Why I Regret Paying Cash for My House: kzread.info/dash/bejne/ea5-s6qiY9qaoLg.html

@markritacco270

Ай бұрын

Liquidity is king. Unless you can pay off your mortgage in full don't prepay. Invest and build that investment to the point where you could pay off the mortgage in full if you choose to. You never know when an unexpected expense could (and will) fall on you. Having that liquid investment will make life so much easier than sitting on a bunch of home equity. Just my thought.

I'm 63, retired woman who lives by myself. I own a 2 bed, 2 bath condo paid in full. It's perfect for me. I can't manage yardwork, or snow and ice removal anymore so having property management handle all of that is wonderful. All of the roofs were recently replaced with the cost coming out of the cash reserve fund. My monthly cost for HOA fee, property taxes, water and sewer, and insurance is right at $650 (monthly). Very affordable and I am pretty low income. I live in a safe, well managed complex with wonderful neighbors. The landscaping is lush and beautiful. It's quiet and well maintained. Probably not for everyone, but perfect for me!

@BillySBC

Ай бұрын

I guess, until new ownership decides differently. HOA's have pretty much harmed a whole lot of people in America, if it's somehow working out for you then that's a good thing but it's not apparently the norm.

@UNDERDOG18UNDERDOG18

Ай бұрын

I hate HOAs, but if you’re happy, well done!

@stevethomas5209

Ай бұрын

As a non HOA home owner at least I'm in control of how my money is spent and budgeted. If the landscaper is not doing a good job I simply get bids from other landscapers. How do I know if the landscaper in an HOA isn't the cousin of someone sitting on the board of the HOA for example? And I guarantee you it doesn't cost me $650. a month to maintain my home although I do budget more than that just incase the roof caves in and the money is in an intrest bearing account not just shoveled of to an HOA every month.

@maryroberts2118

Ай бұрын

@@stevethomas5209 I don't pay $650 a month to "maintain my home". As I stated, that $650 a month includes my property taxes, condo insurance, water and sewer, and HOA fee. The actual HOA fee is $215 a month. For that $215 a month I get landscaping, snow and ice removal, weekly trash pick-up, master condo insurance, all exterior maintenance, replacing roofs, cleaning of all building common areas, etc. So far, I have no complaints about any of the services. And, I don't have to find them, hire them, fire them etc. Look, I'm not here to argue about HOA's. Mine is great and works well for me, for what I need. I understand that many people don't care for them and that's OK too. To each their own.

Owning a small home is the way to go for me. You still have a home to live in and it’s much cheaper to run it (bills, maintenance, furniture etc..)

@Ukisgreat

Ай бұрын

Me the same

@Ukisgreat

Ай бұрын

positive. We have to live safe csn always buy a smaller home

Own my house outright.Yearly taxes 400.00, insurance 1000.00 So grateful!!

@whyjustwhy2168

Ай бұрын

Where do u live wow

@BillySBC

Ай бұрын

How are you posting to the internet from the year 1951 ?

@laurab9518

Ай бұрын

What state at least?

@missdesireindependance5194

Ай бұрын

What state?

@UNDERDOG18UNDERDOG18

Ай бұрын

Us too, but IL property taxes are high. Ours are about $50 / sq ft, in DuPage County, so 2000 sf house = $10,000 property tax, 3000 sf house = $15,000.

I paid off my home 20 years ago! I recommend creating a budget & living to it. Pay your self first! Learn the deference between a want and a need. I bought my first home in 1987.

@whyjustwhy2168

Ай бұрын

Do you still pay for homeowners insurance

@Utah_Mike

Ай бұрын

@@whyjustwhy2168 home owners insurance is cheap ($1000/yr), compared to loosing $800k home. Purchased in 2005 for $390k.

@whyjustwhy2168

Ай бұрын

@@Utah_Mike ok makes sense. Mine is "cheap" too but is like I don't want to give them a dime lol

I bought a fixer upper. Have 4 children in a 3 bdm home. Small but large yard so the kids have lots of room. Paid off and saving so much money. Don't you think buying another home would be cheaper then building your house as services are not cheap to put in.

@JM.5387

Ай бұрын

I think they plan to stay off grid, and to do much of the labor themselves. I agree that if someone wants to hire contractors and hook up to utilities, building a house on raw land may be more expensive than buying a small "used" house.

There are taxes and maintenance are applicable everywhere in the world. But owning a home is better than renting . With inflation everything goes up. That is why dont buy the most expensive house you can afford. Make sure you are able to save apart from paying your mortgage. Aim to settle your mortgage earlier rather than later.

13 years ago my husband and I bought our small (860 sq. ft. plus bsmt) house with the cash from the sale of our previous two homes. Best thing we ever did! We're in our 60's now, our taxes are just $1800 a year, we can afford repairs and surprise non-home-related expenses and retirement will not be a burden.

@markritacco270

Ай бұрын

👏🏻👏🏻

Owning a home paid off is still cheaper than rent. Way cheaper.

@rachelday9585

Ай бұрын

100% for sure!!

@blessedbygod3430

Ай бұрын

💯 AGREE!!!

