Yes, I know , who the heck are you speaking about housing...for those that know me really.... I hold many roles or I should admit "cash flow positions". Some people believe that doing one thing in life is what you need to succeed. Perhaps, if you want to become a billionaire or create a silly IPhone app perhaps but I just cant stand cubicles (the ultimate form of white collar "surfdom" isnt for me.. or maybe I just don't like to report to the man...
Ive have owned a cash flow property management business for well over a decade in the DC Area... (Lets not date myself.) Ive also successfully worked in numerous IT roles and contracts for major vendors... Flew around the world and served in the Navy. Bought numerous homes and sold many. If there is one thing I learned is this generation is as follows..... Propaganda is everywhere and its not generally serving the public. The Realtor associations, the finance sector,HUD.gov, CNBC, Suze Orman, Mr Kowaski or whatever Mr bankruptcy says.... The fact is that so many people are "decimated" by buying a home and live under the pretense of that "homes are assets" .. Negative, fact is in most cases houses are " liabilities"...If it was't for the mortgage deduction it would be absolute financial suicide for most. Nada mas amigo...
Look at where we are at.. Good news the Zionists just changed the credit factoring so that those really cant pay their bills before may now be able to buy a home.... Deja vu....
Seems like something we seen before.. Thank you Mr. Wolf for being honest...... Lets guess how this will turn out.. On the other hand those in the know area aware maybe this is part of the next "Shemitah" perhaps... My point is that these debt runups are intentional and historically recurring... Long live the Fed you fools.....
I can say that the one and only primary reason for buying a home (Aka--Liability) is for stability or control... If you make a penny after the fee riddled services well thats a blessing, praise the Lord!
The real issue now is that the housing market is clearly irrational in some markets... I wont even get into the details since that's not my goal.. Just look on Wolfstreet.com who gives everyone amazing and well researched factoids.... Doubt, you would get most of that on CNBC or the other fake news propaganda outlets..
So here is my blunt and perhaps obnoxious advice to home sellers and home buyers. im not here to make friends, great if I do though.....
For Buyers: My advice from someone who has been on every angle of this is as follows.. "Dig your hole as deep as you can jump out of it" nothing more if you choose to buy a home.. If you can exhibit some patience bargains will occur again after the train wreck and no Trump wont be saving us...
For Sellers/Owners: Same as For Buyers with the added note that if your not at break even now from your 2005/2006" "liability" , oops let be politically correct...."Your investment home purchase" then you may really regret "holding on" or "waiting for the market" comes to fruition.... Take your losses now... Do you really need to look at the US Home Price Index to figure out what history has to offer......
Yes, buying a home for any reason except "Stability" is essentially letting yourself get "financially raped".. This is from a longtime investor and real estate pro....End of conversation...
PS....And yes if you hold on to your liability we are happy to manage it for the right fee.....
Joe Holbrook..... JAX FL and IAD
Yea I'm a realtor in Phoenix and I'd agree home prices are crazy right now, I'm going to be selling mine. Having a 3 bedroom house for a single guy is just crazy. I bought it almost 2 years ago so I'll do pretty good on it. I agree a home you live in is not an asset. And even rentals if there isnt a big enough equity position and good cashflow its more of a liability than asset. Alot of the big investors ive talked to alot more are selling than are buying..
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