Rentcucks

Why do you still rent?

do you hate money or something?

bought my house 7 months ago and got almost 100k in equity now

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???

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What amount of equity did you have when you bought?

I'm in real estate. I own my home. I own 3 rentals. We are in a massive bubble.

Interest rates are going to fuck the market hard. Tap that equity now or watch it evaporate in 6 months.

anons who do not own: If the FED continues to raise rates then house prices are going to tank. Don't buy shit in 2018 unless you hate money.

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why would they tank? if interest rates go up it'll dampen demand but i don't see how that would cause people to sell.

People won't be able to sell because people won't be able to afford the mortgages.

400k at 3.25% is more affordable than 400k at 5.25%. Wages are not growing fast enough to cover the difference in payments dwindling down the qualified buyer pool.

I'm already seeing this. Used to have houses hit the market on Friday and in escrow on Sunday. Now they sit for months before being pulled or selling at a massive discount.,

Am in Los Angeles.

More sellers than buyers brings the price down. Especially when people in bubble areas see the trend moving and want to cash out and can't, then they compete for buyers.

but if you have a interest rate at 3.25%, you've built up a few years in equity already. if you increase the amortization period you will end up paying the same amount monthly for your mortgage. you won't be forced to sell, you'll simply extend the amortization period.

Not time to buy a house until after the boomers die and housing crashes.

that doesn't imply a crash at all, that means that demand will dampen due to the increased cost of borrowing with interest rates, hardly a 'crash'

>400k for a house
when did everything go so wrong
>1950's
>minimum wage was 2k a year, full time hours
>average brand NEW house was 8-9k
>you could work a min wage job and have a brand new house PAID off in a couple of years

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I can't tell if you're trolling or an actual retard.

People who have 3.25% don't have to sell. I have 3.25% I don't have to sell. OP doesn't have to sell. But that doesn't mean that values are not going to decrease.

Higher rates cause lower values. Lower rates inflated values. It's that fucking simple.

>average wage is 50k now
>houses are 300-400k

what changed?

>average wage
go reread what wage I wrote

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I think I'll wait for another housing market collapse

Guess what. The prices will go even higher in the long run, no matter if there is another crash. As long as the fiat is getting devalued over time and there isn't a random genocide all over the world, then the demand will only growth.

400k is probably the normal amount of Mortgage in tertiary markets in California. I bought my house in west LA in 2016 for 1.2M. Average run of the mill house that I've since had to do upgrades on. My house sold in the 90's at 1/3 the price I paid.

how does that going to 'fuck the market hard' if there are simply less buyers due to a few percentage points in raised interest rate? and how will raised interest rates cause house prices to 'tank'? by your assertion?

unless there's something more to the market i don't getting, rising interest rates only exerts downward pressure on prices but will not cause the market to implode as you suggest. because as i stated, as long as there is no rush to sell the market will trudge along.

Do you not remember 2008? What happened then?

70% of the US economy is dependent on consumer spending.

I have a mortgage business. 95% of my business is people taking cashout to pay down credit cards and buy garbage. What happens when they can't tap that equity anymore?

Inflation is outpacing wage growth. The piggy bank that is home equity evaporates. Guess what happens next.

b-but the jews

so your entire argument is 'we are in a bubble like last time'? for no other reason then using 2008 as a rationale and a personal anecdote?

yeah we're done here. good day sir.

The FEDs are prepping for a collapse. They've killed the FHA and the VA home loan programs that allow for as little at 0%-3.5%. It's almost like they're afraid that the market is no longer going up and that they'll see people with no skin in the game walking away from properties that are worth less that what is owed on them.

The next 12 months will be very interesting in every market.

It is always a good time to buy. Paying on a mortgage will always be better than pissing your money away on rent.

Retard confirmed. I thought you might have been a troll but you're an actual retard. Pic related.

What do you do for a living? Do you work in real estate? If not then shut the fuck up and listen, IDIOT.

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i'm sure your credentials carry you very far on this Mongolian finger painting board. though i'm not the kind of person that believes everything on the internet random people say, i'm sure you'll find some other person that will drink your kool-aid.

i say good day sir.

>start renting brand new place
>have money in crypto and stocks with return far greater than tying my money up in a mortgage would net me
>if something goes wrong it isn't my problem
>after 2-3 years move out and start renting another brand new place

enjoy your crusty 50 year old fix me upper investment property

Go buy a house, seriously. Buy today. It's never been a better time to get in the market. Hurry up before it's too late!

minimum wage is something that only commies want, get the fuck out of here tyrone

>As long as the fiat is getting devalued over time
Therefore crypto instead of house amiright bruh

200k-300k is probably the norm, still insane comparing to how it was, even adjusted for inflation.

Reading comprehension: 0

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Holy shit is this a parody of millenials

can't wait to watch boomers get phucked when the market crashes :) feels good man