The U.S. Will Become A Nation of Renters

[LordSinister]

I just refi'd my primary residence after it almost doubled in value. I rolled my LBC condo into the loan and paid that shit off. So now I am getting rent on a property that's paid for and my primary loan only went up $300. Oh, and the banks are shit. I have an 840 credit score and own 3 homes that are paid for, another house that I have been renting out, and the bitch said my cost to income is too low. I'm like hoe, these are homes and apartments in Cali that are paid for and you won't refi me? I owe 480k on it and it's worth 1.3 mil and you won't give me a new loan? They really do hate black men. It's sickening

 

[Tito_Jackson]

I'm going to repeat what I said for those who missed it....

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.

Don't try to get your dream home in your dream neighborhood for your first home. Just get something decent to get in the game. Time is running out.

 

[4 Dimensional]

Due diligence is wild as fuck out here.

Folks are dropping tens of thousands of dollars to get houses off the market regardless of what shape it’s in.

Any suggestions on how to combat this?

I don’t want to drop a hefty due diligence and the house needs 15-20k worth of repairs. NC is a buy as his state, so the sellers ain’t got to do a goddamn thing.

This is my fear right now. A license inspector can’t come until due diligence is paid from my understanding.

 

[Llano]

he ain't wrong tho

​

Cardone is full of shit and been saying that to get naive people to invest in his apartment fund.. meanwhile dude just dropped $40 million on his beachside house

Robb Report Celebrity Homes | Luxury Celebrity Real Estate and Home Sales

The latest updates from the sale and purchases of celebrity homes, curated by Robb Report editors.

www.dirt.com

Non homeowners should try to buy an affordable starter house to help build wealth and their networth. This is how cacs including Cardone built their wealth over time and cacs are running laps over black folks networth with this method.

 

[clitsational]

Cardone is full of shit

he may be

but again

he is not wrong about this

my brother in law is an electrician

does big jobs in new construction

he says you can not possibly spend more than $35K to build a mcmansion or smaller from the ground

they turn around and sell that for $350K at the low end

then they lock you into a 30 year mortgage that ends up costing 2 times the loan amount

sounds scamish to me

cacs are running laps over black folks net worth with this method.

not for nothing

when has copying cacs EVER paid off for us

​

 

[KrafMatik]

I'm going to repeat what I said for those who missed it....

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.

Don't try to get your dream home in your dream neighborhood for your first home. Just get something decent to get in the game. Time is running out.

Ain't nothing going for 100k except a shack somewhere in the sticks where nobody wants to live... especially a black man.

 

[Kwame Coltrane]

he may be

but again

he is not wrong about this

my brother in law is an electrician

does big jobs in new construction

he says you can not possibly spend more than $35K to build a mcmansion or smaller from the ground

they turn around and sell that for $350K at the low end

then they lock you into a 30 year mortgage that ends up costing 2 times the loan amount

sounds scamish to me
not for nothing

when has copying cacs EVER paid off for us

​

Your bro in laws math is way off

 

[clitsational]

Your bro in laws math is way off

he is the contractor

​

 

[Llano]

he may be

but again

he is not wrong about this

my brother in law is an electrician

does big jobs in new construction

he says you can not possibly spend more than $35K to build a mcmansion or smaller from the ground

they turn around and sell that for $350K at the low end

then they lock you into a 30 year mortgage that ends up costing 2 times the loan amount

sounds scamish to me
not for nothing

when has copying cacs EVER paid off for us

​

The key is not to be house poor fam, there's plenty of other options out here than these Mcmansions that everyone is trying to get but really can't afford in the 1st place.

I'm not saying every and anybody should be trying to buy a house but if its in your financial means, you should try to find an affordable starter house. That was the best decision I did 10 years ago and now I'm a landlord for multiple properties. I couldn't have done that shit continuing to rent at the pace of inflation.

As for you cac comment, its not about copying them. It's an inherent right for us to be property owners just like anybody else on this land. Are black people not to be home owners and should all just rent? Is renting a better solution to close the wealth gap??

 

[Dr. Truth]

he ain't wrong tho

​

He is totally wrong

 

[TittyMaster404]

Recently, I've noticed an increase in RVs and campers parked in backyards and driveways, as I drove through various neighborhoods during the day, .

