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Forum » Is inheritance anyone else's only chance of becoming a homeowner (srs)
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Thread: Is inheritance anyone else's only chance of becoming a homeowner (srs)

post 1633733743 03-14-2021, 09:53 AM
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Maybe lay off of the avocado toast, $100 a month internet, don't keep buying the latest iphone and try picking up a second job. Also, learn about how FHA mortgages work and don't think you deserve a house in San Fran or New York in your twenties. Take the tide pods out of your mouth, turn off the tik tok and learn about how real life works.
Ok Zoomer?
post 1633733913 03-14-2021, 09:58 AM
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Originally Posted By Seamanbeast⏩
Maybe lay off of the avocado toast, $100 a month internet, don't keep buying the latest iphone and try picking up a second job. Also, learn about how FHA mortgages work and don't think you deserve a house in San Fran or New York in your twenties. Take the tide pods out of your mouth, turn off the tik tok and learn about how real life works.
Ok Zoomer?
So much this. Most people, their financial woes are a spending problem. I know it's mine. Love going out to eat. Drive a newer higher line truck. Among other things.
post 1633733993 03-14-2021, 09:59 AM
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Originally Posted By AltarsMadness11⏩
I don't know where the fukk you live where rent is cheaper than owning


I'm paying 2,000 a month for my house and rent on it would easily be 2300 a month. The problem with renting is the same problem with leasing a car - it just gets you into a cycle where you have a car payment forever
Different market. Housing prices here have literally doubled in less than three years. For an 1800 square foot new build TOWNHOUSE you're looking at 600k. My current house is four bedrooms with about 2500 square feet and a massive corner lot and would sell for over 800k easily if not 900.
post 1633734043 03-14-2021, 10:00 AM
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Originally Posted By Seamanbeast⏩
Maybe lay off of the avocado toast, $100 a month internet, don't keep buying the latest iphone and try picking up a second job. Also, learn about how FHA mortgages work and don't think you deserve a house in San Fran or New York in your twenties. Take the tide pods out of your mouth, turn off the tik tok and learn about how real life works.
Ok Zoomer?
this. plus stop watching so much anime, fuking loser op
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post 1633734443 03-14-2021, 10:09 AM
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Originally Posted By DeAndreHopkins⏩
Also, this thread is for Merkan brahs living in Greater Merka. New Zealand bras and Euro bras GTFO pls
You think prices here are lower? Lmao, we have been in awe of cheap ass houses in the US for decades. US market is starting to catch up somewhat.
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post 1633734503 03-14-2021, 10:10 AM
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I'm not sure how people who make less than $100k/yr scrounge up the shekels for a down payment on a house (srs)

I'd just accept renting + investing in the market if I only made $50-100k/yr. Eventually you could save enough for a downpayment and then you can take advantage of having a house as an investment (which is truly a mediocre investment from a financial standpoint), but then you also have to deal with being strapped for cash/liquid assets, can't move jobs easily, tied down to your mortgage which might cause additional stress when your boss tells you your work is chit, etc.
post 1633734543 03-14-2021, 10:11 AM
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Originally Posted By WoofieNugget⏩
If my rent is 1500 and the same house would cost me 2500 a month to own, it makes zero sense. Take that 1000 a month and invest it and you'll come out the same if not further ahead than if you owned a house after 20 years.

My rent is currently 1400 a month less than it would cost me monthly to own the same house in my city. And I don't have to worry about property taxes, major repairs or interest rates going up.
Lol that scenario would never happen. What kind of idiotic landlord would keep rent that low in that kind of economic environment?
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post 1633734623 03-14-2021, 10:12 AM
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If you had bought bitcoin like the Misc told you you’d be a homeownercell
post 1633735163 03-14-2021, 10:21 AM
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Not everyone was destined to be successful, stable or an owner of real estate.

It’s a great goal, but there’s gotta be so many losers for a certain amount of winners. The numbers are always the same.

This is a hard concept for many, especially the younger generation. You didn’t think jerking it on social media, trying to be cool and always having the most up to date jeans would result in actual real-life success did you?






