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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 1633753933 03-14-2021, 03:44 PM
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If I didn't own my home, lost it tomorrow. I'd probably get some beater car, and maybe rent a room out of someone's house and only sleep there, and I'd work my ass off until I could afford something. Anything. Might even go back into trucking so I could cover the vehicle and rent expense. Finally, when I could buy something, it might even be a trailer but it's something. Build up from there.
post 1633753943 03-14-2021, 03:44 PM
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Originally Posted By dyee4613⏩
It must be nice to have the confidence to talk out of your ass without bothering to do the smallest amount of research.


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.


http://www.northstarfinancial.com/fi...or_Edition.pdf
yeah I've heard about those percentages, doesn't change the fact that it's not difficult to make more in stocks then by buying some overpriced trash house and hoping it magically triples in value for you inside of 30 years, all while you're paying out the angus in upkeep/repairs and property tax

I mean shiet it took over a decade for house prices to get back to '06 levels in most places, and in others they still aren't back meanwhile the stock market left those highs in the rearview ages ago
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post 1633753953 03-14-2021, 03:45 PM
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Originally Posted By BigBallsMcgee⏩
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.
Save more cash move somewhere more affordable srs.
You could have a nice home in someplace like FL for that.
**** even here in PA that could get you a decent place.
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post 1633754493 03-14-2021, 03:51 PM
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young ppl are phucked in vancouver

chitbox condo starts at 500-600k

house is over 1 million

mean while the median wage is a whopping 50 k
post 1633754523 03-14-2021, 03:52 PM
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OP, If you had your chit together, you would be out cruising with the doughnutking in your 911 listening to..

post 1633754603 03-14-2021, 03:53 PM
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Originally Posted By Achilles87⏩
Brb median house price is $1,000,000 while median salary is ~$50k

I don't understand how this is sustainable. It's gonna be 2 million soon the way things are going, and then what. How does this chit even work
People on average salaries are not buying houses, they rent.

From Landchads.
post 1633754643 03-14-2021, 03:54 PM
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Originally Posted By Tanerian⏩
Save more cash move somewhere more affordable srs.
You could have a nice home in someplace like FL for that.
**** even here in PA that could get you a decent place.
In theory yes but competition is so intense right now, even if you can afford the house you won't be able to beat out 10 offers in which someone might be paying in cash or paying way over asking.

At least this what I'm dealing with now
post 1633754753 03-14-2021, 03:55 PM
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Originally Posted By r32gojirra⏩
People on average salaries are not buying houses, they rent.

From Landchads.
your a dumb phuck

10 years ago normal ppl could afford a house on a average salary. Dam right young ppl will be mad
post 1633755083 03-14-2021, 04:01 PM
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Originally Posted By BigBallsMcgee⏩
In theory yes but competition is so intense right now, even if you can afford the house you won't be able to beat out 10 offers in which someone might be paying in cash or paying way over asking.

At least this what I'm dealing with now
Signs of over-extended bubbly market right here. People tripping over one another to panic buy at absurd prices


brb 430k for something that shouldn't ever cost more then 100k

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post 1633755183 03-14-2021, 04:03 PM
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Originally Posted By iifymbro⏩
Signs of over-extended bubbly market right here. People tripping over one another to panic buy at absurd prices
True but it makes sense. When interest rates go up a lot of people will be fuked. The time to buy is now
post 1633755393 03-14-2021, 04:05 PM
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Originally Posted By BigBallsMcgee⏩
True but it makes sense. When interest rates go up a lot of people will be fuked. The time to buy is now
time to buy is when you get to pick at the bones of dumbasses who got in way over their heads and have their house foreclosed
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post 1633755493 03-14-2021, 04:07 PM
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Bought my first house in 2018 at 24. You don’t need inheritance
post 1633756183 03-14-2021, 04:18 PM
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Originally Posted By yeshli2nuts⏩
Lol that scenario would never happen. What kind of idiotic landlord would keep rent that low in that kind of economic environment?
I'm a great tenant and moved in two years ago before the big housing spike. They bought the house twelve years ago and their mortgage is probably peanuts now.

If you're a landlord, why risk having someone else move in to make an extra 300-500 a month who could be a leech and destroy the property? I don't bother them, I take care of the place and I paid my rent even through COVID every month. Smarter to keep a good tenant who pays less than try to find a new one and take on risk.
post 1633756703 03-14-2021, 04:26 PM
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Originally Posted By BigBallsMcgee⏩
True but it makes sense. When interest rates go up a lot of people will be fuked. The time to buy is now
Hopefully your down will go further as paper prices fall, and *******s won't be as eager to kamikaze into a 5% interest rate environment and drive values up 20% YoY.
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post 1633757123 03-14-2021, 04:32 PM
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Originally Posted By jasticus⏩
Bought my first house in 2018 at 24. You don’t need inheritance
In Boise, that was 40% ago lmfao. Parabolic housing price increases of peace.

