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Started By
Message
re: Biden leaning towards canceling 10K in student loan debt if u earn less than 125K
Posted on 8/23/22 at 1:09 pm to JohnnyKilroy
Posted on 8/23/22 at 1:09 pm to JohnnyKilroy
quote:
Many banks are not going to lend to you as a first time homebuyer if it's not going to be your principal residence.
You are gonna pay a premium on interest rate to find a some exotic loan that allows you to put not much down on an investment property while having virtually no assets to back it up.
There's no point in trying to reason with this guy if he can't understand the most basic of concepts. He wrote 10 paragraphs and didn't address a single thing I said
1
Posted on 8/23/22 at 1:10 pm to Mingo Was His NameO
quote:
but wages should be higher where home prices are higher and Vice versa.
Housing markets and thus prices are not efficient. So I’m not sure why the relationship between income and home values “should” be linear given that your one stated assumption is incorrect.
quote:
Wages and home prices should be pretty linear throughout the country if everything is efficient.
There can and typically are several housing markets within a single labor market. Any metro area in the country can prove this statement to be incorrect.
quote:
Based on his continued posting after that, I'll be honest I don't think he knows if it is or not. Sounds like he bought in like BR or Houston or something.
Well the point still stands, who are you to say you shouldn’t have to do all that to own a home. In an efficient market, the fact that he did do all of that to own a home would (in a vacuum) increase home values. That is, why would you assume you can be in the same position financially as someone that works twice as hard as you?
I’m not trying to diminish any of the challenges of owning a home. It’s hard, renting was much easier. I just don’t understand this mindset that it is “too” hard or in some way unfair, when millions of people from all walks of life are able to accomplish it each year.
Posted on 8/23/22 at 1:14 pm to OceanMan
quote:
I’m not trying to diminish any of the challenges of owning a home. It’s hard, renting was much easier. I just don’t understand this mindset that it is “too” hard or in some way unfair, when millions of people from all walks of life are able to accomplish it each year.
I own a home. And am going to make a bag on it. I can still realize that owning a home which locks the average person, who can't even do time value of money, into a wealth creating asset becoming nearly impossible is not a good thing for the country.
Or I could just say frick it, I got mine and move on. Which is incredibly short sighted.
Posted on 8/23/22 at 1:14 pm to NIH
quote:
Did you jerk off while typing that
Yes but I corrected all my grammar and typos when I was finished.
Posted on 8/23/22 at 1:32 pm to GreatLakesTiger24
quote:
quote:but I just don’t feel as if I am facing the same challenges and many in my peer group are complaining about
That’s wonderful. The numbers are what they are though
So what are the numbers? Just home ownership numbers? Home value to income figures increasing? Preferences on where to live and chosen occupations? Let’s pick a lane to have a discussion on
Where are the numbers on the amount of effort the average American is willing to put forth to achieve a goal by year? This defeatist attitude I keep coming across in this thread is surely a variable in this equation.
You guys seem to be complaining about a complex multi market driven phenomenon, so please enlighten me as to what the fix is here. Because all I can see is people complaining that they can’t do something that others, that are separated strictly by the choices they have made, have been able to do.
Somewhere in the equation, preference and personal accountability must be factored in.
My position is that I expect home values to continue to increase over our lifetimes, and despite the fact that they may be relatively more expensive than they have in the past, that it is foolish to not invest in something that I believe will increase in value despite its current relative pricing position, despite the discomfort of the capital outlay. Get in the game or get left behind, simple as that.
Posted on 8/23/22 at 1:34 pm to Mingo Was His NameO
quote:
And your spiral into alcoholism forced you to sell them or suck dick for money.
What the frick is wrong with you?
Posted on 8/23/22 at 1:39 pm to OceanMan
quote:nah,i'm pretty bored of this. scruffy and mingo have posted a lot of good stuff though (could have been in the other thread).
Preferences on where to live and chosen occupations? Let’s pick a lane to have a discussion on
quote:
This defeatist attitude I keep coming across in this thread is surely a variable in this equation.
quote:no one is really complaining. just stating facts. things are pretty bleak for the average american going forward, no?
You guys seem to be complaining
i have no bad debt and a healthy 20% down payment in my checkings account. i'm good
Posted on 8/23/22 at 1:41 pm to OceanMan
quote:
so please enlighten me as to what the fix is here
It's not a simple fix at all and it's got a million moving parts. But to start, figuring out a way to get Blackrock and the Chinese out of primary residence real estate is a good start. Then we can move into figuring out why wage growth has been almost nonexistent while corporate earnings and C Suite compensation has skyrocketed. Next, we can get into monetary policy and how QE and printing money inflates asset prices leading to even more wealth disparity.
quote:
Because all I can see is people complaining that they can’t do something that others, that are separated strictly by the choices they have made, have been able to do.
Im doing better than 99% of people my age, which again doesn't preclude me from understanding economic conditions, including home ownership, are getting worse and worse.
quote:
Somewhere in the equation, preference and personal accountability must be factored in.
Of course. Why do you put a percentage on John from Kansas not wanting to work hard. And then put a percentage on Wall St controlling the money and policy around the money in the country. Let's go ahead an weight those at the appropriate levels.
quote:
My position is that I expect home values to continue to increase over our lifetimes, and despite the fact that they may be relatively more expensive than they have in the past, that it is foolish to not invest in something that I believe will increase in value despite its current relative pricing position, despite the discomfort of the capital outlay.
You can't just decide to invest in a home if you can't meet the lending requirements. It's not as simple as you know you need to so do it.
quote:
Get in the game or get left behind, simple as that.
Correct. And it's getting harder and harder to get in the game.
