Home Buyer REGRETS: TikTok Rants on Being HOUSE POOR

[@BillyBobDingledorf]

Friend of mine was upset because the lender didn't qualify him for as much as he wanted. He was initially confused when I told him he should be thanking the lender for keeping him from doing something foolish.

[@jm7804]

My first house I bought what I could afford carrying a 15 year mortgage, not a 30. One of the best financial decisions I've ever made. The principal got paid down fast and when I sold and bought my next house I had tons of equity to work with. Bottom line... make a financial plan so your house is paid off before you retire.

[@Valueshooter]

you got idiots out there making 60 to 80k spending and living like they make 120k. in reality, they should be living a 30k to 40k life style.

[@boogitybear2283]

Everything in America is a Goddamn Ripoff!

[@jonny-b4954]

​@jm7804 I got $200k equity and have been debating buying another property when the crash comes. Not paying these prices. But one of best things in life is no debt and a paid for house. So much less stress knowing I just need $2,600 a year for prop taxes.

[@anarueda2760]

@@jm7804 what year was this?

[@sweetkitty3249]

HGTV does this to people. Don't feel like you have to do all their grandiose ideas. Too much house, too much high end remodeling, equals big debt & maybe bankruptcy.

[@K.mit338]

💯

[@BillyBobDingledorf]

KZbinrs too (not Jackie).

[@TabithaReminiec3399]

Would that be Love It Or List It

[@y.peffle2802]

yes! we baught 150k under our pre approval and paid off in 7 years. House inspection is also important

[@angelagrant9163]

Definitely 😊 they are bunch of crooks and frauds😊

[@Renee-b5b]

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

[@DillonMcgaha9]

Real estate and stock investments may be good decisions, especially if you have a solid trading strategy that can see you through prosperous days.

[@brenda-v7c3k]

To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!

[@CheriFanizza]

Yes I concur, I've been talking to an advisor for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. I made more than $220K during this slump, demonstrating that there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring.

[@phill-s3s]

I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@CheriFanizza]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Grace Adams Cook” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@thebowandbullet]

Buying and living under your budget is great advice in general. 👌

[@michaelmantooth4235]

I do feel for people. Living below your means has become nearly impossible in most places and when you watch your rent go up $400+ every renewal, there's a lot of pressure to be able to buy and lock in a set rate. People are thinking about their rent costs going up and genuinely think they're making a smart financial decision without realizing how much their rolling the dice because they've never been a homeowner. The mortgage is usually a set cost, but the repairs and upkeep can get out of control really quickly.

[@lizzieb6311]

@@michaelmantooth4235 Agree with you on most points…except one: I’ve never had a year when my mortgage hasn’t gone up due to increase in property tax and homeowners insurance. I’ve owned my house since 1999…or I should say: my house has owned me. If I did not maintain a healthy emergency fund I’d likely have been forced into credit card or personal loan debt just to maintain and keep my home in good repair.

[@Frostbytedigital]

​@michaelmantooth4235 it's just not as easy. Me and my wife live in a renovated r.v. for 5 years to be able to save for our home. Even our r.v. rent got fairly high as we lived in one of the more expensive cities in the u.s. but you can still do it if you're willing to make sacrifices.

[@Lightbodied]

Exactly

[@bigcahuna42366]

About 20 years ago there was a couple in my church that was trying to get me to buy a house when I was making $13 per hour on top of having student loans and a car loan to pay off. They said that I would build equity and it will be easier to borrow more money when I needed it. First of all, I'm not a fan at all of HELOCs. Plus I had only $2,000 in my savings account at that time. Who is going to let me borrow six figures with that kind of financial situation? Eleven years later in 2015, I had $45K saved and had no debt at all, so I felt I was in a good position to buy a home, and I did. Put 20% down and I only borrowed $91K. And my home was move in ready and needed nothing except a minor kitchen sink repair (about $25), a garage door spring (which I got my dad to do for only $88), plus some more window caulk. After being in my home for eight years, I have no regrets whatsoever. Patience is one of the keys to success.

[@auctionmusic]

you are right about HELOC, otherwise known as the financial kiss of death

[@jackieu8209]

@@auctionmusic I don't understand the hate on for HELOCS. I wouldn't have anything else, and I've had one for almost 20 years. You only pay the interest on the principal, leaving you a low payment in case you have an emergency. There are no rules preventing you from paying off the home early (which I did). No penalties. And when my acreage septic system collapsed, I was able to write a HELOC check and pay for the repair, when I didn't have the savings. It kinda saved my ass, lol. As long as people aren't stupid and treat this line of credit like an ATM machine, which is entirely a character issue, I can't see why anyone would want a confining mortgage over the freedom of a HELOC. I guess I'm weird.

[@dreyaleigh]

🥇🥇🥇 ORIGINAL COMMENT 🥇🥇🥇 Very smart and your current situation confirms what being very smart looks like!

[@TheMichelex20]

This! Dont let anyone push you into FOMO. You did the right thing. So many people can learn from your example.

[@MemesAndLs]

the idea/mindset of "equity" will soon come to an end. insanity.

[@greapper1]

Bought my $400,000 house in 2016 in cape cod massachusetts. Put 25% down after living with my grandparents and saving all the money. Moved in. Water heater, dryer, washing machine, dishwasher, ductless mini splits, stove all broke within 3 months. Roof needed replacement, all windows and doors needed replacing, copper pipes in basement had holes in them. I had $25,000 in savings… completely wiped me out. Got a second job and worked 80-90 hour weeks for 3 years to pay off all the debt i took on and regain my savings safety net… what a nightmare. On the plus side, my home should require anything for another 20 years

[@anthonylee2566]

We sold our house in Yarmouth Port in 2020 and its worth so much more. We wanted to move back last year but coudnt afford it. Enjoy the Cape and your hpuse!

[@rogerhutcheson7281]

1. Awesome! 2. Because of your story I am gonna increase my savings safety net. My wife and I are living with my parents while we save for a home and I think we can stay a little longer to have a bigger safety net. Thank you so much bc we have that exact amount in our savings thinking that should be plenty. Thanks again for sharing your experience you helped us more than you know. 👍🙏👩‍❤️‍👨

[@y.peffle2802]

no house inspection??

[@AngelaMastrodonato]

And it’s probably worth $1 million or more now on Cape Cod

[@ScarlettO-l5m]

Always have a home warranty it pays off .

[@matthewayne81]

I wasn't house poor until FL home insurance rates went up and kept climbing. It took years but now I'm basically making 2 mortgage payments. House poor.

