Real Estate Misinformation / Clickbait on 12 on Your Side Richmond, VA

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Max Williams

Ай бұрын

12 On Your Side Article: www.12onyourside.com/2024/06/...

Пікірлер: 45

@tamarahines6975 Ай бұрын

Hey Max thanks for setting the record straight. I am a fellow Virginian born and raised. Channel 12 should not put out bad information. You had me laughing when you said, "do not trust the uncle who has not brought a home since the Nixon administration". That was actually 50 years or more ago. Again, Thanks Max keep doing what you are doing.

@Fiveohhhh804 Ай бұрын

I appreciate your support and Nixon was indeed a long time ago. I did not think about it being 50 years ago however :-)

@tamarahines6975 Ай бұрын

@@Fiveohhhh804 Yeah, the presidency of Richard Nixon was January 20, 1969, through August 9, 1974. Yes, it's been 55-50 years ago!😀 Hey you had me laughing and you also made a very good point.

@rayebaldwin9086 Ай бұрын

"The Media a disgrace..."what's new?

@cynthiabyrd9172 Ай бұрын

Thanks for sharing because my husband and I are very low income and we paying almost $1,000 for rent for a one-bedroom and I would love to have a house I always watch you and appreciate this information here

@Fiveohhhh804 Ай бұрын

I appreciate you. There are some special programs available but affordable housing is certainly harder to come by as the years pass. Hopefully, things will change.

@janetmarshall7171 Ай бұрын

Max?? We really needed this information about MISINFORMATION!! This will really help home owners and future buyers to be aware of what advice you are getting!! I would trust you in a HEARTBEAT!! You put people at ease and you tell it too straight!! You are the BEST!! Thank You, Max, For being who you are: A REAL NICE GENTLEMAN!!❤😊

@Fiveohhhh804 Ай бұрын

I appreciate the support and kind words !

@janetmarshall7171 Ай бұрын

@@Fiveohhhh804 Absolutely!! You are good at what you do!! People should give you more credit than what they say about your experience and your professionalism!!

@CreditDiva Ай бұрын

Thank you for this Max!! There are so many people out here who are scared to even apply for a mortgage because they don't have the money that would be required for the down payment

@Fiveohhhh804 Ай бұрын

You are correct ! Misinformation like this is certainly not responsible journalism.

@Windy_W2371 Ай бұрын

Good evening, Mr. Williams! Thank you so much for the information you have provided in this video. Have a great evening!

@Fiveohhhh804 Ай бұрын

Thanks for tuning in !

@lala7181 Ай бұрын

Hi Max. I’ve been a subbie shall remain a subbie. As an attorney given the nature of the economic climate this is the absolute worst time to buy. Pursuant to the aforementioned, that article I’m afraid actually told the truth. I’m shocked because mainstream doesn’t usually share the truth. I also never met a re agent that said it’s a bad time to buy🫤 It’s not misinformation at all. Interests rates and unemployment are really kicking in high gear. You’re the professional and your peers are as well. Buyers are doing the numbers and it’s not adding up. I’m not sure why the editor disclosed the reality of this situation after mainstream media have been hyping the markets just a while ago. The fact that this is being discussed out loud all its own is scary. The media made such an effort to suppress the narrative but I suppose you can only keep truth under wraps but so long.

@Fiveohhhh804 Ай бұрын

I have clients that are proof that there is no downpayment required. Unemployment rates are extremely low right now. Rates are higher and prices are as well but they are expected to continue to increase. I am not sure how not building equity is beneficial when it is the foundation of net worth for Americans. Thanks for your feedback.

@ElleBrOw Ай бұрын

@@Fiveohhhh804 Agree. In some cases the mortgage is less than current rent✅

@Fiveohhhh804 Ай бұрын

@@ElleBrOw Yes....you are correct. It can be higher too. It is a crazy market. Thanks

@lala7181 Ай бұрын

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@ElleBrOw Ай бұрын

Tuned in 🙋🏽‍♀️

@Fiveohhhh804 Ай бұрын

Thanks for watching !

@northerngal13 Ай бұрын

More great “T”from you, Mr. Max! Thanks for keeping us informed.😊☮️

@Fiveohhhh804 Ай бұрын

This clearly irritated me. Thanks for tuning in !

@soniagordon928 Ай бұрын

Hey Max good morning I'm always trying to listening to u because I will definitely never go's wrong ur very good person I am working on my credit so u can help me my friend ask why Max my answer was because I trust Max he will never mislead me or anyone because he's always helping us poor people love you Max have a bless day ❤️ this is Sonia Gordon from Bronx NY 🙏

@Fiveohhhh804 Ай бұрын

Thank you for the kind words. I love my New Yorkers :-)

@YahRiYah_Ahava777 Ай бұрын

Great info!! Thank you Max. Wow!!

@Fiveohhhh804 Ай бұрын

I appreciate you !

@PNUT33 Ай бұрын

Tym for clarifying. I saw that information on Twitter yesterday! It wasn’t channel 12 but the same story was sourced.

@Fiveohhhh804 Ай бұрын

Yes, media outlets know that it will capture attention and should be more responsible in sharing content. Many Americans know people that have purchased recently and know it does not take that type of cash. Thanks for tuning in.

