What to Do When You Can't Afford A House
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- čas přidán 29. 08. 2023
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Don't apologize Javier. There's no negativity. You're just being informative, and keeping it real.
You’re more than welcome to voice how he shouldn’t apologize to you, but plz don’t speak for the rest of us. It’s very presumptuous and I for one felt like it was an apology that was long overdue…
@@macysondheim 🤦♂️ what a moron.
Javier giving the only youtuber apology I actually believe 😌
No ukelele required!
True! I bought in 2020 after saving my ass off and taking an extra food delivery job. Also true: I threw ALL my savings at my down payment…and regret not having the emergency fund. I had NO idea how expensive home repairs and home improvements are. Great video Javier, I couldn’t have bought without you.
Thank you Kristen!
The repairs are neverending. Sure you can do some it yourself but you'll be spending every single weekend doing it.
Best decision we ever made was to become home owners. You’re always paying for repairs. Rent = property taxes and repairs. There’s no escaping maintaining the home.
Dang. What kind of repairs have you already ran into. I bought in 2019, with only 5-% down. The only actual repair was 4 yrs later. To recharge the AC system for like $700. I have done some small handy man repairs. But like $50 repairs.
Also Home warranty probably would have taken care alot of your expenses. I think we had it the first yr at $350/year.
Being realistic isn't being negative. The fact is that a lot has to change for the average person to be able to afford a home going forward. There's no getting around it so educating us as you have been doing is really the best thing you can do. I certainly appreciate it.
RT! Glad someone else said it
I thought it was rather unnecessarily negative, & came across rather mean spirited, almost as if he was scolding viewers..
The only thing that will change is the United States will become more like Europe where only wealthy people own homes and 70% of the plebs rent from the wealthy. American dream is dying and dumbocrats are putting the final nails in the coffin.
This is so accurate! Lots of people in America don't even have enough savings to cover a 500$ emergency. My bil and sister are planning to have a 6 month emergency fund before they buy a house. I think that's the best approach.
thats false, look at the disclaimers of that $500 emergency fund survey. It only included 4,796 people of which only 2,356 were even employed. According to my calculator that is 0.0000145333% of the population. The other point you made of your sis planning on having a 6 month e-fund is right on though, while i was still working as a realtor, some of our lenders were requiring a minimum of 6 months savings to cover mortgage payments.
"The Prudential Pulse survey was conducted on behalf of Prudential by Morning Consult from Sept. 29 to Oct. 1, 2022, among a national sample of 4,796 self-identified adults (age 18 and over). This sample included 477 Gen Z; 1,458 millennials; 1,223 Gen X; and 1,430 baby boomers. It also included 2,356 employed adults. The interviews were conducted online, and the data were weighted to approximate a target sample of employed adults based on age, educational attainment, race/ethnicity and gender. Results from the full survey population have a margin of error of ±2 percentage points. Percentages may not total 100% due to rounding."
I would even encourage saving an additional $3k for any unexpected repairs in the first 6 months - year. Because home repairs are generally anticipated, it's best to have an ongoing sinking fund, like car repairs.
The reason why your videos haven’t been positive lately is because you are just presenting the reality and the reality is houses are just not affordable to most people anymore.
crazy part is the one thing that people CAN control to make houses more affordable is increasing your income. For some reason people just rather whine on the internet rather than getting to work on that part.
@andrademeza Okay so if I go to my boss and say “give me $36 an hour”, that will work? Because I already make over $20/hr working 40 hours a week at a good job and still can’t afford my own apartment in Northern California. Over the years, I *HAVE* increased my income and worked hard to the point my body and mind are tired and yet that’s not enough. They are people who make considerably more than me and still have it hard, especially when they have children. So when we follow your bootstrap rules and still don’t see payoff when it comes to purchasing a (ONE, SINGLE) home, let alone renting a place just for yourself… what then? Please provide us with a bit more of your expansive wisdom.
@@randombrokeperson Gotta leave California friend
@@randombrokepersoneven with 36 an hour you can't afford your own place
@@LAAM619high income jobs aren't available for everybody. When a job posting has 400 applicants and only 1 to 3 are hired idk why yall think everything is just so easy.
