Comments by "Matthew Phillips" (@matthewphillips5483) on "Real Estate Mindset" channel.

  1. "Innocent home owners" are largely investors and house flippers.
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  2.  @jessicabixler1658  That advice is ridiculous for most people. What are you going to buy with 20% DTI on a 15 yr loan? A tent on a sidewalk?
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  3. Jesus said people cannot serve both God and money. It is clear which one Ramsey serves.
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  4. I think you are missing something. When something drops, the percentage is more dramatic than when it rises. Example: If something is worth 100,000 and it raises 20%, it is now worth 120,000. If it drops 20%, it is now worth 96,000. Therefore, the drop makes it cheaper than before.
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  5.  @nicholasmcvety9644  It depends. If your interest + property tax + insurance + mortgage insurance costs more than what your rent would, why buy? Equity only means something if it exceeds what you can save/invest while renting. Homes arent really appreciating right now in this market and renting tends to be 50% cheaper.
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  6.  @PeterHerring-cb8rf  So you think because you see it that you represent the whole country? Talk about selection bias.
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  7.  @PeterHerring-cb8rf  Sure, those areas are being hit the hardest. However, they aren't the only places that have pulled back from the peak. Even in CA, there are many areas where inventory is increasing, homes are staying on the market longer, and price cuts are becoming common place (along with seller concessions).
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  8. If he said "hey gals" for a while, I wouldn't feel anything because Im not an emotional child.
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  9.  @Thatguy-mo8jd  This has to be the worst take I have read in a while. Are you a VP at Blackrock?
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  10. RE agent detected.
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  11. 100% agree. I used to blame "investors" until I realized that the mom and pop investor isnt the problem. They already have to qualify for future loans at criteria that is more difficult than the first time homebuyer. But who can complete with the endless cash of an institutional investor like Invitation Homes?
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  12. Trust me, you would feel less bad for them if you knew them personally and had to hear them ramble at you about "throwing money down the drain on rent" and how they are "gaining 50% equity in a year", etc. They are hopeless and will have to learn the hard way.
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  13.  @rabbitroyale1315  Your argument is like defending someone who is price gouging during a toilet paper shortage.
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  14. You can be "confident" all you want but good luck with that. The value is going down.
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  15.  @Owyourhurtingme  You already said this. And you were already incorrect. And great fake profile.
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  16.  @1Skeptik1  Where else do you plan to put your money now? SP500 is tanking, Real Estate is about to, Crypto is in the toilet. Right now, for better or worse, Cash is King.
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  17.  @TreyDaStonerBeatPage  A month ago, people had insanely higher buying power.
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  18.  @Owyourhurtingme  You are dreaming. There are always people who have to sell for any number of reasons.
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  19. Shoring up cash reserves sounds like the smartest move to weather any recession or downturn. RE is cyclical so hold fast until the market is in your favor again.
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  20. DR hates gold for some reason. Saw an old vid of his where he advised a woman to sell her $100k+ of gold bullion and then a few months later, gold went parabolic.
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  21. Murphy's Law means that once you actually buy a home, your roof, HVAC, and Water Heater last no more than 6 months after closing. :D
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  22. Where you at? Rent in pretty much every major metro area is far below the mortgage payment of a comparable home.
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  23. I had made an offer on a starter home for $250k (listing price) of the seller. They rejected the offer and listed their property as "cash only" and, a couple of days later, went under contract. They ended up selling to all cash buyer for $220k. Nothing I could have done in prep could have changed the outcome (aside from saving $220k cash which is beyond my scope for at least a decade.)
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  24. He also has a video out there of him telling a lady to sell her $100k in gold right before gold went parabolic. She ended up losing tens of thousands in potential gains.
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  25.  @billyruben116  Nope. I'll buy when I'm ready and not a second before.
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  26.  @jesse_-  Wrong. Home prices and demand are sinking. Pay attention to the data.
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  27.  @AntonioStark7  It is a coping mechanism because he has buyers remorse but also cognitive dissonance that confuses him and causes him to defend his decision so he doesn't take the rope from a terrible financial mistake.
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  28. Funny enough is he even contradicts himself. He claims the stock market yields an average return of 12% if you use his managed funds (lol) but then he thinks you should prefer to buy a home in cash over taking on a 6% mortgage? Isn't that like losing 6% a year of return?
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  29. lol. That dude lives in an alternate universe. Unfortunately for him, this is Earth.
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  30. lmao! This is hilarious right here. It says so right in Dave's Bible (Ramsey 3:16)
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  31.  @ransomemckissick8184  Sacramento got wrecked by Bay Area people buying there during pandemic. If you go there, don't overbid!
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  32. Signed - A. Realtor
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  33. @Todd RE agent detected.
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  34. Don't forget AMC went up >10% today. People are still high.
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  35.  @hermesmcclintok  "If you are renting time is money. " It depends. Where I am at, I can rent my current house for about $1,500/mo less than if I bought it. Sure, I might not be building equity but, let's be honest, I am not going to build much equity in the next 12-24 months anyway. If prices drop further, I would actually be underwater. I am quite comfortable paying my rent where it is now and continuing to save money as I have been. Jumping into a bad purchase decision is not the way.
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  36.  @stangomango8393  You sound like a shill for the overpriced housing market.
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  37. lol. The whole "bootstrap" myth. Here is an idea. Give away all of your wealth, quit your job/career, and start completely fresh with nothing. Then rebuild from nothing in the current climate and document your process. Once you are on top again, then you can tell us all how it is done.
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  38. Out here, Lennar is overpriced.
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  39.  @blakejohnson3864  This is a very good point. Desperation leads to unsavory behavior.
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  40.  @DarkHorseParatrooper  Yes, he is stupid. He thinks the average American can buy a home with a 15 yr mortgage with a total mortgage payment not to exceed 25% of their take home pay. If that isn't stupid, not sure what is.
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  41. I'm in Northern CA and I am starting to see some sellers list well below market to try to incite a bidding war. Not sure if it will work but interesting that I went from seeing $350-$420 sq. ft. 2 months ago to now seeing low ball listings for $200 - $300 sq ft now.
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  42. I would love to know the metro because I wasnt aware of any metros right now where buying is cheaper than renting.
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  43.  @henryksienkaniec9617  What are you on about? This post makes no sense.
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  44. I need about 18-24 months to be ready creditwise and debt wise but that should be about right.
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  45. The old "pump and dump" scheme.
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  46.  @melodyocampo227  Building is going crazy in Northern Cal tho. No one (other than Travis and Jason) is talking about this. Inventory is going up with thousands of new homes coming just this year.
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  47.  @jorgeachievementhunter2240  Not a bad chunk of change at all!
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  48.  @AA-Crow  lol. I keep hearing this ridiculous reasoning. You act as though money is in limitless supply. It isn't. My mom used to say "you cant squeeze blood out of a turnip." If people don't have the money, they don't have it. I guess many will become homeless but that wont give greedy investors the overpriced rents they want.
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  49. Wow, that was rude. Travis is chill and way more trustworthy than a used-car salesman. He is the opposite of that vibe IMO
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  50. Yeah, the irony is the perma bulls keep touting the "this isnt GFC" but they dont realize that there is more than one way for a crash to happen.
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