>Make 95k a year >Only 12k in bank because I live in the city and don't want to live in the ghetto >Go to buy a house >Cheapest in the area is a run down piece of shit for 250k >1023sq ft >Told I will need 30k for a minimum down payment and all the closing cost
What the fuck happened to the housing market? My mother bought a piece of shit house in 2002 for 101k and it's been ruined due to neglect and the appraiser is pricing it at 220k.
Why is the housing market such unbelievable shit majority of houses are not even selling unless it's a mega corp or "investors" looking to buy more apartments yet no one puts down reasonable pricing anymore.
>Large corporation borrows and pools together funds to buy up housing near the city >People have no choice because they have jobs >Large corporation sends lobbyists to city/county to fight for increased regulation >New builders have trouble getting into the market >Riskless gains for the corporation >RIET ends up with yields of 2-4%, which is 25-50X earnings, effectively giving the investors massive ROI
Adam Richardson
>| >|> >| >|3
Jack Perry
People in the most expensive parts of Manhattan pay upwards of $80,000+ a month for commercial retail space. A good sized retail space for your average sized store in Soho just sold for $150 million to a hedge fund!. And they say fucking crypto is a bubble? Lol please
Joseph Allen
You are literally me. Down to the dollar figures.
Ian Edwards
Because everyone is either in section 8 housing or has no problem getting a loan and paying a mortgage. We know a couple in their 20s with debt on 4 credit cards, 2 kids, and they just bought a $300k house. It'll be a domino effect when this tech startup bubble bursts. Bunch of jobs will be lost, they'll all default on their loans, bubble will burst, and hopefully you'll be in a position to buy 5 houses user. Hopefully.
Samuel Hernandez
I wonder Would taking out a loan for the closing costs of a decent place be advisable if the combined mortgage + loan would be lower than what I am paying now in rent or is there some way that that would bite me in the ass?
Benjamin Wood
You think you have it bad? I live in capital of east european country, in one of better districts. And i pay for my 65sq m (700sq ft) apartment about as much as I would have for same size apartment in Shinjuku/Shibuya area. With the difference being we earn around 6/7 times less than Japanese do.
Jayden Phillips
>find a 250K mansion-like house an hour away from the city >buy it >don't be a pussy and be able to endure an hour drive going to work and an hour drive going back home
Eli Thompson
Borrowing the down payment will likely show up in the credit check used to qualify for the mortgage. It might work and it might not. Good luck.
