The U.S. Will Become A Nation of Renters

[donwuan]

Facts all day!!! My lender is nice as hell right now trying to do everything to make sure our sale goes through.

Hopefully one person out there will read what I am about to say.

Make 2021 the year you buy a house. Even if you make little money and can afford your rent, you can buy a house, especially if you never bought a house before. Through fha and down-payment assistance you can get into your home with little upfront money. Your credit does not have to be perfect. The main thing is your job and a lender who is willing to work with you. If you have at least a 600 score, you will get a mortgage. Yes, your rate will be a little higher, but still cheaper than rent in many cases. Also, get a small fixer upper thats less than $100K. Plan to be there 2 or 3 years. While there, paint, put in floors, update fixtures, fix the landscaping. If you do this overtime, it won't seem like you are spending a lot of money.

You will be able to spring board to a large home because of the home you have. Please consider this. NY and Cali folks, this probably won't work exactly the same for you. Sorry. Prices are way higher and inventory is scarce.

This is not a good time to buy. I made profit on every house I've owned by watching the market. I have $100K in equity. Prices are sky high and supply is low because of the pandemic. Shit houses are selling for premium prices in two weeks. When the market corrects it self you will be under water for a good while. You buy at the drip and this is not a dip. 600 credit score will get you a fucked up loan with PMI. Fix your credit first. Go to the credit boards forum and read up and start writing those dispute letters. You talking crazy Bro.

 

[Darrkman]

Long Island houses are selling real quick. Its hard trying g to get a house in the 5 boroughs (queens) I know a couple with good/decent jobs and they had to move to eastern long Island. I remember house hunting in the early 2000s and people wanted 400-500k for house in cambria/st Albans. I wound up by in Elmont

Yeah man areas in Queens are getting crazy

109-11 212th St, Queens Village, NY 11429 | Zillow

Zestimate® Home Value: $680,700. 109-11 212th St, Queens Village, NY is a single family home that contains 1,321 sq ft and was built in 1950. It contains 5 bedrooms and 3 bathrooms. The Zestimate for this house is $680,700, which has increased by $2,087 in the last 30 days. The Rent Zestimate...

www.zillow.com

 

[jagu]

Shidddd.... KillaMayne and company...got moe bread than..ever... thanks to the pandemic... brah

@tallblacknyc

Yeah the pandemic really made contractors rich. I’m so glad I dodged the bullet and I did my major construction right at the beginning of the pandemic. If I had waited until now, my project would have cost $200k more. Smh..

 

[jagu]

This is not a good time to buy. I made profit on every house I've owned by watching the market. I have $100K in equity. Prices are sky high and supply is low because of the pandemic. Shit houses are selling for premium prices in two weeks. When the market corrects it self you will be under water for a good while. You buy at the drip and this is not a dip. 600 credit score will get you a fucked up loan with PMI. Fix your credit first. Go to the credit boards forum and read up and start writing those dispute letters. You talking crazy Bro.

Well you have to consider that the carrying cost of a house is substantially low now. Interest rates are 2.25% so it might be a good deal to buy a long term residence now even at a higher price. You don’t want to wait until rates go up to 5.5%.

 

[daking181]

Yeah man areas in Queens are getting crazy

109-11 212th St, Queens Village, NY 11429 | Zillow

Zestimate® Home Value: $680,700. 109-11 212th St, Queens Village, NY is a single family home that contains 1,321 sq ft and was built in 1950. It contains 5 bedrooms and 3 bathrooms. The Zestimate for this house is $680,700, which has increased by $2,087 in the last 30 days. The Rent Zestimate...

www.zillow.com

I just showed my wife the pics of that house and she was disgusted. You would have to renovate the inside from top to bottom

 

[king reckless]

Trying to save money for a duplex. I may need to consider moving to Arkansas.

 

[gman4gov]

Trying to save money for a duplex. I may need to consider moving to Arkansas.