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post 1633758283 03-14-2021, 04:48 PM
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Originally Posted By iifymbro⏩
yeah I've heard about those percentages, doesn't change the fact that it's not difficult to make more in stocks then by buying some overpriced trash house and hoping it magically triples in value for you inside of 30 years, all while you're paying out the angus in upkeep/repairs and property tax

I mean shiet it took over a decade for house prices to get back to '06 levels in most places, and in others, they still aren't back meanwhile the stock market left those highs in the rearview ages ago
I think you're forgetting about how leveraged the house is. Here are some simple numbers.

200k home
160k loan (30 years)

House Appreciation: 3% over 30 years 485,452.51
Total Interest Paid: (107,000)
Opportunity Cost: 40k @ 8 % = (402,506.58)
Rental Cost: 1k per month over 30 years = 360,000
Gain/Loss = 485k - 107k - 402k + 360k = 336k

To keep it simple, I'm ignoring property taxes, repairs, closing costs, etc. However, this can mostly be balanced out by the fact you can just get a HELOC loan and invest that 40k back into the market a few years later.
post 1633758493 03-14-2021, 04:51 PM
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So you have 80K in savings and you're whining?
post 1633762483 03-14-2021, 05:49 PM
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Housing is definitely a huge problem and I don't see how it's ever going to stop being one if Corona couldn't even knock prices meaningfully down. I make low 6 figures and have 0 chance of owning in NYC/SF and it's still a struggle in cheaper, but still expensive areas like Chicago/LA/Boston. I'm doing very well for my age and am probably at least top decile overall in terms of individual income, so if I am struggling to afford a home, I don't see how others have a chance in hell TBQH. And before the Boomers/Bootstrappin' miscers chime in, I don't buy Starbucks everyday, I don't have cable, rarely eat out (unless it's to socialize w/ friends), and would be described by 95% of people as being extremely frugal. I also don't live in NYC/SF, but rent is expensive in most major cities. Between that, regular bills, saving for retirement, and enjoying life a little bit, it's very hard to scrounge up a down payment for a home.
post 1633763863 03-14-2021, 06:07 PM
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Originally Posted By Winston56432⏩
your a dumb phuck

10 years ago normal ppl could afford a house on a average salary. Dam right young ppl will be mad
Oh the irony

Anyway

Ten years ago people were also saying that the market was overvalued and we’re waiting for a crash.

It’s funny how you can look at two people with the same income, one of them absolutely can’t afford to buy and it’s everyone else’s fault; the other can’t afford NOT to buy.

Anyway, it’s been twenty years now I’ve been dumping my money into the property market, made literally millions but as you say I’m a “dumb phuck” so no doubt I’ll be getting my comeuppance any day now
post 1633764523 03-14-2021, 06:18 PM
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Originally Posted By r32gojirra⏩
Oh the irony

Anyway

Ten years ago people were also saying that the market was overvalued and we’re waiting for a crash.

It’s funny how you can look at two people with the same income, one of them absolutely can’t afford to buy and it’s everyone else’s fault; the other can’t afford NOT to buy.

Anyway, it’s been twenty years now I’ve been dumping my money into the property market, made literally millions but as you say I’m a “dumb phuck” so no doubt I’ll be getting my comeuppance any day now
you live in australia

enjoy your chinese over lords
post 1633764643 03-14-2021, 06:20 PM
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Originally Posted By Winston56432⏩
you live in australia

enjoy your chinese over lords
Lol

Unlike whatever third world chithole you live in, we prohibit foreigners from purchasing existing residential property

Nice cope though

Also congrats on correct use of your

Guess you had a 50/50 chance
post 1633766183 03-14-2021, 06:41 PM
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Originally Posted By PlateauTooSoon⏩
Yeah this problem has been making me think of buying rural land somewhere that gets good sunshine with mild winters and go off-grid with my own built cabin or tiny house. With solar, a periodic supply of propain, rainwater collection or a well, and Starlink internet I think I can make it work. Would be like unplugging from the matrix
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post 1633766423 03-14-2021, 06:45 PM
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Originally Posted By r32gojirra⏩
Lol

Unlike whatever third world chithole you live in, we prohibit foreigners from purchasing existing residential property

Nice cope though

Also congrats on correct use of your

Guess you had a 50/50 chance
you literally think foreigners don't bypass any restriction with proxy families or shell companies?

how naive are you? that's the australian education system for you lol

no wonder china owns OZ already
post 1633766993 03-14-2021, 06:54 PM
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Or....you can do what nearly every other homeowner past and present did. Buy a small modest place, even an apartment. Pay that down, build equity and then buy up. Most people buy their first home in a less than ideal part of town but buy the best they can afford.

