Comments by "Daniel Bradford" (@Falconlibrary) on "Real Estate Mindset" channel.

  1. Ramsey is a Boomer and they tend to have very bad advice for Millennials and Gen-Z, who live in a very different economy.
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  2. When a seller is demanding three times what they paid for a house three years ago, I wanna hear them squeal like a piggie.
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  3. Why do you "love" Dave? He folds his arms across his chest and barks at people. He's a millionaire Boomer who is totally removed from reality and doesn't even hide his contempt for struggling young people. Not very "lovable" in my view.
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  4. You can pull the data from county tax records, although some counties don't make it available. If so, request it from the seller. If they refuse to provide it, move on, you're dealing with scumbags.
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  5. Daisy, I've seen houses that sellers bought 2-3 years ago listed at 2x-3x the original purchase price, then they cut the price 10%. Let's do the math: 2019: Bought house for $100,000 2022: Listed house for $200,000 After 90 days on the market, cut the price to $180,000 And people are still buying. You can't fix stupid, because giving someone an 80% profit on a house is just that: stupid.
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  6. I have two bank accounts in different banks, in different states, so that if my funds get locked up in one, the odds are I'll have access to the other. Banks are getting very nervous, though--just withdrawing a few hundred dollars now means undergoing interrogation: what do you want this money for? Did someone influence you to take this money out? Yeah, that's not suspicious at all.
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  7. I'm seeing price cuts of 5%-10% for houses that are priced 200%-300% more than they sold for in 2018-19. Example: $210,000 house Reduced to $199,000 Seller bought it for $89,000 in 2019, has made no significant improvements (foundation, roof, plumbing, electrical) but painted everything gray, just like Chip and Joanna Gaines said they should. So I'm supposed to feel lucky that I get a house that's 223% higher than it was 2.5 years ago why? Nice little profit for the flippers, but I don't see how we can get sellers to cut prices by 50% absent a very long and very deep recession on the scale fo 2008-2012. Because I refuse to pay more than $99,000 for a house that was $89,000 2.5 years ago--and that's 11% more than the seller paid for it, annualized increase of 4.4%, which is generous. They might break even on the deal or a lose a bit of money. Not my problem that they gambled on selling at the height of the biggest speculative bubble in history and their timing was bad. Ponzi schemes always burn somebody. It's not going to be me.
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  8. So do the opposite and you'll be fine.
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  9. You deployed parachutes at just the right time. If you wait one to two years--one at a minimum--you'll be able to get a good bargain.
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  10.  @LyingMedia  I predicted a housing crash in 2003--I didn't know exactly when it would happen, but I knew that the price increases were unsustainable. Five years later, I was right. And yeah, it takes a long time. Housing crashes happen slowly, and then all at once.
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  11. Actually, they're buying, not selling, increasing the size of their portfolios as prices are reduced. Once they get an even greater control of housing, rents and resale prices are going to be so high they'll make us nostalgic for 2021, when houses only went up 20% a year and rents 40%. I asked a landlord how people could afford higher and higher rents. His answer? "We used to qualify people on rent being no more than 30% of gross income, now we go as high as 60%." Doesn't leave money for much else, but people don't want to be homeless. I was homeless for a year, and you do NOT want to be on the streets. It's worse than anything you can imagine. You become an un-person with no rights.
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  12.  @capitalmoving10  May be something to that, because the county records go to a great deal of trouble to hide the buyers' identities. I was an IRS agent when I was younger and one of the eye openers I got on the job is how prevalent and overlapping the "legitimate" business world is with money laundering and the underground economy. Even when we caught people doing this, they had the money and connections to stay out of jail and to pay a negotiated settlement of about 10% of what they laundered, so just mark that off as the cost of doing business. And now you know why I quit the IRS.
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  13. I wish a collapse in housing prices was coming, because I'd love to buy a house of my own, but it's not going to happen. Here's why: 1. All-cash investors are going to scoop up any and all decent houses. Quick closing, no contingency issues with financing, they'll even pay over asking. The investors can afford to rent out a house at a loss or sit on a vacant property for years before showing a profit from it. 2. There are millions of houses--the estimate is 16 million but it may be as many as 40 million--vacant in the US. They're deliberately being held off-market to create an artificial shortage. The institutions doing this have literally bet trillions in maintaining that shortage indefinitely, and they sure as hell aren't going to let inflation, recession, or even another Great Depression screw with their business model. The economics of institutional investors who can tap cash reserves of hundred of billions is beyond the comprehension of most of us, and the normal "supply and demand" rules do not apply. 3. If the federal government sees any big investors in trouble, they will rush to bail them out with as much money as it takes. These investors literally can't lose. They cut our elected representatives in on the deal (Nancy Pelosi's husband Paul is a huge player in real estate speculation, to take one prominent example) and in turn, our representatives make sure that they and their patrons' interests are protected. Feel free to argue with me. I wish that none of the above was true, but I can't ignore the evidence in front of me.\ tldr; we're all doomed
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  14. 50%
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  15. They're listening to Dave "I Own Millions in Real Estate" Ramsey.