[@gloworm1822]

Our Government has to help us. We can't keep paying these ridiculous insurance rates!!

[@debby8428]

@@gloworm1822 good luck with that. they are to busy lining their own pockets

[@chomama1628]

@@gloworm1822 the government causes inflation. No help there…

[@laurenjulia2885]

@@matthewayne81 I’m sure they will continue to rise after Helene and Milton

[@JBoy340a]

Sorry to hear about that. What are people doing in these situations?

[@nicolasbenson009]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[@BellamyGriffin19]

"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task

[@sharonwinson-m8g]

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

[@KarenLavia]

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@sharonwinson-m8g]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Hectorkante]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@collingarc]

In 2017, I bought an 820 sq. ft, no basement, no garage, 2 bed 2 bath home in a popular Metro Detroit neighborhood for $110k. I sold it in 2021 for $217k. Same year, I moved to Toledo, Ohio, where I bought a 1923 2,000 sq. ft corner lot tudor, complete with three fireplaces, fully renovated, all the character, three large beds, full basement, etc., all for $206k with a mortgage payment of $950. Furthermore, you could tell that the previous owner took immaculate care of it: water-sealed the basement, new electrical, new roof, battery sump pump, radon system, etc. People will always say, "bUt YoU LiVe In ToLeDo!" For me, it is better to have the perfect house in a cheap city and have money to travel whenever, go out to dinner whenever, and have cash in the bank vs. being house poor.

[@debby8428]

whoever buys the house we are redoing now will never have to worry when we sell it someday. my husband goes above and beyond on everything (thats why its taking so long lol). we sold our first house 8 years ago that we renovated over 30 years while raising our 4 kids. when we downsized and sold the house the buyers were in awe of everything my husband had done. we still keep in touch with them and they thank us still!

[@collingarc]

@@debby8428 Haha! I am good friends with the previous owners! I legit thank them all the time for everything they have done to the house as well, and ask them questions regularly when something small arises. Its amazing if you do a renno right, how well the house will last!

[@debby8428]

@@collingarc yes! the family that bought our house are so nice. I would hate to think that we would have caused any future problems for them (and especially not disclose it).

[@kayabe856]

So many people more concerned with living in a “rich” looking area.

[@KellyKels23]

I was looking at homes in Toledo. They're very reasonably priced & cute homes. Idk if I'll get as much back on my home when I sell it in the next 3-6 months but fingers crossed.

[@wobbuffetbuffet]

Income does NOT always go up. I ended up crippled from childbirthing our last kid and am not able to work full time. Thankfully we bougth a house that we could pay for on one of our incomes in case one of us lost our job. Don't budget thinking you'll make more. Other than that a lot to agree with in this video. Also no shame in getting a roommate while paying stuff down or saving up. Multiple of my friends have done that and it has worked well.

[@lucindabreeding]

Omg. That sounds ROUGH.

[@Tim85-y2q]

No but when making plans you sometimes have to make educated assumptions based on generalities.

[@emmy2831]

Homeownership doesn't make sense for everyone's income scenario. There's nothing wrong with renting until you're ready or indefinitely.

[@leesmith3917]

there is no such thing as ready. just buy below what you are approved for . approved for 400, then buy 270 -280

[@slimecorn]

That’s that I’m doing, Approved for 390 and but we’re only looking at townhomes below 300. Probably just going to go for the 260/270 ones. Sucks to not have a yard but meh.

[@leesmith3917]

@@slimecorn DEPEND ON WHERE YOU BUYING . I BOUGHT MINE IN ALBERTA EDMONTON ORSMBY AREA WITH A YARD 250,000

[@Mromero4747]

The problem with renting is that there is no rent control in most areas. Everyone that bought homes in my area in the year 2020 and before has a decent mortgage payment that doesn’t change. 2 bedroom apartments went from $900-$1300 to $2500 and up since 2021

[@Crystal-w7e]

@emmy2831 we bought in 2020, we pay about 1500 for our mortgage. I recently was talking to someone about it and they were in awe. They said our neighborhood's rent is an average of about 2,200. There's no way my family would be able to afford that today (and we've had two babies since then). My plan when I first started housing hunting was to find the cheapest decent house we could live in and hunker down, maybe eventually upgrading later. I think that's what helped us. Since then, we've had a roof leak and some repairs here and there but I'm glad we bought when we did because honestly it's never gonna get easier... in fact it seems as if it will only get harder for this generation

[@BREEZYM6015]

I bought a townhome in 2023. As a single person it made more sense to buy a townhome as opposed to a typical home because I don't need a lot of space. My mortgage is $1,550.

[@jacobbrown886]

Bought my home in April it a little too big for me and my girlfriend but hopefully we’ll grow into it when we have children down the line, mortgage is 1,390

[@no-one0425]

Those make sense. I’m in an apartment for $1600. My mortgage was going to be $2700 so I pulled out because I didn’t want to be house poor

[@KellyKels23]

I'm single with no kids and bought my first home in 2020 when interest rates were great. My mortgage was $804 ($986 now but still good) for a single family 3 bd/1ba, but I hate the maintenance (house is 70 years old). Probably cause I didn't love the home, it just checked all the boxes on paper and a reasonable monthly mortgage was a big part of it as well as a yard for my dogs. It's never fun paying on something you don't love though. Maybe my next place🤞🏾🤞🏾

[@cfoster6804]

Wow that's a lot for a townhouse.

[@cfoster6804]

​@KellyKels23 Look at it as an investment. You don't have to stay and it'll help you get into your next home easier if you play it right.

[@obelus5985]

People buy monster houses because they don't realize their children won't be with them forever. In the 1950's the average house was 983 sq. ft. With a smaller house, you don't have such expensive maintenance either. Less to heat and cool, less to vacuum, less to furnish, etc. Smaller tax bill! And then the expense of downsizing later when you're rambling around in the giant money pit. We downsized recently from about 4,000 to 2,500 and realized we could've gone much smaller and wish we did.

[@jackieu8209]

Holy crap....your down-sized house is still 2500? Your first paragraph made you sound like you were living in something less than 1000. I just bought the biggest house I've ever had at almost 52 years of age, and it's less than 2000.

[@hvaball150]

Ummm..... What percent of the population has a 2500 or 4000 sq ft house? Downsize to 800 sq ft, then write back in.

[@obelus5985]

@@jackieu8209 I think you're wiser than us. You did well. I wish we'd gone smaller.

[@churchofpos2279]

@@obelus5985 I bought a 850 sq foot house for cash. Feels great to be mortgage and debt free. Never felt the need to have champagne house on a beer budget.