@lgee9027

Ай бұрын

Agree 💯💯💯💯

@stevenc6705

Ай бұрын

Depends. But for most real estate home is a suckers bet. Today you’re competing with Wall Street investors in home ownership for profit and flipping. So if you’re owning a mortgage when half your neighborhood is corporate owned you’re screwed.

@raisingwildflowers

Ай бұрын

There are other options besides owning a single family home or renting.

My grandparents paid $147/month to live in the house they owned, and my dad pays around $200/month to live in his house that he owns. They both had/have a few acres. Way way way cheaper than rent. I pay $500/month to live in my home, with a mortgage and that's with property taxes and insurance as well. That's less than 1/3 of what it would cost to rent a similar size apartment with no yard or garage. We haven't seen homeowners' insurance really increase around where I live. Homeownership is 100000% worth it for the savings, especially for us as a super low-income family. Yes, you have to pay for/fix things yourselves but that's still WAY cheaper than what I'd pay in rent. We can't afford to rent.

I own my home outright and do not regret it one bit

@BillySBC

Ай бұрын

No sir, no you do not, you do not own your home outright... not at all, because you see those property taxes represent a PERMANENT LEIN on that property, and you will pay them at whatever rate of increase the government decides, or you sir will find out just exactly WHO the real owner is, and it won't be YOU.

@jamescares9003

Ай бұрын

@@BillySBC semantics, at 2700 a year for insurance and taxes and a nest egg of 700k in cash and investments I'm ok. Having a house paid off for peace of mind was worth it.

@BillySBC

Ай бұрын

@@jamescares9003 Really? Have something happen and you can't pay the tax man and your peace of mind is going to be elsewhere. Additionally, having the ability to be screwed doesn't mean you should be. But hey, you're exactly what the younger generation can't stand... one of the "Looking Out For Number One" people of the Boomer Generation, you got yours and you don't give a single f--k about anyone else or the younger ones. It's not about you, it's about the entire situation in general and how it affects quality of life in the country as a whole. I myself am in your situation, but I'm not insular about about, I realize we are f--king up the country with this greed.

@jamescares9003

Ай бұрын

@@BillySBC you do know you are still paying the tax man with a mortgage right? and I'm not a boomer

@BillySBC

Ай бұрын

@@jamescares9003 Yes, so you do know that a Deed holder (notice I didn't say "Owner" because you're not, but that's another discussion) that you are still a Renter right? Yes James... YOU are a renter... and for as long as you are the Deed Holder to that property you will be a renter with no say as to what your rent is. Understand that, because whether you can easily afford the taxes or not it's still a form of RENT because if you don't pay it then out you go Jimmy... Still feel like you "own" something now?

It's honestly sad that such a basic need like shelter is becoming seemingly impossible for alot of people. I think everyone deserves at least some form of shelter. Even rentable houses are through the roof. I've noticed an alarming number of houses that look run down and need alot of work done to them and yet the asking price is like $150,000+ which to me is way more than it should be. Heck I've seen single wide trailers going for $300,000 lol.

@joculp-yq3qh

Ай бұрын

Mobile Homes especially in a coastal town.

@BillySBC

Ай бұрын

We are becoming India.

@lindc1070

Ай бұрын

People make bad decisions sometimes which leads them to not being able to afford a roof over their heads, or lose it.

@donaldlyons17

24 күн бұрын

@@lindc1070 You do know people have to make enough money to afford a roof over their heads right? You know how I know? I lived with 3 others who collectively could not pay $400 a month for rent, utilities, and internet access..... And just think that would have only been about $135 each or so AT MOST!!!!! So no their is a math to what people are gong to be able to do....

@lindc1070

24 күн бұрын

@@donaldlyons17 there are ways to make enough to afford a roof over our heads. Barring medical situations or disability which sometimes makes it impossible, I believe there are always ways. Side hustles + living under means+ making a wise property purchase has worked for most.

If you own a home, be sure to file for homestead exemption. That not only reduces the taxes you pay, in some states, like Florida, limits the increase in the tax base to no more than 3% per year.

@kenyonbissett3512

Ай бұрын

Excellent advice!

I own my house and I am so thankful!!!! Paying rent is way more than taxes and ins. I keep my bills to a minimum and work part-time and enjoy life

@BillySBC

Ай бұрын

BUT... a renter can get out of their lease in many ways, you can get out of your obligation to the government in only one way.

@lgee9027

Ай бұрын

@@BillySBC I would have to work full time to pay rent every month, and I work at a school. Im off 3 months

@BillySBC

Ай бұрын

@@lgee9027 The Tax Man cares not how many months you're off, he wants... or I should say DEMANDS his paycheck. Don't be late. Don't make them come looking for you.

@lgee9027

Ай бұрын

@@BillySBC the Rent man too🤷🏽‍♀️🤷🏽‍♀️🤷🏽‍♀️

@BillySBC

Ай бұрын

@@lgee9027 The rent man don't have the muscle that the government does. Better you should owe money to Carlo Gambino or John Gotti than to owe it to the Tax Department.

I am a 63 year old widow. My house is paid off but my property taxes and insurance are over $11,000.00 a year. Fortunately I rent out my basement apartment to help offset the cost.

