Say GOODBYE TO YOUR STANDARD OF LIVING... kzread.info/dash/bejne/mKt30LSJiNfAXaQ.html

@FreeAmericanUSA

5 ай бұрын

Keep telling the people the truth. There will be plenty of footage and statistics about those who ignored logic.

@mikythesaint6507

5 ай бұрын

I'm from the UK we don't have property tax, we pay Stamp at point of Sale. It seems property tax is just a way of stealing the home from you over time. what happens when you retire , do you still have to pay. Can you put the house in a Company name and offset the tax ?

@LunaNL

5 ай бұрын

don t let you turn down of a few people iam with you michael

@sweetmikki2288

5 ай бұрын

@@mikythesaint6507. Oh yes you still pay property taxes even when you’re retired. Just keeps going up every year.

@markadler8968

5 ай бұрын

I have no worry about my standard of living because I have always lived well below my means. If everyone lived below their means they would never have any worries about their financial future.

The banks/lenders/realtors lie so they can get paid. You're the only one got hooked and responsible for all payments. If you're bankrupt, that's your fault, not theirs. You signed to agree the loan. You need to buy a house with low cost, not low rate.

@hideoussails1783

5 ай бұрын

That's why you sign with somebody else's name

@hoppeanofasgard1365

5 ай бұрын

finding houses that are priced low is almost impossible in this market.

@BREEZYM6015

5 ай бұрын

​@@hideoussails1783What's your name then? 😂

@BREEZYM6015

5 ай бұрын

Banks/lenders/realtors lie? I find that hard to believe. 😂

@WA-de3gf

5 ай бұрын

That's a big 10-4!

Wife and I net well over $10k a month. We were looking to upgrade to a bigger single story home. We did the math and the number scared the crap out of us. 20% down, 30 yrs @ 6.5%, Insurance and taxes = over 5k a month for a mediocre built home? I think we will stay put in our home and enjoy our $1400/mo mortgage. No thanks!

@MichaelBordenaro

5 ай бұрын

Oh yeah if you have a $1400 a month mortgage makes no sense to move right now or maybe ever

@lindylou3519

5 ай бұрын

It sure does make you appreciate what you already have.❤

@user-gr4ie5lu4e

5 ай бұрын

"You will do well in life if you grossly underspend your income". Charlie Munger

@blissdad13

5 ай бұрын

How much was the price of the house you were considering

@thomasryan2679

5 ай бұрын

So what. You should skip using the Lord's name to emphasize a point. His name should be used with reverence.

don't listen to the critics Michael, you're not a doom and gloom podcaster, you're just a realist and keeping it real with us. Truth sometimes can be hard to sallow for some people but the truth is not a negative thing, what's negative is when people hear the truth and do nothing with that information.

@MichaelBordenaro

5 ай бұрын

I couldn’t agree with you more. Thank you for your support.

@KikoValleyMan

5 ай бұрын

So true!

@Surveillance-

5 ай бұрын

I have noticed an increasingly large victimhood trend of blaming video creators for never providing any source of help or what to do. Imagine, actually using the news he provides you with and realizing you should make life changes😮? Shocking right? Insane. I believe people do this when they want to feel good they know something, but are too lazy to actually make an effort.

@benedwards3427

5 ай бұрын

​@@MichaelBordenaro You used DTI and mortgage or rent to income ratios interchangeably. But what about vehicles, credit cards and personal loans?

@ashtonarmstrong3082

5 ай бұрын

People always call me a pessimist. I just laugh and say “can’t say I didn’t warn ya”. Let them live in blissful ignorance 🤷‍♂️

This constant emphasis on gross income vs net income is crazy. Many people have a ton of deductions for taxes, insurance, 401k, etc etc. It's NET income what you HAVE TO work with. Repeat NET INCOME after deductions. Banks are like car sales people. Literally.

@barnabusdoyle4930

5 ай бұрын

Bankers were only showed one thing as a result of 2008, that they are not on the hook for anything they do.

@stormchaser419

5 ай бұрын

Indeed. Socialism for the rich corporations...rugged capitalism for the rest of us. @@barnabusdoyle4930

@BREEZYM6015

5 ай бұрын

I don't bring home gross income after deductions and the net income is obvious to see every payday. Mine is pretty much the same all the time.

@MichaelBordenaro

5 ай бұрын

I agree they should no longer basing, homebuyer approvals on gross income

@jaad9848

5 ай бұрын

Yup. Why this isnt encoded by law is just a part of the big hustle.