[@obelus5985]

@@churchofpos2279 I responded to you but my answer disappeared. Very odd. Anyway, you are very wise. We're debt free as well, praise God. My dad always said, "You don't own things, things own you." So true.

[@young-king301]

First time home buyer searching here. These comments are gold. Thank you all for sharing.

[@bartsullivan4866]

Jackie living in the house for a year without making any renovations seems like awesome advice. That's why I enjoy watching your channel. There's no way 1st time home buyers can switch a basic ranch style home into a 5 star villa overnight.

[@peppermintpammy]

@bartsullivan4866 ONE YEAR of waiting before renos?? Bought my house 24 years ago and managed to live in this 100 year old house with pretty much NO renovations. Other than a roof & garage doors, we have 'nickel & dimed' this place with just our eye on the goal of being mortgage free. Yep, thanks to this video, I now realize that I spent tooooooo many years impoverished. Only 2 more to go 🥳. Refused to re-mortgage, but now wondering how long it will take from there to afford ALL the much needed repairs, like updating Knob & Tube wiring and all the old pipes! Wish I seen this earlier, or had the older family generation been more willing to teach or even talk about finances. Thanks!

[@kimberlylepine5115]

Are these people buying houses without inspections? Jackie, you are a good realtor for not pressuring buyers to overbuy. So many do...

[@cfoster6804]

Right

[@kumi9479]

Not necessarily, inspections won't tell you what may break in the future. I bought a house, had an inspection everything was fine (approved for a VA loan so they signed off on the inspection) about 2 years later the central AC went out, a couple years after that the hot water heater died. Things break, it's part of home ownership. 🤷

[@lindajohnson4999]

@@kimberlylepine5115 Inspectors aren't always as detailed oriented as the should be or honest. I hired a home inspector twice and I got bamboozled both times. If I ever buy a home again, I'm going to hire a plumber, an electrician, and structural engineer. Also, I will never buy a home near any water grates near or on my property.

[@sasukelownwolf]

@@lindajohnson4999 why are you so against water grates??? So you got a home inspector then the plumber and electrician afterwards to double check?

[@turquoise_sky]

Jackie, our salaries don’t always go up. I’m a millennial, and when I was a public school teacher my salary was cut due to budget cuts. I recently took a job for $8,000 less than my previous job because it was a WFH position, and employers know they can get away with paying less for those. I have also experienced being laid off, and that is a regular thing for people my age. Maybe boomers always saw their money and prospects increase, but things aren’t as rosy for the younger generations.

[@five_pennies]

I had to replay that part because I was sure I had to have misheard that. That's gotta be the most out of touch thing I've heard in a while. I just got laid off, knew off the bat my next job would be a paycut. I went on a job interview a few days ago, and they told me that if I were hired before Oct 31, the starting pay would be $$$. Buy now it's $$. And that previous initial starting salary was still *less* than what they advertised on Zip Recruiter. Your salary will always increase??? In 1998, maybe.

[@joseCalderon1976]

I got into a modest home back in 2012. My mortgage payment is $1200 per month at 3.5% interest. My wife and I (2 kids) make about $100k to $120k per year combined, here in San Antonio TX. It's only a 1556sq ft home, one story. We love it. Perfect for our salary. It was a brand new house too. We even got to pick the floor plan plus the lot. Don't be house poor. I'm not.

[@GW-gz8jh]

The market and economy are much different than they were 2012

[@dearhumanityihaveaquestion]

What I would do to have 2012 prices.

[@chrissyish4945]

@@dearhumanityihaveaquestion ugh so mad I missed that 🤦🏾‍♀️🛶 🚣‍♂️

[@merrywalsh2809]

The peace of mind is priceless.

[@JBoy340a]

@@dearhumanityihaveaquestion I bet in 5 or 6 years people will be wishing they had 2024 prices.

[@johnniecade493]

She got married and going 50/50 is the biggest help

[@ALT3REDB3AST]

@@johnniecade493 exactly. Between parents and marriage equals outside help.

[@K.mit338]

7:38 This woman should’ve said the biggest reason she got out of the house poor cycle is because she got married and the extra income helped. Yes, penny pinching and a promotion helped some but it was mainly that she got married.

[@BillyBobDingledorf]

Agreed. House poor? Get a higher paying job and get married! Having said that, I do give her credit for also paying attention to a budget. That's something not enough people do.

[@K.mit338]

@@BillyBobDingledorf Yes, a budget is very important as well.

[@madziaro]

and was able to eat at her parents (and probably raid their fridge). Most people wouldn't be able to do it, ie. both mine and my husband's dads live on the other continent, so it's a bit impossible for us ;)

[@K.mit338]

@@madziaro My husband and I parents would never let us come eat at their house for free or raid their fridge so that would’ve been out of the question for us too.

[@AngelaMastrodonato]

Being more educated about how much repairs and maintenance would costs on an 80 year old house may have helped prevent her from becoming house poor in the first place, BUT sometimes it’s hard to know what you don’t know. For example I didn’t consider looking into how much it would cost to replace plumbing until the following happened: 1. I heard people talk about how expensive plumbing was to replace on social media and 2. I bought a house in 2015 that was built in 1957 and I knew the plumbing was mostly original, except for some pipes replaced under the kitchen sink and I started to worry about when we would need to replace the plumbing Also, I fully admit if I wasn’t married I wouldn’t own a house, even if I made a high salary. I’m not as knowledgeable about DIY repairs as my husband is. I would probably spend tons of money hiring people to fix things, like a garage door, he figured out how to fix himself on KZbin

[@Leemajors380]

Thank you! I'm selling my home because of this. I learned the hard way.

[@Luvfl]

A home warranty is the best decision ever. My AC was replaced for $100.00, covers all appliances etc

[@sidney2900]

Until you have to pay again year after year when it expires 😅

[@sasamafrass]

Our home warranty was useless. They wouldn't cover the windows that needed to be replaced, then we wanted to be proactive and replace a 20 year old water heater and they wouldn't pay for it until it completely failed and flooded our house. We were able to replace it ourselves and bring it up to code for about $700 which was only $200 more than the deductible and we didn't have to risk it failing and causing damage to the home.

[@melissam.6652]

The first time I was looking for a house to buy, my realtor showed me houses that were 40-50,000 over my budget and she sensed my unease with this and said “well you could just get a second job to help pay for everything” so glad I went with my gut and walked away from the house and her. She was a horrible realtor.

[@bel3133]

Ha, our realtor said "can't you just ask your parents for money?" We never even talked about our family to him at all. He was the realtor from h***.

