I'm in finance, due to deregulation in the banking industry...

Proof? I tried to get a mortgage recently and they wouldn't even talk to me because I only make 16k a year but have over 300k in my account.

At this rate I have to buy outright but I don't like that because I want some balance in my account as safety net.

Put half and you get a smaller loan. Wtf is so hard ?

What?

Which bank?

I have some data compiled In researching trends and shifts in the securities and bond markets..

I could be wrong and my data could be skewed, but if it's not, I'm setting myself up for the aftermath of a huge housing market crash.

If its right, then my company will continue to grow, so it's a win win for my company.

Please someone translate this intellectual lingo for me.

All of them

I too watched The Big Short while mommy brought me tendies. It was the best!

Crash is coming, I believe you.

I am saving my money 50% of my savings are in fiat, and 50% in crypto..

They wouldn't even respond back.

It would be life changing if I can get a mortgage off a bank statement alone. I'm in a weird housing situation right now because I don't even qualify to lease an apartment based on my income.

If you have 300k in an account that is sourced for at least the past 2 months (meaning you can show it's been there for at least 2 months or have a source for the original 300k), that 300k can be divided into 24 months and be used as income. What state are you in?

Va

That movie was pretty great.. and their warning about banks doing their same tricks again is more true than you think.

This is my first time using Veeky Forums. Not sure what's allowed and what isn't.
I'm not licensed in Virginia but I have friends that are..

Look to a broker in your area, do a web search for it.

Questions to ask a potential loan officer if they are paid on points or by units..

Loan officers paid on points usually will charge you a higher rate because they make more money off it, but the plus side is they will find a bank willing to get you keys..

Bankers paid on units don't really know what they're doing and are usually rookies in the business..

Most investors right now can do a purchase with a minimum credit score of 620 with only 5% down

I should add FHA only requires 3.5% as the down payment

architectmagazine.com/practice/house-approves-mortgage-choice-act_s
Just google the financial choice act

Does this mean I should sell my house now and buy a new one in a few years?

I've been actually thinking of selling my house since it has gone up 2x in the past 5 years.

Putting 50% into crypto, 15% into precious metals, 15% into bonds, and 20% cash.

What do you think financebro?

Nashville is overflowing with new housing. Luxury apartments are offering 3 months free rent just to get people to come in. No one can afford the 1200 a month.

Thx just bought 100 houses

I've encouraged a few close people to me who wanted to sell their house that this upcoming year would be the best time to sell with minimal risk.

I told them to rent something super cheap and when it crashes, take that capital and buy a few homes.

Showed a close friend how to do this the last time this happened, he first sold his previous home for a profit of 60k.. rented a home for dirt cheap, then when the market crashed he bought a home for 43k cash and that house is now worth 390k and has no Mortgage.

Not saying you'll do the same, and definitely not saying that past performance is indicative of future gains..

Just really wanted to share with Veeky Forums. I come here for laughs and great reads, and I wanted to share some of my expertise with you folks

I'm a real estate agent

I actually believe this is coming, but you could still buy a house anyway. The money/equity you'd save and build over 2 years would make it worth it before the crash anyway. It's just like HODLING

Then we'll probably just go to when 1/3 home transactions used seller financing in 2008.

I don't know much more outside of the financial industry.

Bonds are usually safe unless capital hill is burning..

I'm just buying more property when all this crashes.

I want each my kids to have 10 houses each that they collect rent off of..

I'm thinking the goal will happen by 2021.. could be wrong.. but if I'm not, they'll be taken care..

Is fha still doing pmi for the life of the loan? When I signed up it was until you had 20% equity so I did a shit load of renovations to raise the value and called to get an appraisal. They said naw bro you need 20% equity of the amount we loaned you... still owe them another 20 grand or so before they stop fucking me for 275 a month.

Thank you user. It's really useful information. We need more of that here.

Finally a thread that isn’t about crypto.
I’m about to graduate college and want to start investing but from what I’ve read and listened to (people connected to the Mises Indtitute, Peter Schiff’s podcast, etc) right now is a terrible time to put money into the market because of fed policy, the bond market, etc etc
What’s the best way to start investing in precious metals and oil with a small amount of money to start (~$1000)?
Thanks anons

Save up.. don't buy a Jag or a boat..

You're in the industry and you'll be surrounded by rich peers.

Keep yer head down, nose clean, and wait..

The worst thing that can happen with this advice is you'd have a huge bank account..

If you have around 1k to play with, make sure you're debt free before playing with it.

Make sure you have at least 6 months worth of bills set aside..

Then if you have play money after all that, I really don't know what could grow that.. i know the mortgage industry inside and out, but when it comes to investing I'm not that sharp on it.

I'm inclined to believe you OP, thanks for the info.

But do you really believe the same type of market crash will happen again? The government does get fucked by this are they really going to let this happen again? What can they do to stop it?

