So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
There’s different ways to do it. I’m using an online company called Figure. It’s much faster than using a traditional Bank. Normally you have to have 80% LTV so if your house is worth 200k and you owe 80% or less you can borrow up to that amount. Which would be 40k etc.
One of my houses has a 300k Mortgage left but is worth 1.5 Million(posted some pages back)so I can take out up to 400k if I wanted. Some Banks would allow for more but I don’t need that much. You have a really low interest rate usually from 4-12% and you can pay it back up to 30 years like a second mortgage. It’s fixed too. There’s no closing costs or early payback penalty or annual fees either. They will do a drive by valuation of your house rather than a full appraisal. They check credit score, bank statements and employment and all that too. Process is much faster than a traditional mortgage or loan. Process usually takes a week up to a few months depending on if you use a traditional bank or online company like Figure etc
If you don't mind me asking, but are you renting out your home that you are taking the HELOC out of?
Thanks for the feedback....
ARMs are different now than 2008.
You can shop for fixed rates after the 5 years are up IF you’re not in a First Time Home Buyer loan, which are 10 year ARMs.
The bank I would finance with gives us 10 months before our 5 years is up to shop for fixed rate mortgages or stay with the ARM for another 5 years. Nobody should get into ARMs if they can’t handle at least 2-3% increases once the 5 years are up.
In 2008, bad lending practices put people in positions to have to go in foreclosure because they couldn’t afford the increase. You have to wonder why specifically 2008? I think ARMs were way different during that time. Were ARMs back then not set for 5 years and mortgages just adjusted whenever? Meaning, anyone with an ARM never had a set payment?
This. I paid 360k for our Texas house in 2016, after everyone moved here, it jumped to 735k and our property taxes jumped the fuck up. People who got houses in my neighborhood in the early 2010' paid less than me, but now their homes are a million plus. 15-20k in property taxes is killing them. They are getting priced out and are trying to sell.
First, is there a will that says who the house go to? If not, then it goes to the owner’s heirs or widow (if there is one).
That question needs to be answered first, imo.
Where? My son is looking in Dallas and there isn't shit here new for 200k that's not an hour away. He just got outbid on a 50 year old house in Mesquite. All of the other homes around 250k are pure shit with fucked up foundations and lots of problems.
California is one of the best places to live period. Also if you lived in Cali you would make way more money.
I have a revocable living trust that details who gets what and who gets nothing. I can also change it if one of the kids cracks out or something.
Crack out if your want to child. You gets nothing!
Did you have that conversation with your kids?
Nope. Fuck em. If you think you can wait out the clock and inherit my shit and live lavish I reserve the right to sell all of my shit and leave them nothing.Crack out if your want to child. You gets nothing!
Did you have that conversation with your kids?
They have no skin in the game. I used to work on my great grandfathers house when I was a kid. I've painted apartments, refinshed the kitchen in pops house and painted it. I put hardwood floors in my condo, tile and granite in the kitchen and installed recessed lights. I had my son help me do the lights but all he did was complain and try to tell me how to do it and I'm the one with the electrical degree.
When my mom passed I put 30k of my own cash into getting it ready for rent. My sister's didn't have the cash, so I handled it.
So no, these kids need to show me they can keep this going for another generation or fuck em.
My sisters are older than me, but I am the person that managed to buy multiple homes. My wife and I personally doubled the entire family's net worth so I'm biased. They need to show me they can do what I did by myself.
My mother in law owns 2 properties in LA paid off worth about 2.2 million. She doesn't have a will, just multiple notes laying around saying who gets what. After probate and the state, and lawsuits there won't be shit left. That's the difference.
Take a look at this home I found on Realtor.com
4339 Metropolitan Ave, Dallas
$200,000 · 3beds · 2.5baths
Realtor.com Real Estate & Rent
Find a home that’s perfect for you with the award-winning, easy-to-use Realtor.com® Real Estate app. The #1 app trusted by real estate professionals* *Based on an Aug. 2024 proprietary survey among real estate professionals. Whether you’re renting, buying, or looking for a home’s estimated...
apps.realtor.com
Take a look at this home I found on Realtor.com
4015 Metropolitan Ave, Dallas
$200,000 · 3beds · 2baths
Realtor.com Real Estate & Rent
Find a home that’s perfect for you with the award-winning, easy-to-use Realtor.com® Real Estate app. The #1 app trusted by real estate professionals* *Based on an Aug. 2024 proprietary survey among real estate professionals. Whether you’re renting, buying, or looking for a home’s estimated...
apps.realtor.com
Nope. Fuck em. If you think you can wait out the clock and inherit my shit and live lavish I reserve the right to sell all of my shit and leave them nothing.
They have no skin in the game. I used to work on my great grandfathers house when I was a kid. I've painted apartments, refinshed the kitchen in pops house and painted it. I put hardwood floors in my condo, tile and granite in the kitchen and installed recessed lights. I had my son help me do the lights but all he did was complain and try to tell me how to do it and I'm the one with the electrical degree.
When my mom passed I put 30k of my own cash into getting it ready for rent. My sister's didn't have the cash, so I handled it.
So no, these kids need to show me they can keep this going for another generation or fuck em.
