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Forum » Everyone I know is buying houses
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Thread: Everyone I know is buying houses

post 1630260163 02-01-2021, 10:18 AM
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Everyone I know is buying houses

What's the endgame here? Are they going to dump the economy and fleece everyone out of "their" homes?

Was looking into buying a house awhile ago, but everyone buying makes me not want to buy.
post 1630260373 02-01-2021, 10:21 AM
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That would be one of the economic benefits of low interest rates, they’re practically giving money away rn

I locked in 1.44% on my house, might even go as low as 1.34%
post 1630276053 02-01-2021, 01:32 PM
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Originally Posted By Destor⏩
That would be one of the economic benefits of low interest rates, they’re practically giving money away rn

I locked in 1.44% on my house, might even go as low as 1.34%
This.

Also as a hedge against inflation.

It seems like players from small to massive are continuing to pour into rental housing also.

If you can purchase a property now w/low interest and then we see inflation (higher prices, maybe higher wages):

- you benefit by paying back the loan with less valuable dollars

- also potentially see a good positive cash flow on rent receipts less expenses as higher prices + stagnant wages leads to even fewer people being able to purchase a home > more people are forced to rent > rental prices are driven higher

IIRC realtor.com has the median rental for Fort Worth now at $1700 a month. Property taxes help push rents higher here too though. If the house is an owner occupied primary residence you can claim the homestead exemption. OTOH if the property is a known rental/used to generate a profit they tack on extra taxes above the standard rate.
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post 1630276243 02-01-2021, 01:35 PM
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Can’t even find a dump in portland under $450k smh
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post 1630279273 02-01-2021, 02:16 PM
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Everyone buying makes you not want to buy?

There are historic low interest rates on 30 year mortgages. That's why everyone is buying.
post 1630280553 02-01-2021, 02:32 PM
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Hoping to buy another house in a year or two.
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post 1630280833 02-01-2021, 02:35 PM
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Just sold one of my houses (closed 2 days ago).
people are over paying like crazy. I couldn't say no lolerz
post 1630280903 02-01-2021, 02:37 PM
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lol at the logic "everyone is doing it so now I don't want to"

Home prices are low and interest rates are extremely low and both of these things will be going up.

It has nothing to do with how many people are/aren't doing something, its not the stock market. Buy in an area that should be appreciating in value, buy low, lock in a low interest, and its nothing but gains from there. It is a terrible time to be renting right now.
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post 1630280933 02-01-2021, 02:38 PM
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Everyone you know is an idiot


Rock bottom interest rates has led to massively inflated prices
Originally Posted By Lefticle⏩
Hoping to buy another house in a year or two.
This
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post 1630281123 02-01-2021, 02:39 PM
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These interest rates are hilariously low.
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post 1630281143 02-01-2021, 02:40 PM
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My closer circle of friends have all bought within the last year except 1. That's 6 people. Rates are low, prices can be a bit high but I made 50k off selling my last house and I did 0 improvements to it over the last 4 years. Moved into a bigger one on more land, and my monthly payment is lower despite being a bigger loan
post 1630281703 02-01-2021, 02:46 PM
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My dad makes good money buying crap houses, gutting the insides, doing all the construction work himself, then selling for a huge profit. But to do this, one has to possess all the tradie knowledge, which all the different trades summed up, is actually immense
post 1630281783 02-01-2021, 02:48 PM
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Everything seems really overpriced in my area right now.
post 1630282173 02-01-2021, 02:53 PM
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You could always look into REIT, real estate investment trusts.
Originally Posted By Droopdx⏩
Can’t even find a dump in portland under $450k smh
post 1630282273 02-01-2021, 02:54 PM
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Originally Posted By entropy91⏩
What's the endgame here? Are they going to dump the economy and fleece everyone out of "their" homes?

Was looking into buying a house awhile ago, but everyone buying makes me not want to buy.
Imagine being an edgelord when it comes to buying a house fukkin LMAO
"It won't get better, just different."
post 1630282303 02-01-2021, 02:54 PM
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Originally Posted By Jestbrah⏩
lol at the logic "everyone is doing it so now I don't want to"

Home prices are low and interest rates are extremely low and both of these things will be going up.

