Biggest Housing Boom In History

[OldSchoolBoats]

Wondering what NGE and all the other doom and gloomers have to say???

Pretty sure they were calling a crash, 4 years ago, and yet we are still here making gainz.......[emoji41][emoji41]

https://www.forbes.com/sites/stephe...-boom-in-history-has-just-begun/#6e18647125b0

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[GRADS]

How do I say this in terms RDP will understand?....oh yeah that's right....FAKE NEWS.

 

[t&y]

Wondering what NGE and all the other doom and gloomers have to say???

Pretty sure they were calling a crash, 4 years ago, and yet we are still here making gainz.......[emoji41][emoji41]

https://www.forbes.com/sites/stephe...-boom-in-history-has-just-begun/#6e18647125b0

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Wait a minute, we all heard you were still banned

 

[78Southwind]

I watched this last week. I don't know what to think about it. I haven't had the time to do the research to see if any of this is real. I think if it is real maybe it's mostly midwest areas like IL.

 

[OldSchoolBoats]

Wait a minute, we all heard you were still banned

Shoot, made some calls and that lasted less than 24 hours.....[emoji41][emoji41]



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[Bpracing1127]

So housing maybe booming but Millennials can’t afford it. We have the same purchasing power as we did 40 years ago. Wages have not kept up with inflation. Couple that with student loans and 1000 car payments younger generations do not have the money to afford a house unless it’s in the Midwest. But here in so cal not so much and places like Chicago, LA, NYC, SF, ect... I see housing booming for gen x and baby boomers still

 

[2Driver]

So housing maybe booming but Millennials can’t afford it. We have the same purchasing power as we did 40 years ago. Wages have not kept up with inflation. Couple that with student loans and 1000 car payments younger generations do not have the money to afford a house unless it’s in the Midwest. But here in so cal not so much and places like Chicago, LA, NYC, SF, ect... I see housing booming for gen x and baby boomers still

sorry I disagree 100%. Few have it easy in the beginning and it looked impossible to us as well. LOL how about 15% interest rates for a 30 year fixed mortgage. It was just that our generation was willing to do without while we scrimped and saved. We didn't fall for the Ponzi scheme of a $80k loan for a art history or women’s studies degree either

We lived with almost no furniture, ate out on birthdays and anniversary except for 50 cent taco night, bought used cars and fixed them ourselves, clipped coupons, stretch food dollars and didn’t buy booze. And when opportunity didnt exist, we moved to chase it, even if it meant leaving the place we wanted to be and doing something that wasn’t rewarding or didn't allows comfort dogs

Fuck most kids today cant get moving until they stop at Starbucks then meet their friends for lunch out.

 

[attitude]

sorry I disagree 100%. Few have it easy in the beginning and it looked impossible to us as well. LOL how about 15% interest rates for a 30 year fixed mortgage. It was just that our generation was willing to do without while we scrimped and saved. We didn't fall for the Ponzi scheme of a $80k loan for a art history or women’s studies degree either

We lived with almost no furniture, ate out on birthdays and anniversary except for 50 cent taco night, bought used cars and fixed them ourselves, clipped coupons, stretch food dollars and didn’t buy booze. And when opportunity didnt exist, we moved to chase it, even if it meant leaving the place we wanted to be and doing something that wasn’t rewarding or didn't allows comfort dogs

Fuck most kids today cant get moving until they stop at Starbucks then meet their friends for lunch out.

You left out the part where your generation got into their middle age and got up to there eyeballs in debt and caused the latest recession lol, I will continue to rent for the next couple years and wait for the housing bubble to keep going down.

 

[FlyByWire]

Finish our refi before it does!! [emoji23][emoji23][emoji23]

 

[LargeOrangeFont]

sorry I disagree 100%. Few have it easy in the beginning and it looked impossible to us as well. LOL how about 15% interest rates for a 30 year fixed mortgage. It was just that our generation was willing to do without while we scrimped and saved. We didn't fall for the Ponzi scheme of a $80k loan for a art history or women’s studies degree either

We lived with almost no furniture, ate out on birthdays and anniversary except for 50 cent taco night, bought used cars and fixed them ourselves, clipped coupons, stretch food dollars and didn’t buy booze. And when opportunity didnt exist, we moved to chase it, even if it meant leaving the place we wanted to be and doing something that wasn’t rewarding or didn't allows comfort dogs

Fuck most kids today cant get moving until they stop at Starbucks then meet their friends for lunch out.