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  16. I don't have any special insights nor will I make any predictions. Just an observation and some questions. I've been looking at houses in a rural area of Missouri (between Springfield and Branson). The houses sold for $40,000-$60,000 in 2019. The same houses, without improvements or remodeling, are now listed at $120,000-$200,000 (3x-4x the purchase price of three years ago). The houses are still selling at these inflated prices, and selling slightly above listing price. So were they vastly undervalued in 2019, or vastly overvalued now? There are no good-paying jobs in that area. A "good job" would be $10-$12 an hour. The realtors tell me that the primary purchasers of these houses are all-cash investors. They also tell me that the investors are not renting out the houses, but are keeping them vacant, and local meth-heads breaking into the vacant houses is a major problem in the area, so much so that after the houses are sold, they're being boarded up to make entry more difficult (and that is blighting neighborhoods). Since this has reduced the available houses for sale/rent, rents are skyrocketing in the area. I don't see the end game for this, really. Buying a house and just letting it sit there must have some purpose, else why do it? To drive up rents for other properties (seems like a rather expensive way to do that). Laundering money? Some sort of tax reduction strategy? Where does this lead?
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  17. I wasn't aware rocks dropped slightly and then suspended themselves a little bit below the point where you dropped them. I'm going to try this with some rocks later today and get back to you.
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  18. I remember when the Titanic had a course correction.
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  19.  @realestatemindset  You're expressing a hope not based on evidence. A lot of people are in denial that the real estate market is 100% rigged by people with more money than God. I get that. It's not an easy thing to accept.
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  20. Their loan rates aren't consumer, they're wholesale. They've got trillions in cash reserves (yes, trillions) and access to money at virtually zero percent.
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  21. Interesting video. Just for fun, I searched for news clips and articles from business channels/business publications in early 2008, a few months before the economic crisis hit. According to all of those news programs and publications, the economy had a few "adjustments" to make but the future was looking better and better, nothing to worry about. Fast forward to now, same message. So either these people are idiots or liars. Either way, why listen to them? This is America, son. And somebody's always selling something to somebody. And facts get in the way of a good sales presentation.
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  22. It's not a crash that will benefit anybody except large institutional investors. They'll scoop up properties en masse at fire sale prices and then turn around and rent or re-sell them with a 200% ROI. Saw this before in the 2008-2012 housing market. Different year, same scam. The Fed's in on it: pump and dump they call it.
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  23.  @realestatemindset  LOL that's a bot that posts that comment verbatim on every single real estate Youtube channel and then tries to sell the services of a financial adviser. Of course it has more likes that those of real people combined. Gotta love the internet.
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  24. Buyer's agents and seller's agents work for one person: themselves. Most will say or do anything to get a commission and they work together to keep prices high. I've worked with a lot of realtors over the years. Most haven't impressed me with their ethics.
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  25. Someone will get your house when you die. Or are you one of the immortal Boomers who will never get old and never die?
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  26. ZILLOW AS A KILLER ASTEROID HURTLES TOWARDS COLLISION WITH EARTH: Now is the time to buy! Motivated sellers!
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  27. Dave's hoarding cash so he can buy houses when the market bottoms out. He's not a fool, unlike many of his followers.
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  28.  @44door22  The houses are scattered and there doesn't appear to be consolidation, but that's a thought. Thing is, population density in this area is low and there's no real incentive to develop the area.
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  29. Because our president is a goddamned handsome man, that's why.
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  30. Decreased from what? A price that's double or triple what the seller paid for it a few years ago? I'm from Kansas originally and I look at listings where my mom lives and that's what I'm seeing. Prices aren't decreasing enough to compensate for higher interest rates and houses are still double or triple what they were pre-pandemic.
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  31. If housing prices don't correct 50% at least, we'll just start the whole nonsense all over again.
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  32. Btw, a million Americans died during the pandemic, which you figure would reduce pressure for apartments and houses. Nope. Which is further evidence that the real estate shortages have been engineered. It's an artificial shortage and there's trillions of dollars (and the government and the Fed) are part of it.
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  33.  @bladerunna2022  Thanks. The truth is a bitter medicine but that's how I see it.
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  34.  @dsdddsd4543we  You're talking like they're not taxpayer-subsidized businesses. They literally cannot fail. They have access to a bottomless supply of free money from their corrupt bought-and-paid-for congressmen. People who talk about these investors as if they're ordinary profit-and-loss enterprises aren't seeing the Big Picture.
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  35.  @realestatemindset  Let's lay some money on who's right, give it six months? A year? Are you a sporting man?
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  36. So what happens when you can't qualify for a rental because your income isn't high enough? And that happens to millions and millions of people? What then?
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  37. Having a bad day?
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  38. You're going to be a landlord? And rent to who? The people who don't have jobs?
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  39.  @realestatemindset  No, it's not. The big investors have an ocean of cash to prop themselves up and when that runs out, their "friends" in Congress will throw another trillion or two their way. You can't win a rigged game.
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