It has nothing to do with how many people are/aren't doing something, its not the stock market. Buy in an area that should be appreciating in value, buy low, lock in a low interest, and its nothing but gains from there. It is a terrible time to be renting right now.
Rent goes up on average 3-5% per year. Home's appreciate on average 3-5% per year. Sub 3% interest rates on mortgages right now. GF just got 2.25%. Its basically a no brainer to buy for a long term hold assuming your financially able to.



I know there are a lot of social media financial guru's in places like NYC, Miami, California, etc. that talk about how renting is superior to buying. Invest your money in the market/business instead of in a single family home. Etc. But the simple truth is there is a massive opportunity in real estate right now.



I'm considering liquidating my hobby portfolio and going in on 4 new construction homes. I bounce out of this house into a new construction home. Rent out this house and 3 other new construction homes and live in the 5th. Should be able to cash-flow a conservative $3000-3200 per month after all expenses are paid.



Considering it heavily. But my hobby portfolio is long on TSLA and I really think its going to make massive gains in the future.
post 1630283473 02-01-2021, 03:09 PM
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Originally Posted By guest89⏩
Rent goes up on average 3-5% per year. Home's appreciate on average 3-5% per year. Sub 3% interest rates on mortgages right now. GF just got 2.25%. Its basically a no brainer to buy for a long term hold assuming your financially able to.



I know there are a lot of social media financial guru's in places like NYC, Miami, California, etc. that talk about how renting is superior to buying. Invest your money in the market/business instead of in a single family home. Etc. But the simple truth is there is a massive opportunity in real estate right now.



I'm considering liquidating my hobby portfolio and going in on 4 new construction homes. I bounce out of this house into a new construction home. Rent out this house and 3 other new construction homes and live in the 5th. Should be able to cash-flow a conservative $3000-3200 per month after all expenses are paid.



Considering it heavily. But my hobby portfolio is long on TSLA and I really think its going to make massive gains in the future.
I like the idea of renting out multiple unit houses, its a lot of work and tenants usually suck but more capital overall and for just single digit investors I have heard more success in that then single family home rentals.
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post 1630283603 02-01-2021, 03:11 PM
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Originally Posted By Droopdx⏩
Can’t even find a dump in portland under $450k smh
hehe
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post 1630284373 02-01-2021, 03:20 PM
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Originally Posted By Jestbrah⏩
I like the idea of renting out multiple unit houses, its a lot of work and tenants usually suck but more capital overall and for just single digit investors I have heard more success in that then single family home rentals.
There are a ton of four plexes for sell in my area for 150K-200K, but they are ghetto AF. You can rent each unit for $500-600 per month. But the tenants aren't exactly reliable to pay rent and will destroy it when they leave. A lot of realtors won't handle the deal/show the houses or if they do its only from around Daybreak til 10:00-11:00AM. Property management businesses won't service these locations. I've talked to a few people that own some of these buildings and it seems like a lot of them operate at a loss.

As far as decent town-homes. They are an option. But they are expensive as hell when they are for sale. And there aren't exactly many to choose from because people either don't sell the or up charge their price.


I know it sounds crazy but I know a couple of realtors and they are buying new construction homes (3-4 bed - 2 bath with attached garage) as rentals. They are dumping 'older' rental properties in favor of brand new places with 30 years mortgages.
post 1630284493 02-01-2021, 03:21 PM
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Originally Posted By IlChosenOne⏩
Everyone you know is an idiot


Rock bottom interest rates has led to massively inflated prices




This
The overpricing is why I just signed contract for new construction.

I am building a 5br 3.5b 4k sqft at a real good price compared to buying resale. House prices are crazy.

