They are not looking out for you, they only care about their own bottom line. Whether you become homeless or burried in debt, they dont give 2 fcks about chu.
I own a lot of properties in the Midwest I have had investors wanted to buy my properties I will not sell I believe in treating people like I would like to be treated many have children I tell my renters this is your home do what you need to do to make it your home I have raised the rent 20 dollars in the last 3 years I have good people renting sometimes people are late are personal situations I work with them and have had no problems I take a little less but every one is happy satisfied these are hard times we need understanding but most of all I am blessed with good renters
You sound like a gem. When I was a renter in my 20’s. I had two men that were like a father figure to me. They were the best landlords. Shout out to Richard Preston (Pensacola, FL) and the Navy Commander (Ret).🥰
I own my house and most of my neighbors mortgages are paid off too. Investors send all of us letters in the mail wanting to buy our houses. If your house is worth 400,000 and you know for a fact it would sell for that much these POS investors will offer you 200. Maybe 250 . They want to make the most money possible. It's an outright slAp in the face
@@olig4699Bruh 10% off of something that is way overpriced is not a good deal. It all depends on what kinda property it is and and how much your income is. There is a legitimate chance that house will still be worth around 400 in 5 years from now. Prices are already falling everywhere, it jus all depends
It may depend on where you live in Colorado and the particular neighborhood. Prices are dropping substantially in some areas lately. Oftentimes the initial asking price is a little high to begin with so that it looks like the price has dropped to reel in a buyer. That $10K price drop could very well put it at what should have been the initial asking price. Insurance companies in CO have started to exclude wildfire and hail damage in policies as reported in the news this week. This year has seen the most hail damage on record in CO. There may be a reason for the brand new roof and windows! On that note make sure there’s a garage if you’re in a hail prone area. Be careful and do your research !
@@olig4699 that 360 might drop to 280 by 2025. Look at the price of the property when it was last sold, to get an idea of the real value I am sure you already did. If your house drops in price drastically at that point a low interest rate doea not make a difference. But I guess is a good deal for the present time, if you can not waited out.
I had an agent in Stuart FL put a rental on Realtor and when I called to get info he said that one wasn’t available anymore. Total BS. It’s a bait house to get people to call about it and they try to get you into another that is available. It’s still on Realtor and think this practice is unethical. Perhaps a call to the Florida Real Estate Commission could fix that.
Amen! I know the area extremely well and see a bloated extremely overvalued housing market that in no way can be supported by local residents salaries. I also see thousands of new homes being built and new home developments that seem to have stalled all over the place. There is definitely something sinister going on. Plus as a long term resident I’m so pissed off that all our county’s natural habitat areas are being destroyed be greedy politicians and developers. Someone has sold the county out!
Thank you for your common sense advise. Im a 66 year old lady. I sold my home May of 2022 and I I’m wanting to downsize but still live comfortably. I am patiently waiting for the right price. I have lived through other recessions and I know what it looks like and how it feels. I rented for a while and now I am staying with a family member which is not easy. I feel alone with standing with my decision to wait. My family, friends and Realtors think I’m all wrong, I tune into your channel to keep my head on straight.
Unfortunately, I think you’ll be on the sidelines for quite some time. If tuning into “crasher” RU-vidrs videos make you feel better about your decision, then so be it but next thing you know, you’ll be 70 and maybe questioning your decision. Buy what you can afford and feel good about then move on. Don’t let anyone, especially RU-vidrs, influence what is right for you.
I know at least 5 people who have lost their jobs over the last 4 weeks and not one of them can find even the lowest pay jobs. There just are no jobs out there and inflation is running at least 9% at least. Gas price are going crazy and food prices are going up all the time.
Realtors ALWAYS say it is the best time to buy, whether the economy is good or in the toilet! Judge for yourself based on your own financial status and if you can truly afford to buy a home.
I know a lot of people who sold their homes and are hitting the road living in their RV's. They go where they want and if they don't like the neighbors or neighborhood they move!
