7 Reasons NOT TO Buy A House In This ECONOMY!

Oh Michael, I’m so sorry that happened. I hate to hear stories like that. But like you said, you went under the amount of money you need each month to cover these expenses. But I feel for you. My Husband and I have had nothing but plumbing problems this past year on our investment property. We do not count this money in our expenses, so we had the money to cover. We own the property free and clear too. HOA is still reasonable.

Homeownership - the american nightmare

President Musk can't save it either.

Dont buy anything as you make the wealthy more powerful and capable to exploit and ruin your way of life. Then they bribe their way in to politics and now you see.....

One the big things that always blew my mind was that you are spending millions of dollars to buy your biggest investment in life and YOU are not ALLOWED to meet the owners! It really pissed me off at the time.

Maybe just be homeless I know a guy that makes 150/ yr and he’s homeless does whatever he wants

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

Fantastic discussion
Excellent analysis
Thank you Sir

Thank you Mike

Spot on analysis
Only winners are landlords that own outright

Michael: what's weird is local municipalities PUMP UP the value of houses, because they get the property tax revenue.......so the government, basically ARTIFICIALLY INFALTES property values and thus, taxes.......and foreclosures or forced sales are not used as comparables, in the government's assessments........SCAM.......fascism........

"Rent has been declining over the last year." Where? Fantasyland??

We were lucky. The night before closing on our dream home, the inspector showed up at the front door and told us not to close on the house in the morning because it’s on Fullers Earth.
The seller knew it but didn’t disclose.
We dodged a bullet.

We stopped drinking the kool aid years ago and left the U.S. To be on a vid and calmly say my dues went up $900 a month and you have a $54k assessment but can afford it is hillarious and sad.

You're not entirely free of homeowner duties as a renter, though. You have to communicate (and in some case communicate multiple times) any maintenance issues that can range from appliances to underground sprinkling to unfinished parts of new homes (being the the first to rent the property, this is more common than one might think). You can still incur costs just as if you owned the rental. For example, the rental has an underground sprinkler. You find out there is a leak after some time has elapsed. It cost you as the renter an extra $400 in the water bill due to that delay and the delay in getting it fixed. Then you find out the installation of the underground sprinkler is substandard (too shallow in depth) and the HOA wants to keep the lawns in decent shape. So, you use it again after it was "fixed" and find there is another issue... As a renter of a home, you are stuck with every home issue, but you don't own it. You can walk away (almost anytime if your lease is month to month), but that's it. The rest of it you will act as the "first responder."

😳

I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.

housing prices is only going up.... buy buy buy... houses will double in five years.

Living in vegas, its cheaper to rent than buy right now. Patiently waiting to buy again

😂The chuckle after he said " this is how a lot of accidental pregnancies happen "!!!!!

Great advice!

Who else is listening to Michaels video, while surfing Zillow and Redfin for new homes to hit the market 😂😅

I love my NO HOA neighborhood. Will NEVER live in an HOA!!! I refuse to let anyone else tell me what to do with a property that THEY are NOT paying for. Makes no sense to me!

Loom and gloom channel

In the current economic climate, a home is not the best investment. I've already sold my Boca Grande area home, but I want to invest roughly $200,000 in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?

Don’t buy a house be a loser that’s what I’ll be doing with my time

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighbourhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighbourhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

I’m very happy renting , no headaches , we moved from Miami to Las Vegas and here is very affordable , no debts , cars paid off, life is good . don’t care about buying anymore

pandemic LOL LOL

Hoa, are out of control buying a small cozy house instead when market goes back to normal, way overpriced still

They cut rates doto gov broke and keep pay the interest on the debt , dollar like a peso now

I'd rather own a home for 3 or 4 years and go bankrupt and have enjoyed the people I was around than be financially secure and have a paid off home in a place where I cannot stand the people I'm around

1%, 3% down? But all the finance people, realtors and media say there are no risky loans this time.

That is incredibly risky.

But no where near as risky as buying a home for double, triple, quadruple the price vs 3 years ago. Oh wait.

Realtors will be mad at this video

Still if I was a multimillionaire I would love to live in Florida. Or maybe like Michael, live half the year in Cali and half the year in Florida.

Great analysis, thank you! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?

I remember when this guy's channel was a nice So. Flo. Real Estate series. I appreciate this guy for keeping us informed during these changing economic times beyond real estate.

I used my VA loan program in 2018 for my house... crazy thing is its assessment went from 120k to 204k already. Thank god i dont have a HOA.

Thanks for the VIDEO - sadly true RE: the "emotional" decision(s). - JL

I wish it would be cheaper to rent then own for me. I purchase my home 17 years ago , Even with the HOA increase ,,,I would like to cash out and bank my equity . But it would cost more to rent a nice one bedroom apartment with garage then my home costs me per month in the same areas ..Last time I sold and lease, If was much cheaper to rent . That is no longer the case in Southeast Florida . I would like to sell and downsize , my scone option would be to rent, Neither one is cheaper ..I want to cash ut and downsize and bank my equity, This is the worst economy ever .The media lies

We are paying $4500 for 550 square feet near Melrose Ave , Los Angeles .

I am renting a house for 2k per month, it would be 3k per month if i owned it.

Sunshine; warmth; warm blue skies; palm trees. A nice thirty minute tonic for "Seasonal Affective Disorder." Not really; but it's nice to mentally project myself into Michael's walks.

I lowered my prop insurance by around $700 by looking at the coverage and reducing the personal property and living expense allowance. Unfortunately you can't reduce personal property replacement by too much according to the agent ( probably a scam so they can keep it high )

The challenge is that whether you rent or own, there are unavoidable costs associated with maintaining a permanent residence—property taxes, insurance, and utilities like electricity, gas, and water. In places like California, where I currently live, the high cost of living has pushed many people to opt for alternatives. It’s not uncommon to see individuals living in tents to avoid property-related expenses, and the number of people I encounter who reside in their cars is truly surprising. It’s a sign of how extreme the situation has become.

I'm guessing this guy is a landlord to make this video

I love how all the housing market crash videos have to caveat unless you live in the Midwest. Because I live in the Midwest. I buy rental properties in all market conditions.

BS. We went against this advice in 2018 and now have profitted 50% on our condo. Also, our mortage is cheaper than rent.

Sad thing is Rent is always a bad time