Can you tell us more on how this works? The only time I’ve heard of investing in Tax deeds is from Polight in a VladTV video ironically. Never looked into because you know, it’s coming from a questionable dude who calls himself”Polight”.
Freddie Mac Launches "3% Down" Mortgage With No Income Restrictions
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^^^
correct...I was contemplating buying their stock in 2009 after the crash. that shit got super cheap. I wish I had nowSo i can be slanging hash at ye olde waffle house and get a deal? Really?Thought this was banned from the house crash a few years ago?
You have to remember overt housing discrimination is banned. They will use housing prices, access to credit, higher interest rates loans, pulling the rug from under you by firing you to destroy your credit.
All of this is to ban you from their neighborhoods and their schools.
All of this is to ban you from their neighborhoods and their schools.
Same time I bought! Last time that I checked, we had over 85K in profit/appreciation
shit is crazy because I was thinking about selling in about4 years
That’s true to a certain degree.
What you have to remember is that all you wrote applied to White Americans.
Black Folks did not benefit from FDRs New Deal, and returning Black GIs were not able to use their VA loan benefits.
When they started building these subdivisions like Levittown, NY. Black folks were barred from moving in because it was legal under Jim Crow laws. That introduced “RedLining”.
That was one of the things that setback Black America financially.
WW2 White Americans brought new homes, stayed in them and paid them off. Baby Boomers followed buying their homes. The homes equity was used for college expenses and those were paid off quickly.
This is one of the things that propelled the White Middle Class along with other things.
WW2 generations homes were passed onto their children or grandchildren. Imagine given a home that is paid for?
Baby Boomers are retiring and passing homes to their children and grandchildren.
Black folks have to look at homes not like buying a Automobile, but as a long term investment for their children and grandchildren.
My wife’s parents are retired and they plan on staying in the home until death. Their home has been paid for over 10 years. It’s been setup to pass the home to her and her two sisters. They plan on selling it
and splitting it 3 ways. They will get top dollar cuz the area the home is in is a registered historical area.
You're absolutely right about the racial discrimination and unequal subsidies. Even so, the houses that Black people were able to buy in the late 40's and 50's were still a far better investment than anything on the market today. Back then you could buy a house in East Oakland for about $5,000 and sell it for $1 million today. However, I doubt that you could take that $1 million dollar house and flip it for $200 million 60 years from now.
The rule of thumb for whites is 2.75 times their salary for a house. For us, I would go for fucking .5 to 1 times your salary anticipating a steep drop once you get your wake up call at your white employer.
They will bait you out with a good salary than bam, fuck you up. Or give you a big ass loan knowing you can't pay. All of this to keep you out of their neighborhood and schools.
Good thread
Take as what you want but the single family home is an endangered species and there are numbers to back my claim. Younger folks are less likely to buy a home than ever before and baby boomers are not buying either. You may only see those type of flips in Apartment buildings.
That makes sense.
Younger folks need jobs and areas with lots of single family homes don't have a lot of work. Also, traffic is far worse and the price of gas is way higher than it was 50 years ago. Commutes that used to take an hour now take twice as long. People are starting to realize how unhealthy that can be.
Many baby boomers are selling their houses for $1 million, buying apartments for $500,000 and live off the rest long into their golden years. If you can live off $20,000 plus a part-time income or pension you're set for the next 20 years. If you're still alive after that sell the apartment and rent until you die.
Unless you retired
Beat me to it.Here we go again guess they didn’t learn the first time.
So what’s the consensus?
This tho ^^^^^
Subbed
I feel like this is a great post to bump for the new year.
Never had a chance to ask you to break this down.
This is bottom feeding at its best. They know millennials are broke and can't afford shit, so lenders have lowered their critieria severely to prey on them.
When you initially needed a credit score of 620 and a down payment of 20% to purchase a home, now they'll take a credit score of 500 or less and no money down, or in this case, 3%, simply to get you in the door, put you in a house, with your name on the dotted line of a 30 year fixed.
And sure it's cool for the initial year or so, but when that teaser rate expires, (and it will) in a year or two's time and that monthly payment goes up, and you default and foreclose, then what?
You're stuck with a debt you were never able to handle because the initial was an enticing offer.
Personally, I'd stay far away from these kinds of offers from lenders and institutions, including the FHA, and find a different route. The institutions sole purpose in all this is to sell you more debt, and they will if you allow them to.
When you initially needed a credit score of 620 and a down payment of 20% to purchase a home, now they'll take a credit score of 500 or less and no money down, or in this case, 3%, simply to get you in the door, put you in a house, with your name on the dotted line of a 30 year fixed.
And sure it's cool for the initial year or so, but when that teaser rate expires, (and it will) in a year or two's time and that monthly payment goes up, and you default and foreclose, then what?
You're stuck with a debt you were never able to handle because the initial was an enticing offer.
Personally, I'd stay far away from these kinds of offers from lenders and institutions, including the FHA, and find a different route. The institutions sole purpose in all this is to sell you more debt, and they will if you allow them to.
Well if you asking about what you highlighted, not sure how to break it down.