You are 100% spot on, yet again. I had 10 years of working in the mortgage field both as a loan officer and loan processor. Those lies were always perpetuated year after year. I'm glad you are speaking the truth because people need to hear it.

@MichaelBordenaro

5 ай бұрын

I appreciate you backing me up on this!

@michaelminauro4180

5 ай бұрын

I watched the 10 year Treasury, which is the mortgage rate and man. It's been going up

@MichaelBordenaro

5 ай бұрын

@@michaelminauro4180 I’m not surprised, considering a fed pivot is not within viewing distance anymore

Forget interest rates. Housing Prices and rents are way too high! Everything goes to your home that you don't have time to enjoy because you're scrapping by to afford it! 30 year mortgages? It's Insane... Think about that. 30 years of your life to afford a place to store your crap.

@magicman47999

5 ай бұрын

You think you own that house. 30 years of work... That house owns you!

@pdkrace

5 ай бұрын

Dont forget property taxes and insurance. Crazy.

@ihave35cents95

5 ай бұрын

Nobody’s forcing you to take 30 to pay off such a loan, but it’s a nice safety net.

@johnjaco5544

5 ай бұрын

I didn't want a 30 year mortgage,I got a 15 year mortgage,and paid it off in 12 years,easy peezy.DONE!

@BREEZYM6015

5 ай бұрын

​@@johnjaco5544How much was your payment and how much extra did you put towards each payment?

When you are house poor, you also tend to run ip your credit card balances, because every unplanned event gets put on the cc

Being house poor is no joke. You are literally working near 24/7 not to end up homeless. It's not worth making your life miserable just to claim you own a home if you can't actually afford it. Housing should never exceed 30 percent of your monthly income.

@travelingdude1621

5 ай бұрын

I would say housing should never exceed 20% of one’s net, not gross, income but 25% including all utilities.

@rolandthethompsongunner64

5 ай бұрын

I lived in a college town. So if I was in between jobs I would just rent a room out. People just aren’t willing to change their living habits. And of course if they’re raising families can’t. Staying single gives you way more flexibility in adjusting your life.

@RasiRobi

5 ай бұрын

Amen 🙏

I have a nice home for $170,000. I got my financing first. Your home should fit your budget and not the other way around.

Michael, you're spot on as always. I remember when my wife and I were buying a home, (our third one) and the realtor with the pre approved mortgage documents stated we could buy a home for 2x + what we decided on. Their persisistence became so annoying I had to tell them we are walking away if they continue on. Our down payment was over 70% because this is how we managed our finances, vey low payments because our previous home was almost free and clear. We are from the first European generation, always taught to buy under what you can afford and keep the money in your pocket, invest wisely in the stock market and manage your expenses. Today I cannot believe what families are paying out monthly from their income, live under your budget folks and not over.

The "lies" could also be referred to as "gaslighting".

@almdrs

5 ай бұрын

Exactly. The mainstream media is gaslighting the people.

@hoppeanofasgard1365

5 ай бұрын

That's how the government controls much of the population

@EvelinHolmes

5 ай бұрын

Any should be able to figure out what a person can spend

Fifty years ago they said you could buy a house 2-1/2 times your annual income, so if you made 20K/year you could buy a house for 50K. The down payment was usually 20%.

@philipfrancis2728

5 ай бұрын

I bought my first place in 1986 and my most recent in 2016…with 3 other places in between (5 places owned). I only ever paid 2.5x my annual income and my mortgage was never more than 35% of my take home pay. I’ve never suffered financially with that formula.

@ihave35cents95

5 ай бұрын

I did that in May

@ihave35cents95

5 ай бұрын

@@philipfrancis2728 in 1986 I had to move to the ghetto to get those percentages

@hvaball150

5 ай бұрын

If you make double the median salary today, you can find a house for under 3x in a metro under 1M people. So same deal today.

@SensSword

5 ай бұрын

I did 2x my annual income. That still enough for a home 4 years ago making less than 6 figures.

In Asheville NC, rents went up 78% from 2019 until today (Citizen Times reporting). From $799.00 a month to $1,428 a month. In a city that offers precious little in the way of jobs except for hotels, restaurants and entertainment. The most expensive place to live in North Carolina. No one can afford to live here any more.