I'm in Florida and was looking to move into a different apartment community. The fees were something else. There was a $10 parking fee just for whatever parking space you happened to find, not even a reserved parking space. There was a technology fee, which covered being able to use your phone to get through the gate, using your phone to unlock your apartment and probably get into the gym or pool as well. There was valet trash as well, which, like I thought you said, about $30. The valet trash could actually be a good thing, especially for apartment communities with that one large trash compacting dumpster that everyone has to use. Some apartments can be very close to it, and some apartments can be clear at the other end of the property from it. That rent amount that you see is the basic or starting amount. Once you start adding all those fees, plus maybe a reserved parking space and a pet rent, that starting rent can increase by a good $400 dollars. I'm not talking about the one-time fees like the application fee, the administrative fee and the pet fee, but just the additional monthly fees that can cause a $1600 starting rent to jump to maybe $2000, and then your gross monthly income has to be three times the rent. I do believe, that's with all the fees, not just the starting rent. That makes me afraid to move from where I am now. I guess I'm getting a pretty good deal now and am afraid to have to spend more each month. There must be a bunch of others in the same boat. I've looked at a few older apartment communities built in the mid-80s with one-bedroom apartments where there are none available. It seems like everyone wants to stay where they are right now and stick with the rent they're paying because they know newer communities are going to be charging fees for all those amenities.
@@njerseydavid -- A $50 parking fee and you aren't guaranteed a spot? That's when I'd tell them (if I was in the leasing office) that that was a deal breaker for me. I'm not shelling out $50 and then might not be able to find a space in the parking lot?? That is crazy.
My situation-At 43 I've been laid off twice. I dont want to be stuck with a high house payment and in that location when i get laid off again. These companies are not loyal. So it makes it very difficult for my generation to be loyal to a location. Everyone's situation is different but this is what keeps me from buying even though i can afford it. Most people cant even afford these houses at this point so who are homeowners planning to sell to?
I just love how people don't think about when it comes to the average wage vs. the average house price, vs the average mortgage rate equaling about 55-60% of ones monthly income, yet we are in a new bull market. Really? So things are going to go higher from here and that's good and affordable? I don't think so.
It's going to be a bull market up to 85% of average income, the houses are just worth sooo much, real estate it's forever y'all. Sarcasm rant over... They've gone nuts. A house is a depreciating asset, and until we get large corporations out of family homes they'll fleece us and it won't ever drop below 50% of average income.
@@demammoet it’s just unsustainable. Eventually there will be a recession and people that bought in 2012 will sell at reasonable prices, which is a huge crash from today’s prices. Just a matter of time.
@@njerseydavid Ah so they represent the 80% of the middle class that can't afford. The only thing that is keeping us from getting back to the pandemic lows is the "Bank Term Funding Program" that saved the banks in March. Once that thing runs dry, the crash is back on. It all was crashing before that program. That's all inflationary though. Those who are making over $100,000 are now saying they are living paycheck to paycheck, so even the wealthy are starting to struggle. So everything surviving is up to that program that bailed out the banks in March. That is it.
@@njerseydavid the rich benefit the most from crashes, most poor people have no savings before a crash. They use inflation to empty poor’s savings, crash the market, and buy everything up. Easy wealth transfer
It’s their hale Mary last ditch effort before they have no choice but find a second job and help JB’s job numbers. Keep up the good work Micheal we appreciate your common sense truth.
"In the Midwest you can find a good house for under $200k". Oh hell no, the Midwest is expensive too. I have no idea where you're finding these good homes for $200k.
I am looking at 5 right now in Alabama in a nice neighborhood . 2200 sq ft average all of them between 250 and 275k. None over 20 years old. But yeah there aren't any out there. For you.....
I know. I am in Ohio. No decent home in a decent area for less than 400k. You can get a house for 200k in the ghettos of Cleveland and maybe in rural Amish country, but that’s about it…
I’m in Michigan and that is definitely false with the under $200K! Most good houses with a decent little yard is at least $250K! Most are really closer to $300K and up these past couple years. Ridiculous!!
The last best time to buy a house was 4+ years ago. A lot of homes have tripled in price in the last 4 years. At this point we need another housing bubble to burst so the prices come back down to where a typical working person can afford one again. That's another reason to hold off on buying a house anytime soon.