@zcorpalpha2462

Ай бұрын

Where are you ? 😂

@pamcornelius9122

Ай бұрын

@@zcorpalpha2462The Atlanta area.

@Michelle_Emm

Ай бұрын

Holy Moly! I thought my council rates, which include my water, sewer and rubbish collection, were expensive at $3,600 per year. My home and contents insurance is $1000. Australia doesn't sound quite so expensive now. Lol

@luisareyes340

Ай бұрын

My house is all pay off, but my taxes are over $14,000 per year.

@JoeSmith-pu9hi

Ай бұрын

Downsize?

Mobile County, Alabama offers a property tax exemption based on several things. Age, income, or disability.

@BillySBC

Ай бұрын

Yeah but then you're in Alabama.

@rachelday9585

Ай бұрын

Lots of states do actually!

@lovingsunshine3515

Ай бұрын

There are also several states that offer property tax exemption for military who have a 100% P&T disability VA rating after they got out or retired. My husband is a retiree with that rating and we’ll be filing for ours.

I only have 26,000 left on my mortgage, I will be completely debt-free by age 50, I will only have menial bills taxes and insurance. Split that with my husband we will only have to come up with $400 each a month, did you hear that guys I only need $400 a month to live after age 50! That is because I started to purchase a house 17 years ago, best decision I have ever made in my entire life! Taxes in Kentucky on my property are only $1,200 a year!! Insurance is only $100 4 homeowners, only $100 in insurance for both cars!! I'm glad I listened to my gut, it's always right! After 65 you can get a homestead exemption for your property taxes and they will be even less!!

Paying off your home leaves you a lot more to be able to take care of your taxes, and insurance.

I am glad you stressed the importance of homeowner's insurance. Ten years ago my next door neighbors abandoned their house. It was set on fire and collapsed onto my home. All I had been able to get was "fair plan" insurance, but it paid off my mortgage. Two years ago tree roots from a city planted tree grew into and collapsed the sewer pipe of my new home. To replace a 10' section of pipe in my front yard, add a cleanout plug, and clean/sanitize my basement was 20k! (Fortunately I had both water backup and service line added to my policy. I still got stuck paying $8100. ) There were years I didn't have homeowner's insurance. I will never risk that again!

@UNDERDOG18UNDERDOG18

Ай бұрын

We are keeping our insurance despite not being required to have it. Why wouldn’t you insure your most valuable asset? Actually, retirement accounts are our biggest asset, but our home is our biggest tangible asset.

.moving oit of Florida was a smart move. Salaries do not keep up with inflation 🌻

Missouri is the only state I know of that ends property taxes for elderly home owners. We are in Ohio , in the home of the motorized bar stool. Property taxes are outrageous and keep climbing with Intel, Microsoft and Amazon all moved who, by the way, do NOT pay taxes. They got a 10 some of them 30 year tax break. We heat primarily with wood and housing insurance is hard to find because of it. It just shocks me that we rebelled against a two percent tax on tea yet here we are.

@markritacco270

Ай бұрын

🎯👏🏻👏🏻

@kenyonbissett3512

Ай бұрын

Maryland- People over 65 and low income can get most of their taxes back. 100% disabled veterans any age property tax exempt. Even renters can apply if requirements are met up to $1,000.

@BillySBC

Ай бұрын

A US Passport is still just $165 bucks... might want to consider it because this country is toast.

@kenyonbissett3512

Ай бұрын

@@BillySBC I’ve been hearing that for 40+ years.

@BillySBC

Ай бұрын

@@kenyonbissett3512 Psst! We just had a President who was a reality show host... the dude has 90 felony counts against him and might be going to jail next week... Get out of this burning building while you can.

People need to understand, when you go to Closing on a home and you sign the paperwork you are entering into a binding agreement with the government, you are basically saying that you will pay all of the government's bills and you agree to whatever increase in those bills the government deems necessary every year in it's budget. You are also entering into a government agreement regarding zoning laws, building codes, noise ordinances, mineral rights, water rights, easements, ect... ect...ect... You are not just "buying the land" you are buying every other legal and financial relationship associated with that land.

@markritacco270

Ай бұрын

I agree with what you are stating, but the truth is that the government will steal the land under National Eminent Domain Power. All they need to do is pick any stupid pet project they deem worthy to them and BAM...you lost your property, pennies on the dollar.

@dh6984

Ай бұрын

yeah, that's pretty much the same deal as when we are all born. We're unknowingly agreeing to be tax slaves for the rest of our lives. If you're male you're agreeing to be potentially drafted. Getting a license you're agreeing to purchase insurance, obey traffic laws, etc.

@markritacco270

Ай бұрын

@@dh6984 If you are an elitist or just ultra rich OR a POLITICIAN, you are ABOVE the law. It totally sickens me to my core. The 'leaders' are just ramming lies and war down the people's throats, on behalf of the richest 1%.

@BillySBC

Ай бұрын

@@dh6984 True, but you're volunteering to do it when you sign those papers at Closing.

@MickSupper

19 күн бұрын

Government is violence.

We bought our home in 2022 and so glad that we did. We are in Florida and rents here are insane.