@user-gr4ie5lu4e

5 ай бұрын

"To get ahead in life (make the most of it) you need to get the hell out of where you were born". Mark Twain

@georgedreher2322

5 ай бұрын

The worst thing you can ever do is move to a "tourist designated" area. EVERYTHING is More Expensive.

It is not the interest rate , but the cost of the house that matters to determine the ability to afford !

@wanda520

5 ай бұрын

Interest rates are important.

@user-gr4ie5lu4e

5 ай бұрын

It's both: 400K house @ 8% for 30 years, 20% down (no tax, ins, pmi) - payment = $2,350 same house @ 3.5%, same terms - payment = $1,450

I love how everyone is just ignoring that extra 200% jump in housing from 2020 thru 2022, and then the housing was back to the steady overinflated trend line we see today. Nothing matters until that ignored spike gets back to the "normal" trend line.

@LockedUpLarry

5 ай бұрын

Yes. The fed and the greedy are celebrating what they call a “soft landing!” Meaning, we got away with the covid run up-with no consequences.

@user-gr4ie5lu4e

5 ай бұрын

200% ???

@InsideLookingOut1

5 ай бұрын

​@@user-gr4ie5lu4e yes some areas are more. Its insane right now

@BruceLee-xn3nn

5 ай бұрын

Everyone that had house for sale or rental property knew Commifornians and damn Yankees were WILLINGLY paying over asking price.

@jonathanjacques7250

5 ай бұрын

Not happening

I've been told "the best time to buy was yesterday." But i am not going to spend 40-45% of my gross on mortgage.

@user-sd5ow2lz9o

5 ай бұрын

And then come the constant unexpected repair bills, and then the necessary remodeling bills to keep the house functioning properly as the world around us changes, and to have it be marketable if you ever want or need to sell it if you have lived there any length of time!

@dls951

4 ай бұрын

Good, I need renters

I have 650k in eqity on my paid off house. I would love to pursue building spec homes in central Florida, but the interest rates on a HELOC are not favorable for a 9 month build. Also keep in mind that although my house is paid off there is still a $900 per month liability just for property taxes and homeowners insurance . Add in food, auto insurance, pets, and two Millenial kids and you'll see that the best laid plan never will come to fruition until the time is right. Until then , I work,,,,,,

I bought my home in 2006. Now it’s wourth 1 million…. Not selling…. My taxes are only 400 bucks a month. !! When I sell and replace the same home !, I’m at 7k a month in taxes !! Have a good day !! 59. ! This dude is right !!

@MichaelBordenaro

5 ай бұрын

I don’t blame you I wouldn’t be selling ever if I was in that position

@user-is6wb9xn8o

5 ай бұрын

7K taxes per month? Are you living in Miami Shores or what? Come on.

My mother said your house payment should not be anymore than 1 week of pay.

@user-gr4ie5lu4e

5 ай бұрын

Things that were true or possible in the past rarely apply today.

@SensSword

5 ай бұрын

That's roughly 20 to 25% of your take home. Still a good rule.

@dls951

4 ай бұрын

good luck with that

Love your channel, Michael. GREAT advice. NEVER, should you ever, buy expecting the housing market to go your way. Wife and I are in our early 70s, with a paid off mortgage. Look at that, ZERO percent! We dance every day. Our oldest wants us to move near him (Tampa), but, for now, airplane tickets a few times a year are a LOT cheaper.

@dominickmasonry3878

5 ай бұрын

Hell ya!!!

@user-sd5ow2lz9o

5 ай бұрын

Unless you are one of the smart and lucky ones of thar generation that managed to amass a huge amount of retirement savings, selling your paid-for home almost anywhere only to buy a home in Florida, even to pay with all cash, could be financially devastating with our insurance costs crisis coupled with our rising property taxes, which will be rising continually to keep paying for all the needed repeat storm damage repairs to our state, county, and city infrastructures!!!

I’m sitting tight renting in Southern California paying off debt and saving up my down payment. Just got notice my landlord is increasing my rent $55 which keeps my rent well under market value for my area. Renting sucks but being a good tenant is going to pay off for me in the end. Never late. Took care of the place. By next year I’ll be debt free, down payment in hand, credit score over 800 and ready to buy. And my landlord has no idea I make 3 times what I made when I moved in. Good things come to those that wait (and use their heads)

@JohnDoe-np3zk

5 ай бұрын

Renting sucks? Wait till your payment is 2x rent.