My sisters are older than me, but I am the person that managed to buy multiple homes. My wife and I personally doubled the entire family's net worth so I'm biased. They need to show me they can do what I did by myself.
My mother in law owns 2 properties in LA paid off worth about 2.2 million. She doesn't have a will, just multiple notes laying around saying who gets what. After probate and the state, and lawsuits there won't be shit left. That's the difference.
I feel you, man. That work you put in is priceless as fuck. No replacing that and definitely not giving out handouts so folks can splurge off your efforts with little sense of responsibility.
People don’t realize how easily their offspring will fuck off whatever they leave behind. All this generational wealth talk now a days, good luck with that shit.Nope. Fuck em. If you think you can wait out the clock and inherit my shit and live lavish I reserve the right to sell all of my shit and leave them nothing.
They have no skin in the game. I used to work on my great grandfathers house when I was a kid. I've painted apartments, refinshed the kitchen in pops house and painted it. I put hardwood floors in my condo, tile and granite in the kitchen and installed recessed lights. I had my son help me do the lights but all he did was complain and try to tell me how to do it and I'm the one with the electrical degree.
When my mom passed I put 30k of my own cash into getting it ready for rent. My sister's didn't have the cash, so I handled it.
So no, these kids need to show me they can keep this going for another generation or fuck em.
My sisters are older than me, but I am the person that managed to buy multiple homes. My wife and I personally doubled the entire family's net worth so I'm biased. They need to show me they can do what I did by myself.
My mother in law owns 2 properties in LA paid off worth about 2.2 million. She doesn't have a will, just multiple notes laying around saying who gets what. After probate and the state, and lawsuits there won't be shit left. That's the difference.
i took money out and bought a couple of houses in baltimore. this was during the last crash. taking out a HELOC now for renovations on my houses in DC.
Yes the crib I’m renting out I’m taking the HELOC on. That shit went up crazy in value . I purchased in 2020 and I already got 180k equity
Interesting thanks for that info. I actually purchased a condo back in 2006 right in downtown Oakland . I had two mortgages. One fixed the second was an Arm. The ARM went from 4% to like 7.6% or something. I ended up foreclosing on that when I tried to do a short sale I was getting low balled like crazy and the bank wasn’t going for the offers and it ended up foreclosing. The worst part of the condo were my monthly HOA’s were $500 and I had no pool or anything
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Agree, that’s why my trust is set up with a floor that the fund can never go lower than, and funds are parceled out in varying increments based on age and having achieved certain milestones (mainly educational). I want my shit to last a few generations at least, and to have enough for my heirs to be able to take some risk, explore the world, walk away from bad situations, but NEVER to just live only off the bread I worked so hard for.
There’s a fantastic book, Beyond the Grave, that I referenced as I set everything up with my lawyer.
I mentioned this earlier.
Wait until companies like Walmart and Amazon get smart on this.
Buy up homes and apartments around their stores/warehouses and make available only to their employees at a super discounted price.
Even have the monthly rent payment automatically deducted from their paycheck.
Lock their ass into the job for life cuz they won’t be able to afford any other place to live.
Modern day slave labor.
The future of American Labor.
I mentioned this earlier.
Wait until companies like Walmart and Amazon get smart on this.
Buy up homes and apartments around their stores/warehouses and make available only to their employees at a super discounted price.
Even have the monthly rent payment automatically deducted from their paycheck.
Lock their ass into the job for life cuz they won’t be able to afford any other place to live.
Modern day slave labor.
The future of American Labor.
Yeah this has been done by alot of healthcare systems across the country the last few years also..
Housing Assistance
teammates.atriumhealth.org
To Improve Health Outside of Hospital Walls, Atrium Health Commits $10 Million to Affordable Housing
This is the second major innovative housing initiative announced within weeks to positively impact the health of Charlotte community.
atriumhealth.org
For good reasons though...
Why offer it to them for cheap when you can bang other in the head?I mentioned this earlier.
Wait until companies like Walmart and Amazon get smart on this.
Buy up homes and apartments around their stores/warehouses and make available only to their employees at a super discounted price.
Even have the monthly rent payment automatically deducted from their paycheck.
Lock their ass into the job for life cuz they won’t be able to afford any other place to live.
Modern day slave labor.
The future of American Labor.
You think amazon wants these people working there forever? A high turnover rate is expected in those kinda jobs
Why make education the benchmark though? So many other ways to be productive now a days
A high turnover rate is expected in today’s time, but not in the future.
These corporations want eternal generational servitude. Get it setup where the parents, their children, their children, their children will be trapped in the job.
A constant, steady supply of labor.
Modern day sharecropping.
some shady shit
Just a motivational tool, I suppose. It’s certain lump sums for achievement of certain milestones (HS diploma, college degree, advanced degree) but relative to the entire amount of the trust, those amounts are small. You point is well taken though, although I do have it buil in that access to capital is available for other things like entrepreneurship, downpayment on a house, first car, etc., it’s worth me taking another look at the docs to ensure the trust is nimble and responsive enough to other productive endeavors that don’t have to be rooted in getting a piece of paper. I appreciate the feedback.
Not surprising in klan country