We downsized to a smaller 2 bedroom 25 years ago. Paid off 15 years ago. Property taxes are currently $250/month. Retired 11 years ago. Downsizing allowed us to save more . Budgeting and financial planning are great tools to have or pay for. My vegetable garden is almost all of my front yard.

Owning a home is not the same as free housing, this is true. But even with taxes, insurance, utilities and maintenance increasing with inflation, we would not be able to rent a comparable home for what we're currently paying, all in. Remember that your landlord's taxes, insurance and maintenance are also subject to inflation, and those costs get passed on to you. Home ownership locks in at least a portion of your housing cost.

You are absolutely correct! I don’t miss your single vlog

Pennsylvania has both tax and rent rebates for folks 65+ depending on your income.

Very good video. If you expenses exceed your income....lots of grief. If your income comfortably exceeds your expenses...less stress and can save for the future.

I bought a house 21 years ago paid it off in 14 years even with installing a new roof central air and air conditioning what I pay for utilities and real estate tax and homeowners insurance I'm ahead over paying rent. I'll stay right where I am

Great info. More people need to talk about this stuff.

Just a quick fun fact, not all states require home owners insurance if the home is paid for. In NC, we plan to build our home paying out of pocket on our paid for land (10 acres). Once it is built, there will be no home owners insurance. We will self insure. We don't have any natural diasters, it's not in a flood zone. Weather-wise, it's pretty boring. If a hurricane hits, we are so far inland that we only see fallen tree branches tops. Leaky pipes can be turned off, fires can be avoided, and emergency funds cover unexpected fixes needed. The only bill we will have is the taxes. Which will go up once we put an improvement (the house) on it. We would rather save the next 7 to 8 years and have a paid for home than to get into a mortgage and fight everything trying to pay it off early. Save so much on realtor fees, bank fees, and lawyer fees, and INTEREST! We have great credit, but have decided to be a debt free family. We don't consider credit cards or loans. We budget and save and utilize a high-yield savings (which is safer than playing in the stock market).

@JM.5387

Ай бұрын

Home fires are the #1 disaster nationwide. See Red Cross stats.

Thank you so so much for this video 🙏

@raisingwildflowers

Ай бұрын

😊

Yes it's worth it but you need to buy a fixer upper. A shell of a house away from others so you can build onto it without permits. Make sure you are in a state like Calif which limits property tax rates increasing. Luv your channel!

@BillySBC

Ай бұрын

You build without permits and you're going to have a hell of a time selling it when the time comes. No closing attorney is going to accept that, they'll make you legalize every last thing you've done, which will either be impossible or very costly.

You’re half right. If things go down I go down. Corporate owned can sustain with access to deep pockets. It’s a home to raise my kids more than an investment. I’m there long term. They only want money.

Much of this depends on where you live - not all of this is good advice. People need to do research. It is still relatively cheap where I live.

Property tax and homeowners insurance is so minimal compared to the other housing expenses. That’s not where most peoples’ problem lies.

Very informative! All good items to consider when you're purchasing a home.

Good advice to go small. Real estate agents want to max out your budget and earn a higher commission. You should be secure even if your pay is cut in half.

@rachelday9585

Ай бұрын

I've never experienced a real estate agent wanting anyone to max out their budget. If that's your real estate agent, then you need a new one. Right now, I have a real estate agent looking for what I think is a needle in a haystack, but he thinks it's very doable.

@nt6719

Ай бұрын

When I moved cross country 5 years ago I was moving from a 1300 square foot house and not bringing any furniture because buying different furniture(mostly used) would be significantly cheaper. I wanted a smaller house and found one that was acceptable (about 1000 square feet). My agent and I looked for even smaller but I couldn't find one that would have worked. She was for me buying a smaller house. She never tried to talk me into spending more.

I’m 18 months from paying it off. Yes there are property taxes, insurance, as a retired handyman of 35 years. I’m not worried.

I believe in owning your home free and clear. My trash pickup is covered by my property tax which is about $700 per year. Where I lived before my trash pickup was about $45 per month. If you take that into account I'm paying about $160 a year for property tax. Yes, there can be a lot of expenses with owning a home but as long as you don't borrow against your equity you will eventually get it paid off. I agree with a smaller and cheaper home. It's less to repair, less to pay taxes and insurance on, and less to pay utilities on. I think it's wise to find out if the city/county/state has any zoning changes in the works for the home you're looking to buy. Try to talk with potential neighbors and see what they know about the area and what it's like to live on that street and/or in that area. Also look around. Does this look like an area that may be desirable for the town/city to repurpose in the next 15-20 years? I also believe in learning how to do basic home repairs. Can you unclog a toilet or sink? Can you paint the walls? Can you tighten a hinge or a knob on a cabinet? Can you tighten a hinge on a door? Can you change a lock? Can you stop a toilet from running?Can you mow your yard and service the mower yourself? Do you know how to change the batteries in your thermostat, smoke detectors, etc? If you don't know how to do these things look at youtube videos on how to do them. Once you own the home free and clear you will still have maintenance/repairs and property taxes. At that point homeowners insurance is probably optional but in my opinion it's wise to keep it as long as the company has a reputation of paying their claims. If you've kept your property maintained and you add up the cost of maintenance/repairs, property taxes, and homeowners insurance over any 5 year time frame it will probably be substantially less than what you would have paid in rent over that 5 years for a similar rental space. We paid cash for a house that had been poorly maintained almost 5 years ago. We had a major unexpected repair to the sewer line that was $19,500 2 1/2 years in. That came out of our pocket because our home was too old to get any major water/sewer line coverage on. The minimal coverage we could have gotten didn't make sense. We've done some other things to it too. Last year we replaced a very sagging gutter. We've also painted the front of the house and the inside of the house. We've done some floor repair and some miscellaneous internal repairs. We've replaced a thermostat. This year we've spent about $1700 on venting piping in the attic. We're looking at taking care of about $7k in deferred maintenance later this year. Only about $2500 of that has to be spent this year. Our house is paid for but even spending $9k on it this year plus the expenses we've had over the last almost 5 years we are still below renting a similar space by about 50%.