Try to hold off. There is still forbearance on loans at the moment till Sept and when that finalizes, prices will tend to drop. If new construction of homes start to move up, housing prices should drop quite a bit.

 

[jack walsh13]

Foreclosures will pick up next year, a lot of people are behind their mortgage because of the pandemic. If your an investor trying get another rental, look into doing a "subject to" deal for people who want out of their mortgage. Thats my game plan for my next rental.

Yup.

 

[kareem chin]

subz

 

[babygwirl18]

You not including the tax write off on the interest payments on the mortgage.

Trump phased them out for people who own homes in places like ny. Bernie and AOC are not trying to give those tax breaks back to the “rich”

 

[xxxbishopxxx]

Trump phased them out for people who own homes in places like ny. Bernie and AOC are not trying to give those tax breaks back to the “rich”

he didn't phase them out. He limited the amount. He wanted to kill them completely but he couldn't. People can still write off up to 750,000 in mortgage payments.

Your 2020 Guide to Tax Deductions | The Motley Fool

Here's a guide to the deductions you might be able to claim on your next tax return

www.fool.com

The 2020 mortgage interest deduction
Mortgage interest is still deductible, but with a few caveats:

• Taxpayers can deduct mortgage interest on up to $750,000 in principal.
• The debt must be "qualified personal residence debt," which generally means the mortgage is backed by either a primary residence, second/vacation home, or by home equity debt that was used to substantially improve one of these residences.
• Investment property mortgages are not eligible for the mortgage interest deduction, although mortgage interest can be used to reduce taxable rental income.
• Home equity debt that was incurred for any other reason than making improvements to your home is not eligible for the deduction.

Regular folk still gets those breaks. Rich folks may have loss some of them but got to pay less in overall taxes.

 

[easy_b]

Trump phased them out for people who own homes in places like ny. Bernie and AOC are not trying to give those tax breaks back to the “rich”

I usually disagree with those two and I am a Democrat but on this issue I agree with them

 

[Mr.Mojo]

My brother and his wife have been outbid on 4 houses. Not only did the winning bids offer about 15k+ over asking, but they also waived the appraisal. Which lets me know that corporations are buying these homes to park money.

If You Sell a House These Days, the Buyer Might Be a Pension Fund

Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices.

www.wsj.com

Meet Your New Landlord: Wall Street

Big investors transform suburban neighborhoods by buying up single-family homes and renting them out. Their bet: the U.S. homeownership rate will stay low and rents will continue to rise.

www.wsj.com

How corporations are buying up houses — robbing families of the American Dream

One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…

nypost.com

 

[dHustla]

Yeah, if I was a single guy. Without a doubt.

No way in hell is wifey and daughter going for that. Lol.

I know how they are.

Think generational, fuck what they want, whats more important is your grandchildren and making good decisions to survive this current climate and have something for them

 

[daking181]

 

[donwuan]

Well you have to consider that the carrying cost of a house is substantially low now. Interest rates are 2.25% so it might be a good deal to buy a long term residence now even at a higher price. You don’t want to wait until rates go up to 5.5%.

That will be 2.25% plus PMI. With a 600 credit score I doubt they'll see 2.25% anyway.

 

[trapture]

If You Sell a House These Days, the Buyer Might Be a Pension Fund

Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices.

www.wsj.com

 

[Llano]

Couple thoughts about this as an active landlord and someone who's looking to add more homes to my portfolio...

Institutions been buying SFH for years now so this isn't really something new. I recently read that they only own around 10% of all single family homes in the U.S. They're buying more SFH as of late because reale estate is a great hedge against inflation.

I don't think these institutions want to go all the way in the landlord business because property managing these type of homes is not easy as some may think. I think this is more of diversification by buying assets thats has more value right now.

Another major thing that people don’t really bring up is baby boomers who really control the current housing market. Baby boomer are the biggest home owners in the US owning 42% of SFH in the US. Many of them are staying put but as they age out within the next 10-15 years a lot of their homes will be available the more they pass on. The real estate investment community knows this & are patiently waiting to jump in when a lot of these properties will be available.