Since it got my attention, I started driving through these same neighborhoods at night and noticed that these RVs and campers were being lived in as opposed to just parked. I'm assuming this is a new trend to rent space on someone's property and pay a flat monthly price for water, plumbing and electricity.

This happening my area in Vegas.

 

[black again]

Just an FYI I talked to my Brother in Law who is a realtor. He said home prices are NOT coming back down. This is the new normal. If you’re looking to buy and can buy something do it now. It’s only going to get worse .

Did your BIL explain how they weren’t gonna go down?

Whats in place, now, that wasn’t in 08, when the last bubble burst?

Did he also say there won’t be anymore recessions, depressions, pandemics, massive layoffs, stock market corrections?

So all of the above can and WILL happen……..but there won’t be a housing correction?

 

[4 Dimensional]

Did your BIL explain how they weren’t gonna go down?

Whats in place, now, that wasn’t in 08, when the last bubble burst?

Did he also say there won’t be anymore recessions, depressions, pandemics, massive layoffs, stock market corrections?

So all of the above can and WILL happen……..but there won’t be a housing correction?

What goes up, must come down. It’s only a matter of when.

 

[Mo-Better]

With rental rates skyrocketing as they are renting may not be a logical option in a couple of years.

Save your money for that house, renting may no longer be a sensible option.

 

[Tito_Jackson]

Ain't nothing going for 100k except a shack somewhere in the sticks where nobody wants to live... especially a black man.

It depends on where you are.

Also, yes, your first home may not be in the best neighborhood. But, it will be yours. Someone will always be willing to rent or buy from you. Additionally, that same home can be used as collateral to help you get the home in the neighborhood you want.

Where do you live? NY and California are the outliers so, yes it will be more, but, people generally earn more in those places.

 

[clitsational]

The key is not to be house poor fam,
there's plenty of other options out here than these Mcmansions that everyone is trying to get
but really can't afford in the 1st place.

I'm not saying every and anybody should be trying to buy a house but if its in your financial means,
you should try to find an affordable starter house.
That was the best decision I did 10 years ago and now I'm a landlord for multiple properties.
I couldn't have done that shit continuing to rent at the pace of inflation.

As for you cac comment, its not about copying them.
It's an inherent right for us to be property owners just like anybody else on this land.
Are black people not to be home owners and should all just rent?
Is renting a better solution to close the wealth gap??

let me answer this way

i live in atl for example



this plot of land is large enough to build multiple homes

and yes i know we as black peoples can't work together

but man what if we could

stop living like these evil greedy cacs

and build something for our selves

and NEVER let them in our lives financially again






​

 

[Dr. Truth]

Did your BIL explain how they weren’t gonna go down?

Whats in place, now, that wasn’t in 08, when the last bubble burst?

Did he also say there won’t be anymore recessions, depressions, pandemics, massive layoffs, stock market corrections?

So all of the above can and WILL happen……..but there won’t be a housing correction?

Have you seen the unemployment rates? They are mad low. There is also a shortage of houses. You have too many investors competing driving homes way over asking. They may go down in less desirable areas but California, NY, Etc house prices may level off but they are NOT going down. Especially since people are working remote more and can do every from home. People are spending more time at home so homes are not going to all of a sudden see some drastic drop in price.

 

[Llano]

let me answer this way

i live in atl for example



this plot of land is large enough to build multiple homes

and yes i know we as black peoples can't work together

but man what if we could

stop living like these evil greedy cacs

and build something for our selves

and NEVER let them in our lives financially again






​

There's black people doing that. A group of black people literally purchased a whole town outside of Atlanta recently ( I forgot the name of the group). Here in Houston there's several brothers buying up land and old houses in hoods, selling and making them available for other black folks.

The bottom line is black folks need to accumulate as much land and properties they can because as we see its getting harder for everyone to get them.

 

[black again]

Have you seen the unemployment rates? They are mad low. There is also a shortage of houses. You have too many investors competing driving homes way over asking. They may go down in less desirable areas but California, NY, Etc house prices may level off but they are NOT going down. Especially since people are working remote more and can do every from home. People are spending more time at home so homes are not going to all of a sudden see some drastic drop in price.

So you're basing your thinking on CURRENT factors...and that's fine, as long as you can guarantee those factors don't change...but they do and will.