@markritacco270

Ай бұрын

US government plans to unlock 850 billion in homeowners equity. This is going to enslave the plebs even more because the consumerism spending spree is going to SKYROCKET just like the government wants to do and continue to post fictitious numbers to make them look good.

Wow thanks for the reality check. Life is hard but reality helps cushion the blow of life 🏡🌹

You have made a very wise decision

So difficult to buy a house in Ireland prices are outrageous it is very disheartening for people

Thanks for talking about this! I only learned about this from watching KZreadrs who have paid off homes 🤦‍♀️

The other thing is that owning your home provides stability. Yes, you have to pay taxes & insurance but your home won't be sold under you because your landlord died. You won't be evicted because your kids were running in the hallways. Also, all the zoning issues she's mentioning? Those also apply to renters. Everyone I know who rented ended up being screwed. The next door neighbor lived in the house since the 1960s on a month to month lease and her landlord died. She had sixty days to move and she was surprised at how expensive rents were. Buy something smaller than you can afford, but please buy.

I live in California...high desert southern Calif...property taxes $2100 per year.. my house was built in 1956...hubby passed away October of 2022 at 68 from brain cancer, thinking of selling but so much to consider.😔

@ragdollpreppers2648

Ай бұрын

I’m so sorry for your loss🙏❤️

@esteeb42

Ай бұрын

Wanted to add.. I'm really happy that where I live they decided to include trash in our homeowners insurance. There are areas where people would not pay their trash and still put it by the street and it wouldn't get picked up. Now because it's included in property taxes it has to be paid and all the trash is picked up.

I bought a townhome in an HOA and they're pretty chill regarding the rules. I keep to myself and don't get bothered.

I wish you all the best in life!

Buying a home has risks just like any other investments

There's cheap houses for sale in Kentucky.

@kenyonbissett3512

Ай бұрын

Taxes and insurance?

@BillySBC

Ай бұрын

Yeah but it's Kentucky.

@JamesBighouse-ek1bt

Ай бұрын

​@@kenyonbissett3512,low property taxes, and no insurance required by law.

@kenyonbissett3512

Ай бұрын

@@JamesBighouse-ek1bt where in Kentucky are the cheap houses? What condition? How much land? Well and septic?

@JamesBighouse-ek1bt

Ай бұрын

​@@kenyonbissett3512,search on real estate sites , Zillow, Redfin, etc...

Interesting video ; we are all still living in a feudal system . But at least when you own property you are not making somebody rich with your hard earned cash.

Always enjoy your helpful and informative videos. I’m surprised home insurance is so expensive. I live in upstate N.Y. which is known for having high taxes and I only pay 74.00 a month.

Owning your own home is still worth it to those of us who are debt free. I like getting by as cheap as possible. A double wide on a couple acres and a truck I bought new 18 years ago is all I need. The new home and new car prices certainly aren’t worth it in today’s market.

I dont believe a low income person like myself is not a good idea financially living on a pensiin i prefer to keep renting the government rental i live on

We own free and clear. It’s a relief. Obviously, we still pay taxes, insurance, repairs. It’s way cheaper than renting. Renters pay property taxes, by the way. My grand parents, great-grandparents, great-great-grandparents all owned apartment buildings. You best believe the tenants covered property taxes, insurance and the mortgage. Thank you for renting! It has been lucrative.

@nt6719

Ай бұрын

Yes.

Some places are out of reach Florida, California, Hawaii are examples. I live in Arizona and it’s not bad here.

When you a senior you LOCK in your property tax rate. There is a lot to learn still - some good advice but also some poor advice.

@raisingwildflowers

Ай бұрын

This is only available in a few states.

@markritacco270

Ай бұрын

That must be state-specific. My income is below the Federal poverty line, and I never received a penny from the government that I didn’t earn. I have no mortgage or debt, just get a small SS and I pay fixed expenses and prop/school/local taxes that increase each year.

@esteeb42

Ай бұрын

In California if you are low income you can get property taxes deferred until you pass and then they take in from the equity in your home.

We bought in 2022 and our mortgage is still cheaper than rental for the same size of a house. We’re hoping to pay it off in 4 years now that we have four incomes coming in.

It seems many out here are jealous of your lifestyle and living in fear what will happen to them if life becomes difficult! You should live your life as best suits you. I love this kind of life- simple living and a life without unnecessary stress and drama!

