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WHY YOU SHOULDN’T BUY A HOME IN 2022:
1. IF YOU’RE IN A RUSH TO BUY SOMETHING AS SOON AS POSSIBLE
It was reported that buyers who RUSHED to buy a home were SIGNIFICANTLY more likely to face 4 MAJOR issues: 40% were overwhelmed by the amount of maintenance the property required, 32% say that the home turned out to be TOO SMALL, or LACKED important features, 28% said that their mortgage payment was too high…and 24% worried that their home was a bad investment…and was too expensive.
2. IF YOU HAVEN’T ANALYZED THE OPPORTUNITY COST
I would go on a limb and say that almost everyone who REGRETS their home purchase, which is roughly 2/3rd of adults – didn’t do the math, AHEAD OF TIME, to make sure buying a home was really in their best interest.
3. IF YOU’VE ONLY BUDGETED FOR YOUR MORTGAGE PAYMENT
Even though you might have a $1500 per month mortgage payment…when you add everything up…you could VERY WELL be approaching a $2500 per month when you take into account property taxes, insurance, repairs, and maintenance…and that’s something that HAS to be taken into account, and properly budgeted for.
4. IF YOU HAVEN’T CONSIDERED THE TRANSACTION COSTS OF BUYING AND SELLING
When everything is said and done, selling a home can easily cost you another 4-6% of the homes value from start to finish…meaning, just to BREAK EVEN on the purchase…you need to sell your home about 7% HIGHER, otherwise – you’ll start to pay out pocket for these transactions costs.
5. IF YOU’RE PLANNING TO KEEP THE HOME LESS THAN 5 YEARS
That’s because, the shorter you plan to keep your home for – the riskier it is that you’ll make money owning it. Things like transaction costs, property taxes, insurance, maintenance, and repairs are all non-recoupable costs that you will NOT make back…so, you’ll need to expect that property values would continue to rise to offset that expense to make buying “worth it.”
6. IF YOU DON’T KEEP 3-6 MONTHS OF HOME EXPENSES IN CASH AT ALL TIMES
Just like “FINANCIAL EXPERTS” always recommend you keep a 3-6 month emergency fund for anything that might come up…I VERY MUCH recommend a “HOME EMERGENCY FUND” that covers 3-6 months of your homes bills, repairs, maintenance, and payments – JUST IN CASE something inevitably breaks, or there’s an unexpected bill beyond your control.
Creator Properties – This communication does not constitute an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle. Any such offer, sale or solicitation will be made only pursuant to a confidential private placement memorandum, limited partnership agreement or operating agreement, and subscription documents. An investment in any real estate fund involves significant risks, and investors should have the financial ability to accept the risk of loss of their entire investment. Past investment performance is not indicative of future results.
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This video is so off base from normal peoples perspective. Most are not looking to flip the home like an investor. Also rents are skyrocketing.
I just instantly crush the like button every time I land on a Graham video now…
What part of Mississippi you looking at?
This title is misleading. 90% of the video is spent talking about aspects of the home buying process that would apply at any point in time whether past, present, or future.
Too late just did.
Thank you for putting all this information in one video.
I should say that this assumes that most people know how to do math which is not true. Most people had the capacity to learn it when they were supposed to learn it. There are various scores collected overtime in every country that can prove most people barely know how to perform basic computations. Once that door has closed to gain those abilities, they are pretty much closed forever. There are a lot of case studies that prove the “door being closed” to be true as well. Don’t start hating on me if you do not have facts to back up your hatred.
Sit on your hands dude! It’s very distracting! Geeze!
The garbage disposal joke is SPOT ON!!! Keep up the great content Graham! You da man!
It’s still a good market for homes IF you wanna buy and rent out right?
Just like how you showed us, we can do a Cash-OUT Refi in a few years and basically own the property for FREE!
😁😁😁
Thank you for your wonderful videos. I always watch your videos, and I shared your video links with four friends of mine, I love how open minded you are about investing, I read an article of investors that made upto $500,000 within 7months from options, so please I’d really love more tips and clues on how to outperform the market and make such profit using options.
option isn’t for rookies
Need that roadster in the background
Well how the hell am I supposed to buy a house making only $60k salary a year? Suicide seems best route. Sell everything I have and give money to younger sister?
Where are you supposed to get 3, 6, 9, 12 months of Expenses from? When starting out or even as an Adult? With having current Expenses & working for future goals/dreams!?
Thanks for sharing! Would this still apply for investment properties?