 

[850credit]

Opinion: The only way to resolve the nation's affordable housing crisis

It is unnerving to see so little attention given to what may be the most critical infrastructure need of all: the nation's dire shortage of affordable housing. If Congress is to take overhauling infrastructure seriously, it has to tackle the shortfall.

www.cnn.com

 

[Blackmayne]

I’ve made arguments in the past that people with money has the biggest advantage. The can buy homes right out while the majority of people are stuck in 30 year loans. And then rent those houses out.

On top of the increasing housing prices that is becoming absurd in many cities. I’m still trying to figure out where all the money from my city is coming from for the housing prices to be what they are now.

There is this new neighborhood beside me that are selling 1200 squared foot houses for 256k. That’s crazy high for those type of cookie cutter houses with no lot space, especially in Greensboro.

I hate the idea of being stuck in such a long term loan while being a slave to debtors my entire life. Between student loans and a mortgage loan, I’m screwed from life unless I start making big money.

Stuck in mortgages?! Don't get it twisted folk with mortgages are refinancing into the 2% to get their mortgage down to rent prices while unlocking equity to renovate or upgrade the crib ... I just refinanced my 4 bedroom 3 bath and pay less than my homie who renting a two bedroom in the same town...

 

[BrownTurd]

Stuck in mortgages?! Don't get it twisted folk with mortgages are refinancing into the 2% to get their mortgage down to rent prices while unlocking equity to renovate or upgrade the crib ... I just refinanced my 4 bedroom 3 bath and pay less than my homie who renting a two bedroom in the same town...

How many years did your refinance for?

 

[shaddyvillethug]

Couple thoughts about this as an active landlord and someone who's looking to add more homes to my portfolio...

Institutions been buying SFH for years now so this isn't really something new. I recently read that they only own around 10% of all single family homes in the U.S. They're buying more SFH as of late because reale estate is a great hedge against inflation.

I don't think these institutions want to go all the way in the landlord business because property managing these type of homes is not easy as some may think. I think this is more of diversification by buying assets thats has more value right now.

Another major thing that people don’t really bring up is baby boomers who really control the current housing market. Baby boomer are the biggest home owners in the US owning 42% of SFH in the US. Many of them are staying put but as they age out within the next 10-15 years a lot of their homes will be available the more they pass on. The real estate investment community knows this & are patiently waiting to jump in when a lot of these properties will be available.

I’m coming for @Amajorfucup house and properties

 

[babygwirl18]

he didn't phase them out. He limited the amount. He wanted to kill them completely but he couldn't. People can still write off up to 750,000 in mortgage payments.

Your 2020 Guide to Tax Deductions | The Motley Fool

Here's a guide to the deductions you might be able to claim on your next tax return

www.fool.com

The 2020 mortgage interest deduction
Mortgage interest is still deductible, but with a few caveats:

• Taxpayers can deduct mortgage interest on up to $750,000 in principal.
• The debt must be "qualified personal residence debt," which generally means the mortgage is backed by either a primary residence, second/vacation home, or by home equity debt that was used to substantially improve one of these residences.
• Investment property mortgages are not eligible for the mortgage interest deduction, although mortgage interest can be used to reduce taxable rental income.
• Home equity debt that was incurred for any other reason than making improvements to your home is not eligible for the deduction.

Regular folk still gets those breaks. Rich folks may have loss some of them but got to pay less in overall taxes.

In places like New York, a $750k+ house is for “regular” people.

 

[Dr. Truth]

A quarter of a million dollars for only 1200 square ft. is insane. My place is bigger than 1200 sq feet and to me its small. It didn't cost a quarter of a million either. Seems I've got some will rewriting to do.

Are people actually buying these homes?