In my area during Covid there were maybe 3 houses available in a 15 mile radius…. Fast forward to today and it looks like the map from the movie contagion…. Covered in red dots showing that over 50 plus houses are now for sale …
Hi Michael. To expand on your statement regarding valet trash. Most apartment communities across the country have been charging for this particular service for more than several years now. Florida; Arizona; Nevada are three of the states that I know of that definitely charge multiple fees for lots of different utility charges. The apartment community that I just moved out of in Las Vegas is charging $12 monthly for common electric to light the pool area and entire community. $16 for trash along with $30 monthly for valet trash. That’s $46 monthly, and I never used the valet pick up service even once. I walked my garbage over to the containers in the community and had to still pay for the service. Oh fyi, 400 tenants leaving their garbage outside their front doors nightly attracted lots of cockroaches to go on a feeding frenzy. Good ole apartment living. What more can I say. Thanks for another great video Michael.
You're doing yourself a favor Michael by walking along that stream of river...so tranquil no pollution...your lungs pumping fresh oxygen throughout ur body system is priceless...🌳🌳🌳
People could move to a less expensive state, purchase raw land and stay on that raw land in a travel trailer and then on the nights and weekends, design and build there own home with there own hands. The labor is the most expensive thing when it comes to building.
You have to have construction skills to build a house. Plus all of the tools you’d have to buy and skills you’d have to learn would make it more expensive in the long run.
@@latsnojokelee6434 It's actually less expensive to hire a contractor to build than to purchase the same home that your neighbor purchased next door. It's even less expensive if you act as your own contractor but hire the different trades to do all the work. It's even less expensive to build it yourself. It's quite easy for anyone to build if they put there mind to it. Watch a few videos like RR Buildings and away you go. You don't need many tools, just a few basics. Think about how they built before electricity. Some smart, energetic and young people from time to time without any knowledge in the field what so ever have done it to completion. I've seen it. Pure Living for Life did it and a friend of mine kid did it with verbal incite from me just in the very beginning for about 4 hours.
@@LilyGazou It doesn't have to be a big house. It could be a tiny house of just a little off grid cabin. What I'm saying is that anyone can do it if they try. It's really not that hard at all especially with the internet to help fill in some missing details.
If you are flush with cash, with a rock-solid occupation, recessions have little to no effect if you plan on staying in an area for a decade or more. Those are the current buyers.
definitley going to be a recession and its going to be bad i am in florida and our neighbors brought a house for 400k in 2020 and tried to sell it in mid 2021 for around 760k...and of course it didnt sell they have multiple familly members living in this single family ..its a three bed two bath and i have seen approximately 8-10 people coming out of it in every few days are so..most people in this area brought 10 years ago around 200-250k someone also paid 800k in the area 2022 ..this wont end well sadly
Our apartment complex charges separately for: Water $50, Trash $12, Admin Charge $5 (to send you a bill in the mail lol), Pest Control $2, and $25 'technology fee'. They don't tell you about any of them until you sign the lease. They do these tricks to make themselves seem cheaper than other places who usually include these fees.
I'm renting in a Invitation home and ypu are so right, the management company is charging us for every little thing, but they DO NOT do any upgrading repairs, to the Roof or Building Structure, or Window upgrade, they put a patch on it. I moved in before all of these fees and they keep adding . every month filter charge, but you only get one mailed to you every 3 months. Time to buy out of Calif. Looking for a lease to Own. The homeless population is out of control here.
The best advice I received 45 years ago as a young man was don’t focus on saving money. Focus on making more money. This advice that I took improved my life immensely. Michael, you are only the second person I’ve heard articulate this advice. I hope your audience is listening.
That’s terrible advice. That’s why so many folks making 6 figures are living paycheck to paycheck. They make a lot of money but they spend like crazy. Saving money is more important. So many teachers making modest salaries become millionaires due to saving and investing those savings
@@dmavs4131 Teachers don’t make modest salaries compared to most and they become millionaires because they get fat gov pensions the private sector no longer gets. Regardless, I agree you should do both - try to earn more and save.
The valet trash thing has been super common in Austin apartments for the last 7ish years. It sounds dumb, but you’d be surprised how many people are extremely lazy and won’t take out their trash to the point it becomes a pest and health problem
My apt complex has valet trash every day except Friday and Saturday nights. There are people who will put a bag of trash outside on Friday morning and let it sit there until Sunday night. Literally drive by the dumpster all weekend and won't take it out. Its amazing how gross and lazy people can be.
