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OfflineEnkidu
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Buying a house in US, future crash?
    #27103132 - 12/22/20 09:15 PM (3 years, 1 month ago)

Right now houses are flying off the market

Ive heard speculation of a crash sometime in the future.

Im not exactly ready to buy a house.

How would one capitalize on the best time and opportunity?

Wait for the housing market to switch and buy when everyone is selling and csnt find buyers ?

I guess there are a lot of gomes ine forebearance and people need to requalify for loans due to covid etc but idk much about it


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OfflineHikeadellic
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27103160 - 12/22/20 09:39 PM (3 years, 1 month ago)

Depends on your unique financial and lifestyle goals. I don't know what your situations like so its hard to answer your question. The stock market just hit it's all time high, how much higher do you think its going to go? It's inevitable that a major crash will happen in the not so distant future. This in turn effects the whole economy, housing, ect.

What do you want to do with the house you are looking at? How long do you plan on living there? 5 years? 10? Forever? I've always heard the advice that its a good idea to buy the worst house in the best neighborhood because it is more likely to increase in value.

If you say you aren't ready then maybe its not the right time for you. Keep on grinding and saving and you will be one day.


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Hikeadellic]
    #27103175 - 12/22/20 09:50 PM (3 years, 1 month ago)

Appreciate that

More so just want a starter house

Definitely not a forever house

Almost willing to take anything to avoid renting

Renting seems like such a waste of money

Just dont want to buy a house now that i dont want, then the market flips and my house value goes down, and im forced to sit on it until idk when

But maybe it doesnt work that wayand maybe im better off sucking it up and renting a shitty place and trying to save up

Just hard to save up money.

Almost seems better to just buy any house and at least part of my rent is building equity


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OfflineHikeadellic
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27103263 - 12/22/20 10:52 PM (3 years, 1 month ago)

Well if you are the owner of a house you don't want to live in and you are stuck with it when the market dumps, maybe you could rent it out and get some of that passive income.

Lots of this depends on the price of the house and the money you have saved up.

Also depends on what your area is like. If you are in a more sub/urban place maybe look for something like a duplex and rent half of it out.

Rent is defiantly a drain and getting equity in a house is kinda investing in your self.

Savings is all about discipline, get a budget together and make sure you stick to the plan and time will sort the rest out.


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Hikeadellic]
    #27103493 - 12/23/20 04:00 AM (3 years, 1 month ago)

Thank ya friend


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OfflinegeokillsA
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27103702 - 12/23/20 08:20 AM (3 years, 1 month ago)

So long as you can afford it, and are comfortable with general maintenance issues that will come up from time to time, go for the house.  Sure there will be booms and busts, but saving dollars with the way our government is printing money is a difficult proposition, to say the least.  Read: Visualizing the Purchasing Power of the Dollar


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: geokills]
    #27103963 - 12/23/20 11:07 AM (3 years, 1 month ago)

Thanks man.

Maybe ill try and swing it


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27104616 - 12/23/20 05:43 PM (3 years, 1 month ago)

Or maybe not.

Just seems like a bad time.

Anything decent is flying off the market.

Found a nice place on the higher end of what i want to spend, but worth it, was on the market 7 days before it went u der contract.

Feel like if i wait ill have more options for nicer properties at fairer pricing.

Might just try and find a hole to make home, try and pinch my pennies and bide my time

Get myself completely in position to pounce on the right opportunity.


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OfflineLoaded Shaman
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27106747 - 12/25/20 12:16 AM (3 years, 1 month ago)

I'm like, right on the cusp of ABOUT TO BE contemplating in getting involved with a house.


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Loaded Shaman]
    #27106894 - 12/25/20 04:45 AM (3 years, 1 month ago)

Been wanting to for a while now

Want some land and a house to work on, grow a bunch of shit, eventually want a huge garden and animals, live as sustainably as possible

Thia christmas theme is trippy as fuck


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InvisibleR.I.P.Zappa
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27107217 - 12/25/20 10:40 AM (3 years, 1 month ago)

Best money saving thing to do in the long run is make sure you have 10% of the total value for a down payment. Otherwise the lender will be able to take out an insurance policy for there benefit incase you don't pay up and the shady part is,,,, you will be paying for their insurance policy.

There is a lot of good info on the net, particularly on you tube financial education videos on buying a house and the do's and don'ts with realters, lenders and hidden fees I wish I knew when buying my first house.


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: R.I.P.Zappa]
    #27107608 - 12/25/20 04:21 PM (3 years, 1 month ago)

What about buying a 20k mobile home vs renting for a year or two until i can buy a home?


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OfflineHikeadellic
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27108718 - 12/26/20 10:58 AM (3 years, 1 month ago)

Honestly If you can do the mobile home lifestyle for a few years, its probably a good move. Cars are depreciating assets so you probably won't get your full cost back like with a house. However you still have some equity in it and you don't get that with rent


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Hikeadellic]
    #27109093 - 12/26/20 02:24 PM (3 years, 1 month ago)

Well it looks like lot rent is like 550.

So that on top of the price for the place looks like it might be more expensive to rent.

Shit sucks.


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OfflineHikeadellic
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27109213 - 12/26/20 03:26 PM (3 years, 1 month ago)

A lot of people park their shit at places like Walmart or a hotel parking lot and just keep moving. State parks might be good too. Its a mobile home for a reason, you are trying to move away from paying rent.

There's a lot of stuff on youtube about vanlife if you are interested


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Hikeadellic]
    #27109228 - 12/26/20 03:38 PM (3 years, 1 month ago)

I have a 10 month old daughter bro and im not even with her mom whos pregnant with my second child.

Im trying to save money so i can get a house to raise my kids in


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InvisibleAsante
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Re: Buying a house in US, future crash? [Re: Enkidu]
    #27126741 - 01/04/21 05:49 PM (3 years, 1 month ago)

As a homeowner I say, pick the right moment and go for a home.

A good house is like a gold coin you can live in rent free :awegold:

If covid gets all too wild though, there may be a significant reduction in the price of homes as more come available the sad way, and if it does, a decade long depression is almost sure to follow.

Having a good house in a good spot is a decent safeguard against those tragedies.

Patlal did VERY well holding down a house. In about 12 years or so he basically doubled the value while collecting rent from his renters.


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OfflineEnkidu
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Re: Buying a house in US, future crash? [Re: Asante]
    #27126781 - 01/04/21 06:02 PM (3 years, 1 month ago)

Appreciate your response man.

Once reality set in, im nowhere near financially ready.

Im hoping to save money and invest some in stocks and be ready within 5 years or less.

Gonna pinch every penny. Almost...

Gonna be a difficult road


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InvisibleLophosaurus
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Re: Buying a house in US, future crash? [Re: Enkidu] * 1
    #27127199 - 01/04/21 10:11 PM (3 years, 1 month ago)

My old boss and some other people I know got houses by throwing down with friends. They were in construction so they go a house to fix up and sell. They did it at least once and maybe even more times until they had money to buy their own houses. If you don't have those skills then you could also throw down with 1 or 2 other people and just split rent until it goes up in value and you can sell it for profit. Maybe even buy a house that is split into 2 flats so you can live alone.


The hard part of this is trusting the other person.


I more than doubled the value of the house I own now. When I sell it I plan to buy another fixer upper to live in and maybe go in on a 2nd house with carpenter/framer to fix up. I'm an electrician and can do pretty much all other construction trades too, but I would feel most comfortable if I had a structural framer to bounce ideas off and help with plans.


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