Comments by "Crime Stoppers" (@crimestoppers1877) on "Housing Market 2023: Worst HAI Since 1980’s" video.

I had a 15.7% VIR Variable Interest Rate loan on a SFR ( it was a 2 and 1 dump) in the late 70's early 80's even though I had excellent credit scores. At that time it forced me into paying 50K cash (another dump) for one house which I sold for 2 M last year as a "tear down". Average salaries were bad at that time so in order to earn money to buy property I was forced to work 2-3 jobs at a time. I recall that the biggest issue was the cost of gasoline which tripled. Buy Low and sell higher. These economic problems were directly caused by two national actions: 1) Nixon taking us off the Gold standard and 2) Carter rapidly spending huge deficits in the cost of government. I knew this was weird because I could look out my office window in Santa Monica and watch literally a huge number ~50 or so large ships loaded with oil sitting in the bay while waiting for prices to increase at the gas pump!
13
@karmicforce01 That is not that much money with taxes and the inflation we have now. That house was not worth 10% of the money I paid at the time. The people who made the most money for the actual work they did were the middlemen. The 2M was to tear down the dump on a small city lot and erect a high rise slum apartment to house the alleged homeless. Most of these "street" people do no want to contribute by working any job. They want hand outs from everyone else. Today a few million is nothing. To be successful you need at least 20 M in liquid assets. I still shop at Target and Walmart and do my own maintenance. I never learned to be lazy or privileged.
5
@karlpierce3035 But Hunter really helped old Joe especially with his $250,000 each water color paintings he made with a ruler. I wonder who bought them?
4
@karlpierce3035 I am not a success. I am unemployed, qualified for welfare on m any metrics but two, and am broke like everyone else. I have the advantage of not spending like a sailor on leave. My disadvantages are I am a white male, I have not had any debt in 20 years and I own too many assets. Yes I thought I was a Democrat but not a Socialist. It's more like the Communism of the Peoples Republic of China worshiping a feeble old man and his downtown trollop. My net is still under 5 M so I can not afford a $250,000 finger painting from Hunter.
2
@ambersaint-marie8528 I remember but by 1985 I was only paying 7% on my remaining mortgage. The interest rate is based on risk. More down payment and a good credit score helps. I found that the GSE's , FHA and the rest do not help those folks starting out. It just paces them under more debt that keeps them down. Debt, interest, junk "administrative" fees and income taxes are what put most of us into poverty. IMHO When you avoid those fees you can protect yourself and get some freedom. I have never met an honest politician of any stripe.
1