This sums up how it worked out for my spouse and I. Saved our butts off for five years and thought we were out of luck once the cash buying / no inspection / bidding wars took off. Just kept saving and an opportunity popped up and we took it. Feel extremely lucky!
the problem with saving is by the time you save enough for the down payment, the prices go up so the down payment also goes up. i just finally made it to $60K, but now i need another $20K
It’s definitely easier with two people, unfortunately. We scrimped and scrounged for five years. I also changed jobs two times to get higher pay. It was not easy.
I hope you can succeed. Keep going.
@@becca3261 i've changed jobs 4 times over the past 13 years to increase pay, but it's never enough, and now I'm starting to become bitter and jaded as i realize i probably have to go on the job market yet again. all of this volatility isn't even good for trying to build relationships or friendships.
@@becca3261thx for rubbing it in our faces. Many of us don’t have the same privileges & opportunities handed to us like you
Hardly luck. You worked on a goal and got it done. Luck is the last fkin thing it was.
This sounds exactly like what I was doing in 2021. I had been saving since 2015, sacrificing time to do side gigs and not spending hardly any extra money on nice clothes. Wore a lot of clothes from thrift stores and discount stores. I finally had enough saved for a 20% deposit on a “forever home” in a nice neighborhood by 2022. I spent at least a year watching how the market was moving, knew every house that sold to the point that I could drive past a house and knew exactly what it sold for. I even saw the house I ended up bidding on before my agent did. She was really good at her job, but I was also knowledgeable enough to know other agents weren’t good at their jobs. I got the house without having to overbid, and didn’t waive any inspection or appraisal. I was able to strike when most were fearful because rates were increasing. Thanks to that, I actually got my house right when rates were around 5% instead of the peak at like 7%. The only mistake I did make is not having enough in savings as emergency funds. I greatly underestimated how much I would spend on furniture, and I didn’t even get super fancy stuff. A year later I’m just now trying to build my emergency fund back up. All good advice.
To all prospective home buyers there’s a old saying: “Business opportunities are like busses, there’s always another one coming” just like Javier said there was an opportunity in 2007 a second one in 2015 and the most recent one in 2020-2021 there will be another. Just plan and prep.
Though with housing you have to buy when you need it. People are too worried about timing the market. Houses are needed for their utility not to try to make money.
Yes..iwas homeless in 2012....but in 2014 got me a little cheap place ❤❤
Wtf is wrong with you? There are deals everyday. Stop generalizing an entire industry when you only need one deal.
True
I bought my house 2020 a few days before we went into lock down. I feel so lucky, but I also started paying off debts in 2015 and setting aside savings FIRST. I watched the market everyday for three years before I found my house. I believe that anyone can buy but it’s a marathon and you have to keep your eye on the prize. Do not let interest rates or housing prices discourage you. You will find your house and you will be a homeowner if you keep your goal at the top of your priority. I hate when people say they can’t because that mind set is only hindering you.
Thank you for this 😊
Thank you for this!
@mr22288 Don't think that like that friend! You will own a home some day, for now just save and prepare yourself for that opportunity when it comes. You're gonna get it done! 😊
I went through nursing school specifically to save up money for a house. I was thinking I'd save half my income by living with my mom for six months and have a decent down payment. I did exactly that and it wasn't enough. I didn't give up, though I strongly considered it. I kept saving for another 3 months and actually found something I could be proud of and afford. It's possible for some right now, but most people will need to wait for the right conditions. Best of luck and don't put off having kids till after you get a house. You can always get more money, but you can't get back time.
Wonderful advice! Congratulations on your diligence and home! 🙌🏿
a lot can't afford to go live with someone to save their income.
So fkin move where you can afford.
@@user-xd7rc6eo8n Excellent advice! I forgot that all jobs are remote optional now.
Perfect video for where the market is at. Your previous videos weren't discouraging to me just showed me that not being able to afford to buy right now is the same boat that everyone is in. For the majority of people buying a house currently is a bad idea. This video is nice because it resets the mindset, and I love the message of being prepared for when the time is right. You get upset all day because of where the market is at, but you should be taking care and setting yourself up for success in the future when the market isn't trash. Great video at the perfect time!
Yep, this is a long-term goal and may even require a career upgrade. But the years will go by anyway, might as well start preparing now
Thank you, this comment just reminded me that I’m on the right path.
Yes, wait a year or two until things are even worse. In 2020 people were saying the same. The people that bought then are glad they didn’t listen.
Javier: home prices don’t just stay the same, it changes”
also javier: shows chart with home price trajectory only going up over time 😆
I feel like that meme from Charlie from it’s always sunny point at the charts like a crazy man
In fairness I think that chart was in nominal dollars as opposed to inflation adjusted because housing is definitely cheaper now then 2005.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@maryHenokNft Do you mind sharing info on the adviser who assisted you?