Unfortunately for many, this self realization is nothing more than rubber meeting asphalt. Good luck.
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post 1633735203 03-14-2021, 10:22 AM
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Don't think this helps OP but I have a mortgage and I did not inherit my house.
post 1633735323 03-14-2021, 10:25 AM
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I have friends that struggle to get a house but for Southern California, I get it.


For all the whiners here living in North Platte Nebraska crying about not having a house, damn. A job at Sonic with a couple double shifts should get that done no problem.
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post 1633736003 03-14-2021, 10:39 AM
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Originally Posted By yeshli2nuts⏩
There's no magic answer to this question. Everyone, no matter where they stand with finances, should budget. Budget out your monthly expenses and figure out what you can afford. Someone with a $400/month car lease/loan payment can't afford as much mortgage as someone that outright owns their car. Someone with two kids can't afford as much as a single guy. There are so many factors. Also the more money you make the higher percentage you can spend on housing. You need to just budget and figure it out for yourself.
we have way different views on this, the difference between 5k a year should not make a significant difference in the amount a person should spend on a house.
Originally Posted By SouthDakotaBrah⏩
I'm not sure how people who make less than $100k/yr scrounge up the shekels for a down payment on a house (srs)

I'd just accept renting + investing in the market if I only made $50-100k/yr. Eventually you could save enough for a downpayment and then you can take advantage of having a house as an investment (which is truly a mediocre investment from a financial standpoint), but then you also have to deal with being strapped for cash/liquid assets, can't move jobs easily, tied down to your mortgage which might cause additional stress when your boss tells you your work is chit, etc.
anyone who tries to give an opinion on buying a house one way or another and still thinks you have to put 20% down should be banned tbh
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post 1633748993 03-14-2021, 02:30 PM
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I'm seriously considering taking an outside-the-box approach to wealth building, as an experiment if nothing else. lol

They say the best way to invest long term is to dollar cost average. What if hypothetically I converted paychecks into various investments over the period of a few years and only took from those investments as needed. Historically, there are much better investments than real estate so maybe that route could potentially get me on a level playing field. For example, I know someone who bought a house cash in 2008 for ~240K and it's worth ~425K today, but the same investment in stocks would have netted ~1.2M conservatively.
Your schtick sucks and it screams insecurity.
post 1633749143 03-14-2021, 02:32 PM
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Originally Posted By stayhomeneet⏩
I make 55k, am single and I'm never going to be a ceo 100k a day.

I make enough money to get by OK and I will never go hungry but I have basically no chance of being a homeowner unless there is a seismic shift in the economy and housing becomes affordable again.
o
I have saved 50k in the past 10 years and I have 28k in another savings account that is a government scheme.

I suppose if I bought a run down hovel next door to a gang pad or a drug dealers house I might be able to afford the down-payment but I wouldn't be able to keep up with the mortgage repayment lawl.

Being the sole person in my parents will I will inherit the house etc so at that stage I'll probably move in there or sell it and buy my own place.

But yeah I know on misc everyne is a stock market kingpin who bought their first mansion at 17 but irl the only people in my peer group who are homeowners are married with 2 salaries and their parents helped out with their house deposit.

Anyone else like me.
How can you not afford a house with 50k? You trying to live in LA or something? FHA is like 3.5% down lolol
Originally Posted By SouthDakotaBrah⏩
I'm not sure how people who make less than $100k/yr scrounge up the shekels for a down payment on a house (srs)

I'd just accept renting + investing in the market if I only made $50-100k/yr. Eventually you could save enough for a downpayment and then you can take advantage of having a house as an investment (which is truly a mediocre investment from a financial standpoint), but then you also have to deal with being strapped for cash/liquid assets, can't move jobs easily, tied down to your mortgage which might cause additional stress when your boss tells you your work is chit, etc.
It is 100% better from a financial perspective to buy a house than it is to put it in the market. Are you factoring in rent payments, HELOC fund availability, appreciation?
post 1633750043 03-14-2021, 02:50 PM
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I am going to buy a new Porsche 911 for the summer.