In real terms young people today have less buying power than they did 30-40 years ago.

My parents bought a brand new house in 1978 for like $78k in So Cal. They made $50k per year or so.

Show me a new house in So Cal that I can buy that costs less than double the average household income of a young 30 something. Even if a couple is doing well making $125k a year each, finding anything decent in a decent area under $500k is a serious challenge.

So they buy a 600 sqFt condo and then get slapped with massive HOA fees and a huge property tax bill.

 

[HB2Havasu]

You left out the part where your generation got into their middle age and got up to there eyeballs in debt and caused the latest recession lol, I will continue to rent for the next couple years and wait for the housing bubble to keep going down.

You might be waiting a while if your looking for a housing bubble like the last recession, lol. I've been reading since 2010 that the economy is on the brink of disaster. Do your due diligence and don't believe what some "Expert" on the internet is spewing!

 

[OldSchoolBoats]

You left out the part where your generation got into their middle age and got up to there eyeballs in debt and caused the latest recession lol, I will continue to rent for the next couple years and wait for the housing bubble to keep going down.

I know a few people on here and off that have been saying that same thing since 2015. Meanwhile I have sold one house, bought 2 more and am sitting on a bunch of equity. More importantly, I haven't been paying someone else's mortgage. Rents for my house are now $400 more a month than my mortgage and not going down.

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[LargeOrangeFont]

I know a few people on here and off that have been saying that same thing since 2015. Meanwhile I have sold one house, bought 2 more and am sitting on a bunch of equity. More importantly, I haven't been paying someone else's mortgage. Rents for my house are now $400 more a month than my mortgage and not going down.

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Remember all the financial armageddon prognosticators 3-4 years ago that said we were 18 months from financial dark ages and total collapse?

 

[hallett21]

My math says from 2015 till today at 2k a month you’re out $92,000.00. And I think 2k is insanely low.


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[Instigator]

I know a few people on here and off that have been saying that same thing since 2015. Meanwhile I have sold one house, bought 2 more and am sitting on a bunch of equity. More importantly, I haven't been paying someone else's mortgage. Rents for my house are now $400 more a month than my mortgage and not going down.

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That is great until it isn't anymore.
The Mortgage or Mortgages all work as long as the income is there to cash flow it all. The real trouble could come when/if the economy slows down as likely the income will fall short of what it is today.
That is called gambling and the house usually wins.
Hope it all works out for everyone.
For me, I got beat up pretty bad like most at the beginning of the great recession but fortunately I was able to see what was coming before it got worst and was able to more than make up my losses when it hit the bottom.
I would love to say I was smart and to some degree I was but admittedly I had more luck than smarts. Now that I've dodged a huge bullet and learned from the last go around I won't need to rely so much on luck.

 

[riverroyal]

My first house was 13% interest and I sleep on the sidewalk to get into the lottery to buy.
4% now. Pfffttttt. I was happy to own at 13. Worked 12 hour days to do it.
Kids now have no idea

 

[2Driver]

You left out the part where your generation got into their middle age and got up to there eyeballs in debt and caused the latest recession lol, I will continue to rent for the next couple years and wait for the housing bubble to keep going

You left out the part where your generation got into their middle age and got up to there eyeballs in debt and caused the latest recession lol, I will continue to rent for the next couple years and wait for the housing bubble to keep going down.

Wrong the government allowed that to take place and people between 21 and 80 all fell for it not just baby boomer.

LOL I took a 30, made triple payments and was done in 10.

 

[DC-88]

My oldest graduated a year ago with a civil engineering degree right after passing his F.E and got a job a week later--- full benefits, 401k, decent salary. No student debt thanks to us, but he's paying his cell,rent, insurance, all other bills, and has been saving about $1,600 a month ever since. It's still very doable, and imho he probably wastes way more money on eating/drinking/entertainment than the wife and I did back in the day when we were saving for the first house. I think rates were 7.5% on our first one with 20% down....

 

[2Driver]

In real terms young people today have less buying power than they did 30-40 years ago.


Show me a new house in So Cal that I can buy that costs less than double the average household income of a young 30 something. Even if a couple is doing well making $125k a year each, finding anything decent in a decent area under $500k is a serious challenge.

.

LOL thats what Im saying, so what don't move there move somewhere you can get a start.

 

[attitude]

You might be waiting a while if your looking for a housing bubble like the last recession, lol. I've been reading since 2010 that the economy is on the brink of disaster. Do your due diligence and don't believe what some "Expert" on the internet is spewing!