In a recession or pandemic and you have millions out of work losing their jobs, and then losing their homes or selling at a loss, those homes become comps for other local homes.

When it happens enough, people are upside down.

Investors will still be the first to snap em up...just at a discount.


Common sense should tell you there's no such thing as a perfectly safe investment.

 

[footloose]

With food and gas where it is, without stronger downpayment assistance programs, homeownership will remain a dream for much of America. Planning for the future is taking a backseat to surviving till next month just to do it all over again.

Soooo is this a good time to buy rental property

 

[NYC-DC]

Is that 2-4 year timeline for it to become a buyers market again?

Definitely, the real estate market is not as fluid or immediate as the stock market. In 2008 when the stock market crashed, it took the housing market 4 years to get to it's lowest period in 2012. I remember thinking in 2012, I wish I had more money to buy, we are never going to see prices this low again. Real Estate was rock bottom then.

 

[Tito_Jackson]

Definitely, the real estate market is not as fluid or immediate as the stock market. In 2008 when the stock market crashed, it took the housing market 4 years to get to it's lowest period in 2012. I remember thinking in 2012, I wish I had more money to buy, we are never going to see prices this low again. Real Estate was rock bottom then.

The difference is, corporations are buying up the property. So, it's a totally different model. The homes are being bought and being rented by these corporations. Not sold. This provides protection against housing crashes.

 

[Dr. Truth]

So you're basing your thinking on CURRENT factors...and that's fine, as long as you can guarantee those factors don't change...but they do and will.

In a recession or pandemic and you have millions out of work losing their jobs, and then losing their homes or selling at a loss, those homes become comps for other local homes.

When it happens enough, people are upside down.

Investors will still be the first to snap em up...just at a discount.


Common sense should tell you there's no such thing as a perfectly safe investment.

House prices in California do not drop that’s a fact. The pandemic didn’t do shit here other than make housing worth more not the opposite of what everybody was saying when it first popped off. In California real estate is a perfectly safe investment. I don’t care about the rest of the country . I live here and bought my second home during the beginning of the pandemic.

 

[850credit]

Soooo is this a good time to buy rental property

If you're in a position to buy AND your local market justifies a reasonable ROI in terms of what you can charge for rent.

Example. In Macon GA you can get a house for 50-100k. Great, but don't expect to charge 1000 plus for rent. Their market likely won't allow for anything close to that.

You gotta balance it out. Try to find something close to a major University, Hospital, or Military base. Always try to be close to stable and good paying centers of employment.

 

[4 Dimensional]

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.

I made the comment above in October of 2020.

Those same houses behind me are up to 330k.

 

[black again]

House prices in California do not drop that’s a fact. The pandemic didn’t do shit here other than make housing worth more not the opposite of what everybody was saying when it first popped off. In California real estate is a perfectly safe investment. I don’t care about the rest of the country . I live here and bought my second home during the beginning of the pandemic.

Bruh, why didn't you let this newspaper know the prices don't drop....they wasted their time writing that dumb article.

Worst U.S. housing market in 2008? California!
By ORANGE COUNTY REGISTER
January 26, 2009 at 12:39 p.m.
California’s housing market grabbed a dubious honor: Worst in the nation in 2008!
First American Loan Performance’s year-end stats show:

• Home prices fell in 35 states, with California worst at down 26.9%.

 

[NYC-DC]

The difference is, corporations are buying up the property. So, it's a totally different model. The homes are being bought and being rented by these corporations. Not sold. This provides protection against housing crashes.

Not disputing what you are saying, but corporations buying up property and renting does not guarantee anything, look at Zillow. Some of these companies jumping into the rental game and don't really understand all aspects including appraisals, renovation costs and most importantly rental laws. In cities on the east coast the tenant laws are are no joke. Tenants have lots of right and protections and could easily be in your unit for a year without paying rent. Judges don't want to throw people out, neither does the city council or the mayor. So I can see companies, as you mentioned, buying up properties and when that have to start dealing with landlord tenant court, jumping out, going bankrupt and/or liquidating property in a few years. Then we have too many properties on the market and there will be a correction. But time will tell.