Definitely! All of this happened in less than a year after *Camille Alicia Garcia* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
There’s no way I can put up 10% extra for emergencies if I already feel like I can’t get a house with the interest rate. This made me feel more hopeless 😩
The interest rate and you saving money are two completely different things. Just keep saving. It’s not your time to buy yet. FOMO is addictive.
Why do you HAVE to buy a house in todays market? Everything is temporary.
Even if you don’t buy a house, you still need an emergency fund. What if your car needs a repair? What if there is another unexpected bill? Are there areas you can cut back on so you can build an emergency fund? Turn off Netflix or cable for a few months? Stop going out to eat and cook at home? Carpool to save on gas? Do your hair and nails at home? Even if you can squirrel away $20 per month, that still helps.
Great video and great comments from viewers. I bought my first home two years ago after 40+ years of renting apartments. I had no idea how wonderful it would be, and I wish home ownership for everyone who wants it. I saved for 20+ years until the time was right, and rents were going up, up, up. I don't mean to imply that everyone should have to save that long, but you do need to save as much as you can. I was surprised at all the $$$ that I was having to spend on upkeep, repairs, etc, so you still need to have some savings after you buy. Keep a positive attitude and be very intentional about saving and preparing.
“Luck equals opportunity meets preparation” living it! Thank you!
I have a full emergency fund and a separate 20% that I’m ready to put down on an older “starter” home, but rates are so high I’m gonna need to put 40% down just to get the payments in a comfortable range. Single people can’t buy anything in this market. I guess I just gotta keep saving 🤷🏻♂️
Hold on. Your time will come.
or get wifed up
@@JavyVidanafor sure, I’m not in a rush, so 2024 and 2025 look pretty promising
@@leri3365 gotta find me a doctor or lawyer 🙏🏼
No housing for incels.
My respect for you has grown after this video. You didn't just deny peoples feelings about the housing situation. I appreciate it. I was looking to buy a house but i found a VERY cheap living situation of $500 a month for half of a 4bd 3bth house with a co worker. ill stay for 2 years and then go for it if im ready.
You have nothing to apologize for. Your bring clear direction and realistic approach to the housing market. Those of us feeling that we won't be able to afford a home don't feel that way because of your videos. It's just the nature of the market and just how difficult it is for first time buyers that don't have extremely high paying jobs.
There are a lot of housing channels but Javier's is the best because he speaks from the heart! Thanks for keeping us on track in these crazy times!
Your videos have helped me so much! It's disheartening to feel like I've done everything right and still hit a wall, but your videos have helped me make sense of the situation and feel really less alone.
Id rather you be realistic when its called for. I think right now its called for. Reality isnt always sunshine and rainbows.
The optimistic side is that as you allude to here, there will always be opportunities around the corner. Maybe next week, next month, next year, etc. Just do what you can and be ready.
Thank you for watching, I appreciate you support the negativity and the positivity.
i make over $100k a year and i decided to buy a trailer. its not bad at all. i barely pay anything to live now. screw all those crazy house prices right now
I appreciate how considerate you are of your viewers. I truly believe you are doing wonderful work and I appreciate your honesty in this market. Keep up the good work!!
Never got that impression from your videos. We appreciate your honesty and clear content.
Thank you for this since it is super reassuring of what we’re doing. When i tell my family and friend we need an emergency fund first before saving for a house they almost looked puzzled.
You’re doing great with educating everyone about what this housing climate is about. The truth and facts are there. Even if it’s not what we all want to accept but it’s the right thing. I’m one of the many that have been in the rollercoaster of home buying. Your videos helps us even more about if it’s worth buying and worrying overpaying on emotion or logic.
Don’t apologize. I appreciate your candor. Your videos really gave me a new perspective before embarking on my home buying journey. The information on this channel really made me reevaluate what kind of house I can realistically afford. Your videos prompted me to do a lot more research and make considerations I wouldn’t have otherwise. So thank you!
I bought thanks to listening to your videos and Kyle's throughout 2021 to prepare and get real information. Not hype. I bought November 2021. Your advice on the emergency fund saved my behind when multiple trees fell in my yard during a Christmas eve snow storm in December 2021. Keep up the amazing work.