Posted on 8/23/22 at 1:47 pm to JohnnyKilroy
quote:
Many banks are not going to lend to you as a first time homebuyer if it's not going to be your principal residence. You are gonna pay a premium on interest rate to find a some exotic loan that allows you to put not much down on an investment property while having virtually no assets to back it up.
So this exotic loan will act just like all other subsidized or otherwise low down payment loans in which there is a premium on mortgage interest? Not to mention, as a first time home buyer, you would be able to convert this to a rental fairly easily if you aren’t seeking a second loan.
But I digress, again, the point is to get creative to achieve real estate exposure. Find a roommate to live with you. Look for multi unit housing. Look for lease to own or try to negotiate it. Partner with someone. Invest in a REIT. Beg friends and family for a downpayment loan. Learn to do repairs for yourself on a distressed property. Save aggressively. Cut spending. Sell something. Maybe even move somewhere more affordable.
Posted on 8/23/22 at 1:51 pm to Mingo Was His NameO
quote:
There's no point in trying to reason with this guy if he can't understand the most basic of concepts. He wrote 10 paragraphs and didn't address a single thing I said
That’s because everything you say is either incorrect, disingenuous or some sort of straw man.
I meant to tell you that you were, again, giving incorrect tax advice yesterday when you said that all taxes for MFJ are exactly twice the single limits. Just flat out wrong about things every CPA should know.
Posted on 8/23/22 at 1:54 pm to OceanMan
quote:
That’s because everything you say is either incorrect, disingenuous or some sort of straw man.
Well that's not true because you just acknowledged you can't get a traditional mortgage product if it isn't your primary residence.
quote:
I meant to tell you that you were, again, giving incorrect tax advice yesterday when you said that all taxes for MFJ are exactly twice the single limits. Just flat out wrong about things every CPA should know.
I thought about editing because it's not every one, but it made the point I was trying to make.
quote:
But I digress, again, the point is to get creative to achieve real estate exposure. Find a roommate to live with you. Look for multi unit housing. Look for lease to own or try to negotiate it. Partner with someone. Invest in a REIT. Beg friends and family for a downpayment loan. Learn to do repairs for yourself on a distressed property. Save aggressively. Cut spending. Sell something. Maybe even move somewhere more affordable.
All of this is fine and good and no one disagrees. It doesnt fix the underlying issue, though. Not sure what's so hard about that for you to understand
This post was edited on 8/23/22 at 1:55 pm
Posted on 8/23/22 at 1:57 pm to GreatLakesTiger24
quote:
things are pretty bleak for the average american going forward, no?
Not at all. Things have never been easier and a little hard work and minimal risk taking easily puts you ahead of the pack. Grow up and work for what you want in life.
Also the liberals have ruined this country and we will be Venezuela within the next 3 years.
Posted on 8/23/22 at 1:57 pm to RLDSC FAN
I don't agree with it but my wife has $20,000 in student loans so I'll take it. I privatized mine when I got out of school so I don't qualify unfortunately. I'd be a lot more upset if the number was higher than $10,000.
Posted on 8/23/22 at 2:00 pm to GreatLakesTiger24
quote:
no one is really complaining. just stating facts. things are pretty bleak for the average american going forward, no?
Ok…well I’m that case, no, I’m not disputing that costs are on the rise in essentially every industry and wages aren’t keeping up. I wonder how we got this to 20 pages if that is what is being discussed…
Posted on 8/23/22 at 2:00 pm to GeauxTigahs92
quote:
I don't agree with it but my wife has $20,000 in student loans so I'll take it.
Like I told the other guy, don't fight it bro. No one will look down on you. Take the money and think about how it might be an ok idea for other people than just your wife
This post was edited on 8/23/22 at 2:02 pm
Posted on 8/23/22 at 2:05 pm to OceanMan
quote:
. I wonder how we got this to 20 pages if that is what is being discussed…
Dudes like Roger say in once sentence Biden is ruining the country and then the next that it's grooming zoomers fault they're lazy and there's no reason they can't build a house themselves and go to school and work full time
Posted on 8/23/22 at 2:07 pm to OceanMan
quote:
Home ownership is achieved by hundreds of millions of Americans
there is not a hundred million home owners in America
Posted on 8/23/22 at 2:07 pm to OceanMan
quote:probably roger denying facts
I wonder how we got this to 20 pages if that is what is being discussed…
Posted on 8/23/22 at 2:12 pm to OceanMan
quote:
Find a roommate to live with you. Look for multi unit housing. Look for lease to own or try to negotiate it. Partner with someone. Invest in a REIT. Beg friends and family for a downpayment loan. Learn to do repairs for yourself on a distressed property. Save aggressively. Cut spending. Sell something. Maybe even move somewhere more affordable.
Most of these are good and fine ideas, but one makes me shake my head.
quote:
Beg friends and family for a downpayment loan
Most people who are struggling financially come from families and friend groups who struggle financially. There are a few exceptions... of course... but there's a reason why generational wealth is a thing.
Most people who are struggling financially don't have friends or family whom they can turn to for a down payment loan... and if they did... the bank would look at it funny.
Posted on 8/23/22 at 2:19 pm to Mingo Was His NameO
quote:
It's not a simple fix at all and it's got a million moving parts.
I agree on this and your following points. Tons of which are completely outside of an individual’s control. It’s enough to cripple anyone into inaction. My point remains that home ownership should not be abandoned because it’s getting harder to do, because the factors that led us here are not slowing down.
I’m not speaking to any points about the other factors around our global economy that got us here, I’m speaking to individuals that may be reading this thread to try and help them understand that investing in real estate sooner than later, no matter how difficult it may be or how creative you may need to get, hedges against the rising costs that will likely come. I will note that our home value to income ratios still lag behind many developed countries. The reasons for which will be coming to the US soon (50-100 year mortgages).
when I opened the thread, housing costs were the topic of discussion so that is where I joined.
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