[@alyross2850]

When we spend half our time (or more) scrolling through social media brag sites, we know it’s not reality. We know our cousins life is not as perfect as she makes it look on Facebook. We know our sisters house never looks so good in person. Or the “so blessed” vacation that we know was actually a disaster. But this exposure to unreality does something to you over time. It’s a growing feeling of inadequacy that has taken root in your mind before you realize it’s there. So now we have people who believe that everyone is deserving of everything. Every teen should have a brand new car, everyone is entitled to vacation in St Barts. My neighbors kids have all the fashions, so should mine. This envy culture has always been a thing. But the fuel for it was never so readily available, never so intentionally deceptive as it is today. And it’s no way to live your life, if for no other reason that you are comparing yourself to lifestyles that are usually lies. Before you sign that mortgage, you had best be thinking of yourself and your family, not what your coworkers will think of the house, or how it compares to what you know are filtered fantasies.

[@kford67]

I was in my house 12 years before I started improving. Good thing is, if you ignore it long enough, you don’t see it

[@jackieu8209]

Ha ha, right? I owned my 1980 acreage almost 21 years, just sold it this summer. I focused on the utilities.....new water treatment TWICE, because the life span is only 15 years. Spent $35 000 on a new septic system. Yes, I had to buy a round or two of appliances. Did beautiful improvements to the yard...added electrical, etc. I worked from the outside, in. When it was time to start on the house, though I had made some improvements over 21 years, the house looked like a 1980 time capsule. So luckily I sold it to a carpenter lady who was also a designer, and loved the fact she could buy a cheap home and renovate to how they like it. Win-win. But honestly, I didn't notice that I was living in a run-down, 1980 time capsule. I look back now and gasp.

[@missyvanwinkle9247]

I couldn't agree with you more! I've always said, I would NEVER borrow as much as a bank would be willing to lend me!! They will let you hurt yourself. Don't let them.

[@lucindabreeding]

This is a tangent, but I think a huge problem is that major appliances are no longer made to last. When I bought my first house, I bought a friend's washing machine and I had my grandmother's 25-year-old dryer. The seller left a Frigidaire refrigerator in the home. 10 years later, we bought another house. We replaced two 30-year-old air conditioning units, a 25-year-old dishwasher that finally gave up the ghost, and bought a new washer and dryer unit. Replacing the air conditioning units cost as much as a small car. The company that did the installation said we'd be lucky to get 20 years out of the new air conditioning units, which were much more efficient. We've already had to replace the washer and dryer after 2 years of repairing them ourselves. We've been in this house for 10 years and the old refrigerator that was here when we bought it is still cooling and freezing just fine. The ice maker and water dispenser on the door broke years ago, but now the magnetic strip that keeps the freezer door shut is dying. When you have to buy a major appliance every 2 to 3 years on top of a mortgage? It's very difficult to save money.

[@beaulieuc8910]

well well said

[@clean_rene]

I was looking for this comment. Ppl are house poor because they are caught in circumstances that make no sense. Stuff is just too dang on expensive for the average person. And that's that. Yes some make dumb decisions. But some are forced into decisions with no other options.

[@davidd5213]

I agree and love your thoughts, but often it's just as expensive to lease an apartment. People have to live somewhere.

[@salukidc]

@@davidd5213 true, but the repairs aren't on the tenant

[@sewerrat7612]

​@salukidc Depends where your at some areas don't care as long as they get the taxes even if everything falls on a tenant (which it shouldn't legally) was asked to replace the roof and rewire a rental when I brought up saftey concerns ( electrical fire so had property fully assessed) town backed the landlord currently under Contract hopefully it works out refuse to pay that for a rental on principal.

[@marquitathatcher6286]

@@salukidcYour rent covers the landlord’s mortgage, taxes, insurance, repairs, maintenance and profit. You think the landlord is running a charity? You are paying for repairs it’s built into the rent.

[@Eshabee]

@@marquitathatcher6286yep! You actually right

[@FTYC2022]

​@@marquitathatcher6286well the gag is we don't have to for a $5,000- $20,000 emergency repair in one day. I'll pay the rent😂

[@greenearthblueskies8556]

As a SF, in 2013 I purchased a fixer upper. Fixed it up gradually over the years. Had fun doing a lot of the work myself. Glad I went that route, my 4BR/full basement, big fenced in yard (for the dogs) mortgage-free home is a blessing. My property taxes are reasonable. I was house poor until I got it to my liking and it was worth the sacrifice. ❤ 🏠 Thankful & grateful

[@kayabe856]

Yes!! When you make it your own it really is a home not just a house.

[@nesq4104]

If you own a house these days you should have 1 year and more of total monthly expenses saved for emergency. And add 20k to that for possible repairs. So have 30k to 50k in bank after you buy the house or foreclosure will be your friend

[@jamesmyers6739]

I brought a multifamily and ..wait for it ..inherited tenants. Worst decision ever...I had to deal with the lack of rent payment when I purchased the house. Paid for eviction and now doing a complete Reno project.

[@dearhumanityihaveaquestion]

The cost of rent/groceries/insurance/cars/healthcare needs to decrease so people can actually afford to save. Spending at the top of your budget is hardly a choice in this current market.

[@toykoclouds8837]

@@dearhumanityihaveaquestion then vote red

[@Tim85-y2q]

Even curbing inflation isn't going to decrease costs. Only deflation does that and it causes major economic problems of its own.

[@dearhumanityihaveaquestion]

@@Tim85-y2q greed has to go down. unfortunately, doesn't seem like a thing in corporate welfare/greed land.

[@Clarktherealtor]

This is great info Jackie. I always tell my clients to never buy at the top of their pre approval. I always ask what mortgage note are they comfortable at. Because over time property taxes increase, home insurance may increase, which means their note will increase. And even though typically through time people’s salaries might increase, but that is not guarantee. Because, a person might lose their job. So, what are you comfortable with even if you lost your job today ( I know that is drastic, but life happens) However, that is how I approach it. My goal is to set a person up for success homeownership wise and not failure.

[@prachidesai7024]

We downsized from a 6000 Sq ft to 2600 it was the best decision we didn't keep up with the Joness

[@dearhumanityihaveaquestion]

2,600 square feet would be a dream. Unfortunately, in many circumstances, 2600 square feet makes the median household income house poor in the current market.