Or do you think that most people just up and buy a 500K home from the get go? Maybe if they have 2 incomes and a financial gift from their parents.

Even, yes EVEN in the most fukin expensive city in the world for real estate, Vancouver, you can buy a home with what you have. It might only be a bachelor but it gets you in the door. Problem is people whine and complain that theyre not living in their dream home or dream area and never do anything about. Too bad. So sad. Losers the lot of them.
post 1633767353 03-14-2021, 06:59 PM
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Originally Posted By usersignup2⏩
Or....you can do what nearly every other homeowner past and present did. Buy a small modest place, even an apartment. Pay that down, build equity and then buy up. Most people buy their first home in a less than ideal part of town but buy the best they can afford.

Or do you think that most people just up and buy a 500K home from the get go? Maybe if they have 2 incomes and a financial gift from their parents.

Even, yes EVEN in the most fukin expensive city in the world for real estate, Vancouver, you can buy a home with what you have. It might only be a bachelor but it gets you in the door. Problem is people whine and complain that theyre not living in their dream home or dream area and never do anything about. Too bad. So sad. Losers the lot of them.
bro 500k is for a chitbox 1 bedroom condo with HOA fees in Vancouver. source I live in VAN.

you make 50k/year you need a massive downpayment plus a partner to even afford a worst condo.

10 (short) years ago the average detached house in vancouver was 600k. Imagined if you grew up in the city and every generation before you could afford but your priced out in just 10 short years.,,
post 1633767793 03-14-2021, 07:06 PM
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Originally Posted By Winston56432⏩
bro 500k is for a chitbox 1 bedroom condo with HOA fees in Vancouver. source I live in VAN.

you make 50k/year you need a massive downpayment plus a partner to even afford a worst condo.

10 (short) years ago the average detached house in vancouver was 600k. Imagined if you grew up in the city and every generation before you could afford but your priced out in just 10 short years.,,
Your point? Buy in fukin abbortsford you whiney ****. I bought my first apartment in Richmond and paid it off in 5 years making less than 30K year. I moved up to a bungalow at 31st and fraser and tripled my money. Cashed out and retired at 45. BTW i never in my life grossed more than 40K a year until I got back into the workforce in my later years. If you say you cant afford a home then you are lazy, or have a loser mindset.
post 1633769193 03-14-2021, 07:28 PM
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Originally Posted By usersignup2⏩
Your point? Buy in fukin abbortsford you whiney ****. I bought my first apartment in Richmond and paid it off in 5 years making less than 30K year. I moved up to a bungalow at 31st and fraser and tripled my money. Cashed out and retired at 45. BTW i never in my life grossed more than 40K a year until I got back into the workforce in my later years. If you say you cant afford a home then you are lazy, or have a loser mindset.
try doing that now? most young ppl are priced out completely even for chitbox's in the chithole that is richmond.

canada is turning into a phucking chithold

most of its GDP is relying on housing. That is a disaster that is going to completely phuck up the country in the future. Politicians keep kicking the can down the road while home owning boomers keep voting for them,
post 1633769503 03-14-2021, 07:32 PM
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Originally Posted By Winston56432⏩
you literally think foreigners don't bypass any restriction with proxy families or shell companies?

how naive are you? that's the australian education system for you lol

no wonder china owns OZ already
Lol I can quote the foreign acquisitions legislation from memory

We have the strongest anti avoidance and land acquisition compliance framework in the world

Tell me more about the education system though dolt

You’re barely literate
post 1633769873 03-14-2021, 07:38 PM
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Originally Posted By r32gojirra⏩
Lol I can quote the foreign acquisitions legislation from memory

We have the strongest anti avoidance and land acquisition compliance framework in the world

Tell me more about the education system though dolt

You’re barely literate
you legit still think that foreingers are not getting past those laws.


lmao

you probably also thought there was no money laundering at the casino's in Australia? because of them regulations!!!! lol ..... cough "crown casino... lol

no wonder china is legit taking over OZ with low IQ PPL like this
post 1633770133 03-14-2021, 07:41 PM
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Originally Posted By Winston56432⏩
you legit still think that foreingers are not getting past those laws.


lmao

you probably also thought there was no money laundering at the casino's in Australia?

no wonder china is legit taking over OZ with low IQ PPL like this
False equivalency

You are barely literate, unintelligent and clearly uneducated.

It explains both your willingness to accept populist conspiracy theories about foreigners pushing up asset prices, as well as your inability to get a well-paying job and acquire such assets yourself.
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