Also, friendly tip, when you're around here and don't want to be dismissed as an idiot, don't write with a space between every sentence.

This thread demonstrates the worst part about capitalism. Banks knowingly giving out loans to people who can't afford them. Anons scalping cheap houses and then selling them right before they know prices are gonna crash. It disgusts me how predatory the system all is, especially since I know it will just put more families into homelessness

>don't use Reddit spacing
>uses Reddit spacing

Whatever man. I just bought a house and it was incredibly difficult to get a loan. I have a 750 credit score and still had to put 20% down.

Unironically crypto, user.

ummm OP they patched that loophole in 2008

...

please tell me you didnt fall for this meme, user...

That would be so fucking clutch !!!

what do you mean? After 2008 banks cant issue fart without fed approval, that unless trump boys already voided obama singned consumer protections

Do you see this impacting the entire global econom? Specifically EU and Switzerland?

I'm not happy about this cycle, and I share this news with everyone I talk to. My friends and family are sick and tired of me talking about it.. But it's going to happen again. I'm able to sleep comfortable at night because I don't lie to my clients. I do the right thing and if someone is getting in over their head with a property or purchase, I tell them. I'd rather lose business than lie to someone. But people are short sighted wearing rose tinted glasses about the news.. No one wants to hear that the world is going to bleed them dry in a few years again. They want to hear about the new mid century modern credenza they're going to put in their home. I've told what I've been spouting on here today to every single client, they still move forward. It's scary.

House and stock bad, crypto good

Thanks, user. Nice thread

Hard to say.. so much of the global economy is tied to the us. I'm not a forecaster for stocks nor economies, but if I had to take an educated guess, I will say it will.

The curveball in all this is how much crypto plays into it..

good on you for having the integrity to tell hard truths. i did the same in my industry and the clients only want to hear that everything is roses. keep up the good fight. any thoughts on housing in canada?

which is why it's important to teach kids about the basics of investing, how to spot overvalued assets and etc.

If everyone become smarter and more sensible the market won't be as volatile

i know people who think properties "will only ever go uuuuuppp" so they buy it regardless of how overvalued their houses are, and then live like shit for years because of the debt

Trumps first day in office he said he will dismantle the cfpb or consumer financial protection bureau.. look into the mortgage choice act, look into the financial choice act.. they're headed back to their old ways and habits..

Situations like this wouldn’t happen if it weren’t for central banks causing an increase in malinvestment leading to an inevitable recession.
There is nothing evil or predatory about capitalism.

So what are some other indicators besides garbage credit scores being accepted for mortgages that would make you think we are heading for another housing crash? Not saying you are wrong, just want more numbers. Is wage growth and salary growth stagnant? Are mortgages being defaulted on at a larger percentage each quarter ? Homes losing value is more common than gaining value ? Increase in foreclosures ? Come on lay it on me OP. I’m one of your clients who wants to purchase a million dollar home. What do you tell me ?

Ohhhh oops in that case we fucked, wonder if FHO 3% loans will also be removed
>thanks Obama

You're welcome. I hope this info helps you plan accordingly.

That's because your banker made a killing off of you unfortunately..

Your banker may have misled you. 80% ltv usually means they were pushing conventional as the more profitable product due to the higher yield spread they got on you.

With a fico that high and if you have decent income, you would have been treated like royalty at most banks.. but some bankers scare ya and drag their feet because of their incompetence.

I'm just planning on finding a house with some boomers in it, dragging them out by their scalps and opening their throats like muslims do to goats at eid.

Seems fairer than paying these inflated prices and forcing me to deprive my children to line the cruise ship budget of a generation that shall have lethal injections instead of pensions if I have any say in it...

:3

Thanks, OP. Why 2021 in particular? Just an educated guess.

What's your commission?

Fbi your tip has been submitted.

Banks are taking riskier bets.

We have a strong economy and housing demands aren't being met by builders.

Large mortgage banks like Loan Depot and Quicken are quietly shifting their gears in the direction of builders because of it.

The start of massive mortgage defaults in my opinion will begin about 18 months after the fha maxmimum loan limit surpasses the average home price in the us.

My apologies, when the fha loan limit is surpassed by the average home price in the country, we will see a spike in mortgage defaults 18 months after that.

>10% drop
>"crash"

1.5%+VAT - includes service cleaning.

nigger we haven't even gone to the moon

By 2021 my linkstack have already payed off my house several times over

Pretty sure a 10% drop in most asset classes barring crypto would be a big deal to most with aftershocks

Then again what do I know

Banks are regulated asf now. Leverage is still insane though.

Other finance industries are toxic though. Look up matching adjustment and you'll see most of the insurance industry ain't even solvent under mark-to-market accounting.

Im sorry if I'm oversimplifying it..