[@Eshabee]

@@dearhumanityihaveaquestionwow! 😮 that’s not a good thing. The crazy thing is you have ppl complaining about high rent costs and wishing they own a house 🏠

[@dearhumanityihaveaquestion]

​@@Eshabee yes, it's people like me complaining about high rent and no equity being built. My apartment cost me $950/month when I moved in and is now close to $2,000 a month for a 2/2 apartment, all within 4 years of living here. Zero updates, run down and closed amenities, unskilled maintenance staff. Whereas, my best friend who was in a position to buy 4 years ago, has a beautiful large home on the lake for not much more per month...

[@TonyAtmos]

@@dearhumanityihaveaquestion You aren't calculating general maintenance for the home, lawn/yard care, repairs or the threat of it. Property tax increase and insurance increase as well. Finally a home purchase has closing costs and a down payment in most cases.

[@dearhumanityihaveaquestion]

@@TonyAtmos I do take all of that into consideration. What is not being taken into consideration is those who wish to be first time home buyers who are trapped in an inflationary disaster.

[@K.mit338]

10:55 This is exactly what my husband and I did. We bought a ~1200 sq. ft. home that has a mortgage roughly 12% of our net income because we thought the recommended 25-30% mortgage payment was too high as well. We lived in our home for 2 years before we did any home improvements. We’ve done all home improvements in stages. Now, we only have 4 more stages (total of 13 stages) to complete.

[@vicwiseman6038]

@@K.mit338 AND you missed out on building a LOT of equity by NOT leveraging your bet as much as you could have.

[@K.mit338]

@@vicwiseman6038 Nope. We have peace of mind. You can do that for yourself though.

[@vicwiseman6038]

@@K.mit338 Can’t argue with that. Just pointing out that you paid for that peace of mind.

[@K.mit338]

@@vicwiseman6038 Yes, the price was not struggling to pay our mortgage so well worth it. Thanks though.

[@lexibat7829]

@@vicwiseman6038 I think the point is that they DIDN'T pay for it. Not paying for something more expensive isn't a loss.

[@jasonthrash4357]

Everyone rents in this system. Ownership is an illusion with property taxes. I owned a home for 11 years. It was a money pit without even adding in Mortgage, taxes, utility, and don't forget insurance. I have been renting for 15 years now and I feel much more free and have much more money too. Homes are money pits.

[@jasonthrash4357]

​@CMBBmc-jd6urNope, not in my state.

[@BillyBobDingledorf]

Different strokes for different folks. I'm not going to argue equity. You counter that with reduced stress. If that works for you, I'm happy for you. I love the independence of owning my own property. That works for me.

[@debby8428]

@@BillyBobDingledorf me too

[@rofan21]

great until your landlord sells the building up from under you and now you are homeless. I don't want any landlord to control whether I am homeless or not, specially when I have income and no fault of my home the owner did what she did.

[@JBoy340a]

You are still paying a lot of these same costs just via rent. Your landlord is not renting to you to lose money.

[@rubberducky6411]

I'm looking at homes with my flashlight/ screwdriver/eyeglasses....checking everything above,inside and under.Im crawling in eves,under porches and attics.Other young buyers at open houses just 'like the colors"or " it reminds me of our friends house' and have no idea of anything structural or mechanical.Lipstick on a pig and they're excited to buy something overpriced and problematic.Regret is hard to carry in ones life.And I'm sure these youngins are learning the hard way.As for me .... patience and a bit of luck I'll be buying exactly as I see it...not what is told to me or hidden from me

[@jeannineterese1037]

Trying to do everything at once was my mistake. I’ve learned!

[@AngelaMastrodonato]

The lady with the pipes breaking, reminds me of the other video where you advised not to buy a house over 100 years old because what stood out was when she said her house was 80 years old. I realize that isn’t quite 100 years old but I researched when to replace pipes and the better quality pipes need to be replaced in about 80 years. I wouldn’t necessarily avoid buying an 80 or even 100 year old home but try to be aware of what it would costs to repair or upgrade that house and consider it part of the price of owning the house. In some cases it may cost the same after repairs to buy a 20 year old home with a higher price tag but fewer repair costs. Some of the newer homes are poorly constructed though so I relate to how daunting home ownership can be

[@ThisBraveHeart]

We just bought our first home and bought about 110k under our budget. Still got the space that we wanted, 4 br 2 ba, backyard, low utilities. We got really lucky I'd say. We're slowly making it our own and we're so happy! Thanks for your videos, also took your advice and decided to not do any big projects until we hit a year!

[@MuahMan]

I'm poor poor, not house poor. Does Aldi have good meat? Like chicken and ground beef/steaks?

[@debby8428]

yes

[@scottl9660]

Actually Aldi’s prices vary from store to store, The one by me never has meat at a competitive price, but their eggs! I got a carton for 1.80 last week. And bread has inched up from 0.50 cents o 1.15 in the lat 6 months. 1.15 is still pretty good.

[@JOHNWEEKS-y3c]

I am planning on retiring, and I'm 39 years old. Now that I have 425K saved for an early retirement at age 50, 10K in an HSA, and a property that could yield an extra 200K, what possibilities do I have for a steady stream of income?

[@NolaMontour]

Today, it’s easier to figure out how to improve your retirement savings. With inflation, you can use a professional portfolio manager to explore different markets passively. The impact of US dollar shifts on assets is complex

[@SalvatoreCorwin-i6v]

Even if finance isn't your strong suit, you can always bring in an expert. My $450,000 retirement fund took a nosedive in April, but I quickly called in a financial advisor. They crafted a smart plan to turn things around, and I’ve since pocketed over $350k in gain

[@EarlWohld]

That’s wonderful! Do you think your advisor might be willing to speak with a stranger? I’m in serious need of proper portfolio allocation

[@JOHNWEEKS-y3c]

Research shows that 45% of Americans run out of money in retirement, I don't want that to be my case.

[@SalvatoreCorwin-i6v]

There are a few standout experts in this field. Many people do underestimate the importance of a financial advisor until they encounter financial loss. I’ve tested out a handful over the years, but Kris Lizette Dornbush has been my top pick for the last five years. Her performance is consistently impressive, and she’s a real name to know in the industry. Check her out

[@jackieu8209]

Jackie's best advice......LIVE IN YOUR HOME FOR A YEAR BEFORE YOU MAKE CHANGES! We just bought a home this June. It's been 4 months, and I am STILL discovering things about the home I didn't know. What if I had renovated the front of the fireplace like I wanted, without knowing that the storm collar was improperly installed, and caused the chase cover and piping to rust through? Or recently, had a power bump, and lots of electrical issues resulted. I am now lining up an electrician to do some repairs and add a whole home surge protector. What about the plumbing....discovered that the saddle valve for the furnace humidifier leaks, and need to cut it out and install an upgraded system. It took 4 months to find the spackling on the ceiling was starting to fall off from a previous leak....now I have to prime/paint and repair the ceiling. I have many more examples, but WAIT before you do COSMETIC renovations. NEVER put lipstick on the pig until you heal the bones in the body first.