@lilrosetattoo

5 ай бұрын

@@JohnDoe-np3zkyes it’s a waste of money that doesn’t gain equity. And I’m well prepared for my mortgage payment to be double what I pay but that’s assuming the market doesn’t crash between now and then and I anticipate it will.

@JohnDoe-np3zk

5 ай бұрын

​@@lilrosetattooit's a slow train wreck this time. Btw for the first 5 years of a 30 year mortgage the equity you gain will be a fraction of the equity lost when price tanks.

@lilrosetattoo

5 ай бұрын

@@JohnDoe-np3zkit was a slow train wreck last time too. 2008 to 2014. There’s never a perfect moment to buy and yes I’m well aware equity takes time. It’s also very location dependent. My market went up but not as egregiously as some areas but that doesn’t mean I’m going to wait another 5-7 years to by because I’m already seeing pretty significant price cuts.

I agree. I got a 500 bonus check two weeks ago for the amount of money brought to the job. It means buying a bit more food at the discount grocery and a throw rug at Ollie's outlet.

No one does the maths 6.5% compounded on $400,000 means $813,000 cost over the term of the loan.

@mistermonsieur2924

5 ай бұрын

Here in NJ I had two friends pay 50k over asking on nominal 400k homes and finance it all at 7%. They will be paying 950k - 1 million over their life for a 3 bedroom 1300 square ft house.

Mike in the late 80's I paid 40% of my income for houseing as the intrest rate was over 8%. Both my wife and I worked second jobs to make ends meat. I was always broke.

@MichaelBordenaro

5 ай бұрын

I hope a lot of people read your comment because it’s no fun to just work for the house

@BruceLee-xn3nn

5 ай бұрын

Been there, but to hear younger folks, they think we had it great back then.

@bethannwatson3692

5 ай бұрын

Your videos are so informative. I really enjoy the advice you give. I am living within my means. I'm not trying to keep up with the Jone's. If people don't stop spending money that they don't have, this country will be so miserable. I appreciate all your tips. Thanks.

@commonsense6967

5 ай бұрын

I actually had a 10.5% mortgage interest rate on a 15 year mortgage back in '89! We were quite stretched to make that payment, but I managed to pay it off 5 years early. (I'm still in the free-and-clear house today.)😊

@WeekendsOutsideFL

5 ай бұрын

@@BruceLee-xn3nnpeople had it great In the 1950s not the late 1980s

Rent is to damn high👍! Keep telling the truth! This has nothing to do with negativity but everything regarding the truth. Times are going to be very difficult & praying for all of our futures! Thank You MB for all you do!❤❤❤❤

@MichaelBordenaro

5 ай бұрын

My pleasure. Thank you so much for your support.

To go over 30% of your income in your home payment, you have to be certain of your income. It must be very predictable.

When figuring out the 30% ratio, use your net salary not your gross salary that way you will definitely know if you can afford it.

Your the very best & most honest and down to earth KZreadrs I’ve ran across . Thank you for your content , keep up the great work Michael !!!

@MichaelBordenaro

5 ай бұрын

Awesome! Thank you!

I know so many people who refinance they’ve home,bough Porsche,Rolex and now they have stress cause they don’t make enough for they’re new payments,why people do this to them salves?

I’d rather hear the truth, thank you for telling the truth!

Mike, you are doing a great job here!! Other people's negative comments and criticism is utter nonsense!

@MichaelBordenaro

5 ай бұрын

Really appreciate you saying that

Don’t even react to the fools that say you are doom and gloom. It’s plain common sense. Those are the ones who have nothing saved and the first ones waiting for a handout.

@MichaelBordenaro

5 ай бұрын

Yeah, I know just gets old hearing from these guys every day

Studies have been done about housing costs as a percentage of income. Above 26% dramatically increases homelessness. Go figure.

11:30 - solid advice, simple. But people want to keep up with the Joneses per se. Thankful my rent is only 19% of my income. Might move out of FL in Sept so my rent is only 10% and also drop my insurance rates.

@Staticprophecy

5 ай бұрын

@@Chowda41 well done sir!

After getting a degree in finance, seeing exactly how the mortgages, car loans, and basically most bank loans worked, I realized all the fraud, lies, greed, and deceit it's based on. No one can argue otherwise. No one.

