/biz/ - Business & Finance

>>25539482
It’s chinks buying up property everywhere and California faggots fleeing their sinking ship of a state

It should be illegal to own property if you don’t live in the U.S. and people should only be allowed to own a maximum of two houses. Housing crisis solved.

inflation and no evictions

it's either
>working as intended, capital seeks capital, concentrates in ever smaller numbers of hands by design, western countries seeing greatest wealth inequality since gilded age, you know what happened after that right?
or
>people are seeking secure assets during times of socioeconomic instability. Consider a mortgage, you'll only be 55 when you pay it off.

pick your poison anon

>>25539527
Lined up and shot

>>25539527
just a law or tax preventing ownership of unoccupied housing should do it.

>>25539546
It's both

>>25539570
This kills the airbnb market
and thats a good thing

>>25539546
Cant you just buy property and sell it in 5 years and make a profit? I'm a complete noob. Why isn't real estate the same as gold or silver or bitcoin or oil??

>>25539482
it's the super low interest rates

Fuck the glorified flipping houses trend too

>>25539482
The uber rich closest to the money printer. My uncle was one of them and he used to buy one lakeside property a year.

>>25539482
Houses were the original bitcoin.
If you DYOR you will see why

Housing is the future. Buy now or cry later.

>>25539482
supply and demand, covid, people want their own four walls + work from home a thing

>>25539649
this too. in some countries including mine, govt covid QE money basically went straight into real estate. my generation is basically priced out for life now. Just great reset my shit up senpai i dont care anymore. Legalise weed ill live in a shipling container. The future makes me fucking sad.

>>25539628
You forgot about property taxes. Also property maintenance. Garbage disposal broke? That'll be $1,000. Refrigerator, washer, or dryer stopped working? $2,000. Cracks in your brickwork? $1,500 to repair. There are a lot of hidden costs in home ownership.

t. bought a house this year

>>25539721
regular people arent getting that money

>>25539730
Im already crying

>>25539688
this exactly. Boomers that mined early are just harrumph laughing like "Just buy in, it's easy, I did"

>>25539482
Interest rates are below inflation now. You get paid to own a house as long as you have good credit history and down payment money.

>>25539527
But then boomers wouldn't have infinitely increasing home values and we can't have that! Housing absolutely MUST be an investment above all else. Screw everyone else, I got mine, etc.

>>25539482
It's because people just get 30 year fixed mortgages instead of 10-15 year ones. It will just keep going to a point to where houses will be so expensive you won't be able to actually buy them, but simply rent from the bank. At least as long as people keep falling for this shit anyway. It's effectively turning anyone who wants to own a house into the bank's paypig for life.

Usually people justify it with
"well, I'll be living here until I'm retired anyway so 30 years isn't that bad"
or some bullshit like that

>>25539788
also this is one of the safest stores of value possible since its backed by the famous monopoly on violence.

>>25539759
Fire who the fuck ever you keep hiring to fix your shit.
Disposals can be had for as cheap as $50, and if yours broke, you can do it yourself. Literally a few screws and plugging it in. and stop buying samshit appliances and you could save $1500.
i owned a block house in florida. crack repairs are a few dollars.
>hurrr not structural faults
then you had a shitty house inspector and you deserve to lose all that money.

>>25539788
>doesn't fully understand how simple interest loans work
>doesn't realize that most of your mortgage payment is interest for the first part of the loan
it's not fair to say "I get paid to own a house" when you're making mortgage payments in which 70% of the payment goes to interest

>>25539840
Do you really think that’s what’s causing all of this? Really?

>>25539887
this.
your TIL sheet outlines this in graphic detail.

>>25539482
national property management corps and foreign interests are monopolizing us real estate both of which should be illegal

>>25539876
Orrrr you can hire acquintances and negotiate prices. My own father owns a house maintenance company and lets just say every house i buy is a win-win.
Imagine not having friends/family in the construction field.

>>25539907
I'd be willing to bet more than 80% of the mortgages you see in areas where houses are over $400k are under a 30 year fixed plan, yes. why, what do YOU think is causing it?

>>25539876
yeah you're not wrong that I could cut corners on both the appliances and the labor to save money, but I want all my appliances to be top-of-the-line and optimally installed since I plan to live here for decades

also the plumber did other work besides replacing the disposal, and the reason why I decided against changing out the disposal myself is that the dishwasher and sink had backed up and I do not possess the tools to deal with the situation without flooding my kitchen

january 31st for most the country. though the faggy nevada governor made evictions/foreclosures illegal through march. then of course you have to account for court delays n shit. march-april should really get the ball rolling, summer will be a shitshow

>>25539788
Basically this. Ten years from now that $780 monthly note will be like half a shift's pay. I'm already getting offers for $1.3k+/shift thanks to the ridiculous job market right now. You'd have to be insane to think there will be a crash when there's this much money being thrown around and interest is so low. Gold will go to $100/oz before housing gets "more affordable". Put 3.5% down and thank yourself in a few years for not being silly. Covid has been a once in a lifetime blessing and it's not showing any signs of easing up after almost a whole year. Don't ask questions, just be greedy and accept the generosity God has given us millennials. This is our shot to catch up with boomers. Best of all they are dropping like flies thanks to the nearly 1% death rate in their age range. You might never see another opportunity this good.