“What’s up Graham its Guys here” :))
Stopped the video just to comment on “garbage disposal last few days” 😂 hilarious Graham
What’s up Graham! It’s guys here.
Garbage disposals breaks every few days 😂
Graham said the same in 2020 and in 2021 lol. He will continue placing clickbait videos to pray on hopeful people to get more views….shame how this channel has become rotten
Notion is pretty cool; I use it for Project Management. I even have a video on it.
Buying houses and stocks require patience and long-term goals; not a quick fix.
Hi Graham how much money would you save and have left over in order to comfortably move on A property purchase in San Bernardino for A single family rental in todays market?
If I’m relocating for a job, should I buy or rent a house…. if I will be early retiring somewhere else in 12 years?
Man you speak so fluent I understand this so easily lol
He’s a parasite.
What can you say about buying a build a new construct house?
your ads make me want to CHUNK your such a sell out stop shilling garbage aren’t you rich enough
The banks are not going to cover the extra cost if the property is not worth the price. The buyer would have to come up with the extra, out of pocket, and since nobody with common sense would do this, this means nobody is going to buy these ridiculous price gauging houses. The only people who are buying them are other suckers with lots of money who think they are going to turn a profit. its just suckers selling to suckers right now. Once these guys wake up and stop buying then it will become reasonable again for real buyers.
The housing market has already had a 20% decline this year in Canada. I assume it will continue to drop due to inflation, it would be the worst decision to buy a home at this time in my honest opinion.
And it’s always the worst time to rent because it keeps going up due to inflation.
Hey Graham – – Info I’ve been searching for in your videos but cannot find, so I guess I’ll just ask you : Do you have all of your rental properties that you own in Calif. in your name or do you have them in an LLC instead.? What do you recommend..? Also, do you use a property manger for all of your rentals, or do you personally go around chasing the rents each month..? Thanx
I can almost guarantee he has them in an LLC and he has a property manager.
I’m actually disappointed that you did that fight. Unless you need to do this for a living why would u put urself in that situation in public? I still think you’re brilliant though.
Hi Stephen, do You think it’s a good idea to buy a rental property with my current main home equity? If you could please answer and thank you for your time!
Gram I live in Mississippi. Southaven. Please don’t ruin us too.
No get ruined
This was really good information, but very hard to watch. Your far to emotive with your hand gestures, some is a good thing, but too much is almost debilitating.
Because you’re a sad broke millennial that keeps getting outbid by people with cash in hand.
Rip.
4.5% interest oh if only
You sighing about the “olden days”🤣
Cant remember having as much fun as i did when i smashed the like button in a long time
What about a housing purchase in 2023
Before watching this I gave myself a year to be able to afford to buy a new home. But to find that home will be picky as my last place I was not happy. I ended up regretting my first and I know even then I rushed.
Apparently Graham thinks that 75% is the same as 2/3 (of people who regret buying a home).
“Whats up Graham, its guys here” Nice intro 🤣👍
What’s up Graham it’s Guys here lol
its funny, my diposal lasted longer than my A/C system lol
One day can you do a video about naca for first time homebuyers
I got a fully remodeled house with 1.4 acres of land, a storage building and an old barn for 138k after closing costs
It’s only 765 square feet though
I’m here for the Notion promotion! SOLD!!!
What if you are buying the property entirely with cash? Wouldn’t the next few months be the best time to buy??
He is right wait for 2023 because the house market is begining to crash here in Puerto Rico is already getting afected
When should I then ?
Dude! 75% is three-quarters, not “two-thirds.”
“Garbage disposals last a few days” LOL 😂
Oooooh this is an ad
Learn how to work on your own house. Changing a water heater isn’t hard at all. Just heavy
Lol… garbage disposals only last a few days? 😉
In the UK renting a room in a shared house costs about 2X the mortgage repayments on a 2 bedroom house, it’s crazy
I probably have one of the best situations someone my 30 year old self could have. I live in a 1 bedroom apartment and pay about $980 a month. I split this with my girlfriend. I have done a lot of thought about this. At $980 a month, with electric averaging about $35 a month. Free water/heat and everything else, I think I’m saving money by living in a house. I’ve talked to a few people about this. In new jersey, I’ve heard a lot of people say they pay about $5k-$10k a year in property taxes. They say that electric is about $180 a month. Basically at $1,000 a month for an apartment, you aren’t wasting money. If anything you are saving money, and at worst, you are wasting the same amount you would be spending on other bills. I think if you are spending $1,600 or more a month, then it may make sense to look into buying a house. It would be best to buy it cash to avoid interest, but not many people have money like that.