[@JackieBaker]

Thanks for sharing!

[@cloaked.mystic]

I don't believe everyone can get themselves out of house debt. Not all jobs offer pay raises and promotions. The American Dream is watered down.

[@gustercc]

American exceptionalism is the lipstick the put on the mule of the American dream. Only few can achieve it and even less can maintain it nowadays.

[@Wyledgirl30]

You’re right; not everyone can get themselves out of house debt because many people aren’t willing to make the sacrifices necessary to take that journey. You can whine about the unfairness of life or you can pull yourself up by your bootstraps to make something of the life that you want to live. It’s a tough journey and there’s no guarantees. You’ll have to adjust your expectations, make many sacrifices, and learn to do without until you’re in a position to reach for what you really want (and the coolest part about self sacrifice is that it forces you to figure out what you really want.)

[@Tim85-y2q]

True but if your financial circumstances don't make paying off a home feasible you have to factor that in to your decision making.

[@Wyledgirl30]

Of course, but you can change your circumstances. The alternatives might be awful and cause temporary suffering, but only you can decide if it’s worthwhile.

[@tbugher62]

Buy a house,then your insurance raises your premiums by 200 %,then your property taxes triple,then your HOA triples,NO THANKS.

[@debby8428]

we have owned two homes. that never happened to us (never lived in an HOA either).

[@Eshabee]

She have a video all about HoAs don’t get an HoA a lot of complaints

[@JohnJohnCrusher]

200%? And I thought mine going up 4% this year was bad... Wow

[@Winston820]

I’ve owned 2 homes in 12 yrs and my taxes only went insane in the last 3yrs

[@Tim85-y2q]

Those increases are an issue but they're still generally more stable and predictable than rent icreases.

[@EmilyBachmeier]

Cost of insurance is out of control. Mine doubled and I expect to go up again here soon 🙄

[@gentlemansilver9170]

I purchased my home sellers finance in April of 2014. July 2014 I was in a bad accident and had to miss 1 year of work. Fast forward to October 2024 I’ll be sending my final payment in November. The last 6 years have been hard but I see the light at the end of the tunnel now.

[@johncarpenter3751]

2:48 it would take 15 years to save up 6 months of income. Most people can’t even save $100 a month and we expect to do it consistently for 15years 😂

[@marcelinorodriguez7628]

Idk abt you, but I save 2k a month and I’ve doing that for the last 7 years

[@johncarpenter3751]

@ good for you. I’m gonna assume you know that’s not possible for 99percent of Americans.

[@marcelinorodriguez7628]

@@johncarpenter3751 I know people making 100k-200k that are living paycheck to paycheck. it’s their lifestyle choice making them poor not all but most

[@theeggreat4]

It really shouldn’t that means your expense are out of wack. If I really was wanting to do that I could in 2 years

[@johncarpenter3751]

@ my car payment is 500, my car insurance is 300. My monthly bills are 1600 with rent/mortgage and my take home pay is $650 a week. That’s $2600 take home and I spend 2400 on bills.

[@toinejetta]

I always wonder where these middle class Unicorns are that have 3 - 6 months of their expenses saved in a traditional savings account when less than 50% of Americans can't afford a $1,000 emergency. It's probably more reasonable to simply state that everyone should attempt to have at least $1,000 in savings.

[@K.mit338]

The unicorns are out there. They’re just not divulging their personal lives on social media.

[@kingnick6260]

Skill issue

[@ambersworld87]

@@toinejetta I sacrificed my 20's so my 30's and beyond looked financially better. Basically, my mindset was, don't want friends bc they cost money 😂. Not saying it was the right decision but it helped a lot. Friends tend to influence the way you spend and peer pressure you to keep up with the Jones even though they also don't have the money to do so.

[@jonathanlund4720]

It's called living within your means. Both cars payed off. Fix them when I need to, myself. Grow what we can, and use what we grow over the year. It's tough, but possible.

[@NobodySpecial509]

We put 25% down in cash, didn’t buy to our full limit and have buckled down to pay off our 30 yr. mortgage ASAP! We are 2 yrs 9 months into our mortgage and have paid off 14+ yrs so far!! We did a few necessary pricey reno’s when we purchased (new windows etc) but otherwise, we’re practicing contentment and gratitude with our home. 🏡 ❤️

[@bartsullivan4866]

The lady at 7:34 in the video is more rare than norm although I applaud her for the financial discipline. I remember when I was younger always taking my laundry over to mom and dad's instead of paying $5 a load at my apartment just to do clothes. Where you shop does make a difference eating out less and how you spend your entertainment money. Sometimes you can find a steal at Goodwill. Saving for a home is not easy. Being a guy we all want the fancy sports car but the sedan is more likely going to get me by would rather have the home than a hotrod.

[@anara5570]

My favorite show🎯❣️ I want to share this video with my extended family.

[@isabella-t1f]

In Italy the bank do not give a mortage with the monthly payment higher thn 30 % of your income. Moreover they take into consideration how many children you have and their situation (student ...)

[@EmilyEmilyEmily01]

And please be nosy and find out what your dream location costs in utilities, yard maintenance, commute cost, do you have access to hi speed internet or is that something to invest in for the neighborhood? Friends had to deal with awful (and expensive) services until enough neighbors wanted to have fiber installed in the area. Seemingly little things that add up

[@LovinColt]

I was pre-approved for 350k but kept it at 200k so I'd be more comfortable financially

[@chaselesser3191]

My AC broke. And we called 2 companies that both said we needed a whole system for $9k-$10k. $1350 later, and couple of phone calls it was fixed! KZbin it, make more calls, do your due diligence. Or pay a lot of money and put yourself in a bad financial place.

[@AnaStewart-c4d]

*I'm glad you made this video* it reminds me of my transformation from a nobody to good home, $89k biweekly and a good daughter full of love..

[@GratfyMoore]

My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.

[@mrkristof8132]

Hello, I'm a Doctor from Scotland, how do you make such amount? I'm a born Christian but sometimes I feel so down of myself because of low finance but I still believe in God.

[@AnaStewart-c4d]

Making touch with financial advisors like *Janice Isaac Owen* who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.

[@AnaStewart-c4d]

SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME

[@AnaStewart-c4d]

JaniceIsaac...that's it💯.