@raisingwildflowers

Ай бұрын

Thank you so much!

I was married 2000.2009 we became debt free. 2017 she wanted to spend the saved I didn't. She stole all the money in retirement and we sold the paid for home. I had to restart my life with $25K. It's a slum in a decent town. Trying to get things done with the city and permits is more $ than I expected so I live less than I should. My bills are

I own my home and i am glad i do. Yes i pay taxes and insurance and do have upkeep of it. But i think its worth it. You can sell your home with a lean on it. You would have to pay the lean when you sell or the buyer can take on the lean( the buyer would be crazy to do but people do it). Hoa's can be good and bad

People owning outright is extremely rare. Most own a mortgage and property taxes and HOA and keeping it fixed, up to date, maintained. It’s such a ball and chain. Never attach yourself and your life to people, places or things. It’s a misery. Most of you will suffer along the way and never pay it off. Plus we are currently in an inflation bubble and a crash is coming.

@jimhanratty9543

Ай бұрын

Such gloom and doom. I'm just buying more Nivdia, and Google

Also, electric, water, cable costs rise all the time. The electric costs are outrageous

At least in the US homes are still affordable, the average house price in Auckland NZ over one million - average salary $54000 😂

@raisingwildflowers

Ай бұрын

Yeah, I am definitely not able to move to NZ 😅 Although it does look beautiful and pretty amazing.

@lindc1070

Ай бұрын

You wont find a 3 bedroom condo for 1 million in Singapore whereas a landed on 3000sqft of land will cost upwards of 5 million. Auckland is beautiful, I especially like the North Shore area. But elsewhere in NZ there are cheaper houses, just not many jobs. Same in the US , price varies depending on location.

@esteeb42

Ай бұрын

Are wages higher there?

You are absolutely correct, I totally AGREE with each point you have made. Being able to see things is a curse as well as an awakening because usually you/we are often not believed and mocked. I hope for your continued success.

It is important to be educated about home ownership. Talk to people. Research the pitfalls and benefits of an area. Educate yourself on personal and property taxes and tax incentives. This goes for all aspects of life. Homeownership is not for everyone. Renting is not for everyone. Example - my state, you make $50k and under your children go to college tuition free. Don’t take a job for $50,001 if you want your children to go to college tuition free. Before buying do your due diligence. What lifestyle do you want? What are your financial goals? What are your skills? What is your age/health, how will pay for and care for your home?

@ragdollpreppers2648

Ай бұрын

What state are you in ?

Dude, you both get a full time job, and you can afford a home. Plain and simple 0:42

@lindc1070

Ай бұрын

Exactly . Easier to just get a good education, good job and earn enough to live comfortably, buy at least a modest home. Even with a simple job this is possible.

@Shobyw

Ай бұрын

What makes you think they did not consider it?

@Beth_Agnes_Casey

Ай бұрын

@@Shobyw cause she stated multiple times they do not work and working full time isn’t worth it to them 🙄

@lindawilson8434

Ай бұрын

Yes I agree get jobs I coukd neither be with someone that did not have a job

@Shobyw

Ай бұрын

I think they realized that they would not be able to survive on jobs to meet their expenses and they opted for this lifestyle. It’s their life and they should live it as they want. I don’t think they need your advice on what they should be doing!

Also look at different states that have lower taxes & Insurance. I live in NJ 63 Retired house on 1 acre is paid off Taxes are 11K Home Insurance 1200 Auto Insurance 1100. Looking around at some states where you can get 10 acres and taxes under 1000 per year.

@markritacco270

Ай бұрын

After his re-election near-defeat in 2021, New Jersey Gov. Phil Murphy promised no new taxes. Last week he broke that promise by signing legislation that evades the state’s cap on higher property taxes. The cap limited annual increases to 2%, and it was one of the few protections for Garden State taxpayers against the voracious tax-and-spend demands of the public unions who run Trenton and dictate to Mr. Murphy. Certain school districts will now be able to raise the local property tax by up to 9.9%.

@user-pv8ij6id5n

Ай бұрын

Moved from NJ TO SC taxes $1100 per year.

@markritacco270

Ай бұрын

@@user-pv8ij6id5n Good move...and as a bonus you have much better weather with shorter winters

Monthly taxes and insurance would be about 500 to 1000 a month plus hoa if you have that. That is for a very small modest, old home. Then you have repairs and maintenance costs which trust me add up like crazy. So $1,000 to 1,500 for a small paid off house which is crazy and that’s if it’s paid off. That is a crazy high amount. I’m renting a 1 bedroom apartment in my area for $1,500 a month. With my 2 kids because houses seem ridiculous high. But they only love me 1/2 time and we have lots of parks and things to do in our area. I don’t feel bad living in a 1 bedroom. 2 bedroom apartments are over $2,000 a month. Rents going up yearly. I’m ready to travel and live in my car. All my bills would be insurance, gas and cell phone.

I Find it interesting that we think we own our homes when they're paid off. But we have to keep paying taxes on our property, and if we don't, the government will seize our home. So you never really own on your home!

Property tax applies to vehicles in some states too. I bought my car in full in a separate state and the state I currently live in STILL charges me yearly property tax!!

