Is a house (in Atlanta) worth it? // Our thoughts 6 years later after short selling our first home 

Come with us to Costa Rica: trovatrip.com/trip/central-america/costa-rica/costa-rica-with-hallease--aug-24-2024 See our past house struggles here: ru-vid.com/group/PL2Pk3OAowrpv-cdWtGZ3c_Sl0EWrBUxqz End Hedge Fund Control Over American Homes Act: www.merkley.senate.gov/wp-content/uploads/imo/media/doc/end_hedge_fund_control_of_american_homes_act_bill_summary.pdf

I bought a home last year and my main regret is not doing it before the pandemic

The home I live in in CA now was made possible by selling a house in NY. After owning the latter for only four years, I walked away with 200K. Might not have been able to buy a home in CA otherwise. At another point, I was able to live on the equity in my home for a year after a job loss. I like having an anchor and feel a sense of peace of mind.

I’d like to add to the conversation, if you are a first time homebuyer beware of buying a house that is newly built. When the county appraises the property again it will be much higher because the value has changed. I’ve seen a lot of people on SM posts about this. They thought the property tax that they paid when they first got the house would remain the same or close and it jumped to from 300 to 14,000. So do your research on property tax history on older homes vs newly built give or take 1-2 years.

Y’all!! So many feelings here. My partner and I literally closed on a house this week and for much of my adult life I really didn’t think home ownership was going to be something I wanted. About a year go that switch flipped. But like Hallease’s light bulb moment I know so much of it was tied to the 08 housing crisis. Owning a home never felt to me like this secure option that everyone touted it to be. Historically yes, so secure, such a safety net, but like history shows us nothing is for sure. Another part of it was I really didn’t have a clear idea of where I was going to be located long term and the thought of buying and selling and risking short term losses just didn’t seem worth it. Fast forward though, here we are, we bought a house. I’m not handy lol but I am really good at learning 😂😅 excited to take on this new chapter but the stress of taking on this huge debt that everyone tells you is “good debt” is real. I’ve lived below my means for so long and having a mortgage now isn’t above my means but it definitely ain’t below 😮‍💨

I don't think home ownership is all it's cracked up to be. It's such a deeply american thing because the government is unwilling to provide alternative forms of long-term housing. I personally do not like the idea of housing being an investment vehicle, it should just be a place to live. That's its entire purpose. And you're right the "investment" is unrealized. Even if you sell your house and make a big profit, you still need a place to live so you have to go and buy another house or rent.

We live in ATL and bought our house 2 years ago through the FHA loan. Yes, they gave us a limit of 285k, but we only used 216k on a 175k house. We had a big down payment so our mortgage is 1500 a month (property tax included). The reason we qualified for the loan was because it was just my husband's income stated when we applied. Thankfully, our realtors were able to talk to the seller to convince them to sell to us and not take an offer from a company that was willing to pay 10k more than our asking price because they wanted to sell the house to an actual family and we got it. So far, the worst thing about our house are the neighbors behind us who would blast music until 4am and the windows need upgrading, but all in all I like our place! (We were able to talk to the neighbors about the music which was good)

I’ve “owned” my house for 7yrs now in Florida and it’s like wait, I don’t own this? Plus there’s HOA and taxes

oOoOoooOooooh... I'm in such a weird place right now when it comes to thoughts of homeownership 🙃... I KEEP vacillating between thoughts of it being an immense BLESSING 🙌🏾or a potential burden 😩... so I KNOW this is going to be ENLIGHTENING for me! 😀✍🏾📝 THANK Y'ALL IN ADVANCE for sharing parts of y'all's journey with us! 💐🥰

It hedges against inflation,.everyone i know who bought a home b4 2020 doesnt have that overpriced housing anxiety

This topic is coming right on time. I live in ATL as well and I'm in the process of purchasing my first home. Something I thought, and have since realized I had no idea what I was talking about, was thinking I could purchase a modest home for 200-250k in the metro ATL area. It was eye opening to realize 200k will get you a nice lil shack in these parts lol. I'm learning alot in this process. But the sticker price for a decent sized home was definitely the kick I needed to be oh so serious about this process.

I think that what a lot of people are missing is that back in the old days people did not move directly into there forever home. My grandparents purchased a home that they could afford a "starter home" and them eventually bult a home. You have to play the long game and just get your hands dirty. Basically what I am trying to say if if you want a home get the idea of an HGTV house out of your head lol.

Highly recommend Atlanta Land Trust. Im about to be under contract for one of their brand new townhome properties. Such a great program, if your income qualifies you. And you can bundle the Atlanta down payment assitance, Im getting 40k.

My mind literally manifested you guys this morning and to my lovely surprise ... A video 🎉❤ Always enlightful to hear both of you conversate, keep up the good work 👏

"What's 'beyond gentrification'...'destroyed'?" LOLOLOLOL 💖💖

The point used to be that you have a place that you own and eventually won't have to pay anyone monthly just to exist there when you get old. And you have a legacy to leave your family after you're gone to profit from as they see fit. Unfortunately we live in the year 2024, and as usual, billionaires have to ruin everything for everybody else so they can be richer.

