Future generations renting instead of owning homes

[FLT]

I inquired about who it was, but appearantly no one had any information. Its almost as if they waited for our offers, and then made theirs immediately after. We would be the first to offer but within hours, they'd get a better cash offer and accept. This isn't the first house I've bought either but I've never seen anything like it. I know up in Tennessee near a family horse farm of ours, there are " investors " offering ridiculous amounts of money to buy up the farm land. In some places, these investors are paying a million an acre.

if they were willing to pay a million an acre in Tennessee, I have to wonder what they would pay for good land?

 

[capt.joe]

I wish one of those big investors would buy my property thats for sale lol

 

[Raven]

In the “old days” people expected a lot less.
I was born in 1955. Growing up in the 60s and 70s, there were no neighborhoods with 3,000 sq ft houses.
There was the occasional big house where the rich kid lived who’s dad was a doctor but I knew several kids who’s dad was a doctor or lawyer and they lived in a 2,000 sq ft house.
We moved every couple of years because Dad was in the USAF so we always rented.
Always a 3/1 in the 1200 sq ft range.

Love grows best in little houses

 

[Raven]

investors

Chinese hiding money. Covid lockdowns produced like a hundred something new Chinese multi-millionaires. Covid was nothing but a Chinese virus scheme for a huge transfer of wealth. We got raped

 

[Fanner50]

I mean, I just looked up the median price of a car in the 80s.

I wasnt around then.

My brand new '69 Corvette convertible with factory air was $5900.00. That thing would run like a bat outta hell.

 

[lil'skeet]

Chinese hiding money. Covid lockdowns produced like a hundred something new Chinese multi-millionaires. Covid was nothing but a Chinese virus scheme for a huge transfer of wealth. We got raped

48 new billionaires since covid

 

[lil'skeet]

To those with land talking about building house now, price a steel building. The price per square foot is much better than wood framing and it will give you an open floor plan, less rot|maintenance, better wind rating, better insulation options and so on... I build wood homes and will go steel building when I find my lot.

 

[ccc]

To those with land talking about building house now, price a steel building. The price per square foot is much better than wood framing and it will give you an open floor plan, less rot|maintenance, better wind rating, better insulation options and so on... I build wood homes and will go steel building when I find my lot.

Well you also are a builder so you would be doing allot of the work yourself which saves money. We have been looking at Barndominiums for several years now and belong to several forums on Facebook with thousands of folks. We quickly learned that if you are contracting the ENTIRE process, concrete, plumbing, building, insulation, doors, it is no cheaper than a regular house. It’s only cheaper when you have the knowledge to do some of that stuff

 

[Rebel_Rider1969]

Us- turn key cabin $150k.....

 

[Ron]

I inquired about who it was, but appearantly no one had any information. Its almost as if they waited for our offers, and then made theirs immediately after. We would be the first to offer but within hours, they'd get a better cash offer and accept. This isn't the first house I've bought either but I've never seen anything like it. I know up in Tennessee near a family horse farm of ours, there are " investors " offering ridiculous amounts of money to buy up the farm land. In some places, these investors are paying a million an acre.

And some "investors" are not even in the US!

 

[justapilgrim]

Allot of it is priorities. Right now I am worried about how much liquid cash I have for retirement, I’m probably better than 60% of people but still worried. Why ? SELF INDUCED ! If I didn’t buy guns, pay for a deer lease each year, enjoy fine bourbon and food, I would have a TON MORE $$$ in the bank ! Now our house is paid for but still worried. Self choices get allot of people where they are in life. Don’t believe me, drive by an apartment complex and look at the $70,000 dollar cars AND UP ! If they had a used Kia they might be able to afford a house. And let’s not forget hair extensions, latest I-Phone and so on and so on. Our parents raked and scraped to get by to have that 3/2 and a white picket fence, this generation is not willing to sacrifice.

Such folk evidently don't listen to Dave Ramsey on the radio!

 

[Gingershooter]

I sold my house in February for $138K more than I built the house for 17 years ago. Paid off all our debt, put a huge chunk of money in the bank and now we're renting until the bubble bursts again! This was the 3rd house we sold for a lot more than we paid for it. The cycle runs its course about every 5 years. This uptick in prices started in 2020 when Covid hit and interest rates bottomed out. Here we are 2.5 years later and rates have gone up so prices are going down. In the next 2 years there will be deals to be made and we'll be ready!