 

[black again]

Not disputing what you are saying, but corporations buying up property and renting does not guarantee anything, look at Zillow. Some of these companies jumping into the rental game and don't really understand all aspects including appraisals, renovation costs and most importantly rental laws. In cities on the east coast the tenant laws are are no joke. Tenants have lots of right and protections and could easily be in your unit for a year without paying rent. Judges don't want to throw people out, neither does the city council or the mayor. So I can see companies, as you mentioned, buying up properties and when that have to start dealing with landlord tenant court, jumping out, going bankrupt and/or liquidating property in a few years. Then we have too many properties on the market and there will be a correction. But time will tell.

I AM disputing what he said...and you're 100% right.

The last housing crash was caused by the recession and a host of other factors... Sub prime meltdown, variable APRs...

But companies buying up houses offers no protection for a crash. They snapped them up AFTER the crash.

 

[COINTELPRO]

It takes you 10 to 15 years to save up for a down payment, many people don't consider home ownership until their 30's. Than it is another 20-30 years of stress to pay off some mortgage that may cripple your earning potential since you are locked into a small area of a city. I have seen people forced to drive 2 hours to work because they can't pick up and move closer to their job. You have to factor in your life expectancy and years you can have title and own property.

Many people are really real estate speculator, using the banks money to buy something, hoping it will appreciate markedly above what you owe. Than you have to go into the market and buy an overpriced house to replace what you had unless you move to another area of the country. When you buy stock and it appreciates significantly, you don't have to replace the stock you sold because it is essential. Capital gains should be calculated for a second house you own or that takes into account the replacement price you pay.

We need to do what other countries are doing, which is being restrictive on lending for houses, requiring cash payment. Look at the delinquency rate which raises prices because people are inflating the market that should not have been in that house.

 

[trstar]

Ain't nothing going for 100k except a shack somewhere in the sticks where nobody wants to live... especially a black man.

Ok. then $150k is doable.

Then try to purchase the commercial store fronts in the community.

 

[Tito_Jackson]

I AM disputing what he said...and you're 100% right.

The last housing crash was caused by the recession and a host of other factors... Sub prime meltdown, variable APRs...

But companies buying up houses offers no protection for a crash. They snapped them up AFTER the crash.

But that's the whole point. Sub-prime meltdown was fueled by lenders to unqualified buyers. This is far from that. This is billion dollar corporations buying residential property and then renting the property. The companies do not 100% depend on the rental income. Most of these companies are public entities that are supported by shareholders and other investments.

We can not afford to wait and hope there is a crash. Homes are not getting cheaper. People on here are complaining about not wanting to buy a shack, but those same shacks, when renovated, bring significant rental income or sale profit.

 

[black again]

But that's the whole point. Sub-prime meltdown was fueled by lenders to unqualified buyers. This is far from that. This is billion dollar corporations buying residential property and then renting the property. The companies do not 100% depend on the rental income. Most of these companies are public entities that are supported by shareholders and other investments.

We can not afford to wait and hope there is a crash. Homes are not getting cheaper. People on here are complaining about not wanting to buy a shack, but those same shacks, when renovated, bring significant rental income or sale profit.

“The companies do not 100% depend on the rental income”

These weren’t the millions of homes lost during the great recession…the homes I’m referring to were lost by individuals…not corporations.

 

[Llano]

Soooo is this a good time to buy rental property

It's always a good time to buy a rental property as long as you do your due diligence. People will always need a roof over their heads.

 

[LordSinister]

Bruh, why didn't you let this newspaper know the prices don't drop....they wasted their time writing that dumb article.

Worst U.S. housing market in 2008? California!
By ORANGE COUNTY REGISTER
January 26, 2009 at 12:39 p.m.
California’s housing market grabbed a dubious honor: Worst in the nation in 2008!
First American Loan Performance’s year-end stats show:

• Home prices fell in 35 states, with California worst at down 26.9%.

Yes, and if you bought at the top or the bottom matters.

The guy I brought my house from paid 1 mil, the market went down and by 2014 I got it from him for 740. Now it's 1.3. I owe about 460, so it will never drop below what I owe. It's the single best thing I ever did in my life.

Personal sacrifice, no new cars and shit. Grabbed 2 homes when the oil industry was hot. Worse case scenario sell both of the homes and live in my condo.

 

[Tito_Jackson]

“The companies do not 100% depend on the rental income”

These weren’t the millions of homes lost during the great recession…the homes I’m referring to were lost by individuals…not corporations.

Right. And I'm saying this is why there will not be another housing crash like before.