Inherited business not even once.

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srs



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post 1633750143 03-14-2021, 02:52 PM
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Originally Posted By dyee4613⏩
It is 100% better from a financial perspective to buy a house than it is to put it in the market. Are you factoring in rent payments, HELOC fund availability, appreciation?
lol you can make boatloads more in the stock market then with buying a house, especially if you do some due diligence and buy winners


apple is 4200% up from 2008, do you know of any houses that appreciated 4200 percent in that same time? didn't think so boyo
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post 1633750393 03-14-2021, 02:56 PM
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Originally Posted By iifymbro⏩
lol you can make boatloads more in the stock market then with buying a house, especially if you do some due diligence and buy winners


apple is 4200% up from 2008, do you know of any houses that appreciated 4200 percent in that same time? didn't think so boyo
Great point - I was relying on years and years of data that overwhelmingly support experts being unable to beat the market and retail investors being horrible at timing the market. I forget that in the misc everyone invested in GME, bought a put when it dropped, and reinvested back in when it shot back up.
post 1633751023 03-14-2021, 03:04 PM
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Originally Posted By iifymbro⏩
lol you can make boatloads more in the stock market then with buying a house, especially if you do some due diligence and buy winners


apple is 4200% up from 2008, do you know of any houses that appreciated 4200 percent in that same time? didn't think so boyo
This is somewhat true, however, you have to factor in the fact that you can leverage 3.5% down on an investment that can appreciate 100 to 200k$ within 5 to 10 years with very little risk. You can do options in the stock market to leverage, but it's inherently more risky and you can't live inside of a stock.
post 1633751313 03-14-2021, 03:08 PM
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I'm making $95K gross/$60K net plus some stock options here in San Diego and will never be able to afford a SFH short of a housing crash ($750K in the city currently, $600s an hour's commute from work). A rot-pad 1br condo is a more feasible goal, but those are $400K-$500K in the city and $350K in the bedroom communities.

I was raised in Boise, and the median home price to median income there is virtually identical to SD, so lol @ "just move to a cheaper city" cels. Anywhere you look right now is going to be at a 6:1 home price/income ratio. Boise and SD are pretty much identical at 8:1. Affordable is considered 3:1 or 4:1.
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post 1633751613 03-14-2021, 03:13 PM
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Originally Posted By dyee4613⏩
Great point - I was relying on years and years of data that overwhelmingly support experts being unable to beat the market and retail investors being horrible at timing the market. I forget that in the misc everyone invested in GME, bought a put when it dropped, and reinvested back in when it shot back up.
so basically you're just coping here eh... cause stocks have been ripping for years on end, don't need to perfectly time them lol
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post 1633751973 03-14-2021, 03:18 PM
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Originally Posted By Anachron⏩
I mean, everyone can live in their portfolio.
Outside of basic expenses obv.

But at some point that strategy could have the potential to even surpass having to be a home ownercel. In the scenario I described, 240k flipped to 425K over 12 years, all while having to landlordcel and property taxcel the entire time, in lieu of higher gains for far less work and hassle in stock gains.
Your schtick sucks and it screams insecurity.
post 1633752043 03-14-2021, 03:19 PM
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I love renters they pay the mortgage for me. Thanks brokecels.
post 1633752333 03-14-2021, 03:22 PM
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Dat feel when you anticipated the oil recovery a long time ago.

Dat feel when you are always ahead of the game.