This is one of the best videos I’ve watched online. Such nurturing energy I felt my blood pressure literally going down. I’m so sorry you have to parent us adults but this video was so informative and helpful
I bought my second house in March 2020 for $500K in LA at 2.5% APR. I got grief from friends, co-workers, and family that I overpaid. The house is now worth over $800K, and I would have to pay at least 7% APR. The naysayers will never have the confidence to buy a house. They will forever be renters (pay someone else's mortgage).
Congrats, have you been able to increase your insurance to match the new higher value?
@@djcruiser9816 The insurance cost hasn't increased.
Feels like (even if we have a correction), that due to M2 money supply going insane (and fed's inability to reduce their balance sheet), that we're likely headed towards a similar market compared to Canada.
Dude, that sounds like a fucking dream today, can’t believe you could get something at that price in 2020 and the fact we see that as a steal today 😂
Cool, sell it to realize those gains otherwise what it’s “worth” is just some hypothetical
This is the greatest perspective. I watched 3 doom and gloom videos before I got to yours. Thank you for being pragmatic and teaching people how to do things instead of just preaching negativity and panic!
I really appreciate your content. You were recommended on my feed several months ago and I’m grateful for that.
Great video! Glad to see you covering different circumstances and helping people see potential opportunities in their future
Javier, you’re one of the realtors who are honest. You simply don’t tell everyone to just buy now and not worry. Where I live rent is actually lower than purchasing a home and the housing market is peaking. I believe that it’s worth having buyers wait if rent is lower than buying. Too many people have bought with a high DTI ratio for FOMO. This generation of homebuyers has forgotten what delayed gratification is and those who were impatient will regret it.
You are the sweetest so compassionate.❤ I follow you even tho I’m already a homeowner .
You do not know how much I appreciate this !!! Thank you soooo much!
No need to apologize. We need to hear the truth from people like you who know what is happening in the market. Thank you for putting this video out to give us some hope!
I don't think it is your fault that we have a society where people aren't being paid enough to have basic things like shelter. Rent is so high that it is hard to save. You really have to be in the right life situation to obtain some things now.
Lol, I just would not say something like "move to the midwest and buy a home there with 70k income." That is a wild statement.
I'm one of those who started preparing in 2018/2019 and bought in 2021. I did have an inspection done. I wasn't waiving that to get a house. Luckily, my seller took pretty good care of my house because the only major repair I've had is a roof replacement. I had the money for it.
You did things the right way Viv!
You had a home inspection, bought, then had to replace the roof since 2021? Sounds like you had a bad inspector.
@lydiaalexandra2229 No, my inspector couldn't get up on the roof because it was in the winter when I bought it, and the temps were near freezing, and it was raining that day. The inspector checked the attic, and there weren't any visible leaks. Plus, my house is a 2-story. In my area, they won't get up on the roofs during bad weather. The seller disclosed that there were no leaks in the roof and disclosed that the roof was 16 years old (same age as the house). I didn't know that I needed a new roof until after I closed, and two months late, my insurance company took a drone up on the roof and saw that it had missing shingles. They gave me the option of replacing the rood or replacing the missing shingles. I opted to replace the roof. The insurance company paid half, and I paid the other half. I found out from my neighbor that my seller tried to get the roof replaced by his insurance company, but they told him there wasn't anything wrong with it. But, my insurance company found hail damage. But, I also have a carpenter bee problem underneath the steps of my deck. My inspector didn't see that because it was in the winter when I bought the house. Other than those two issues, I've not had any other major issues with my house. My inspector even said out of all the houses he's inspected, mine was one of the better ones. I even had a sewer inspection done, and it was clean. I wasn't present for the sewer inspection, but have the video that was done of it.
@@MsFox2u well, if one can’t go on the roof or under the house that would be enough to make me want to buy in the Spring/Summer. Though I know that’s not possible and you prob got a better deal on the winter months.
Carpenter bees make huge holes. That would’ve been easy to see. A 16 year old roof that they tried to get replaced sounds like there was leaks. It just goes to show there’s always going to be issues to look out for. Home inspections are only good the day of. People put a lot of faith into them.