But a big thing Id recommend is go back to news about mortgages before the last housing bubble.. compare trends and data to then.. it's like we learned nothing from the last housing crisis..

I'm building a house this year, lot is paid and I'm the contractor. I was planning on putting it on the market immediately and flipping into a better lot, and building, flipping again. How would you suggest I time this based in your predictions? I will have to rent if house sells until the next one is up, should I wait another three years or will my savings on cost of building leave me in a better position? Meaning I build second house pre crash, and ride it out. I will have significant equity and I will otherwise be renting anyway. Any thoughts appreciated. Also have substantial crypto investments waiting to mature.

Do not put 50% into crypto unless you like losing money. That would not be smart. Better off putting it into CDs. Put 10% into government bonds and if you want to play with that 50% put it in the S&P index. I'd stay away from precious metals right now too. Way too volatile.

Look into the Financial choice act as well as the Mortgage choice act..

These are two things being pushed through congress without a peep from news sources..

But they're dismantling the cfpb in sections.. we will see bad loans and unethical business practices from them again.

>2021
off by about 2 years

we did late 70s

Hard to time that.. it's a competitive market for flips...

You will get a return if you sell within the next year depending on market conditions.. what city are you in? Say if it's SAN Antonio, Google "housing market in San Antonio" and read up on what the trends are showing.. that's what I would do in your situation.

I'm a Brit. But Basel III is really screwing banks over atm. They can't really lend too much. Can't comment on specific American laws.

Capital requirements should be higher though. 80% debt to equity should be the max.

The FHA 3% loans were the problem, so hopefully they do get rid of them. If you can't afford 10% down, you probably shouldn't be buying a home and should save up some more before you do.

no limits just don't make people angry

I'm all about Indexes, but the stock market is in a bubble as well. The only thing artificially keeping it afloat is the recent tax plan.

my apologies, I should've stated it better, but it will be about 18 months from 2021 where it will be pretty bad on Wall Street.. but the true start of defaults will begin in 2021 in my opinion..

What's the best way to personally weather an economic crash

shouldn't you be selling 100 houses

RE runs pretty close to a 18-year cycle anyways so 2022 (2021+18mo) is getting close enough for that to be realistic.

I don't believe we're anywhere near a home crash because adjustable rate mortgages aren't really a major thing anymore

FUCK YOU
WAT DOES THIS CREEPY IDIOT SAY??
DOESNT EVEN NOW HOW BLOCKCHAIN TECHNOLOGY WORKS MAYBE YOU SHOULD LEARN WHAT A BITCOIN IS BEFORE YOU OPEN YOU STUPID MOUTH
BANKS IS SCARED AND CRYPTO WILL BE WORTH MILLIONS IN 2019
IDIOT YOU NOW NOTHING !!!!

Hope so this stuff dulls household formation and causes social tension - need some forest fire to clear out the dead wood - far too much rent-seeking and extraction, not enough productive stuff happens.

>These are two things being pushed through congress without a peep from news sources..

The financial system's creaking now though so how unsupervised do you think this dismantling of the cfpb sections might be?

I mean it's not like they're not aware this was precisely the problem last time - you think it's just diffusion of responsibility / they're all paid for short-term stuff prior to their jobs as consultants and don't care...?

where you based nigga?

Don't really know much about the housing market in Canada, but I will say when you start hearing about a huge influx of Canadian investors purchasing property in the us, expect a crash to happen a year or two after that.

The truth is were at the point where it's been about 7 years since the foreclosures in 2009-12 started. By the end of 2018-2019 everyone who qualifies for a home loan will already have gotten one. This is really the end of the line of the housing bubble were currently in. Rates are rising quickly and buyers will be pushed out of the market.

Go to any major city and try getting a decent house to raise a family for under 500K. Pro tip you can't. When the prime rate rises to 4-5% houses won't be able to sustain the levels they are at now.

I wish you could see my inbox from wholesale banks marketing to me regarding ARMs and other non traditional products. Even their non QM products are being pushed hard by the account executives.

I currently have a wholesale bank I use that is pushing a 10/1 libor ARM with a rate that's 2 points lower than any 30 year mortgage.

The flood is coming in my opinion.

Mountain destination town, market pretty solid, downturns very late to get here, feeling fairly confident. Actually shopped my loan to a couple banks, some offers were pretty unbelievable, I'm feeling same as you, we're getting close to top.

Go to bankrate.com right now, most are pushing close to 5% on 30 years

In the US. I'm licensed in 6 states. CA, AZ, NM, OR, TX and WA.

Adjustable Rate Mortgages should be straight up outlawed. It's basically like a payday loan for your house.

>tfw also nashville bro
>tfw also in real estate dev
it is fucked lmao, they are also built like shit, and our mayor is a cunt for the goddamn sidewalk initiative