"... it's made of dead trees...", that hit me deep, Mr. Hallease

Atlanta has become the home of investors, several big corporations own 72,000 single family homes. The home affordability level in Atlanta is too high for the income levels in the state.

Chamblee, Georgia has walkable neighborhoods but it's on the pricey side. Near Chamblee Marta station, there are coworking spaces, restaurants, a tea room, a cupcake shop, a bodega , and antique shops.

Sounds like y'all should look into all the walkable neighborhoods being built right outside 285. I loved growing up in Chamblee and know that Decatur and Norcross have great options

I love this discussion. I think many people get into home ownership to "freeze" your cost of living. If you calculate the rising rate of rent and compare that with a modest home or condo, over several years, you will reap the benefits of not paying a higher price when you renew your lease. Finally, there is an inherent cost to owning a home, similar to that of buying a car and maintaining it. Btw, I love listening to your program, especially since you're one of the few people that don't use profanity. I was listening to it with my young daughter, and was offended by the term Mr. Hallease used, specifically "rat ####." Hopefully, you can warn us ahead of time if you have profanity in the episode, so the user can choose to listen or skip.

From my own experience, strictly as an observer of the different generations of my family. My grandfather owned and paid off his house (20 ish years) and then he sold it with plans to move to Georgia. He did most of the improvements himself. Other elders that have retired are using this time to make bigger improvements on their homes, they plan to sell if the offer is high enough or live in and enjoy the upgrades. Or they’re stuck in between. What I’ve noticed about 50 something retirees is that a lot of their energy goes into home improvements. Things they meant to or planned to do years ago. It is a lifelong project if you want a lifelong home. I don’t know. I want an RV and I live in a big city sooo😂

I cashed in when I got a divorce 😂

Yassss let me get my day started!!

Homeownership is definitely a long game. The fruit of the investment is this: because I own my house, my mortgage payment on my 1600sf sf single family home (including taxes and insurance) is less than the current rental price on a studio apartment. Plus we have amassed over $400,000 in equity. Why? because we purchased our first home in 1995 and have been homeowners ever since. Renting=no future equity. Even without kids you may need the proceeds for your care or housing when elderly (such as assisted living.) Those things cost a fortune.

I was shooting a podcast in Atlanta last week. We were in Midtown and it was really cool. Homes close to coffee shops and stores.

Inflation is just so crazy in Atl because they expect you to pay almost 400k for a basic home that’s not even a reasonable size. And the homes that are under 350k need insane work. I was shocked seeing sooo many homes that have been listed almost 50 days +. And I get why nobody is going to pay 250+ for a home that needs a complete remodel that doesn’t even sit on .25 acres that’s unreasonable. Once you start looking 45min outside the city is when you see 2k sqft for 250k vs in the city 250k rehab under 1000sqft

It’s worth it depending on what you do. I now have enough equity in my house to sell it and pay cash for something smaller and I plan to buy 2 tiny homes on the land and rent them out so I will soon have a paid off house and make money off of it. Having a multi family property I believe is worth it.

It’s so crazy how many homes are owned by companies. We were looking to move out cause our lease was coming to an end and we could barely find people to rent directly from, it was all these big realtor company… like 8 years ago, it was so easy to find lots of people to rent directly from.

I'm a real estate broker in ATL, although I specialize in investment sales. Not all down payment assistance programs have income limits. I know a Chase bank rep who spoke on a non-income restricted assistance program, but it was dependent on the census tract in which you bought a home. Plus, as a millennial who does own multiple homes, what home ownership provides is "historically" an automatic savings account, wealth generator, rental income, and some tax benefits. For example, for individuals with a primary residence that has appreciated. If you have lived in the home 2 of the last 5 years, you can get up to $250K of the appreciation as a single person or $500K as a married couple tax free using IRS Section 121. It's not all good because of course their are repairs, tenant issues, potential annual increases in property taxes/ homeowners insurance, etc. I just look at it as life's hard with both choices, choose the hard that works best for you. Good luck!

Good for you Mr H… cause I can’t stop drinking wine as well coffee 😅

Omg same boat here! I question the same right now

I was just looking for leca videos lol. But here I am in the rabbit hole. I have never thought ill of either process and I have experienced both. I have purchased three homes and I rent out one that I enjoyed and moved into when I became tired of renting apartments in a southern town. Yes you are responsible for the home and all its expenses. However when ever I got ready to move I did not get any of that money back when renting. My homes provide me with equity and I decide when I cash out and it does not have to be when you are old. Homes can be purchased at 10,15 years or commonly 30. You and your financial ability make that decision. I bought a home during the pandemic at 2.5%. it has already increased in value so going in I have gained 60,000 in equity in a few years. If I sell this fall I make a profit that I never expected. My mortgage is lower than renting a nice apartment. Both have benefits if you are the carefree type and just want the grass cut snow plowed, maintenance taken care of renting is fine. The most important thing is which ever you choose enjoy your life, buying or renting is not the defining measure of happiness. We should be grateful we are not homeless and have options. And neither will give you joy if you are already miserable and unsure about your direction and purpose in life. Peace and thanks for reading. Ms. Hallease thank you for the very specific video on leca...guys check it out if you hate the potting soil in your homes. Please do an update on how your plants came out and what you learned and suggest. Thank you

Product of the situation definitely.z

I hear you girl 😅lol sammeee it lowkey scares me and like for why ?