post 1633752653 03-14-2021, 03:27 PM
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Originally Posted By iifymbro⏩
so basically you're just coping here eh... cause stocks have been ripping for years on end, don't need to perfectly time them lol
It must be nice to have the confidence to talk out of your ass without bothering to do the smallest amount of research.
Similarly, over the 15-year investment horizon, 92.33% of large-cap managers, 94.81% of mid-cap managers, and 95.73% of small-cap managers failed to outperform on a relative basis (see red highlight in table).
There a lot of studies like this. Hell, even Buffet bet on an index against a hedgefund. Unfortunately, I was relying on investment professionals and excluding superstar stock pickers who are not taking advantage of a one-time anomaly and 100% going to become the next Peter Lynch.
in the past 15 years, the average investor has earned almost half of what they would have earned by buying and holding an S&P index fund (4.67% vs 8.19%)
http://www.northstarfinancial.com/fi...or_Edition.pdf
post 1633752793 03-14-2021, 03:29 PM
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Originally Posted By yeshli2nuts⏩
Fair enough. But someone who can barely afford a house shouldn't be buying in this market in the first place. The market will eventually bust and go back to a seller's market. These people who can barely afford a house should wait it out and continue to save. Anyone who buys anything when the price is at an all time high is stupid.
who was interest rates. You're better off buying now with lower interest rate than later with higher interest rate

the problem is,many markets are so hot you have need a fuk ton of cash upfront to get anything. If I actually land a house, it'll be 50k plus out of pocket.

And i probably wont land anything because I keep losing to bids 50k over the asking or pure cash offers
post 1633753033 03-14-2021, 03:32 PM
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Originally Posted By Anachron⏩
Source?
The rule of thumb was always 28% of gross, but I suppose the increasing unaffordability of housing in recent years may have bent that rule a bit.
Historically a house in the US cost around 3 times the median annual income. During the housing bubble of 2006 the ratio reached 4.5 - in other words, the median price for a single family home in the United States cost 4.5 times the US median annual household income.
https://www.longtermtrends.net/home-...-income-ratio/(great graph too)
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post 1633753193 03-14-2021, 03:34 PM
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You make 55k a year, have 70k+ saved you could put down on a house.

I'm missing where you can't afford a decent house?

Is it because of where you live? Is your credit history just absolutely trash?

You can absolutely purchase a decent home with that.
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post 1633753533 03-14-2021, 03:39 PM
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Originally Posted By FrankCostanza⏩
that's the god damn truth for most. if any of you have parents saying they need a reverse mortgage pay their mortgage ffs or at least part. you're ****ing yourself if you don't.


i spent 500k on a house a little up in the hills. now houses at the bottom in busy streets go for 650. that's retarded!!!!
thank you for posting this srs
good advice
post 1633753663 03-14-2021, 03:41 PM
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Originally Posted By Tanerian⏩
You make 55k a year, have 70k+ saved you could put down on a house.

I'm missing where you can't afford a decent house?

Is it because of where you live? Is your credit history just absolutely trash?

You can absolutely purchase a decent home with that.
It depends where you're looking. By the time you factor in downpayment, paying a good amount overasking, and closing costs thats easily not enough.
post 1633753843 03-14-2021, 03:43 PM
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Originally Posted By yeshli2nuts⏩
Fair enough. But someone who can barely afford a house shouldn't be buying in this market in the first place. The market will eventually bust and go back to a seller's market. These people who can barely afford a house should wait it out and continue to save. Anyone who buys anything when the price is at an all time high is stupid.
Coming back to this as well... bubbles tend to pop once new money stops flowing in, and the market in places like Boise is definitely getting starved of cash.

Where's new money going to come from? Boise's now more expensive than Portland, Riverside, and Sacramento, so the only places where boomers can really cash out their homes now and buy in Boise is Seattle and the CA coast. Tech stocks are pulling back after a fat bull run, and that market is probably nearing a correction/crash. Wagies definitely can't afford to buy in at today's valuations with their wagiebucks. And interest rates are at their lowest point in human history and have nowhere to head but up. What's going to keep fueling this market in the future? How many more boomers on the coast can sell and move inland? Are Chinese billionaires going to start snapping up Fruitland property?

In the long term, over the next 2-3 decades, wagies are definitely going to get priced out of housing. Demand for labor is decreasing thanks to automation, while land near cities will always appreciate as long as population increases. Eventually, that scrap of land is just simply going to be worth more than your job/your unemployed azz, and we'll have to wait a long time for people to either die off or never be born to reach equilibrium. But over the next 2-3 years though, I think we're going to see a big pullback in the real estate market.
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