, I couldn't find the relevant data, the reason I clicked on the video in the first place.
Houses are expensive and interest rates are high so it's a bad time where I am Oklahoma. Defaults are way up.
Just found your channel, and I like it!
Please note a lot of these landlords have multiplied the rental rates and have become very unscrupulous without any regulations
I price rents well under the going rate and have tons of interested parties. Once they pay to apply and their history is unveiled the list of worthy renters shrinks down much smaller. Out of those the number who have actually saved and prepared for the deposit and first months rent is an even smaller number. Then you meet and talk to them and you wind up with a good renter. (If they seem picky at interview time, oh yes, they will be picky renters) For the rest there are those apartments down the street. You know, the affordable apartments that maybe will approve with looser standards
@@TexansForChrist your reply was unnecessary and proves those loser standards are probably what’s keeping your bills paid
Rent prices are directly tied to housing prices. No land lord could or should cut it short. The market is what it is. Blame this on the banks and government. Not the people who paid x amount for home. Or have one worth x. And you expect them to rent for a loss out of the kindness of their heart. You wouldn’t either. This is banks and hedge funds and governments….period.
@@shanereilly2113 you didn’t hear me say any of that so take your misplace anger someplace else no what they should do is investigate these landlords who keep charging application fees for vantage scores 200 applicants and no one is qualified at $40 a credit check shame on them smh I’m not gone argue we will see how things ends when the dust settles
Yeah like I'm sure a 2000 stimmy is going to pay for jacked up rent throughout a pandemic... maybe if it was actually taken seriously but here we are.
35 sq for a roof will be about 11k.
Im seeing prices both reduced as well as raised these past couple weeks, so I believe noone knows as Todd says. And Ive also seen a price reduced house in a good area which stated the kitchen area was in bad shape.
Yes they do know!! They are watching inventories go up, the refi and mortgage loan applications are going down. Buyers for new homes are drying up or walking away and losing their down payments. Realtors will not be happy but people will still move out of California and NY and Illinois.
I'm a new subscriber..
WHAT A GREAT CHANNEL!!!! I love it...😉👍💛
@lil rambo rambo Thanks ☺️
@@SachsRealty 😉👍💛
First time viewer here. Subscribed. 🇺🇸
Damn that's a radio voice. Electro Voice RE20. Legendary Mic. I'm a backflow Tester driving around the Seattle Tacoma region. All the builders waiting for supply to finish apartments got their shipments at the exact same time. I've never seen so many apartments and also new single fam builds. There's a track house development I test in that is approved for 5000 homes but they have only built 1000 homes.. I'm not so sure they will be able to finish soon with the current rates 😬
Foreclosure can go up 500% and that will bring the United States back into the normal ranges of foreclosure. These next couple of months we will see a huge “spike” in foreclosure. It won’t even be worth waiting for a foreclosure crisis.
Please explain what you mean when you say we are entitled to money if we own our primary property and how can we get that money and the requirements
All scheme from goverment to help the rich get richer & the poor get poorer is right.
I wasn't going to pay rent when everything went down. But my dad talk me into doing the right thing. So I did.
J-e-r-r-y, Your the man!!!
Our for profit prison industrial complex is bulging with side hustlers, half the country are living in cars in a Wallmart parking lot, half of collage grads are on there mothers couch, you gotta be a millionaire to afford a home these days
I am telling you goverment are helping the rich to steal home.
Lots of beachfront property available in California, just bring a tent!!! Sidewalks in San Francisco and L.A are starting to fill up rapidly!!🤣🤣
Each “property” comes with free property taxes and utilities! The community is a diverse and vibrant area with lots of social activity.
If you’re laughing at this just remember homelessness can happen to anyone anywhere.
Todd: How do you think a recession will impact apartment rents? Do you believe rent prices will stay high or go down?
@Suzanne Diamond r This is a great question. I believe rents will stabilize and overpriced rents will drop. The key for a successful tenant/landlord relationship is for the rent to be no more than 1/3 of the tenants gross salary. I do believe we’ll see vacancy rates increase in apartment style rentals. Here’s where investors may be impacted from oversupply. Tennant incentives will likely begin when this occurs. Typically, this may include up to 2 months free rent in exchange for an initial term of more than 12 months. This is the way larger operators reduce rents without upsetting their investors and bank lenders. Actual market rent stays high, but the tenant wins in the short term. Best wishes, Todd
Why does the thought of helping ANYONE who makes under 75k seem like such a Huge Problem 🤔. Our Senators and Congessmen make over 200k and Vote against the interest of middle and poverty class USA citizens and only work 7Months out of the year! How are we so selfish but let THOSE PEOPLE get away with their actions?. Its just my thought.