I’m not going off the internet, I’m going off of two people in our glamis group who make they’re living off real estate. I’m not waiting for 750k houses to be worth 350k but I am waiting for a 10-20% correction.

 

[attitude]

I know a few people on here and off that have been saying that same thing since 2015. Meanwhile I have sold one house, bought 2 more and am sitting on a bunch of equity. More importantly, I haven't been paying someone else's mortgage. Rents for my house are now $400 more a month than my mortgage and not going down.

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I had just graduated high school in 2014 lol. I had been living at home saving up to move to AZ until I found out I was having my son in September of last year. Early this year my mom had reached out to some of her friends who were realtors and they all said it would be a terrible time to buy. My mom then reached out to her friend who owned 8 rental houses to see if she had any coming out of contract soon and she actually had just sold the last one in January of this year because she felt the housing market was peaking. Since I rented my house in Norco in February the market had climbed to up 0.7% for the year in August and has since been on the way down to now 1.5% down for the year. If I had bought a house in February I would now be upside down.

 

[attitude]

My math says from 2015 till today at 2k a month you’re out $92,000.00. And I think 2k is insanely low.


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I pay 2100

 

[LargeOrangeFont]

LOL thats what Im saying, so what don't move there move somewhere you can get a start.

That is my point.. 30 to 40 years ago you could move somewhere with the most opportunity and afford to live there. Now you are only buying where you can afford to live. I make more than my parents made at the same age, and they have noted the difference that has taken place in the last few decades.

 

[attitude]

My first house was 13% interest and I sleep on the sidewalk to get into the lottery to buy.
4% now. Pfffttttt. I was happy to own at 13. Worked 12 hour days to do it.
Kids now have no idea

That’s what my dad said too until he realized how crazy the market was when the apartments down the street from him were $2500 a month in La Habra and he paid $800 a month in the 80s lol

 

[attitude]

The houses that were getting foreclosed on around me weren’t owned by anyone 28 or younger... @2Driver

 

[OldSchoolBoats]

I had just graduated high school in 2014 lol. I had been living at home saving up to move to AZ until I found out I was having my son in September of last year. Early this year my mom had reached out to some of her friends who were realtors and they all said it would be a terrible time to buy. My mom then reached out to her friend who owned 8 rental houses to see if she had any coming out of contract soon and she actually had just sold the last one in January of this year because she felt the housing market was peaking. Since I rented my house in Norco in February the market had climbed to up 0.7% for the year in August and has since been on the way down to now 1.5% down for the year. If I had bought a house in February I would now be upside down.

You wouldn't be upside down bud.

Dont wait to buy RE, buy RE and wait.

Fix your biggest expenditure. I never bought to gain equity.

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[RCDave]

Lol. Some of the optimism in here makes me laugh. It ignores history and basic understanding of economic cycles.

All it takes is a few little things to cause a 10-25% downward movement off the peak.

More if the socialists gain control.

 

[OldSchoolBoats]

Lol. Some of the optimism in here makes me laugh. It ignores history and basic understanding of economic cycles.

All it takes is a few little things to cause a 10-25% downward movement off the peak.

More if the socialists gain control.

What's not to be optimistic about? Those that will survive the worldwide economic turmoil will own gold and property.

So many of you fail to understand and accept the fact that you will never see a turndown in RE like 2008. I know so many think it is going to happen again, bless your hearts.

Fuck. If you bought property in Inglewood in 2013, values have gone up 63%. A HEALTHY correction of 10% and we are all still in the money.



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[LargeOrangeFont]

I had just graduated high school in 2014 lol. I had been living at home saving up to move to AZ until I found out I was having my son in September of last year. Early this year my mom had reached out to some of her friends who were realtors and they all said it would be a terrible time to buy. My mom then reached out to her friend who owned 8 rental houses to see if she had any coming out of contract soon and she actually had just sold the last one in January of this year because she felt the housing market was peaking. Since I rented my house in Norco in February the market had climbed to up 0.7% for the year in August and has since been on the way down to now 1.5% down for the year. If I had bought a house in February I would now be upside down.

You don’t buy a house to sell it in 6 months. Being upside down on a home is a temporary condition. When exactly you buy it determines how long you might be under water.

I bought in 09 and The value sunk below what I paid in 11-12. I have $400k in equity now, but simply bought in 09 to control my monthly costs. My monthly all in is 1/3 less than what it would rent for today.