>>25539568
I agree with shooting people who say you shouldn't be allowed own more than two houses by why should people who don't get fucked by US taxes be allowed own US property? Did you guys let Nazis own property in the US in the 1940s? Are the Chinks not a bigger threat?

>>25539887
>>25539910
I don't know of any major US lender that forces you to wait the full 30 years. If you really want to put all your money into your house right away nobody's stopping you. Most people though prefer to keep a sizeable chunk of cash freed up while letting inflation and price appreciation constantly discount what's owed.
Mortgages are the least jewed form of debt there is, especially in America where you actually get the full 30 day locked in rate as an option at a time when interest is 2 to 3 percent.
You can't get that kind of leverage most anywhere else, and if you're in a suburb by a Texas city the exodus from Silicon Valley is sending market value to the moon.
Either way it's better than paying some other fag's mortgage for him and getting zero equity in return. I'm shooting for 5 years to pay mine off but depending on what happens with the Federal Reserve and all these MMT gone wild happenings I might hold off and pay at the slower rate to make sure I don't miss an exploitable crisis.

>>25540027
buckets are $5 at walmart

>>25539887
>>25539910
I don't know of any major US lender that forces you to wait the full 30 years. If you really want to put all your money into your house right away nobody's stopping you. Most people though prefer to keep a sizeable chunk of cash freed up while letting inflation and price appreciation constantly discount what's owed.
Mortgages are the least jewed form of debt there is, especially in America where you actually get the full 30 year locked in rate as an option at a time when interest is 2 to 3 percent.
You can't get that kind of leverage most anywhere else, and if you're in a suburb by a Texas city the exodus from Silicon Valley is sending market value to the moon.
Either way it's better than paying some other fag's mortgage for him and getting zero equity in return. I'm shooting for 5 years to pay mine off but depending on what happens with the Federal Reserve and all these MMT gone wild happenings I might hold off and pay at the slower rate to make sure I don't miss an exploitable crisis.

>more and more people on this forsaken earth
>less and less space to build

hmmm, I wonder

>>25540156
Populations are declining all over the world and the trend is only accelerating.

Unironically get in now or be left in the dust, this train ain't stopping

>b-but muh corrections!
Hah? 2008? The housing prices have already won that dent back years ago.

>>25540187
population growth is declining, not the total population.

>>25540069
What line of work gets you 1.3k a shift?

>>25539840
This is the Japanese model.
They do 99 year mortgages over there.

>>25539527
China will literally buy America. And nobodies talking about it. kek

>>25540401
I'm sure in the worst possible reality (which might be this one) there will come a time where 200 year mortgages exist where they plan on just passing the house down through the family in hopes one day eventually their blood debt will finally be paid

>>25540420
>China will literally buy America.
You did have a decade of advance notice to be fair.
https://www.youtube.com/watch?v=OTSQozWP-rM

>>25539482
It’s literally and unironically CCP auctioneers showing up with limitless Chinese money and outbidding everyone until they close, even if it’s 50k above. America sold out its own citizens for profit

>>25539840
As opposed to being a landlords paypig for the rest of your life?

Real estate is probably the biggest generational gift of wealth you can give your family. I know some older folks that bought or built their house 60 years ago for pennies, and even the plot of land its sitting on is worth maybe 20-30 times more today.

>>25539628
Of course you can, but why would you sell something that's bringing you paying itself, bringing you income and increases in value all at the same time. If you're not forced to you won't.

>>25539628
>>25540548
the only way you truly "profit" off selling real estate you're occupying is if you move to a cheaper place. if you sell your house for a ton of money, you're gonna be buying a home in your same area for...a ton of money

>>25540532
Never said it was the wrong choice, just that it will keep getting worse until eventually the banks can't make money off you anymore. I guarantee you'll be seeing 50 year fixed rates in about a decade or less

>>25540532
Rentfags are basically prisoners in Plato's allegory of the Cave. Trying to show them the light only makes them lash out against you for disrupting the shadow world they've grown accustomed to.

>>25539759
I fixed my Garbage disposal in two hours for $70 and it's far superior to the mexican's shit.

>>25539482
It's not housing going up, it's fiat currency going down

>>25540590
>I guarantee you'll be seeing 50 year fixed rates in about a decade or less
Which is why you pretty much only have one option: Get in or get left behind. Housing is one of those things that sort of always have a fixed demand curve. Everybody needs roof over their head.