Rich get rich and poor get poorer is my best theory
🎯
Thank you for reality check podcasts.
If you can't afford your house, you should sell it to someone who can.
Or rent it out.
Please don’t judge when you don’t know the whole truth.
Where will they go?
😂
Go back to your roots. Basic survival knowledge. Fishing, hunting, Gardening. Car pool to work with your friends, Get out of debt. Stoping living fantasy life style. Live with in your means.
No
I love that you know the truth and speak the truth! Foreclosure houses= really bad shape in most cases.
Lucky my property rental is in Texas and rented by a truck driver.
Are you familiar w what’s going on w that industry right now? 😬😬😬
the truck driver will need to pay his increased gas bill than your rent.
The stimulus $ was a small amount that could pay maybe 1 month rent, maybe 2mos.
Work stopped for 12mos+?
But what people mean when they say stimulus is actually Stimulus+unemployment+PPP+EIDL loans+forebearance+moratoria. There were obscene amounts of money being distributed, if you applied and qualified, but the bar was set pretty low. Plus, not having to legally pay your mortgage for 18 months and/or stiffing you landlord for 2 years amounted to an UNBELIEVABLE amount of economic stimulus each and every month which is only now subsiding. Now imagine all the deadbeat couples who BOTH got generous unemployment for a year and a half AND skipped out on rent at the same time. Even without a PPP "loan" (they were forgivable just by asking), most of those people will probably NEVER be able to enjoy that kind of lavish lifestyle again in their entire lives. People think it was not ramapnt but many people in the big cities availed themselves of all these things and it's the reason for inflation and even for why you have to wait longer for an uber driver than pre-pandemic.
I think they are referring to ALL the extras being offered, unemployment was through the roof, food stamps, it was glory days and fools seen the rent forbearance /mortgage deferral as free ride!!! Well the morons did because eventually it's time to collect and no more protections and the programs run dry. People had a lot more extra money in many cases but if they were smart, they saved it and continued being responsible.
You guys are very realistic thanks!
great video, thanks
Do you think the goverment doing all these to help the people Or to their corporate’s “buddies”greed ? Penny to the poor is the issues.
10 million people lost their homes in 2008, are we looking at another 10 million homes on the auction block?
Thank you! Have felt pain and gains from 70s to current. Would like stability in housing, they are our homes, not investment vehicles and too much govt involvement. Glad for a support leg and some oversight, not Jerome manipulation. I've worked and saved and lived below my very modest income, likely my depression era parents. This 3% or 0 down is terrible, no skin. Home design 100 year old tech, sprawl & waste. A nation that could build a B24 every hour and a car every 45 to 90 seconds, should build better, easier, cheaper, ecological, efficient, low maintenance, safe and able to PAY OFF homes! WTFlip
Homes and a college education should be much cheaper!!
Well done Guys. Great job
From what I hear is many of the people are coming out of the forbearance in good shape with the banks over all. Also we millennials have been around for a long time. I am in my 40’s! LOL 100% of the company I work for is millennial’s and most of them own their home.
I don't know what planet your trolling from but most 20-30's are broke as a joke. An 40's is middle aged, it's called Generation X. Sick of the phrase dropping trolls! Using the stupid term millennial doesn't make you important or attention in any positive way. If you were truly in your middle age you wouldn't be referring to yourself as generation Y or Z because you'd know you grew up a long while ago. This channel has thee worst for stupid comments!!!
So much disaster is on the way!! Lawd!!
To get the profit from a house sale is it 2 consecutive years or can it be broken up? We are military and had to move after 18 months in the home as our primary residence for a couple of years but then went back for another year.
You're good if it's been 2 years. You can sell but you may take a hit. If you can get a good tenant in there and you don't mind being a landlord keep it. If not sell asap.
Actual rule is 2 of last 5 yrs, first 250k or 500k if married filing jointly, of gain is non taxable.
I look on hudhome store but I don't see very many foreclosed here in SC
Go to the Treasuer's office. There is a list.