@lydiaalexandra2229 There were no leaks in my roof. There were missing shingles only that got blown off during a storm. The hail damage was from years prior. The seller wanted the roof replaced because he never had it replaced when he built the house 16 years ago, and he knew it was probably getting close to the end of life. His insurance company checked it out and told him no. I'm not sure why they wouldn't let him replace it. My insurance company let me replace it. It's good for 25 years, and I have a lifetime warranty on the materials. True, inspections are only good for the day of, and the inspector can't find everything. The carpenter bees are underneath a part of my steps that you cannot see unless you crawl underneath the deck. It sits low to the ground, so you can't see it, even during the spring/summer. My pest control company comes out and sprays the area they are in heavily, so that's cut down on them a lot in the 2 years I've lived here.
Very helpful. I feel more optimistic about the preparation. Now hoping for opportunity:)
Your videos are so helpful thank you
I remember something I overheard once that will stick with me….”You don’t deserve a house just because you WANT a house… you’ve earned a house once you have the hard work to show for it”
We have so many people nowadays that complain about not being able to afford a house (which the market and inflation has some things to do with it) but these same people will be the same ones living beyond their means and not put in the effort to save up and prepare for when the time is right.
Housing is a human right. Those elites got you brainwashed
This video was very helpful, i appreciate it and all the other videows before it to determine how much you need to buy a home and be able to afford it.
I think your doing great job, to make sure people know what they are getting into. I did look six months before I even started officially looking, because I wanted to make sure I had the right credit score and the right mix. I started 2019, then while in Covid, I wanted to have cash on hand and made it.
Yup saved for 2 years, got a 2.8 rate but paid $30k over asking, bought the house the day it was listed, paid title fees, 2 month lease back, bought as is no inspection. It was tough and inventory was extremely low when rates were low.
Hey, you’re the expert I’d rather you tell me the truth then lie. So please don’t apologize. Keep being honest with us. Really appreciate your honesty. It just makes me work harder on savings to make sure I am on a great path of purchasing a home as a first home buyer. I’ve been watching you for two years almost 3.
Thanks so much!!!! This was very helpful!
I love those videos…. Never say never keep ur content the same my dad brought his 1st home at 35 in NYC the most expensive real estate in the USA .. I am 38 I was thinking the same way but I am in NYC I am trusting the process perspective is key
Very good content. practical and pragmatic. Great job 👏
Thank you!
I think the biggest concern is that wages are stagnant and home prices, despite the occasional adjustment, will continue to go up under capitalism….
We prepared. Once we started earning more, we were able to save aggressively, and repair credit. This was 2017. In 2020, we had a 10% down payment and were able to strike. We closed 12/2020.
I know it feels hopeless for some as it did for us for many years but if the opportunity arises, you have to be ready. And there will be opportunities again.
Thank you for your advice Javier!
Just started the vid, but don't apologize for providing us the truth of the situation. We need people to provide us the truth of material reality rather than the ideal of the American Dream like what we see on mainstream business news. Its not your fault that the analysis comes out with these results, if anything, i'd like to see you take into account the even more realistic scenarios some commenters include and often critique you for being too charitable to the market. At this point you should take into consideration incorporating some sense of financial planning considering home buying is kind of a major part of estate planning. Home buying isn't the only asset people are trying to build towards in their budget, and those things need to be taken into consideration.
Also, I would love for an analysis of this, but from the perspective of condo's and renting markets. Maybe even analyzing buying a plot of land and homesteading? The market is getting that desperate.
Hi. Bought a house spring 2020. First home bought in 2001. I'd been looking at houses off and on for several years. Kept saving and waiting for my moment. It just happened to be while interest rates were low and before price skyrocketed. Opportunity and preparation and thankful.
Thank you for the pragmatic advice, Javi. There's definitely a benefit to breaking down the large goal of being a home owner into smaller, achievable steps. You're dishing out financial wisdom by leading viewers through the foundation of a solid finanical health through building an emergency fund / minimizing debt. I also appreciate you touching on a person's motivation, or higher calling, to owning a home.
I watch just about every video you post, and I feel you give a realistic approach to property ownership for the average American. (i.e. being in an meh or ok position financially, but needing to push harder to prepare for the right opportunity)
My hubby and I found your advice very helpful during our search in 2020/2021. I'm sure you've helped countless other families, as well.
Much appreciated!
At this point financing an RV living on your own small parking space will be the new American Dream. But Javier is right i started saving around 2019. Mind you I had $800 to my name. I was able to save 10% down w/ closing. Brought a home in the middle of a two developing little towns.
I’m going to start making RV videos soon 🥹
It'll get cheaper. Way too much land in the US for it not to get cheaper.
Definitely was feeling a bit of that doom and gloom recently, so appreciated this video!