[@prawnk1ng]

I disagree. I bought my house in 2017 for 600k It’s 2024 and it’s worth just under 900k now. I would happily take a few repair cost

[@Sweetpea-2023]

How about the people who are now buying at $900k? You got lucky with the market, but many people will lose equity when there is a dip. Timing is everything.

[@prawnk1ng]

@@Sweetpea-2023 inflation goes up every year, even if house prices goes down. The general curve is up Any dips in the market will be cancelled out by natural inflation. If you are in a position to buy, don’t wait around, the time is now

[@kimberlyplatt2382]

My family got approved for $650k, we made sure to stick to the 400s. Why because it’s stupid to live above your means. Make a budget for everything and still set aside money for just in case.

[@srbs1302]

If the pipes brake immediately after purchase, isn’t that a problem with the inspection?

[@mrambitiousgenius]

I have a question. How much is 3-6 months savings typically The 1st girl said her pipes burst twice and then the neighbor’s pipes burst on her side then her hvac went out. I deliver pipes for plumbers for a living… I’m sure she spent no less than 20 grand on those pipes and a new hvac cost 8 thousand and another 2 thousand to install. So plz tell me how 6 months of savings is going to cover over 30 thousand dollars in expenses Great topic “house poor”

[@pl8305]

Your the best thank you so SO much for all this helpful info. You make house buying no so stressful but make us new buyers prepared❤

[@markquitoshammeritos]

We used to call this house rich, cash poor because your asset, the house, usually appreciates over time resulting in rising equity. However, after paying all your bills and if you are unable to save a significant amount of money every month, you are now cash poor.

[@JenniferSaxin]

Yes! My husband and I bought a little house (sometimes annoyingly little) that needs some work but we are only pay 14% of our net income for the mortgage! We can save money for emergencies and still afford vacations. We never go out to eat and we drive an old car, among other money saving tricks, too.

[@1azboy1]

A playroom for the kids? That used to be called a bedroom, or the back yard, or the basement, or even...que the gasp...a corner of the family room. On a serious note, I get the feeling that the man at the very beginning of the video may have been spoofing or even mocking other Tik-Tok videos about being house poor.

[@Pele-speak]

I'm house poor for 2 years and so far, I wouldn't choose another option. I was forced to be a bit handy. I had to redo my cabinet door, vinyl flooring, repainting, installing mini split dishwasher install all by myself. A lot of trips to home Depot but I love it still

[@lovevolleyball8840]

Answer is marriage

[@gustercc]

Or move to a country where the quality of life is better.

[@ThE4EvRPs3GaMeR]

@lovevolleyball8840 its can also be a nightmare especially if your the man.

[@lauraandrews9556]

Best advice when buying a house. Something is always wrong with it. Either stuff breaks or weather related issues. Just figure you’re going to be paying more than your monthly mortgage on repairs and general maintenance.

[@nummulite99]

When I bought my apartment 4 years ago, the interest rate was just 1.7%. It’s a nice enough place, brand new but fairly modest, private parking, close to work and shops. It wasn’t the place I fell in love with… that place was 25% more, in a trendy area, and I could afford it. At 1.7%. And I agonised over buying that dream place. Now interest rates are 6.2%. Am I glad I listened to that little voice in my head that said ‘it’s really nice… but you don’t really need this… things can change… don’t you want to go on holiday? Or save some money for a rainy day?’. So I went with the modest place and I’m slowly but surely improving things and (hopefully!) adding value. Best financial decision I’ve made. A lot of people I know - who are on a very good income - got carried away with the low interest rate bonanza and bought at the very top of their budget. And they are living paycheque to paycheque. Mad.

[@espiritu_]

Here’s another thing to consider: if your inspector misses something, it’s VERY difficult to recoup funds from their E&O insurance. If the seller hides something, the chances of you recovering costs through court is essentially zero, ESPECIALLY if the seller doesn’t have a lot of assets. There’s not a lot of protection for home buyers.

[@iomis2001]

I bought a nice small house well within my range. I could have bought something way bigger, but I like having extra money to enjoy life. Also Window ac units exist. She could have just bought one of those and put it in a closed off room. Spending $6000 when you don't have to is stupid.

[@rtox99]

The second person did have savings It just wiped her out then some What to do when you have alot of things happen to your home at once and you have a fully funded emergency fund? What to do when these emergencies wipe it out?

[@Jennifer-y1f]

I’m poor. But, I currently have shelter over my head. I’m grateful for this because I fell ill and renting would be far too much. Currently, I am recovering and can’t work. My emergency fund is gone. I hope to get better soon. I am working hard to get better so I can live normal life. You never know when you will be stricken. I’m praying for a miracle cure.

[@KimSmith-b9v]

We can't save money when we don't have it. Everything is expensive.

[@Tim85-y2q]

Then you're not in a position to buy either.

[@katfig8926]

This is me now. All basic repairs but if each repair is $3,000-6,000 it’s so tough. Every year I’m fixing something. Yea eventually we will be caught up and be able to breathe but man it’s hard.

[@tcironbear21]

I don't know if that firsr one counts as house poor. 3 major repairs in a row is not something anyone can reasonably plan for.

[@corinealidanda9946]

We were approved for 400,000 , we bought ours for 350,000 but then my husband lost his job and we never recovered from that until now. I just want to sell the house and move back to rental.

[@JohnJohnCrusher]

A home is worth fighting for imo. Hopefully he ended up with a better job. Glad you all finally recovered.

[@jirensentry7609]

People don't seem to get it. Homes, cars - they do not cost what you pay for them at the start. you need to look at all areas of expense for the first 5 years and that will tell you the real cost! No appliance or equipment should bust within a year to 5 years. Like my father and mother said, "You're eyes are bigger than your stomach son!" That is the same for home buying... buying more house than your earnings and wallet can handle. My wife did this. Now we have several things to upgrade: Porch bannisters Driveway Front door Patio Basement Kitchen closet doors throughout the house garage door garage lighting

[@craigenputtock]

House poor is sad. But rent poor? That's a lot worse.

[@gandhervasurya1653]

No house poor is much worse, if one is rent poor one can always get out of neighborhood, city, state, country once the lease is over. One doesn’t lose much investments when one doesthat

[@Tim85-y2q]

In some ways yes but someone who is rent poor can pivot much easier if they have to.

[@Tim85-y2q]

Also a renter is never on the hook for major repairs.

[@lizzieb6311]

Great video! Thank you for addressing these issues.

[@MrChazz965]

My first home was a 2-family. My realtor suggested it because it’s difficult and expensive to own a home. A lot of people don’t want to do it but it helped me significantly. I would def suggest first time buyers to buy a multi family if they’re avail in your area.