Im selling my home in Oregon and I'm putting all the money in CD's at 5.5% and renting for two years and I'll pay rent and buy for cash when prices are lower. Yep risky.
If you have a high interest rate loan that would make since. You probably need to think that plan out again because this will not be in your favor down the road. I wouldn’t do it but I’m not you.
No loans for me. I'm not wealthy but I don't need to borrow money for a modest home. Unless the home prices were to explode upwards 200-300% over the next few years.
There is always a market in the prophecy of doom and I suppose I can fall victim to these folks. My place here in Oregon will continue to correct in price as these blue states descend into chaos. I feel that I have to sell. Renting an older home is a pain in the ass. Home prices have already corrected by 15% here and still dropping. As the country Balkanizes, then red states and biblical safe zones will be the place to be. I'll pay cash and I'm looking for an area that might be a good value now but strong in the years ahead. NJ would be a good fit as my daughter and grandkids are there but it's too blue and homes there are already too expensive for me with property tax costs etc. Florida, TN, NC look good possibly.
Another reason younger people are not buying houses is they are not having children, my 3 sons in their 30's have no kids. They have ultimate mobility for jobs and locations.
I live in my car. No 4,000 dollars a month in rent, no trash fees, no mailbox fees, no spending half my income in rent and fees. It is the most liberating and free way to live.
I dis that for 6 months when I was working in the oilfield. When I was at work I had a hotel room. Then on days off I stayed in my car😅. Saving money for a house!
A lot of people are doing this. Maybe not a car, maybe a van or small RV. How do you get your mail? Do you have it sent to someone you know who forwards the important stuff?
I am doing this now too. Turnpikes are safe and in my state we have free showers. If you work all day-get a hotel on the weekends and only sleep and shower its super easy to save-and save quickly. Plus you love the hotel a lot more. Its a treat
@@sfarrell71138 Truck stops have showers too for those who might not have access to free ones. They have restaurants and a fairly well stocked store for some basics so it can be an all in one stop.
Invitation Homes won't even allow you to change your HVAC filters lol. They FORCE the filter service into your lease and charge you an extra $15/mo. And they don't even change it every month, they only do it every 3 months. It's a scam. And you can't get out of it
I love the energy and efforts you always put in your videos. The stock market can be very tricky especially for newbies. If it hadn’t been with the help of my broker Mrs Julia David, whom I can’t thank enough. I had already given up on stocks after losing so much money.
I looked at a trailer in Palm Beach Gardens. Sales price was $47k, had its own pond and porch. HOA was raised from $940 to $1240 due to sale. Rent increases were based on the whim of institutional owner. People lived in fear.
I live in phoenix, you are right about the Valet Trash you dont get a choice on the valet trash even if you want to just take your trash yourself you have to have the valet trash, it's added on top of the rent and it is $30.
This video is very educational. Yesterday I signed my lease for the house I’m moving into in Florida, and there are charges that I started laughing at, like GROUT CLEANING will be deducted from the deposit, NO MATTER WHAT, even if I don’t even move in. Any holes from hanging pictures will be repaired by a professional contractor. I also signed the rule that states that I must allow entry to the property manager and the owner on a surprise visit. Another weird policy; if the property is damaged by a tropical storm or hurricane and repairs are needed, I’m responsible for the housing I’ll need while repairs are done. Why am I finding it funny? Because this country has turned to shit in the last three years and there are 81M people who refuse to admit it and rather suffer for the rest of their lives instead of helping themselves. Time to buy an RV and live in campsites, 14 days later move to another spot.
Welcome to Florida. If you have Duke Energy you will LOVE the 500 dollar electric bills. You know...for turning on a light. The trailer park down in St Pete Last week had an old guy die from not being able to afford electricity and heat stroked out. Florida is very pretty. It's a shithole. But a pretty one.
That's what happens when people vote for man who couldn't even run his own campaign. How did they expect him to run an entire country. Thanks Americans.