You both have voices suited for NPR; and I mean that in the best possible way. Can you please drop the link for that green phone stand you're using?

Also, are you able to provide guidance about pivoting to HEDIS?

I love when you both have these talks.♥️ “What’s the next level beyond gentrified?” “Destroyed?” 😱🤭😂

I’m simple. You upload. I click 😂

The main purpose of buying your first home is usually to live in it..intrinsic value..that’s where you get your initial value from it..not when you cash out..which is why you should buy a house you love..buying a home is an absolute solid investment..you will get old one day and inflation doesn’t care about your income or your age. A paid off home helps ensure a more affordable lifestyle when your income goes down in your retirement. Most Americans own their homes outright with no mortgage for a reason..you need somewhere affordable to live and 0 payment is 1000% better than rising rent..only people who say a house isn’t a solid investment are people without homes or who can’t afford to maintain them.

You own a house for security. Pay off your house and you only pay taxes and insurance. Living in a house doesn't always have problems. Cars have problems. Everything breaks. The difference between owning and renting is that if i sell my house. I can usually recoup every dime i spend and make some money. Renting is the opposite. Say you rent for 30 years. You own nothing and you still paid the same price as owning a house and you continue to rent forever. While a home owner gets to enjoy their money. Perfect example is now. Landlords constantly raising rent. Your mortgage usually stays the same unless insurance or taxes increases. Don't over pay for a home.

You guys were going to use the 203K loan, which allows you to renovate the home.

I think if you want to settle somewhere, deal with HOAs and hidden fees of owning --but have a stable mortgage and build equity that's fine. But being house poor, going through hoops or draining your life savings for inflated down payment JUST to say you own a home is silly to me. Most of these homes are not cheaper than rent right now and if you can't find a home that's as cheap as what you're willing to spend on rent it's a bad deal. Equity isn't instantaneous and plenty of homes sell at a loss. There are other investment vehicles. A lot of people are stuck on private ownership as the only way they can generate some form of wealth in their lifetime.

Who's idea was it to make home ownership into a transactional item?! When I was growing up in the 1970s my grandparents would own their home until they died and passed it onto my parents OR they'd take monies from their home for investment or celebratory purchases. But hey, I've made FIVE attempts over the past twenty years and still end up renting.....😢

Beyond gentrified is incorporated. These homes are owned by companies that eventually want to sell them to land developers.

!!!!HEAR MY SUGGESTION OUT FIRST!!!! I’m not suggesting that you all pander to RU-vid, but… Can you two do a few reaction videos to a TV show or movie or documentary? I just think it would be fun to get your take on media in real time. Do it differently by stopping the show and having a whole discussion about some element. You two are so thoughtful and wryly funny about things that it could be lucrative and fun.

You owe the bank...but in the meantime, you can do what you want to do. I'm not in America, I cannot speak to the concerns there. if you are having kids, and as a poor person, a home is your number 1 investment/way to pool wealth. Paying rent for the 20 years I have (since being in university from 18), I have no wealth built in that, nothing to 'get back' regardless of what's happening in the 'real estate market.'

gentrification is colonization

Do you feel like your homeownership journey from short selling your last house has jaded your future journey as far as possibly buying a new home? Even though (I’m not going to lie) home prices have skyrocketed due to the pandemic, low interest rates, bidding wars, over bidding, corporate takeover and more. And we do live in a country where you will be paying someway whether directly or indirectly on your home. Either paying rent for the rest of your life or after you pay your mortgage off, property taxes, home insurance and HOA fees (if you have one). So, like you guys are doing you have to weigh your options for what makes sense to you affordable and long term wise.

Yes please call out plp buying so many houses and renting them out. Companies and their greediness too

I regret buying my house 🤔 But when I sell it I won't 😳

I thought Mr hallease was markiplier for a minute.

In the west we don't own anything

Hi guys glad to hear your podcast, it is very interesting. But to answer your question, when you rent a house or apartment, you have to pay the owner of the house a rent fee for living there. For argument sake let say the house you are renting cost $1200.00 a month, in a year your would of paid $14,400.00. Thats is money you do not get back never, ever. But when you buy a home and pay a mortgage of lets say $1,400.00 a month you are paying yourself to live there. What you pay as mortgage you don't get any money at the end of the year, what you do get is income tax credit on the property taxes you paid for that year. Your return on your investment will be when you sell your house to buy another one. The money you saved its call equity. Thats your return on your investment. In a nutshell. Later

Smh. More shady RU-vidr(s) trying to sell trips and not even providing factual info. God get this sh*t off my algorithm 🤦🏽‍♀️🤦🏽‍♀️🤦🏽‍♀️

I want a house but I can’t afford one 🥲