[@mariahlamb2983]

You are such an incredible wealth of information, thank you so much. We currently live in a small 2 bedroom condo valued at $380k. We're in an extremely expensive area and have no wish to buy a home and property here in our hometown. Our plan has always been to move out of state to buy a humble property half that cost after we sell. That way we are more than set for minor renovations and emergencies that come with home ownership. In these years leading up to buying, I am taking AALLLL the notes to have a realistic perspective on what it truly means to own a home and how much money it sucks out of you 😅

[@paulashealthyliving]

get an inspection people. That should diminish the number of repairs. Also know your market. We bought the only house we could afford in a suburb of vancouver canada 25 years ago. Took in a student for extra income initially. Scrimped but knew that what we were paying in morgage payments was not a lot more than what rent would be. (Student money was for upgrades and repairs, not mortgage) sold that bad boy 3 years ago and made back all the money we put in (times 4-5). Retired mortgage free in a smaller home with money to invest. This was the plan all along. A few tight years were worth it.

[@sonnyshores3507]

We bought a summer house we really shouldn't be able to afford. It needed a lot of adjustments, inside and out. 15 years later, we have a fine house, easily resellable. We did a single project each year, with monies always set aside for contingencies, those of which eventually happened to a 79 year old house. Good advice. Our neighbor once said to us, "I never thought this house would be beautiful again. You were smart to do it organically." Do it organically, a phrase I'll never forget moving forward. And now... 'Prioritize.' It hadn't occurred to me until now that we prioritized.

[@K-sd5so]

This is why I bought under my budget. My hvac went out and was able to pay 9k in cash right away. My kids will be envious of houses other people have and I always remind it doesn’t mean they are not broke

[@codymartin6117]

Im America we buy way to big of homes 1000 SQ feet is all we need and use..

[@9785eldng]

Great advice! My personal rule is if it’s more than 25% of my earnings (including property insurance and land tax) I can’t afford it. Brutal? Yes I know. But it’s doable. Also, keeps me very grounded. If I want something better, then just earn more.

[@jeanah685]

Buying overpriced oversized homes is also a mistake. Heating and cooling those cavernous houses (aka open floor plan) is ridiculous. Unless your family consists of 6 or more people that are expected to be there 5 or more years, you don't need more than 1200 sq ft.

[@JBoy340a]

My response these people is "welcome to being an adult homeowner. Start cooking at home and quit using DoorDash".

[@rd24life]

Home ownership is not cheap. Expect to save $100-200 per month, every month, just to maintain. If you’re a new homeowner, then you need to seed that fund with about $10k-$20k

[@jasonthrash4357]

That's too low. More like 300.00 to 500.00.

[@rd24life]

@@jasonthrash4357 even with an initial capitalization of 10k-20k?

[@nesq4104]

20k minimum. I had to put in a roof system for 10k when I bought mine to prevent further damage.

[@FreckledOne-d2e]

Spouse and I bought our first home three years ago. I don‘t know if our age (49) is a factor, but we follow the advice at 6:00 mark. We took care of the „need“ repairs before we moved in and save money for the „want“ remodels.

[@micker9830]

Better to be house poor than apartment poor lol. I know so many young people, who missed the gravy train, that was the housing market, a few years ago. Nope they just wanted to rent. Their net worth now, would be hundreds of thousands of dollars more today. Housing is also very important for generational wealth for families. PS., if you don't have money for a house, you don't have money for kids either lol.

[@GlamGadz]

I read comments like this think, is owning a home this persons biggest achievement in life? Is this the only real thing that makes them feel successful. And even if so, why does what someone else does bother you so much? As much as you think you are superior to those who rent, many renters are happy and content not owning a home. Their self-worth or value may not be tied to a home. I own a home but never would I shame a renter. What value does it provide me? None. That same home can burn down tomorrow, a tornado or hurricane and blow it away, anything. It is better to be humble and less judgmental about what others are doing minding their business. Pride comes before a fall.

[@Valuingpeak]

I’d never willingly buy an 80 year old house…first mistake

[@JohnJohnCrusher]

Seems like a huge gamble and risk. Mine is 30 years old and that's about my comfort limit

[@Winston820]

@@Valuingpeak It sounds like she may not have gotten a building inspection

[@semperfi-1918]

I bought a house built in 1947. Sure things over time needed to be fixed... but my payment is cheap compared to others. Smaller home so cheaper to heat and cool. I've seen newer homes needing way more repairs than mine did and does.

[@thatclover123]

theres the other end, rent poor and your monthly payment goes up 10% a year

[@susieserb6068]

we were DINKS back in the 90's and pulling in fabulous coin. Putting pride aside we bought a starter home way below our approval and saved bigly for the "forever" home, Ten years later that dream came true. Live below your means for a few years; it's OK!

[@chs665]

I have a nice house now, but wanted to move closer to family. I put $10,000 down to hold a lot on a new home. I thought about it (and prayed about it) then decided to get my down payment back and cancelled the contract meeting on a $640,000 home. I'm glad I didn't do it, I would have been house poor too. I've heard 1 in 5 people are now cancelling the contract on the home and backing out from the purchase now. 1 in 5 people. Thanks for the video. I also learned lenders like you to be house poor.

[@javaskull88]

Before you begin looking at houses, you should live for 6 months setting aside the equivalent of your projected mortgage payment for 6 months. See if you can actually live with that size payment without a crisis. Maybe $2,500 or $3,500 a month is more painful than you realize. But if you manage 6/months of that, you’ll have cash for your emergency fund. And trust me, your emergencies multiply when you own a house.

[@amandakriss4244]

Our emergency fund went really fast when we found out our builder was a flim flammer. A year in we had cabinets fall off the walls, our plumbing wasn't installed, glued or the correct piping used. The HVAC was too small for the house and went out on us completely during the height of brutal summer. Then the seals on one of the windows broke. All started 8 months in to owning. Our and our neighbors homeowners insurance has been trying to find the builder for 8 years now. He's long gone and doing this elsewhere probably. Yet our town approved all permits. This house only passed inspection because our town wasn't bound by the strict laws the bigger cities have.

[@JoseMelendez-px8xx]

3:07 you expect to have savings before buying, before having a down payment, good luck, no one has even a decent down payment. The way we are buying home is just way to expensive, for many many reasons, i dont know if buying a house is better than buying a 3 year old used minivan at this rate.

[@Katherine69069]

I mean it's either house poor or rent poor. My rent for a one bedroom is $2,335 a month. A mortgage would be cheaper honestly but getting approved and beating out the baby-boomers for a house is impossible.