Go on rpr.. I’m in SC as well about 70 new ones added the last three days
Where can I find foreclosed house in Atlanta
Equity in homes will not save anyone unless they take the equity loan before foreclosure. The market cap of housing will crash as foreclosures, short sells, and sell offs occur. The equity will disappear fast.
Where is one foreclosure on July 1, 2022?
The Federal gov learned in 2008 that mass foreclosures cost the government a lot more than stopping the foreclosures. Unless we change to being OK with no safety net, OK if people starve, it's smart for the Federal gov looks for the cheapest solution.
But this change hasn't just been in gov. Lenders learned the exact same lesson that they can lose a lot more money with mass foreclosures than if they work with borrowers. Lose a little is better than losing a lot. 2008 wiped out some lenders. And these lenders aren't just people holding a mortgage. The losses affected many Americans who had 401ks, related investments and the equity in owner homes. It had a big effect on rents as people were pushed out of houses and into rentals.
It was a big inefficient mess. Yes, we absolutely had some pain coming because of bad lending, but mass foreclosures just spread the pain to everyone. I doubt we'll see such mass foreclosures again in our lifetime.
What really says it to me is a senior citizen trying to learn Medicare and then making the decision which is a gamble how best to predict their future while being subjected to a for profit company. I understand that a retiree medicare payment is worth $900 a month. Everybody tries to get a cut of that and I feel like the vultures are surrounding me and people consider it normal. All at a time where we are tired and our brains don't work as well nor our bodies and so many I think give up or give in. Doing reverse home mortgages is another give to the bankers to prey on seniors.
Nice video ❤️❤️❤️❤️
Is not that at all
The second which was hidden
Keeps homeowner’s in the dark Now out of the blue come out without a plan to help HO to save their home-
These crooked lawyers and these real estates solution which HO paid to fight for
End up so sad😂😂😂😂😂
Can you give some insight on hawaii? Looking for price reductions but not seeing any.
Hawaii is a limited market so you can’t just pick up and drive a few states over it’s either on or off island .
Why I'm not suprise seeing all these people pm FB talking about taking their Stimulus checks for a shopping SPREE. Or they would say this is free money mine going to enjoy etc. I hope that is not the same people who lost their home, homless or in this rent crisis. If so I have no empathy for them whatsoever. Glad we got that money so we can pay off our debt and save it as ER fund.
I was VERY grateful 4 the stimulus check and started a smal business with it
Posting from NJ. Interesting how houses were and still are selling like crazy here and we are number two on the foreclosure list.
I’m in southern NJ and I agree. Seeing some homes still go over asking price but also seeing a lot of price reductions too.
Amazing.
@@sp8ng3r84 NJ has a central, northwest, northeast, south and a area by Philly.
I'm in Jersey too pple are buying still high
some people never learn
Good information
OK enough already, here is the truth, you don't have no business owning a house unless you are a DIY kind of person. Painting, Landscaping, and roofing are just some of jobs you will encounter when owning a home. If you don't want to work on a house, then rent. Oh! and you will need tools to complete the tasks at hand.
What an old way school of thought. One can own a home without being handy at all and pay for those services. Some peoples time is better spent on their work than the labor work that cost less than their time spent, esp. a qualified services.
and really? Roofing? You think risking a broken bone or being paralyzed to just fix a 1-2 story roof and possibly disabled. You pay someone with experience for that kind of work instead of getting injured.
Putting this in perspective-We spend billions bailing out Banks and no objection there, but we look to bail out our Citizens, and this is a problem. Isn't that interesting. 🙂 Agreed, we do need to be responsible, but policies enacted which prevent that are not helping.
Be sure to search Stop Foreclosure. You can live in your home for years for FREE!
