Credit card debt is 90% of the time not living expenses and instead just **** that they couldn't afford and shouldn't be buying anyway.
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Real estate going crazy.
- Thread starter james357
- Start date
Credit card debt is 90% of the time not living expenses and instead just **** that they couldn't afford and shouldn't be buying anyway.
Many don't want to own a house after seeing their parents making repairs, working in the yard and being tied down. I have a tenant that has a 830 credit score, makes good money and just was tired of keeping a house up. Funny thing is, she takes better care of it than I do of my own house. The problem, is when these tenants try and retire and realize that SS will not either be there and or will not take care of their retirement. They will live in their kids basements, in campers or be homeless.
Honestly after my last 10,000 dollar "investment" week I seriously considered moving into a rental.
I’m begging for the bubble to burst - but, who knows if / when that will really happen. These prices are just not sustainable for first time buyers like myself. I’m 31, with a growing family. The rental is running out of room, and it’s almost time to get that first mortgage. (We’re planning to buy in a year - we’re at the mercy of whatever the market will be like at that time.)
At 27, I went back to school in a different field and got my income from about 30K-ish to now about 100K-ish, as a result of this career shift. (But, it took an investment of a lot of time and money, and has only paid off in the last year. Not the best timing.) The ugly truth of it is that now, I’m making a lot more money (wife is planning to quit working next year to homeschool the kids), but our quality of life/what we can afford isn’t looking like an improvement over what we could have gotten had I just stayed at my “poorer” job years ago and just bought something. Trying to become a first time home owner in this market is an absolute nightmare.
At 27, I went back to school in a different field and got my income from about 30K-ish to now about 100K-ish, as a result of this career shift. (But, it took an investment of a lot of time and money, and has only paid off in the last year. Not the best timing.) The ugly truth of it is that now, I’m making a lot more money (wife is planning to quit working next year to homeschool the kids), but our quality of life/what we can afford isn’t looking like an improvement over what we could have gotten had I just stayed at my “poorer” job years ago and just bought something. Trying to become a first time home owner in this market is an absolute nightmare.
Or move out of the country....You can move out of the country and live like a king on social security for the rest of your life in quite a few countries...and they are not all 3rd world. Some people like to rent so they don't have to be a slave to homeownership and some like to rent to live in areas and houses they could never afford to buy. I do agree that home ownership can be a good thing for most people....but there are some lifestyles that homeownership is nothing more than a burden.
I am also sitting by waiting on the crash....I have no worries with my current home, but I would like to use a crash to purchase one or more additional homes in other area, and possibly some raw land in a state or two. One thing is for sure that it will dip...and it could be a good one...If its on the level of 07/08.....It will be some good times for the real estate buyer.
Saw a post on Nextdoor app last week, someone whining about wanting to a rent a house on the island, couldn’t find one under 5K per month.
It’s still balls-to-the-wall crazy down here.
It’s still balls-to-the-wall crazy down here.
Don't get discouraged! It's a seller's market and you keep on looking and praying and the right deal will come along. I was in that exact same position once and I thought oh my God how am I going to afford this? Got a home that was a great starter home for me wife and two newborns. We would have been happy staying there but my wife's thought process was more money more house. And that was a mistake