Each person in the US, overall, why we have socials or birth certs is a way to track how many this gubment can say this person overall as an average have X debt and are accountable for X to be paid back that we lend to those individuals. When I say bankers, not the banker you walk into a regular bank, but those that lend to lesser banks overall. Major finance institutes like the Federal Reserve and those above them that regulate what we pay for loans and so forth keep kicking this can. But the can is so dented that there's no more can to kick.
The govt sells treasury bills, as a form of collateral that will be paid back and holds a certain value. But look back over the past year or more. China used to be the largest holder of our debt. They have been selling them off in droves. Along with many other countries. Many countries don't even accept the USD any longer for trade, which used to be the most widely used for transactions.
The govt shutdown is the beginning of things. Trump has said many forget, when he began office in 2017, "maybe shutting down the govt is a good thing". I am looking at what he's doing and wondering is he actually the turn of the system that has been in place. People think this is about a wall, its not. There's a ton of other things and the wall is all they keep talking about. But the media is manipulated and we all tend to believe it because it's in the news. But if you do your due diligence and see what they are trying to push, will see they are changing things.
Banks are insolvent. They have no money. Lowering standards to get in on mortgages, was a last ditch effort at a money grab.
I'm watching things unfold, but we are about to see a major shift in things, not just in the US, but also globally.
A lot of bad things are about to unfold, about many things we believed were one way but weren't.
Fix rates expire?
My mistake, I was referring to the teaser rate, not a fixed mortgage.
Great Post!
I would like to add something that few are pointing out. The IRS is a part of this shutdown which means there is nobody around to collect any taxes. Once reopened they will be scrambling to catch up and recover that lost money, especially since many of their more desperate employees will have quit to take new jobs elsewhere.
This is turn could cost the government TRILLIONS in lost revenue. After all, why bother paying your late taxes if there's no one around to collect them? What's the harm in committing tax fraud if there's no one around to prosecute it? Even honest appeals for reassessment could be backlogged for years which will lead to a rash of less credible appeals.
This is the same kind of situation which ruined Greece
What if they were removing the IRS as it is?
https://www.congress.gov/bill/116th-congress/house-bill/25/cosponsors?q={"search"%3A%5B"hr25"%5D%7D&s=1&r=1&overview=closed&fbclid=IwAR0Jm2F8_ikFtTtu1y8CohfWHqMZ_PJx_73K_EgbxgkG5OUVZP6Z1Bqe-24
Remember it's just a corporation, just like this govt...
WOW! This would completely destroy small business owners and contractors. Without an income tax there would be no way to recoup the thousands I spend every month on equipment and operating expenses.
No that's ridiculous. There is a flat tax system coming. Will still have to collect, but the way they operate will change as in where funds go
Here's why it's a problem.
Suppose you're a barber that works for ABC Barber Shop. They pay for your space, equipment, supplies and necessary services so that you can do your job. They also pay you an hourly wage, a percentage of which the government takes in taxes.
One day you say "fuck it", quit your job and set up your own shop. The government allows you to deduct all of your setup costs, operating expenses and financing fees. They only tax you on the profit. The government understands that you'll probably lose money at first so they let you claim a loss three years out of every five to help you get on your feet. The idea is that hopefully you will become successful enough to hire barbers of your own which means the IRS can take taxes off of their hourly wages.
Under the flat tax plan the $40 you might have spent on a pair of clippers now turns to $50 and you have no way to recoup that extra $10. You also lose all of the depreciation deductions you would get on existing equipment. Worst of all, banks will be less likely to give you a business loan because now you can't write off the interest. Eventually you'll have to charge more money than ABC because they were essentially able to set up their shop tax free and you can't.
The other problem is families with dependants. Right now the government gives you an income tax break to compensate for all the extra sales tax you pay on the higher living expenses. Under a flat tax system those expenses go through the roof.
And before you start saying "don't have kids you can't afford" keep in mind that many elderly parents are dependents too.
You're speaking on hypotheticals and about someone with a biz. I'm talking about the working class citizen. Not sure what happens with the self employed or biz owner, corps.
Just chill and let's see what happens.
I'm a parent and a small business owner so there's nothing hypothetical about it. in fact, this flat tax proposal undermines one of the biggest benefits of immigrating to the United States in the first place.
on top of that, if the average working class citizen doesn't have the option of starting their own business they will be at the mercy of their employers. you can expect to see much lower wages and fewer benefits across the board
What I call hypothetical is what you can and can't write off and whatever if this happens or that. I too am a small biz owner, so am in the same shoes. But who knows what you will be able to deduct or not. I just know of things being different. You're getting into specifics of hypothetical situations, well beyond what I know of what's coming.
Maybe so, but it's still suspicious that all the bill's sponsors are Republican. They only help small business by accident
For example, one of the highest rates for owning free and clear in the entire country — almost 50 percent — is in McAllen or Hidalgo, Texas, where the average home value is in the range of $75,000. Contrast that to Washington DC, for example, where the average home value is closer to $400,000, and only around 8 percent of homeowners can pay off their mortgages.
This myth that people are walking around owning their house free and clear is just that. It depends on where you live.
This myth that people are walking around owning their house free and clear is just that. It depends on where you live.
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