 

[RCDave]

What's not to be optimistic about? Those that will survive the worldwide economic turmoil will own gold and property.

So many of you fail to understand and accept the fact that you will never see a turndown in RE like 2008. I know so many think it is going to happen again, bless your hearts.

Fuck. If you bought property in Inglewood in 2013, values have gone up 63%. A HEALTHY correction of 10% and we are all still in the money.



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Never and always are two of the most dangerous words in the English language.

Want to get wealthy? Buy high and sell low. Lol

Some of us old timers have been round the block or two.

And owning means there ain't a lender in first position ahead of the occupants. Real wealth is owning the asset

 

[hallett21]

I pay 2100

Sounds like you and I are close in age. I graduated in 2009 [emoji6].

Wife and I were paying well over 2100 a month for a one bedroom in Pasadena 2 years ago.

At the time she was going to school for her masters in nursing at Cal State LA and working at Huntington memorial. So with her work schedule I had no problem paying more to keep her close to her job.

After she graduated we spent a year looking. We settled with the shitty house in a good neighborhood. I showed up with a dump trailer literally the morning we officially owned it and had it gutted to the studs.

We lived at my wife’s parents house for 4-5 months while we rebuilt the whole house. And I would work on the house for 4-5 hours every afternoon/evening.

Being self employed in the construction industry definitely helps as well as 2 incomes. But our age group can still do it. Most of our friends can’t comprehend putting in the work. I have maybe 2-3 friends that get it. The ones that do own homes or commercial spaces for their business. They are all under 30.

My wife of 100lbs soaking wet is out there helping me run conduit and frame walls.

Even if the above didn’t matter we pay roughly 3-400 more a month than we did renting. But at least it is ours and the price of “rent” won’t change for another 300 some odd months [emoji16]


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[LargeOrangeFont]

Lol. Some of the optimism in here makes me laugh. It ignores history and basic understanding of economic cycles.

All it takes is a few little things to cause a 10-25% downward movement off the peak.

More if the socialists gain control.

If you have no real debt and cash in the bank, what is not to be optimistic about in the face of a sale, I mean downturn

 

[RCDave]

If you have no real debt and cash in the bank, what is not to be optimistic about in the face of a sale, I mean downturn

Working that hard and being that discipled makes one even more appreciative of being fully insulated from market forces. If one owns the real estate, no matter what, one pays themselves first and can't loose the asset. Plus is better positioned to double or triple up WHEN the market corrects

 

[OldSchoolBoats]

Never and always are two of the most dangerous words in the English language.

Want to get wealthy? Buy high and sell low. Lol

Some of us old timers have been round the block or two.

And owning means there ain't a lender in first position ahead of the occupants. Real wealth is owning the asset

Yeah, 2008 will NEVER happen again in our lifetime. Just accept it already, please.

Oh, I forgot.......everyone on RDP owns everything in cash.......[emoji849][emoji849][emoji849]

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[RCDave]

Yeah, 2008 will NEVER happen again in our lifetime. Just accept it already, please.

[emoji849][emoji849][emoji849]

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Lol. Until the next time.

 

[OldSchoolBoats]

Lol. Until the next time.

You and I will both be dead, IF and when it happens.

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[Bobby V]

W

Fuck. If you bought property in Inglewood in 2013, values have gone up 63%. A HEALTHY correction of 10% and we are all still in the money.

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Hasn't the increase in Inglewoods homes gone up due to the new football stadium and surrounding improvements?

 

[RCDave]

You and I will both be dead, IF and when it happens.

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Let's talk about a few feasible scenarios. Trump is impeached and/or a socialist is elected in 2020. Or all the valuation legislative killers newsome is passing.

Nothing is certain or insulated from stupid government (which is mostly what we have this day in age).

I have negative faith in the direction of government. It's one of the only things that keeps me up at night

 

[LargeOrangeFont]

Hasn't the increase in Inglewoods homes gone up due to the new football stadium and surrounding improvements?

That city is going to be a housing quagmire soon

 

[Bpracing1127]

sorry I disagree 100%. Few have it easy in the beginning and it looked impossible to us as well. LOL how about 15% interest rates for a 30 year fixed mortgage. It was just that our generation was willing to do without while we scrimped and saved. We didn't fall for the Ponzi scheme of a $80k loan for a art history or women’s studies degree either

We lived with almost no furniture, ate out on birthdays and anniversary except for 50 cent taco night, bought used cars and fixed them ourselves, clipped coupons, stretch food dollars and didn’t buy booze. And when opportunity didnt exist, we moved to chase it, even if it meant leaving the place we wanted to be and doing something that wasn’t rewarding or didn't allows comfort dogs

Fuck most kids today cant get moving until they stop at Starbucks then meet their friends for lunch out.

