Comments by "Crime Stoppers" (@crimestoppers1877) on "Housing Market; WORSE THAN YOU THINK" video.

@SB-tc2jr Before the last big bubble I was renting from a slumlord. The slumlord owned a large RE office and a construction company. He was also the Mayor. He lost most of his properties to foreclosures and lawsuits. In California it is legal for property owners with tenants to keep the rent money and not pay the mortgage companies or property taxes. They write the laws rules and policies for all of us. In my opinion, this is just like stealing. But I am not a "sophisticated" lawyer or politician. The mayor/RE Office owner, Construction company President and owner never went to prison because he died before he could be charged. Therefor he is "innocent". For 12 years my rent money went directly to him. He lost many of his over 60 properties to foreclosures and court auctions. Too bad so sad. I saved as much as I could ( no new cars and electronic gadgets and lots of home made beans and rice). I bought at the absolute lowest in June 2012 and paid off my mortgage in less than 10 years. It just takes time and frugality. Don't listen to to others. Misery loves company.
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I agree! On the last housing crash 2008-2012, 50% of the houses on my street were foreclosed. I bought the last one at the lowest price. Last property is now worth four times my original cost in ten years! Let the prices drop it will not affect me. No mortgage here. Let the Good Times roll.
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@justinjones5281 My mantra includes the 9 D's of Real Estate: Death, Divorce, Disease, Drugs, Drunk, Debt, Disaster, Destruction, Detention. The more D's the more motivated the seller. My last seller had four D's and they lived on the property for 33 years! HELOC's did them in. One more D = Destitute
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I am waiting with cash for the dip to deepen. I know what happened last time. The dip started in 2008 but many early investors who used mortgage loans watched as ARMS exploded and more and more house went upside down and foreclosed. I waited until June 2012 and bought everything I could buy from LISTING AGENTS ONLY. Yes, lots of excellent deals. I am now thick with cash and do not require loans or mortgages . Giddyap! Lets go. One qualified motivated cash buyer ready to pull the trigger. I deal with Serious listing agents only and NO FSBO's. I usually make one offer at about < 30% below current comps in a good location of SFR only. I do not barter or offer down . Looking for a MAJOR housing price correction! You can try to wait it out, or sell today before housing prices drop more.
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@rafaelgonzalez4175 Try studying the huge advantages of Long Term Capital Gains. Less paperwork, lower tax accountant fees, fewer chances for a time wasting audit, and a possibility of ZERO income taxes.
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@SB-tc2jr In my area Estate agents would send out private buses to pick up "street people" and encourage them to buy with No Money Down, local government tn DPA ( Down Payment Assistance) programs and house prices skyrocketed until the ARM and ALT-A (so-called liars loans) financing schemes unraveled. The honest buyers went down with the crooks. Bubble prices are high for all the professional house bubble blowers and common folks. You might like this tune from the biggest bubble of them all in 1919? https://www.youtube.com/watch?v=s8epPksKZ7U
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@Jeff__M But I really do. The KEY to my strategy includes a few not so obvious requirements: 1) I Only buy using Listing agents in Dual agency -- more profit for the agent and 2) I Buy and Hold with NO tenants. I only make ONE offer and walk if not accepted. My offers are always written by me and reviewed by my incognito Real estate attorney. Never a bad deal. Very fast and Win Win Win for all. If not, I walk.
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@Yogi5D I also have other liquid- non fiat assets so it does not matter. Yes fiat currency is only good for replacing TP. I use bidet toilets they are cleaner and don't scratch like paper.
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I always search for a Listing agent who is in huge debt. They absolutely NEED a fast close and a good commission to avoid their own financial problems. No loan requirements, no code issues and no third party intruders. Encourage the seller to accept my offer and the agent wins BIG and quickly, or I leave and buy from another agent. Everything is in WRITING for all to see. No secret agreements and no broker-associate games. One agent and one deal.
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