And for the love of god keep that shit and give it to your children if you have any. And make them keep it too, that's how you build generational wealth.

>>25540713
My personal plan is to move out to the desert when I make it, which I probably could do right now but I want to live relatively comfy when I do. It also coincides with my hobbies and I won't have to deal with winter driving, but that's just me.

>>25540587
>1 property
Wtf are you talking about

>>25539759
You're not supposed to have anywhere near that many things go wrong that early on post-buy, anon. And you filed for homestead exemption, right? That cuts your taxes down a lot in most states.
t. bought a house last year / only paying $2K a year (i.e. ~$167 / month) for property taxes in a state with no income tax.
PS: Contest your property taxes every time they try to raise it which is probably every two or three years. They never make your taxes worse if you do that and half the time they'll agree and lower your taxes since the vast majority of property owners don't contest their taxes and the tax districts only need to make the vocal minority happy.

>>25539542
Why would a landlord want to buy up more housing if they can’t even evict a tenant?

>>25540838
they don't

>>25540652
lol holy shit

>>25539688
"buy land, because God aint making any more of it"

>>25540027
A snake and a power drill you dumb fuck

>>25540893
Just clear more rainforests.

>>25540902
kek

I've been hearing about China buying houses. Is it China like citizens or China like the government? Why?

>>25540472
I remember watching this when I was a kid. So ever more real today. They even got the technology accurate

>>25540902
Environmentalism is a scam to keep Big Lumber in demand.

>>25540597
can you explain the image plz, i dont get it

>>25540962
https://faculty.washington.edu/smcohen/320/cave.htm

>>25539482
This is the cantillon effect from all the money printing.
Basically, the dollar is being devalued by printing it. But that devaluation (inflation) isn't equal across sectors. It begins where the money first enters the economy. It first goes to the ultra rich, the banks, the corporations etc.
So the kinds of things that rich people invest their money in rise first, such as the real estate and certain kinds of stocks.

Quantitative Easing by Fed and Central Banks.

Assets are getting inflated and they are to scared to do market correction, otherwise the boomers will riot if they see their house prices drop.

>>25540023
Not him, but I think that is definitely a contributing factor. The 30 year mortgage only benefits the banks. It reminds me of how Russia has been increasing the length of their gas contracts. If it is hard for a country to source gas from somewhere else, they are more likely to accept a longer contract, creating a steady income stream for the seller. Just replace countries with people and gas with houses.

>>25540306
Nursing, doesn't matter the kind. A friend of mine left icu to do ltac for $125/hr. More than double what she was previously making, and that's just pushing meds and cleaning trachs. Much easier that icu work. Lots of places are offering bonuses on top of such pay as well.
Anything medical really. Even the shit wipers are getting like $20/hr now. Respiratory, pharmacy tech, stand by the door and thermometer people, the shortage of staff in all positions is mind blowing.

>>25540548
The income from rent might not be as high of a return as you need. Outside of a few edge cases like Vancouver, LA, and New York, in much of the world you would have been better off putting your money into a diversified portfolio.

>>25539482
I haven't seen a big climb in housing prices in larger cities. I am in Western Washington State and we have seen a large increase in housing in rural areas because all of the cityfags are moving to smaller towns because white flight.
>Civil unrest
>Fragile civilization
Its actually really simple why housing is going up.
Guaranteed condo prices in SanFrancisco have not been skyrocketing.

>>25540597
The only time you should really rent is if you don’t intend to stay for a longer period than you will lose on the transaction costs of a purchase. Everyone else is just a serf in denial.

>>25539876
I'm just going to press buttons on the internet
That seems more my type of investment

>>25541041
>boomers
>riot
lol

>>25541196
Also avoiding the headache of having to deal with dumbass tenants, contractors constantly trying to rip you off and ton of legal stuff

Renting out might give decent return (rent + appreciation) but fuck me if I'd ever want to deal with the attached headache. I'd take a 7-10% return in a simple portfolio over 15-20% return in real estate in a fucking heart beat.

>>25539482
Interest rates are at all time lows. Low interest rates means cheaper mortgage payments, so people can afford more expensive houses.

>>25540453
YOU WILL OWN NOTHING AND YOU WILL BE HAPPY

>>25540069
This post highlights how close the crash really is.

>>25541366
AND YOU WILL EAT ZE BUGS

>>25539527
> The US
There is a world outside of your shithole, Tyrone.

>>25539482
Massive money printing, duh..

People are fleeing cities and buying large comfy houses in the country side. So now you have between buying a home in the city (which has always been expensive) or the country side which has seen an increase by +20% in the last two years.
I really want to buy a home in the next two years, but it definitely seems like buying at the top.

>>25540652
The only anon who gets it

This thread is fucking depressing

>>25543505
Yes.

>>25543505
why

>artificially government propped up market
/thread