You missed my point. Young people are screwed because they have useless degrees and drive 100k cars.

LOF is correct. My wife and I do 140k a year find me a house for even double my income within two hours of oc. You can’t! Plus who wants to drive two hours!

People have different mindsets then they did years ago

 

[TCHB]

1. Find a nice home to live in and soon it will be paid off. Buy a home because it will be yours someday. Location location location!

 

[riverroyal]

My house in north Sd dropped about 100k during the bust. Since it has gone up 250k. If it drops 15% I’m still money ahead. Let it drop, I don’t care. Sooner the better. By the time it cycles back to the high spike again I will retire.

 

[Cdog]

My first house was 13% interest and I sleep on the sidewalk to get into the lottery to buy.
4% now. Pfffttttt. I was happy to own at 13. Worked 12 hour days to do it.
Kids now have no idea

Yeah! I'm sitting on high six figures in equity and have played this game well. BUT!! Would much rather pay 200k for that beach house at 13% interest. You old guys's always say that shit but these low interest rates just drive up the prices. Who wins? Those who cash out and the city/state on tax assessments. Ying/Yang.

 

[LargeOrangeFont]

You missed my point. Young people are screwed because they have useless degrees and drive 100k cars.

LOF is correct. My wife and I do 140k a year find me a house for even double my income within two hours of oc. You can’t! Plus who wants to drive two hours!

People have different mindsets then they did years ago

You should just move to Topeka.

 

[LargeOrangeFont]

Yeah! I'm sitting on high six figures in equity and have played this game well. BUT!! Would much rather pay 200k for that beach house at 13% interest. You old guys's always say that shit but these low interest rates just drive up the prices. Who wins? Those who cash out and the city/state on tax assessments. Ying/Yang.

Yea that high interest argument does not hold water these days lol

 

[Cdog]

Yea that high interest argument does not hold water these days lol

Several of my friends in OC trapped in smaller homes because the property tax bump to add a 3rd car garage and a 4th or 5th bedroom is re-god-damn-diculous!

 

[2Driver]

You should just move to Topeka.

LOL or havasu. Thats what we did when we were 24. Average house 75k.

 

[attitude]

Sounds like you and I are close in age. I graduated in 2009 [emoji6].

Wife and I were paying well over 2100 a month for a one bedroom in Pasadena 2 years ago.

At the time she was going to school for her masters in nursing at Cal State LA and working at Huntington memorial. So with her work schedule I had no problem paying more to keep her close to her job.

After she graduated we spent a year looking. We settled with the shitty house in a good neighborhood. I showed up with a dump trailer literally the morning we officially owned it and had it gutted to the studs.

We lived at my wife’s parents house for 4-5 months while we rebuilt the whole house. And I would work on the house for 4-5 hours every afternoon/evening.

Being self employed in the construction industry definitely helps as well as 2 incomes. But our age group can still do it. Most of our friends can’t comprehend putting in the work. I have maybe 2-3 friends that get it. The ones that do own homes or commercial spaces for their business. They are all under 30.

My wife of 100lbs soaking wet is out there helping me run conduit and frame walls.

Even if the above didn’t matter we pay roughly 3-400 more a month than we did renting. But at least it is ours and the price of “rent” won’t change for another 300 some odd months [emoji16]


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If you don’t mind me asking, what was did you pay and what was your down payment? I’ll be putting my vette up for sale soon so I can stash some money away for a house, I figure a 450,000 house with 5% down should be under 3,000 a month? If not I guess I have until the next election to save some more lol

 

[LargeOrangeFont]

Several of my friends in OC trapped in smaller homes because the property tax bump to add a 3rd car garage and a 4th or 5th bedroom is re-god-damn-diculous!

I’m trapped in my small house, and I’m ok with it. Neighborhood and schools are great, house is cheap to own and maintain, monthly utilities are cheap.

I figure I could make worse compromises in life.

 

[OldSchoolBoats]

If you don’t mind me asking, what was did you pay and what was your down payment? I’ll be putting my vette up for sale soon so I can stash some money away for a house, I figure a 450,000 house with 5% down should be under 3,000 a month? If not I guess I have until the next election to save some more lol

$450k with 5% would definitely be under $3k a month if you have good credit.

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