Hand outs aren’t good for anyone,especially the recipient on the receiving end but a hand up will always benefit the human family as a hold!!!#entitlements are never productive or positive socially or capitalistically!!#accountability#productivity#addingvalue#gratefulness#respect#education
The Democratic party wants to focus on inflation. But the truth of the matter is they cannot make money in a deflationary environment. Home prices are coming down slowly from inflated prices as the Fed raising rate and mortgage costs work in uniform consistency. Rates go up buyers get closed out .prices need to come down but the the purchase price for cash buyers need to be figured in to this equation. There are still biding wars going on.The government wants inflated prices to untaint higher tax revenues from appraisal of current market prices to use as an excuse to raise all other taxes on homes with in that general market. I LIVE in N.Y. a young couple bought a home four years ago for 118thousand dollars two homes sold in the neighborhood recently for The180thousand dollars, their tax assessment went up by 40percent. This is beneficial for the local government but devastating for the young couple. I realize N.Y. is one of the highest taxed states to live in and the corruption is off the charts but I believe this tax assessment is taking place in other states as well.This to should be considered when purchasing a home and should be informed by your realtor and lender. Higher prices for materials, labor, taxes,transporting goods and services all at inflated levels government wins,consumers pays the premium price until demand decreases but don't count on this party incharge to rush to aid the already over taxes citizens. Hope everyone else had a fun filled and happy 4th of July and don't forget to vote this fall.
2008 !
😳 ouch Jersey is second
This has changed again..
Bidons just making inflation worse
Realistically, you are not attorneys and should not be giving legal advice! What is your statutory basis to support your statements? Realistically only a mortgage foreclosure defense and bankruptcy attorney can help someone facing foreclosure. You have offered no proof to substantiate your claims.
Apparently it’s an education problem
A nice video. But too long.
I have been a mortgage banker for several years. I've changed industries since working in real estate. But ... FYI... this is the most insensitive content I've ever seen. I'm not sure if it's the vibes of the white lady but yes she is and you two are being very insensitive. You told ppl to just get a side hustle??? 🤦🏾♀️🤦🏾♀️🤦🏾♀️ Stick with the facts. I am very bothered by both of your opinions.
the unemployment stats are all wrong, you aren't lo oking at the real economy! people are not getting side hustles, because they can't!
any body with half a brain should know , buy when interest rates are low, sell high to the masses (fools).
Please stop with trying to say you're not coming across as insensitive it is what it is and some people just scammers you're doing a video you should be allowed to say stuff like how we ever going to get out of it
I love the info being shared but I'm taking issue with the comment about millennials not knowing how to cut grass or care for a home. Oldest millennial is 41. Youngest is 26. I think that was a reach.
Most millennials who are able to afford homes can and do take care of the homes but others appreciate the value of outsourcing said tasks to professionals which can drive the economy, while making sure the issue/repair in question is done right. Many of the houses on the market are being sold AS-Is by retirees and older generations with major issues. They fail inspection because the owner was handy but didn't do things up to code. Millennials have to buy these homes and then fix them up which could also be why they would rather buy new (if they can). Either way.. We are left fixing the mess. Give us a break. 😅
Yes but new homes are also a mess builder quickly and substandard
to pull America out of this crisis it will take well thought out government programs and policies, to build more federally funded homes, "not for free affordable" the free market system fail miserably.force these capitalist investors Blackrock whomever,to compete with government. they will not like that.it will drive cost down and that's not socialism.
Its not capitalist its the great reset
"You will own nothing and you will be happy " BlackRock funded by Federal Reserve which is not Federal.
@@animaladvocate8938 good luck with that humans can also be like animals when limitations are met.
This is why I say that there's is no way they will let both the stock market and housing market correct for too long before they intervene somehow...the economy would collapse...
They will start forgiving debt left and right soon...
Just watch it happen!!!
Recession and Inflation at the same is coming
@@KCoopp9 recession will be mild in impact BUT prolonged...the economy won't stop like in 2008/202/... inflation will wipe out much of the debts ...
@@FLAC2023 I hope so. Can’t even afford rent or to buy 🤦🏽♀️
@@KCoopp9 they may have to dissolve some of the debts just like student loans...
They can't keep doing bailouts after bailouts... lot of the debt is unpayable
Yes, the poor landlords that used future rent as income. Stupid. I absolutely don't feel sorry for them. Your coments about people over spending, while landlords buy up all the property and over spend. Don't want to be insensitive? Then don't be.
We paid our landlord and we are lucky we could do that. However, I'm completely awair that im paying for their kids college while struggling to pay for my own. STOP ACTING LIKE THESE THIEVES ARE SAINTS. no offence l. I don't want to be insensitive.
Still talking about foreclosures seems like a moot point. It exists but not a game-changer. The economy and FedReserve will make more of an impact in the market.
Way to generalize millennials. Completely false btw