@blakebean4160

5 ай бұрын

Same, I have dove deep into investing the last three years and a part of me wish I wouldn't have. I now know how systems are set up for a few to win. Greed runs the world and its really ugly

Telling people the potential “gloom and doom” is very helpful because it can help prevent them from falling into gloom and doom in real life. Truth hurts but false information hurts a lot more. I appreciate your cautionary messages which are often lacking when first time buyers get emotional and wishful thinking overcomes common sense.

@MichaelBordenaro

5 ай бұрын

I appreciate you saying that and I agree

@DAWN001

5 ай бұрын

I bought my first home in 2006 and the lesson learned has been quite helpful for all my subsequent purchases 😅 Wish I had someone who told me what you are saying here.

If you make a lot of money what's the point of dumping it all into a house payment. The whole point of making a lot of money is so you can do other things with money instead of just paying for your necessities like housing.

@MichaelBordenaro

5 ай бұрын

100%

I make $31.20 per hour in Lakeland,Florida and I don’t make no where near $75K or $120K!!!😳😳😳😳….especially when taxes & other deductions are taking out before I get my hard earned money in my checking & savings account!!!!!

The best thing I can do is give you a thumbs up out of respect for you telling the truth! Like all KZreadrs!😃

@MichaelBordenaro

5 ай бұрын

I appreciate the thumbs up and watching the video

I’ll wait forever if I have to. I’m a cash buyer and will not pay these prices! The properties I’m looking at are nice but worth half the price tag.

@georgedreher2322

5 ай бұрын

It appears a lot of the over-priced older homes listed online are nothing but updated interior "flips". Usually the kitchen, bathrooms, and flooring have been updated to look "modern". Without a thorough inspection, many plumbing & structural problems may not be evident. Buyer Beware !!

I’m officially adopting Michael! I trust him like family. I keep listening & holding off on selling/relocating in hopes the prices of homes greatly improves. All we want is to at least buy a home that’s as nice and/or equal value to what we already have. Sheesh. To get that we need at least $50-75k in addition to the sale of our house. It’s just too scary out there for a 70 yr old couple to take a chance just for a new location for retirement. Starting to appreciate that being located 4 hrs away from the Atlantic and gulf coast might not be so bad. We will continue to hope for the best.

There was an ad for "Americas home place" right before this. I was like "oh no". Save 1/4 to 1/3 of your paycheck every week. Pay for stuff outright. If you can't do that then you need to lower your standard of living. Not BS facts. Be ready for the bad stuff by cutting back.

@blissdad13

5 ай бұрын

KZread premium. Priceless.

I am definitely one that appreciates your advice. People are crazy buying a house now. I lucked out when I bought my house after Hurricane Katrina. I overpaid, but not by much and still live in that house today. Even with prices down a little my house still appraised for 160,000.00 more. So I have a little room.

Bummer, two people (couple) working full time only on average pull down 75k/year. day care costs plus car payment, income tax, what the heck is left to even rent a house with let alone buy one. Sad state of affairs..

@candelariaw1668

5 ай бұрын

Every couple don’t have small kids that go to daycare. Couples can do it. People just need to learn to live according to their income.

Michaels, your analyisis is always spot with whats actually happening on Main Street, keep knocking down those lies!

Michael, my family and I want to thank you for keeping it real. You are saying it as it is whether people like it or not. Most people that criticize you are the people that bought too much house, people in heavy bad debt and people that were lied to by a realtor/lender.

My first time commenting on your post. YOU ARE ABSOLUTELY CORRECT!

U r telling the truth. U have the guts to tell the truth. Lies are the way to trick the vulnerable people. Thanks.

I sold my house for 3 times what it was worth in November. I told my realtor that it wasn't worth this much, but if someone wanted to give it to me. Let's close. She said no one has ever said that to her, ever.

@BREEZYM6015

5 ай бұрын

Was there an appraisal done? If there was then the buyer should have been told what it was worth and paid that amount, not 3 times what it was worth. As a buyer you need to research the market where you want to buy and look at comparative values so you don't end up paying more like this buyer did. Why they would pay so much over the value of the home is beyond my comprehension.

@pristinedetailing5171

5 ай бұрын

@BREEZYM6015 Oh, there was an appraisal and it was approved but what they paid was not the fair market price, in my opinion.

@MichaelBordenaro

5 ай бұрын

That’s awesome good for you!