Don’t live with people outside of marriage 👹
HEY! I’m just now getting into real estate. Stop fucking up my chances of getting clients. Asshole. :p
I sold my house so I could buy a boat for my fishing guide service! Got an absolute crazy offer for it above what I was asking.
This guy doesn’t want people to buy houses cheap because he wants them to go cheaper so he can buy them in cash. My advice is: wait until the houses are a lot cheaper then buy a house or more, even if the interest is high because the interest rates will eventually go down then you can refinance.
Too late already did. 😂
You got a like for the garbage disposal comment lol
Love your content. Recently got hooked. I’m 25 in CA doing alright. I have VA loan at my disposal but I am so guarded and scared of when I should try to buy a house. Looking forward to your future stuff.
Do you have a discord?
It’s important to specify where some of your data is based off of. Some of the things you spoke about are irrelevant in Texas.
Man honestly it’s stack season for me.
This is the most numbskulled argument I’ve ever heard.
“Garbage disposals last a few days and so on”
Always trying to slip little jokes in on us. I got it though. I’m too fast.
I just say “Price reduction” signs going up around me about a week ago. Its all about to boil over
My city has raised home prices by almost $100k from two years ago. It’s crazy. And the other crazy thing is people are buying them up like they are great deals lol.
DC, Low Tax Rates??? Absolutely NOT.
What is the website for that mortgage calculator?
Show us your Mississippi home
When I bought my house I didn’t take in account all the repair cost. However I’m still glad I did, specially now that rent and house prices are so expensive.
Valuable information! But good lord his voice hurts my ears-it’s so high pitch. Don’t listen with headphones on. But great work as usual love the content.
Well now you’ve got me curious: why’d you choose Mississippi for real estate investment?
feeeeeeeeessssss
What’s hilarious is there’s a huge part of this city that you can’t go outside after dark in and the places selling for basically free because no one is willing to live there have gained insane value from idiots coming in from other states. The area I live you used to have to wait for someone to die and buy their house, now tons for sale and all overpriced by 500k. houses around me have gone up 2-3 times and selling for 1-2 million, the condo I was considering for 500k in 2016 is now 1.5 million.
to tell people not to buy a home is stupid….The market us about to crash, it will be the perfect time soon…This is cyclical and homes will rebound in value…dumb adivce.
I was trying to buy one in december-january. Didnt end up closing on one until june. Im still happy with my choice. Got the house for 75k under market value.
Wassup graham it’s guys here? Lol u funny
Everything where I am, even the dumpiest of buildings with one bedroom and even absent of a single bathroom are like $700k, I pity new york more though, much worse out there.
Good advice
This is a funny video to pop up in my feed , because I’m a homeless veteran.
😂🤣😂🤣
Damn my girl just brought a condo. Now what?
4-7% in closing costs is a bit extreme…. More like 3-5%. Tops
Really good video, quick question. Would you recommend buying a home and renting it for profit in 2022?
Love the garbage disposal bit.
I hate how people keep speaking of houses as an investment.. i don’t want a home to become rich, i want a home to raise my futur kids in. To build my family. I want the peace of mind knowing that i can live here forever without having the fear of suddently being evicted because the landlord want to “renovate”… aka slap a layer of paint and rent it to someone else for a much higher rent.
Same!!! I just want a place to call my own!! I have rented all my adult life and every year it has been harder and harder to buy. I started home shopping when I was 23 years old and still have not gotten anywhere. Hopefully this changes soon
The prices won’t drop ever. So there’s no other time to buy a house than right now, I think.
Capital gains has entered the chat
Now I can feel smart about not buying a house even though I have no means to do so.
Yeah, lets buy cripto🤮🤮🤮
It is good advice. Make sure you realize what you are getting in to. We are lucky that our house is a good financial decision and we also made sure it was a good emotional decision, and decreases the stress in our life. We chose a short commute and at 1/3 of our budget and chose a place that was undesirable to other buyers for things we could change.
I just bought my first home, couldn’t be happier
Same. It is scary though. I have no idea what to expect over the next few years. Long term it will probably be beneficial to own, as it usually always has been.
Mortgage mean Death PLege Its Against The Law I’m Contacting Federal Global Postal Judges
Why is it so expensive just to exist…
So you should instead of recommending people not buy a house in 2022 , you should make a video of The Smart Way to buy a House in 2022
But but but… American rental process is ridiculously invasive 😰 It’s more understandable when banks ask you all of those details for a mortgage.
Am I the only one that caught the “what’s up graham it’s guys” at the begging of the video 😂