@markritacco270

Ай бұрын

Aren't you GLAD that ALL of the thieving from you, you are getting so MANY outstanding benefits????

@donaldlyons17

15 күн бұрын

Yeah well it is a property tax so most things of value are included in those taxes... Did you not know how that works? Otherwise why talk bad about the taxes? But to be fair I have never lived anywhere taxes on poverty did not exist so for me the idea of not paying a tax based on percentage seems impossible.

I would say this question is contingent on where in the country you are buying the home

When she says the government, she does not specify that this is not the federal government. This is your state or county government. The people who provide your roads, your schools, your fire & emergency services.

Real estate is way overpriced right now, if you want to buy wait until the bubble pops and buy a foreclosure.

@HeavensDeuxBetsy

Ай бұрын

That's what she did the first time. Watch her old videos. She brags about using the FHA /renovation loan to buy a foreclosure property while only making $20,000. Then she has more videos on how to create wealth by owning a home. She bought her house for $85,000 in 2011 and sold it for $240,000 in 2020. There's nothing "poor" about this woman. She used the system to become wealthy and now is bitching about how the system keeps people poor. WTF?

@raisingwildflowers

Ай бұрын

You left out the part about me renovating the entire home over the 10-year period I owned it 😉 Kinda important and the reason there was so much equity in the house.

@HeavensDeuxBetsy

Ай бұрын

@@raisingwildflowers Girl you know what you're doing! Nothing like creating wealth through selling your real estate investment when the market is high!

@MegaKg9

Ай бұрын

That's called a live un flip

@lindawilson8434

Ай бұрын

I agree withnyou I think she knows the system Also gets free health care while people go to work everyday and can barely afford it​@@HeavensDeuxBetsy

If you’re over 35, don’t bother buying. It’s a terrible investment and it’s not anywhere as stable investment as it used to be. There’s a lot of instability ahead and you will lose. We live in a time where being detached from financial commitments is prime to peaceful existence.

What you're saying....If you're thinking of buying property/a house....do some serious research without rose-colored glasses...it's a jungle out there...don't get screwed

@BillySBC

Ай бұрын

No you will get screwed, it's just a matter of how much you will get screwed. Once you sign that Deed at Closing the government owns you... you WILL pay their taxes and comply with all their zoning laws, and building codes, and noise ordinances, and mineral rights legislation, and water rights rules and regulations, and many many more things, or you will find out who the real owner is.

I have my mortgage. But it's locked in, and I'm paying less than renters now.

5:12 doubt this is the case in California.. people literally buy land to halt public projects..

Nobody ever actually owns their home free and clear after you get done all those years of pain of mortgage you still have property tax if you're still paying on it do you actually own it

"You cannot get away from paying property taxes." Veterans in most states will disagree.

@raisingwildflowers

Ай бұрын

Disabled vets who are totally and permanently disabled don’t have to pay property taxes in 11 states, with restrictions. Not sure that counts since they have paid a price much higher than the value of their property taxes could ever be.

@CliffInvests

Ай бұрын

@@raisingwildflowers P&T is not totally disabling, in fact most veterans still maintain employment with that rating. Its a complicated system that would lead someone to think that a person at 100% cannot leave their house, but in reallity it is just a combination of service connected issues thrown into a formula. I can only speak for Florida where you only need to be 10% disabled to qualify for property tax exemption. That is most people leaving any branch of service. 10% is easy as claiming seasonal allergies.

@CliffInvests

Ай бұрын

@@raisingwildflowers Also, this isn't a knock at what you're saying in the video because I understand where you are coming from. I'm just saying there are ways around property taxes.

And I live in nyc everything a million dollars

@lindc1070

Ай бұрын

In Singapore you.cant even find a decent 3 bed condo for a million😂 My 2 bedroom condo is 2 million being fairly new and in a good location.

@UNDERDOG18UNDERDOG18

Ай бұрын

It’s a jungle out there. That said, this was all very predictable. COVID happened. Money was printed and widely distributed. Asset prices inflated for many reasons- supply chain, greed, low unemployment, money printing. As always, money was ultimately pushed upward into the hands of (usually older) asset holders. We are 52 and 63, and have greatly increased our net worth since COVID. My elderly father has apparently profited even more because he had more to start with. Envision an upward funnel. It’s the Matthew Effect. Meanwhile, Gen Z is struggling for traction while paying $2000 per mo to rent a little apartment or townhouse if they’re lucky. When we rented 30 years ago, we paid about $550 per month for 1 bdr apartment. I only made $6 / hr back then. It has always been tough for the young. Spouse made much more, fortunately. Can’t remember how much, maybe $40 / hr? Ended career at $86.60 / hr. I finished college and found more lucrative employment soon after. Paid off my loan. Incidentally, spouse dropped out of high school around 15-16. He found a niche in commercial construction trades / union.

3400 up 600 bucks

Once corporations own most of the properties, you are their property. They will regulate everything about you, including your speech - or else. They can cancel you.