@pristinedetailing5171

5 ай бұрын

@MichaelBordenaro the best part about it was that it was my starter home for my family and I. I bought it as a GM for Domino's pizza. In fact, the same day I signed, I told my supervisor you have 2 weeks to find a replacement and opened my first small business. I've never looked back by the grace of God.

@pristinedetailing5171

5 ай бұрын

We decided to rent and stuck all the cash in a high yield savings account. This market will crash, and then we pounce on the cheap assets.

Please never stop telling us the truth … I don’t need to hear good news from you. Just facts bruh… 🎉 great video .

Michael, you tell the true realty about realty! if you sell your present house you still have to move into another one and your profit will go by by

@georgedreher2322

5 ай бұрын

At this particular time in history, it may better to just stay where you are and "hunker down".

I think you are onto it Mike. I have been offering a heads up to people for over 4 years. Now here in New Zealand these people are rolling over their debt as our mortgages are only for 6 months to 5 years. Most have 1 or 2 years. Now everyone is going from 3 to 6 to 8% they are coming back to me shocked! One mate leveraged 5 mortgages at 2.9% now he is trying to sell however prices are down 20% around here since our high Nov 22. His greed means he may lose it all and his beach house and big fishing boat he bought while rates were low.

I'm from Dade county. I love watching the background on your walks. Brings me back to my childhood walking around Miami with my Cuban family. They are all gone now. Bless you and I will keep enjoying your commentary and your beautiful city.

The insurance rates is what is killing me. I'm looking at a 250k house in SWFL. With 50k down and 800 credit, my mortgage and insurance will still be double than the current owner's mortgage (they bought in 2019). The insurance is probably why they are selling 😅

Watched a news video on the California insurance crisis, and an agent was saying that if you get a denial of coverage letter, you are receiving a 12% hair cut minimum on value of your home.

Every other ad on my Facebook feed is for paying off credit card debt with your home equity line of credit. Worst idea ever in so many ways!!! I never did that and always pay off credit cards in full.

Yes, right now is the best time to buy... for real estate agents!

Totally agree with you people want the answers without having to do any of the work for themselves that is totally wrong

Hi Mike. Another good video. Owning a home these days is just a dream for more and more people. Renting is becoming more and more of dream for many working people. Mix in the added expenses of people that get married, have kids or getting a divorce plus other debts, such as credit cards and student loans for degrees that are worthless these days. I don’t understand how the average working person makes it or doesn’t complain everyday. The country is in a big mess with so many ongoing problems. Inflation and the current liberal government’s many failed policies are hurting everybody. These days, it seems only the illegal immigrants get free housing. I’m planning to move overseas and live very cheaply when I fully retire at 65. By that point, the country will likely even be over anyway. Your gray hair is starting to show by the way. Take care buddy.

@candelariaw1668

5 ай бұрын

Stop leaning on your own understanding.

There are lots of bots/paid trolls out there, don’t let them get you down. I appreciate your honest insight and you strike me as the kind of guy who cares about what the politician does vs. being aligned with a political faction. Keep up the awesome work!

Hey Michael another great video >>> I live in CA near Los Angeles, retired Real Estate Agent after 35 years in the business > I agree with you, if you don't need to buy a house right now, stay in you current home...back in early 2008 I worked at Downey Savings as a REO asset manager working on over 25,000 Bank Owned Properties the bank had, it took over 5 years for the market to adjust, I believe we are looking at the same thing happening again...but this time will be much worst. We had been in our home for nearly 20 years now, with the total monthly nut with everything around $1,500 included HOA, taxes and insurance> we are staying put...thank you! A year ago a condo like ours sold for $600,000 WOW that's crazy, 2b/2b less < 1,000 sf. Today's price might be around $500,000 which is still crazy high. Save your money, pay off CC, put cash into a high interest account and hang on for the next 2 or 3 years.

@MichaelBordenaro

5 ай бұрын

I appreciate you backing me up as a long time industry veteran!

If property taxes are killing you in the US, then consider moving to Mexico, in Mexico property taxes almost never go above $200 a year, and that's for decent size homes guys, I'm talking 1800 to 2500 sqft homes here.

@marilynh5487

5 ай бұрын

You must❤ have citizenship to purchase in Mexico 🇲🇽. They do not sell property to non citizen

@user-gr4ie5lu4e

5 ай бұрын

If you can take your job with you, leave relatives behind and don't mind watching your back more than in US.