Valet trash is the biggest scam. I pay $25/mo and I could just walk it over. The worst part is everyone leaving their trash out in front of their door in the heat so flies and the smell and rodents is disgusting.
Here’s the fun fact we are facing in the future. When rates come down again, which will start spring of next year, banks will be offering all kinds of crazy loans to borrowers to make up for losses they took this year. We will likely see another kind of NINJA loans and 40 year mortgages.
Yeah, sort of like the doomer youtube creators with clickbait titles, convincing everyone not to buy every single year since post 2011. Google them and filter buy year, it's hilarious. My favorite are the ones when COVID initially hit- extreme doom, probably convinced a good number of people not to buy and homes are up 40%+ in a good bit of areas since then... OOF.
Since that is their employment yep. Not all are like that and no one has been knocking it out of the park this year. A good one will tell you to wait right now. The paycheck to paycheck agents are completely freaking out and not operating ethically.
Anyone in the real estate business makes their income from transactions. Correct Michael, they only see their commissions when they look at you. You are just another transaction. So, you must look out for your best interest, no one else will.
That’s only one side of it. The other type of real estate company are property management companies. They get a % of the rent for properties they manage. Thus it’s in their best interest to push rent price as high as possible. They are one of the main reasons rent prices have gone up so much.
I am selling all my stuff and moving to the Philippines / less stress less bills, No thanks to the Hyper-inflation no thanks to the Recession. 2024 is going to be financial hell for a whole lot of Americans. I will be living off my retirement pension and my ssa checks in Pi. Lots of Americans have already made the move abroad!
The valet trash has been a thing in Phoenix area for at least 8 years since I’ve lived here. Always thought it was so stupid. I’m forced to pay it but I don’t use it.
I live in SoCal and i called a nearby apartment complex (built in the 70's) to as availability for 2 bedrooms, i was told every 2 bedroom is occupied. They offered a one bedroom for $2205, with an income of 2.5 times the rent. Rental prices are going nuts.
Breaking News : Walmart is lowering starting wages by $2/hour. They won't say if hiring is easier, but this is probably the shape of things to come as other companies follow their example. If wages go down across the board, rentals will soon follow. Yes, the recession is upon us.
I remember the valet trash in the last apartment I lived in from 2005-11 in Maitland, FL. I bought my townhouse in Seminole County in 2011 for under $135,000 and now Zillow says it’s worth over $300,000. I just retired and plan to die here.
You are correct Michael we pay $5 for pest control, $30 for valet trash pick up. I have a very short walk to the dumpster. It’s still cheaper to rent in my area and we are saving over $1000 a month in a high yield. Sold a home in 2021 and that money is being invested currently as well. If we owned we wouldn’t be saving much at all, that’s for sure. Especially in Florida when you don’t know if your insurance will be going up 50%
My apartment complex installed fiber cable in all of the apartments. They don't care if you use it, but you will still pay for it. When I used my cable provider I would shut it off when I went to Florida for the winter, now I will pay for the full year. I really don't mind that much even though it is costing more than my ISP, since I live on the computer. But, there are people that don't have a computer and they are still required to pay.
I looked at some apartments a few years ago that had stuff like that, like trash pickup at your door. I wouldn’t pay extra for that cause I can actually take out my own trash, but they didn’t give you a choice.
I live across the street from the trail you are walking, actually that trail belongs to me. I rent, there is no way I could buy a house or condo in Marin. Formerly a real estate agent, I could afford the mortgage, but I could not afford the mortgage, the taxes every 6 months and all of the things that go wrong with owning a house. I'd rather enjoy my money and not own a house that I can't afford.
I think we are already in our second quarter of the recession. A more severe downturn seems imminent. The price of oil might just be the black swan incoming.
Rent and invest is the best option. Yes, rental agencies charge all kinds of fees, but you get a lot of stupid fees from owning also. As Michael has mentioned before, uncontrollable factors like insurance, taxes, neighborhood crime, and stability make owning financially perilous. You could even rent in different regions for a change of pace.