I bought my house in 2020 when my parents, friends and every housing CZcamsr told it was a terrible time to buy and the housing market was going to crash in 2021. Thank God I didn’t listen to them and we used our Stimulus money and a little savings to purchase a house. Our house skyrocketed in value and if it wasn’t for that we’d be thinking the same thing. We could never afford a home in this market
I did this. My job is one of the few who benefited from the buying spree of covid. I was able to pay off all of my major debt, get some investments going, and improve my credit score. I made sure I saved some "escape" $ then saved for a down payment. My realtor was impressed but we still had a time getting a home for me. I was finally able to buy my house in July of 2022.
This is so true. I remember before 2008 when people would say that home prices would never depreciate. Then "Bam!" the bottom fell out. Anytime average home price has zero correlation to average income prices will fall.
Hmm. My group of friends all knew housing would eventually go down. The run up, especially in like 2005 and 2006 was too crazy. I didn't think it'd crash like 50% though.
“Luck is when opportunity meets preparation.”
DAMN dropping golden nuggets over here 😂 💯
Simple: Just keep saving :)
And stop spending!
My wife and I waited for years beyond when we could “qualify” for a variety of factors to align just right.
I wouldn’t buy right now unless I could put a lot down, the interest rates are insane. Housing prices are never going to plummet, they didn’t even do that in 2008 unless you went with a foreclosure (which I’ve heard is a nightmare), but interest rates will drop.
Save your money in a HYSA, or get a CD (length depending on when you think you’ll be ready) and wait. People also waste an arm and a leg on cars… literally 5-10k a year you could be saving for a house.
Saved all my pandemic money and when 2021 came around and the rates were good i went and bought me a house, so yes, luck is preparation meets opportunity.
Great job man!
Dude don’t apologize. You don’t owe it to anyone. You’re speaking truth and some people can’t handle it
Thanks for this video very helpful information planning on buying in 3 years I have plenty of time to work on my credit and savings.
I do not think that “negative” thought about your videos. I love the videos! No one teaches us this! Everyone should know this. I want my kids to know this.
With every single obstacle stacked against me, from being broke to being a first gen immigrant born in a foreign country and getting my citizenship in my late childhood, I thankfully own property. Not because I earned it, but got to inherit it through my husbands family(they’re not rich either just got a good deal at the right time). It’s crazy how basically the only people that can get land these days is out of sheer luck
If you cant own a home it’s okay, focus on what you can control. We all leave earth without our houses, focus on being a good person.
I'm still trying to buy my first home at 42. I devoted too much time into my past couple relationships over the past decade and didn't focus on the bigger picture. Now I'm trying to play catch up. Good thing is it's not the best time to buy it seems. About 2 years ago I made a career change and moved one state away and things didn't work out with that person after almost 3 years. Things happen for a reason I guess, I just feel like that having something to call my home would be nice, instead of renting. While I'm working hard to be one of the 10% in the world of a 6-figure income. I just see my dream fading away and don't know if it's possible no matter how hard I work. Glad this video was made, gives me a little boost of hope.
Shoulda called the video "My apology" and had a pic of you crying in the thumbnail lol
😂
I could have done it with a ukelele too.
@@JavyVidana lmfao
Sounds about right. I live in the Salt Lake area and have been effectively priced out of owning a home here any time in the next decade. Looking to get into a cheaper location to make it happen.
Great info as usual ✅✅
Thank you rafa!
Thanks for this Javi! Ive been feeling so discouraged about buying a home. Do you think rent will ever go down?
I decided I wanted to buy a house in 2014. Took a look into what it would take & decided that I had to wait. I aimed for 2-3 month of net pay as an emergency fund, a goal of 15% projected down payment & a separate fund for closing costs. By the time I was 'ready' for house buying in 2020 the market was nuts. I pushed it off for another few months until I had the 20% down payment. Summer 2021 I got my house. If you've got the ability to save, you can get a home. It may take time. It's doable.
100% correct. My friend bought at the best time possible. 15 year 2.75% interest loan and her payments are about $1300. She was looking for a house and was sitting on a big downpayment in a HYSA. But she was preparing for about 2 or 3 years.
Good video.