@BruceLee-xn3nn

5 ай бұрын

My wife is from Michocan. She inherited a nice house down there and taxes are only 1,200 pesos a year. Her brother recently finished his house in same area and it only cost him 10,000 dollars to build.

@hoppeanofasgard1365

5 ай бұрын

@@marilynh5487 That's not true at all, permanent residency is all that's required, and there's multiple ways to get that.

@hoppeanofasgard1365

5 ай бұрын

@@BruceLee-xn3nn Sounds about right, I know many people that have been able to have homes built for under 50k there. Just don't expect prices that low in expat havens like Puerto Vallarta and San Miguel de Allende. While you might get a discount compared to already built homes currently listed on the market of a similar size, the contractors know that you'll pay more as a gringo in those areas so typically charge triple of what they would in places where Americans don't go. Never the less, property is still much more affordable anywhere down there compared almost anywhere in the US, and property taxes are so dang low that it's a complete non issue.

I love your straight talk Michael. It’s up to us adults, to do what’s right for us. Much respect my friend!💯🫶🏾😀💜✝️🙏🏾🇺🇸

There are no $450k homes. Those homes have now doubled and tripled in price in my area since 2020. People are trapped renting $4k per month homes and unable to save without getting secondary income.

@user-gr4ie5lu4e

5 ай бұрын

Where do you live?

@time4peace726

5 ай бұрын

@@user-gr4ie5lu4e- California- you can’t get a 700 sq ft casita for less than 3k.. beyond outrageous. Rent vs owning- at least some write offs if you were fortunate to get something secured before 2019. Minimum wage went to 20.00/hr and us professionals didn’t go up 10.00 more an hour. Single people making 6K monthly income still can’t afford this crisis.

@BruceLee-xn3nn

5 ай бұрын

Commifornia doesn't count

Your house going up in value doesn’t make you rich. If you sell it you’ll just have to buy another over priced home. At best it would be a lateral move. If you’ve owned a home for 10-20 years and have seen the value of your home double or triple that just means you’re spending a lot less on mortgage relative to your income. It would be foolish to give that up if you don’t have to. And right now is neither the time to buy nor sell until the housing market becomes a bit more sane and normal. Right now it is not sane or normal. It’s as unstable as bitcoin right now.

@hvaball150

5 ай бұрын

Actually, an increased house value does provide wealth. Always has.

@nole8923

5 ай бұрын

@@hvaball150 Not unless you do a big downsize when you retire. In the current market if you sell your home and move into another without downsizing it’s just a lateral move at best unless you rent for a year or two after selling your home and your gamble pays off by the prices of homes collapsing or taking a serious dip. But that is a HUGE gamble that requires very accurate timing.

1:22 my household (wife, three children, and myself) income was $150k for 2023. I can attest that there is NOOOO way we could afford a $400k+ home. NOOOO WAY. So I don't know where these people are coming up with this crap.

Keep them coming ... your a very good soothsayer.

@michaelsyufy7733

5 ай бұрын

Rich and retired

@MichaelBordenaro

5 ай бұрын

Thanks, will do!

I bought house. Just the property tax is 800 a month. Forget about everything else

@user-gr4ie5lu4e

5 ай бұрын

Sounds like you are doing well...otherwise you wouldn't do it, right ?

@punjabiboy7798

5 ай бұрын

For now yeah. But what about after i retire??? . I doubt i wud be able to afford even after mortgage is paid off cause this property tax scam go up 2% every year.

@user-gr4ie5lu4e

5 ай бұрын

$9600 per year in taxes means you are in 650-750K range if not more; you can downsize when retired...@@punjabiboy7798

Michael, love your perspective on the market & you always nail it on finance.

Agree with your comment with comment about the housing market lies. Already have 400K in CD's and money market funds. Going to put another 200 thousand into another CD. Again I CAN buy a house. But I WILL NOT be screwed over by Greed.

@MichaelBordenaro

5 ай бұрын

Not only are you saving yourself from overpaying for a house but you’re making a nice income with those CDs

If you live in a house that you own clean and clear, stay there. Learn to do deal with it. Save yourself from possible problems selling to move. Especially older owners on fixed incomes. Too many BS’RS looking to fatten their wallets. Did I miss something in January? + jobs? The Fed I think will leave things alone. My father in law has a great financial planner who has everything set for us to take over and not blow. I really feel for this younger generation.

@JohnDoe-np3zk

5 ай бұрын

Good advice I have low property taxes here too.