I own 6 houses in the Midwest. And one county, I own 3 houses. My total property taxes are $284 for all 3 houses. And that's all I pay. I'm not required to pay for trash or other user fees. This is a very large country with lots of opportunities. And what you're saying is not true and very discouraging. For most people that don't understand the facts. I can beg 200 or $300 a year and pay my property taxes and grow a little something on the land of each house.Or rent two out and live in one and b o k so this is not a doomsday solution to pay rent for the rest of someone's life let's be honest

@raisingwildflowers

Ай бұрын

I didn’t say rent was the best answer only solution. I said people need to be aware of these costs so they can make a strategic plan, have a good emergency savings, and not buy at the top of their budget.

You can't sell your rent receipt

If you build a tiny house on your land can you avoid taxes. On that thin?😊 like if younhave 10 acres who would know if it out of sight

@markritacco270

Ай бұрын

It is state-specific, but where I live in PA, property taxes are fairly high just on land, nevertheless the building structure. So you can have/live in a tent on the ground and still owe property taxes.

@keithwisdom1663

Ай бұрын

@@markritacco270 👍

If a homeowner has defaulted on credit card debt, has a major unreimbursed medical expense, or a judgment is taken against the homeowner, the creditor can put a lien on the home.

@CassieDavis613

Ай бұрын

that depends on the state law

@ashleybosvik3031

Ай бұрын

This is true but nothing will come of it if you don't sell your home

@UNDERDOG18UNDERDOG18

Ай бұрын

Credit card debt is normally considered unsecured debt. Other situations depend on state laws. Many states have laws that shield houses from creditors up to a certain amount.

@nt6719

Ай бұрын

A creditor can garnish wages and social security also which tends to be a faster way for them to get their money.

NOT if you buy a home with Allodial Title!

madness madness at its peak.

Elderly sd not rent unless wealthy because they cd put up rent or sell 😊

Own or rent?🤔

@UNDERDOG18UNDERDOG18

Ай бұрын

Own. Why pay off someone else’s mortgage?

@UNDERDOG18UNDERDOG18

Ай бұрын

Many Americans have ancestors that left Europe because they were tired of living on other people’s land.

@rachelday9585

Ай бұрын

Own 1000%, even paying property taxes and homeowners insurance (you should have renters insurance if you rent), paying for your own repairs, ect, it's still WAY cheaper than renting.

In next 6/12 months all your critics will come to you to seek advice what and how they should do about living frugally!

Homes are way way inflated and overpriced currently. No one should be buying houses right now. A crash is coming like 2008

What a Debbie downer. We have owned our home for several years now and the burden it removes from your life is WONDERFUL. Yes yes yes I know I have to pay taxes. But we live in Georgia and things have not gone crazy here like in other parts of the country. The younger generation thinks this is the first time it has been hard to buy a home. There was a time when interest rates were 17%. Yes the homes were lower in price but so were the wages. But people still bought homes, like my parents did.

There’s no such thing as home ownership here.

I’m sooooo with you I rather invest and rent btw you rock!!!!!!!!!!

@UNDERDOG18UNDERDOG18

Ай бұрын

Why can’t you invest and buy? That was our choice. Now we have a paid off home, investments worth much more than our home, treasuries, pensions too, and social security eligible. God bless America! This is the greatest country on Earth! This also dissipates risks. It’s good to own across asset classes, property and stocks, for example.

In NV, assessed taxable value is based on the year the house was built and cannot increase more than 3%/yr for owner occupied homes. You must file an owner occupant affidavit. My property taxes on my charming 1942 bungalow with good bones are $770/yr, and no HOA. I think these older homes are built better than the new homes they are slapping up. My insurance is $600/yr.

We’re currently in a looming housing bubble that’s going to crash as boomers die off. Or it will rupture soon with higher unemployment

@markritacco270

Ай бұрын

Believe it or not, we are in the "good times". Things are going to get MUCH worse. The government will NEVER let up on high taxes, high inflation, lying about the state of their financial well-being, and will NOT allow the housing price to fall because that means they will get a lower tax base.

I love our HOA. Keeps our neighborhood into turning into a slum as some others have.

@BillySBC

Ай бұрын

Until the HOA decides that you're the problem, or it decides that $1200 a month isn't enough for the HOA and you need to pay more.

@UNDERDOG18UNDERDOG18

Ай бұрын

@@BillySBC I don’t want a HOA, too political.

@maryroberts2118

Ай бұрын

@@BillySBC My monthly fee is $215 and I feel like I get a LOT for that. I have only had one small increase in the 6 years I have lived here The rules where I am are very reasonable. It's really helpful to seniors like me to have all exterior maintenance taken care of. Not all HOA's are evil, but I get it isn't for everyone!

@BillySBC

Ай бұрын

@@maryroberts2118 You're missing the point, you are paying for a Police Agency to control your neighborhood, including you. I wouldn't give 10 cents to that, I'd pay $215 a month to prevent it.

@maryroberts2118

Ай бұрын

@@BillySBC LOL...OK...

It's sad what's going on, people who work there hold life to pay off the home , but! to be pushed out because property taxes and home own in insurance.. corruption

@donaldlyons17

15 күн бұрын

what you mean they bought knowing the consequences. That is like me never buying and yet not realizing I will never have a cheap place to live because... Conditions matter but I understand I will never not be able to stoop working because cost will rise over time on average and that has to be ok because thee is no alternative.