"Dream crusher" 😂😂😂 love the videos
Great educational video! Ya boi in PREPARE MODE🫡
Bought a house back in dec 2021 just before interest rates when up took me 3 solid years to prepare and saved
Great info. I’ve been upset about this very thing. A couple of questions. For the insurance, am I better off going with the same insurance company that I have my car with? Next, I have my car loan with a Credit Union and have never been late on a payment. Would it be wise to go to the same credit union for a home loan, as I already have a history/relationship with that Credit Union? Third, I’m a senior and will get some kind of senior discount on my property tax, when figuring out my monthly payments does the lender take that into account?
If you work hard and living below your means, you could be successful and buy your home 🏡 in Canada 🇨🇦 or USA 🇺🇸
But you have to focus
Well said. I have no degree but I work my ass off to make a decent income. Moving into a small house on an acre next Monday.
Very educational.
Ok this video was recommended to me, Ive never seen your videos before. But I am 22 and Ive been fearing that "Im never gonna be able to buy a house" for awhile. Few reasons, Ive been homeless multiple times. Second is I hear everyone older than me say that, and if they cant do it, then how tf am I gonna? Idk thats my thought process on it. But thanks for making this video 😊 I dont have a means of doing that yet (full time college student, aint working its too much) and its just nice. But id like to know
I truly feel for new potential home buyers, seems like they can't catch a break with the housing market right now.
Yep. I bought in August of 2021 in SoCal. Preparation meets opportunity definitely describes my situation. Low interest rate. It definitely was not an easy/great time to buy though and in hindsight, it wasn't the best decision.
Hey there awesome video. Could you explain a bit more about the Annual Property Tax Chart values? I looked up the value in my area and see they are around 3k for my area which aligns with Row#1. But what do row #2, 3, and 4 represent? Why do they increase and where can I find that information for my area online?
Thanks!
I was preparing in 2019 and i became a homeowner in 2021! Grateful and blessed is an understatement
Yes our family too made a nice purchase in 2021. What a blessing it was that we got in before this turmoil
Love your channel.
Thank you!
i fell into a deep depression. all that schooling, working those long hours at a *hitty job, all that overtime, paid off debt, saved up, drive a clunker, and still can't afford a home and to take care of my family. completely hopeless. I'm thinking of quitting, moving overseas, and living off my savings until it's gone.
Should probably keep your fkin pants on too.
15:26 thanks Javier, I’m the one asked you about Cincinnati 😅
Whats up king?!? 😂
Landlord sold our apartment in late 2018 out of nowhere. At that time I had only saved 1/4 of the final cost of what I'd eventually need to close on our house. Made the difficult decision to move my fiance, our dog and cat in with my Mom where I could quickly save instead of finding another apartment. Saved the additional 3/4 of what I needed to close in several months when I was able to pocket rent money instead or paying for our apartment. Bought our house in Summer of 2019. The sad thing is our house would be out of reach now in the current market as the value has increased 27% since 2019. I literally most likely wouldn't have been able to buy our house now as it would most likely have been priced 40k over where I closed and moved fast. It's disheartening to think about.
I bought a house in December 2020 my husband and I prepared for 2.5 years previously. Prepare as best you can and the opportunity will come when it’s time.
Have your younger family members just buy a bedroom bathroom suite with roommates in cash
No debt rent or mortgage
Times have changed I was a 29 year old dialysis tech 18 dollars an jour never worked overtime and was able to get a house in 2015 with 4k downpayment they paid my closing costs. Washer /dryer / refrigerator included.
In 2018, I had $300 to my name and doubting if I could get married.
3 years later, married, saved, and afforded a down payment on a house, have a dream job (after working warehouse for a year), and a safety net. Little can happen in a year. A lot can change in 3.
What’s the new job ? I’m really hating working hard for so little.
Hey Javier, with student loan payments coming back starting Sept 1st, what are you're opinions in the housing market? You think we'll see a increase in supplies?
One thing I didn't understand (still don't really) that helped out a lot was the mortgage interest tax deduction...
I should not have bought when we did. It was leaving us totally house poor... It was back when they were handing out home loans to anyone. And that first year was REALLY tight....
And then at the end of the year, we did taxes and the software prompted me about my mortgage... As a result, we got a really big (for us) rebate that year because of that. So I went in and adjusted my withholdings and that gave us just enough of a buffer for some breathing room and we could start to save a bit...
Luckily, nothing bad happened and over the next several years, my job got better. And now that house is paid off... And I am NOT saying you should count on luck!!! I was stupid...
Just saying, when you are working out your budget, don't forget to consider tax implications...
ok this is my video i needed to see