That Fairway email is nuts. Tenant for life as I am out and the entry and exit costs are too high (way too old to take that risk, and I am NOT staying in $eattle that long). My rent went down! Some of that fee stuff cannot fly here in WA, especially in the Peoples' Republic of $eattle. Mom and Pop can be the best option as they not only leave out all the chiseling, but they also screw up on the regulatory stuff and end up gettting told "nope" by their lawyer if they get pushy. We only handle the Bigs for both of these reasons. As vultures, we'll do fine.
I am seeing a lot of places going up for rent in the past week, like leases START in September like someone broke the lease or can't pay for it. I live near Purdue University, so it it uncommon to see leases start after Aug.1-18, trying to rent out to college kids. Started having lot of issues with our rental company and signing a renewal lease for 2024. Our "due date" to renew is Sep.15, we have been calling and emailing them for the past three weeks, to get papers signed but they are dragging their feet. EVEN THOUGH, we trying to get a hold of them, because I don't want them to turn around and say "will you never contacted us, some other bs excuse, ect"...it's annoying.
This ^ Owning a house is a forced investment account. Most people aren't disciplined enough to save, but they HAVE to be disciplined enough to pay the mortgage.
We live in Boca Raton, Fl. My mother's landlord said he will be raising her rent $200 per yr until it reaches1,800 fromm $1,200. They live off a fixed income ss and no upgrades in condo which is Century Village.
Scenarios where Renting makes sense. You're a young adult in your 20s, or you have a time machine and went back to the 2000s decade when rent was $450-$550 a month.
I remember my 5th floor,gated, 1 bed 1.5 bathroom apartment overlooking the golf course. The bedroom was huge and had a huge wall to wall window and huge walk in closet. $725 a month.
Sold our home in 2022 and made 300k , my husband is only income. He makes 120k a year and our only debt is our truck. We sold and are renting an apartment for now , waiting on this recession , hoping for home prices to crash to purchase in a better area.
Your absolutely correct, I just got back from visiting my daughter in Auburn hills Michigan. Her apartment complex is charging her $30 trash valet monthly manotory. However, the dumpster is not walking distance 🙄
there is a waiting list in my town for these programs to help for 2 yrs. Real-estate in my area very hard to come by. I put a for rent sign up and it only took 10 minutes It was sealed deal after that. then had 11 more hits I hate to turn people away but its only 1 house. I like to help as much as I can, it gets hard.
Hey Mike we went and looked at houses outside of phoenix Arizona last month new builds Low and behold our new realtor that we now have out there is just sent us the same houses with $30,000. Reductions looks like stuff is heading in that direction.
Great news from NE Florida, our board of supervisors are voting this month on our new RE tax (2 support a 5% decrease and 3 support no change). This maybe our third consecutive year of no tax increase! Our community was notified of a 7% decrease in insurance premiums for 2024. Six homes went for sale so far this year and each sold within 2-3 months at crazy high prices, all are cash purchases. Life is good in St Augustine.
You mentioned it’s hot there. Sept and Oct are commonly warm months. I’m grandfathered in but new tenants will pay the fees you talked about. Beautiful view!
Even in KY the houses in a reasonably decent area have jumped $100k+ in 3 years. They’re now working on price cutting some but they’re still $1500+ a month rent not counting utilities. Idk if many people realize what that kind of cost means in KY especially smaller rural towns
I had invitation homes. It's a smart home fee ... they used to lock the doors and monitor the utilities... locked my kids out more than once. The ac filters you pay monthly ... I got 2 deliveries... the other 2 were wrong size crapy filters. Taxes on all fees as well. And required to give 60 days notice and submit yer new address to get the sec deposit back ... I been waiting 6 months to get mine
I bugged my nephew back in 2017 if he and his wife were thinking about buying a home. His awnser. "No, we like our lifestyle" I'd bet with a new child And w never ending rent raises, he has thought of it now. Has a large income & large rent.
I always tell my tenants, you can stay here as long as you want. But save up $ and go buy your own house. And If you dont pay me your gonna go to court room. I like renting to people that get assistance from government programs like PIP, NOCAC etc. It gives them a booster of help. I just rented to a single woman that has 3 kids and no support from the dad. she was a battered mom so she left. There is programs that help these people, heck this mom got a yr. worth of rent I only charge her $800 a month. now the system wont help you if rent is $12,000 a month etc. Ohh and dont let people move in till utilites in there name.