@maribatcric Ай бұрын

Max, I love watching your videos with my fiance. We are not yet in the market, but we hope to be within the next couple of years. We would even consider working with you as our realtor. With that said, I don't think that the information that you give in this and the beginning of your other videos is complete. With respect, here are a few of my contentions: (1) You mention that you can get a house for no money down. However, that leads to extremely high monthly mortgage payments, and extra payments due to private mortgage insurance (PMI) because the buyer has not paid down 20% or more of the purchase price (2) You say that since real estate returns about 4-5% per year, you are automatically building that amount of wealth each year as a homeowner. That is not exactly true. You do not mention the "phantom costs" of owning a home. These include mortgage interest, HOA fees, property insurance, property tax, maintenance fees, equipment replacement, etc. You have to subtract these when you talk about profit. Put another way, if you buy a house for $400K and sell it for $800K, you don't just make $400K. You have to subtract all of those expenses while owning the property. These expenses can be quite large!! (3) You mention that if you pay rent, you are paying "someone else's mortgage." While this is true, you don't avoid paying for non-recoverable costs by owning a home. All of those expenses that I mentioned in point 2 above are unrecoverable costs and you are paying other people's salaries with them. Meaning that they don't go to the value of the home. In some cases, these costs might even rival the cost of rent. (4) You say that if you own a home, you are locked into a fixed housing cost for life. However, this is not true. Property tax, property insurance, HOA fees, and maintenance costs increase over time! So just because one component of your living expenses stays the same over time (mortgage payments), that does not mean that your living expenses stay the same, while only rent goes up. Again, Max, this is not a personal attack or anything like that. I am just saying that you have to be careful by only mentioning the good parts of home ownership to the less informed buyers, only for them to get a slap in the face after they buy. Home ownership is a wonderful thing and I know you are trying to run a business.

@Fiveohhhh804 Ай бұрын

Hello and thank you for your feedback. You raise some interesting points that I am happy to address. 1. Putting down less than 20% does indeed require PMI in most cases. However, the owner still is building equity and the renter is not. I would rather pay the insurance and walk away with equity than have nothing but rent receipts. PMI is not forever. It can be eliminated once the threshold has been reached either automatically or through refinance. PMI is also offset by the mortgage interest deduction that owners typically get. It is the biggest deductions many Americans will ever see and helps reduce overall tax liability as a result of ownership. 2. Mortage interest is built into the monthly payment. It is not an additional cost. HOA fees for single family homes is most often under $200 a year, if it is required at all. This is especially true for homes under $350K Most neighborhoods that are 20 years or older locally don't have HOAs form my experience. Taxes are normally part of the monthly payment that is escrowed by the lender. Even if a home has high maintenance costs, the owners still have significant equity. The two high Dollar systems are HVAC and the roof. Modern roofs are often rates for 35-45 years and the average owner only remains in a home about 7 years. Home warranties can protect against HVAC repairs and some other systems. Home maintenance costs are not generally high if a home is in good condition when purchased (we strongly suggest a home warranty) and routine Maintenace is performed. Setting money aside monthly for maintenance is certainly a good idea. 3. I am not sure I fully understand this one. Money spent to maintain a home does have value upon resale. A home that is well maintained shows better and will generally be received by Purchasers better than a home that has been neglected. It will not be Dollar for Dollar but there is long term value in maintaining a home. 4. Property tax and the other related costs do in fact go up over time. However, that is not the actual payment on the home (mortgage) itself (principal and interest). The principal and interest payment is fixed but landlords will and do certainly go up on rent. The longer someone is in a home, the more this benefit is apparent. This is a very big factor for those on fixed incomes and provides peace of mind from not being forced to move due to rental increases. Property taxes generally are not a huge part of the monthly payment. Property tax is based on assessed value. They will only go up when values rise, unlike other housing related expenses. If values drop, property taxes will too, by law. If an owner does not agree, there is a process to appeal taxes and it does work. I have successfully done it in the past. It certainly is a good idea to save for routine maintenance on a home but the financial impact is very small considering the appreciation numbers. 5. I try to be very straightforward and transparent with the public and you certainly raise some valid points. Home ownership counts for the majority of net worth for those that own in America. History has proven that it is a solid way to improve net worth and perhaps even have a better quality of life. It is important to keep the costs of ownership in mind and be proactive in protecting yourself against surprises. Thanks for taking the time to share. I appreciate you.

@Fiveohhhh804 Ай бұрын

Please be sure to watch the video posted this evening. THANKS

@senethiabragg286 Ай бұрын

Good evening Max! Thank you for standing in the gaps and debunking this misinformation and for always being willing to bring factual information to your viewers. Can you please provide some clarity on the Maggie Walker Land Trust here in Central Virginia in it’s entirety? More specifically, can you explain what it means for the home owner to purchase the home but the Maggie Walker Land Trust retains ownership of the land? What happens when the home is paid off; is the land ownership then transferred to the homeowner? Or will Maggie Walker Land Trust still retain ownership of the land? Thanks!

@Fiveohhhh804 Ай бұрын

The Maggie Walker Land Trust is a very unique program. The land will always be the property of the Trust. There are also limits on the rate of which equity can be built. I am not an expert on the program but can put you in touch with someone that is. Feel free to give me a call. 804.402.7788

@senethiabragg286 Ай бұрын

@@Fiveohhhh804 thank you for your response. I felt there was something “unique” about that program and I was more curious about the land, which you answered. No need for further clarity. I will definitely be calling you when we are ready to purchase/build a home!