I always appreciate your honesty. I always enjoy your content and your expertise, plus you help your viewers in so many ways. 😊

Your just being real. Good work. Keep it up. There is no middle class. Anymore. I agree with what u have been talking about. Cause where i live i see it.

Excellent content, and very good speaking clear and to the point.

@MichaelBordenaro

5 ай бұрын

Much appreciated!

My husband and I look forward each day to watching your videos. We can see on Zillow that inventory is increasing and prices are dropping, yet on our local news today realtors were guests and saying prices are going to go way up and interest down in 2024 so go buy now. We see the gaslighting by realtors and predictors and how the words don’t match the data. We are waiting on the sidelines to buy and love your encouragement which is backed by truth and data. Thank you so much!!!!

Thank you I appreciate you don’t stop sharing I’m listening.

Good on you Mike for telling folks about this , I learned these lessons buy watching my parents fall for the same scam in Australia buying a house and struggling when rates rocketed up.

Mike, you're not alone brother. No is the worst time to but.

Excellent work sir. Thank you.

Michael, enjoy your videos. Please focus on what I have been saying for quite a while now and that is the national crisis of exploding property taxes.

Keep it up. Enjoy listening to your talk. Boggles my mind how greedy people are with the flipping and the crazy prop taxes.

I bought at a good time and my interest rate is 3.65. Since then my income has gone up quite a bit. I've been almost doubling regular monthly payments and dropping whatever extra I have on my mortgage the past couple years. I'm about 13 years into a 30yr mortgage and I could realistically pay it off in the next 2 years. It's challenging but I don't really need a new car, fancy clothes etc.. I can get that stuff later when I have no house payment. Like an old E40 rap from a while back "don't buy an 85,000 car before you buy a house". . .

Thanks for keeping it real, Michael.

In my area, Atlanta, houses are still being listed at DOUBLE what they were just a few years ago. As far as I know, people's salaries haven't doubled in 2 years. There are people believing the lies and buying and becoming house poor. It's an absolute disaster waiting to happen. I thought prices would have decreased right now, but it takes time to get into financial ruin - which will happen to many - just a matter of time until massives amounts of foreclosures hit the market.

Real eyes realize real lies and who is the Father of lies? I hate serial liars!

Unless you absolutely need to purchase a home in 2024 do your best to hold off. I feel exactly like I did in 2007-2008 before the bottom dropped out.

@tobyk5149

5 ай бұрын

me too!

@Dohair879

5 ай бұрын

Agree, starting to actually see asking prices selling for less. Bring the comps down!

More than thirty percent if you are a millionaire sure why not because you can live on what is remaining. For everyone else down here forget it.

I came up with a personal gage for what I could afford for a house. I take the annual household income and double it, that’s what I can afford to pay for a house. In 93, my household income was about $37K. I bought a house for $63K. No problems. Taxes, insurance, cars, food, utilities were never a problem. Sold the house during a divorce. In 08, my household income was about $100K. I bought a house for $180K. No problems. House was paid off in 23. Don’t pretend you’re wealthier than you actually are. What’s the issue now? Rent and homes are EXTREMELY overpriced.

Keep it up Michael. Please don’t stop doing these. Good stuff.

The rent is too damn high!

@candeffect

5 ай бұрын

Renting is more affordable compared to owning.

Thanks for always sharing g your important information and knowledge with us, Michael!

Keep it up, Michael. Love the honesty!

@MichaelBordenaro

5 ай бұрын

Always!

I appreciate your knowledge and advice. Keep it coming Brother 😎

@MichaelBordenaro

5 ай бұрын

You got it!

19:21 agreed! Just found you and love the updates. Super helpful to think about and consider refining my financial strategy approach.

My Grandparents and Parents taught us that you buy a modest house and have it paid off by the time you retire. That is true wealth.

I hope & pray residential vacancies go up or increase significantly like commercial vacancies so the price gouging can end!!!!

@reesedaniel5835

5 ай бұрын

Only if Black Rock stops buying them all up. They want a corporate feudalism.

Thank you for your videos and your honesty. Amazing how Real Estate agents are preaching. I realize its their business. It is painful for most. Thank you for what you do!

Thank you to our host for this walking outdoor RE session. You are a realist and I follow your wise counsel

@MichaelBordenaro

5 ай бұрын

I appreciate that!

Excellent and informative video and that's why I subscribed and shared with others!