I also got 2.5% on the mortgage.
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post 1630284603 02-01-2021, 03:22 PM
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Originally Posted By dcbone30⏩
My closer circle of friends have all bought within the last year except 1. That's 6 people. Rates are low, prices can be a bit high but I made 50k off selling my last house and I did 0 improvements to it over the last 4 years. Moved into a bigger one on more land, and my monthly payment is lower despite being a bigger loan
That's it
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post 1630285193 02-01-2021, 03:30 PM
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Originally Posted By guest89⏩
There are a ton of four plexes for sell in my area for 150K-200K, but they are ghetto AF. You can rent each unit for $500-600 per month. But the tenants aren't exactly reliable to pay rent and will destroy it when they leave. A lot of realtors won't handle the deal/show the houses or if they do its only from around Daybreak til 10:00-11:00AM. Property management businesses won't service these locations. I've talked to a few people that own some of these buildings and it seems like a lot of them operate at a loss.

As far as decent town-homes. They are an option. But they are expensive as hell when they are for sale. And there aren't exactly many to choose from because people either don't sell the or up charge their price.


I know it sounds crazy but I know a couple of realtors and they are buying new construction homes (3-4 bed - 2 bath with attached garage) as rentals. They are dumping 'older' rental properties in favor of brand new places with 30 years mortgages.
the benefit to that is the resale. I know a lot doing that too in my neighborhood and they are just doing it, waiting for the houses to increase by 100k in a couple years, then selling them and boom, 400-500k profit. They aren't really making any sort of sustainable income on the rental but its paying off the loan and a little spare change.
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post 1630285413 02-01-2021, 03:33 PM
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We are in the process of a refi. We already bought at the "historic low" as an estate sale at 3.25% for 125K in 2012. Now refi is at 2.25% and house is worth $260K. If the appraisal goes through we are getting about $60k and the mortgage payment will be exactly the same. Plus we get rid of the PMI that the fha loan still has on it. Part of the deal was all vehicles and credit cards are being directly paid off, leaving us with $35K cash (and tier 1 credit score once everything is cleared).

Prices and demand are pretty high but still worth it if you can snag a decent property.
post 1630288853 02-01-2021, 04:17 PM
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Originally Posted By guest89⏩
I know it sounds crazy but I know a couple of realtors and they are buying new construction homes (3-4 bed - 2 bath with attached garage) as rentals. They are dumping 'older' rental properties in favor of brand new places with 30 years mortgages.
Someone in this area has purchased multiple new construction homes, furnishes them, and then manages them as SROs charging $600 to $800 a month for each bedroom.
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post 1630290213 02-01-2021, 04:36 PM
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Originally Posted By Droopdx⏩
Can’t even find a dump in portland under $450k smh
Originally Posted By Ratfish⏩
hehe
same hehe
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post 1630331023 02-02-2021, 06:46 AM
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Originally Posted By ezra76⏩
We are in the process of a refi. We already bought at the "historic low" as an estate sale at 3.25% for 125K in 2012. Now refi is at 2.25% and house is worth $260K. If the appraisal goes through we are getting about $60k and the mortgage payment will be exactly the same. Plus we get rid of the PMI that the fha loan still has on it. Part of the deal was all vehicles and credit cards are being directly paid off, leaving us with $35K cash (and tier 1 credit score once everything is cleared).

Prices and demand are pretty high but still worth it if you can snag a decent property.
That's fukking it right there. Good job on this!
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post 1630331123 02-02-2021, 06:49 AM
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do yourself a favor and buy a duplex as your primary residence. yeah yeah, you cant flex on your FB page as hard, but basically your neighbor will pay your for your house and investment while you live there for free. just do it in a decent neighborhood so you dont end up having to evict a bunch of crack heads.
post 1630331613 02-02-2021, 06:57 AM
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Originally Posted By BrotienShake⏩
same hehe
Love this for you
post 1630332253 02-02-2021, 07:09 AM
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rentcels

..when will they learn?
fist yourself
post 1630332743 02-02-2021, 07:17 AM
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House crew. Bought my primary home for $345k in 2017. Now it’s worth at least $500k. Two of my neighbors (including next door neighbor) just sold their homes for over $600k.

On top of that, I rent a room out to my buddy in my basement and his rent covers my entire mortgage.

This house is one of the best investments I’ve ever made. Made about $215k in less than 4yrs off of it.
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