Do you think the bubble burst that big again though? With rent being as high as it is I just don't see it. Rent historically never goes down which is kinda scary crazy

 

[Caveman94]

Just a little background on me.

28 with wife and 3 dogs. I make a pretty decent living what I do. My company is paying for my rent here while I work in the area for the next 2-3 years (been here a little over 2). Even with what I make, I would be scraping by just for rent alone if I had to pay rent in this area. Almost all my buddies and their wives who rent say the same thing. It’s not sustainable, nor is it worth it. Nor is buying a house in this market. The house I’m in has doubled in value in just the last 2 years I’ve been here.

We are hoping the housing market drops drastically and people stop moving here. But only I can wish.

 

[Bamaboy19]

Nobody owns the ground or the house now anyways. Try not paying your taxes and see what happens! The government shows up with guns and takes back what you only thought was yours

Agreed, I paid off this 6 acres in 18 months, and we filed a homestead exemption and our annual property tax is $14. I gifted my last property to my son, who is currently looking to buy another house closer to the beach. Plenty of property for the grandkids, in fact as soon as the oldest turns 19 in Jan, I'll be transferring him an acre from this property. I could never understand renting, even commercial real estate. But I realize the struggle is real for some.

 

[Raven]

Do you think the bubble burst that big again though?

Yes I do, but it will take China having a great big ginormous crash. Their economy is based on ours but like 20 years behind ours. So it will happen soon in the next 10 years, unless something bigger happens to intervene... like WW3. China just built the world's largest navy for a reason. All that hardware has a shelf life and they didn't build it just to stare at it

 

[Raven]

Just a little background on me.

28 with wife and 3 dogs. I make a pretty decent living what I do. My company is paying for my rent here while I work in the area for the next 2-3 years (been here a little over 2). Even with what I make, I would be scraping by just for rent alone if I had to pay rent in this area. Almost all my buddies and their wives who rent say the same thing. It’s not sustainable, nor is it worth it. Nor is buying a house in this market. The house I’m in has doubled in value in just the last 2 years I’ve been here.

We are hoping the housing market drops drastically and people stop moving here. But only I can wish.

Do what the common man does... move to Milton or East Milton or the void in between East Milton and Crestview and then drive to the beach for work. Or do what some others I know do and move 10 people into a two bedroom apartment. Where there's a will, there's a way

 

[Raven]

Agreed, I paid off this 6 acres in 18 months, and we filed a homestead exemption and our annual property tax is $14. I gifted my last property to my son, who is currently looking to buy another house closer to the beach. Plenty of property for the grandkids, in fact as soon as the oldest turns 19 in Jan, I'll be transferring him an acre from this property. I could never understand renting, even commercial real estate. But I realize the struggle is real for some.

Transferable multigenerational wealth like land is a real blessing. Family estates that spanned hundreds of years are how people built wealth all across Europe and became rulers over the have-nots. Imagine you and your family going 200 or 300 years without ever having a rent payment or mortgage payment! Then you will see how easy it would be for everybody in your family to be millionaires 300 years from now

 

[Bamaboy19]

Transferable multigenerational wealth like land is a real blessing. Family estates that spanned hundreds of years is how people built wealth all across Europe and became rulers over the have-nots. Imagine you and your family going 200 or 300 years without ever having a rent payment or mortgage payment! Then you will see how easy it would be for everybody in your family to be millionaires 300 years from now

Actually, it wouldn't surprise me if my son becomes one.

 

[Viking1204]

Do you think the bubble burst that big again though? With rent being as high as it is I just don't see it. Rent historically never goes down which is kinda scary crazy

It's been on a 5-8 year cycle for over 30 years now in this area. Sure it will never get back to what it was 20 years ago but the prices we're seeing now aren't going to last. I've seen it happen over and over again over the past 30 years and all signs point to a downturn in the housing market in the next few years. Mortgage rates are higher and going up, rental prices are going up so people will start to buy again once the housing prices go down. I read the Real Estate section of Fox News and new mortgage requests are way down meaning prices will drop and have started to drop!

https://www.foxbusiness.com/real-estate

 

[Duckyou]

That'd be a no go with the war department... barnaminium is definitely something we're looking at but also have the luxury of superb landlords currently. They are the best! We're in no hurry so we have time.

I stayed at one in Nebraska that was great. It was offset and had porches built on the first and second floor “inside” - so when the doors were closed it looked like a metal building on both ends.

Definitely on my list if I ever get property.