Quarter million? Here a 1200 sq ft house will cost you a million. Unless it’s in the hood or a fixer. Then you can get it for 700k.

 

[850credit]

How to Invest in Real Estate | The Motley Fool

Investing in real estate is a great way to diversify your portfolio, but many don't know where to start. Learn about your options, how to invest, and the pros and cons.

www.millionacres.com

Through its public, non-traded REIT (real estate investment trust), Blackstone Real Estate Income Trust, or BREIT, the company has agreed to acquire Home Partners of America (HPA) for $6 billion. That deal will give Blackstone control of more than 17,000 single-family homes across the country.

 

[850credit]

Anyone in the market? Are you finding it harder to qualify for a mortgage or are you finding more down payment assistance programs?

 

[850credit]

Landlords will be able to charge a premium for renters with evictions or lack of probable rental histories.

And there will be millions of them out there who missed payments due to the pandemic. Think of all the bartenders and wait staff who lost jobs and that's just one sector.

Those people gotta live somewhere. Money to be made for people willing to work with bad credit or evictions.

 

[850credit]

Cities in the South and Midwest are paying people to move in: Here's how it's going

Several cities in the U.S. are paying remote workers to move there now that remote work has taken off during the pandemic. Here's why that plan is working.

grow.acorns.com

 

[king reckless]

Foreclosures will pick up next year, a lot of people are behind their mortgage because of the pandemic. If your an investor trying get another rental, look into doing a "subject to" deal for people who want out of their mortgage. Thats my game plan for my next rental.

Seriously Bro, how is this done? Link up a web page, not a myriad of sites or one video. Just one.

 

[easy_b]

The rent prices need to stabilize because it’s getting out of control in certain areas. I want to buy a house but I’m going to wait in the meantime right now and i am only speaking for easyb (as you can see) I am comfortable with renting right now (because I have a decent rent price). Next year may be a different story.

 

[Llano]

Seriously Bro, how is this done? Link up a web page, not a myriad of sites or one video. Just one.

What You Need to Know About Subject-To Real Estate | CarletonSheets.com

Real Estate Investing and Government Foreclosure information. Carleton Sheets community for real estate investors.

www.carletonsheets.com

.

You're basically taking over the mortgage from the owner who's behind payment on the property. You give them a little cash that yall agree on for them to move out then you rent it out.

Find an investor friendly realtor who does subject to deals. My pops used a realtor and got a rental that way.

 

[king reckless]

What You Need to Know About Subject-To Real Estate | CarletonSheets.com

Real Estate Investing and Government Foreclosure information. Carleton Sheets community for real estate investors.

www.carletonsheets.com

.

You're basically taking over the mortgage from the owner who's behind payment on the property. You give them a little cash that yall agree on for them to move out then you rent it out.

Find an investor friendly realtor who does subject to deals. My pops used a realtor and got a rental that way.

Man, I appreciate you. Thank you.

 

[king reckless]

What You Need to Know About Subject-To Real Estate | CarletonSheets.com

Real Estate Investing and Government Foreclosure information. Carleton Sheets community for real estate investors.

www.carletonsheets.com

.

You're basically taking over the mortgage from the owner who's behind payment on the property. You give them a little cash that yall agree on for them to move out then you rent it out.

Find an investor friendly realtor who does subject to deals. My pops used a realtor and got a rental that way.

This is what I need: credit great and no debt. But sporadic income. I think once I have property, investors can overlook this.
Subbed.

 

[850credit]

Next 3 years will be pivotal for success. Have a vision and execute. There will be millions with poor credit due to the pandemic but good or great jobs that can afford high rent.

 

[DC_Dude]

Next 3 years will be pivotal for success. Have a vision and execute. There will be millions with poor credit due to the pandemic but good or great jobs that can afford high rent.

Bro - you speaking the truth. I’m mainly out of debt and with this legislation being passed with the pslf student loans, should be done with that in 1.5 years. Credit always been on point and it’s at 815 right now