Political Discussion

Another bit of advice I have heard recently by financial advisors directed to younger Americans looking to be first time homeowners is to not live in the first home you buy.

For the majority of younger Americans, the mortgage payment of your first home will be too much of a burden. You will be living above your means if you buy a home near the area you grew up or work.

The advice is look outside of these areas to cheaper housing markets. Buy a home you can afford and rent it out. Hire a property management company to take care of the renting and maintenance needs and build that into your rent. The rent should be set so that you make a profit from it to compliment you income all while you are investing in a property and accumulating wealth.

This advice is being given because most 20 somethings and some 30 somethings can not afford homes in the area they live and are not accumulating wealth by owning a home.

Therefor, they should find a way of still accumulating wealth through owning a home. Even if that means they don't live in it.
 
RenegadeMonster said:
Another bit of advice I have heard recently by financial advisors directed to younger Americans looking to be first time homeowners is to not live in the first home you buy.

For the majority of younger Americans, the mortgage payment of your first home will be too much of a burden. You will be living above your means if you buy a home near the area you grew up or work.

The advice is look outside of these areas to cheaper housing markets. Buy a home you can afford and rent it out. Hire a property management company to take care of the renting and maintenance needs and build that into your rent. The rent should be set so that you make a profit from it to compliment you income all while you are investing in a property and accumulating wealth.

This advice is being given because most 20 somethings and some 30 somethings can not afford homes in the area they live and are not accumulating wealth by owning a home.

Therefor, they should find a way of still accumulating wealth through owning a home. Even if that means they don't live in it.
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What's going to happen when these young Americans can't get financing? And for a house with a mortgage plus a property manager to be profitable, what does the rent look like?? And then, for you to live somewhere closer to where you work, what does YOUR rent look like?? This is a bunch of really bad advice. The minute something goes wrong, the whole house of cards falls in on itself, and people around them say "see, they were living outside their means and it came to bite them."
 
RenegadeMonster said:
Another bit of advice I have heard recently by financial advisors directed to younger Americans looking to be first time homeowners is to not live in the first home you buy.

For the majority of younger Americans, the mortgage payment of your first home will be too much of a burden. You will be living above your means if you buy a home near the area you grew up or work.

The advice is look outside of these areas to cheaper housing markets. Buy a home you can afford and rent it out. Hire a property management company to take care of the renting and maintenance needs and build that into your rent. The rent should be set so that you make a profit from it to compliment you income all while you are investing in a property and accumulating wealth.

This advice is being given because most 20 somethings and some 30 somethings can not afford homes in the area they live and are not accumulating wealth by owning a home.

Therefor, they should find a way of still accumulating wealth through owning a home. Even if that means they don't live in it.
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nolalady said:
What's going to happen when these young Americans can't get financing? And for a house with a mortgage plus a property manager to be profitable, what does the rent look like?? And then, for you to live somewhere closer to where you work, what does YOUR rent look like?? This is a bunch of really bad advice. The minute something goes wrong, the whole house of cards falls in on itself, and people around them say "see, they were living outside their means and it came to bite them."
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If you are willing to do some work yourself and can get one in decent shape that doesn't massively change your monthly housing expenditure, buying a duplex isn't a bad idea... but it's a lot of work and responsibility. Advising people to pay rent, buy someplace on the cheap someplace else, pay for it to be managed, and not invest one cent in it other than the basics to be able to meet fire code and rent it out is the definition of shitty capitalistic behavior and generally bad financial advice. If interest rates rise, which they need to do, the market takes a downturn, which it will eventually, and you still have a mortgage for this scum-landlord property on your books screwing your debt to income ratio, good luck getting any kind of reasonable financing for the place you really want to own. Massive debt is the economy at this point. It's how those with money maintain it and it's how those without remain indentured.
 
RenegadeMonster said:
Another bit of advice I have heard recently by financial advisors directed to younger Americans looking to be first time homeowners is to not live in the first home you buy.

For the majority of younger Americans, the mortgage payment of your first home will be too much of a burden. You will be living above your means if you buy a home near the area you grew up or work.

The advice is look outside of these areas to cheaper housing markets. Buy a home you can afford and rent it out. Hire a property management company to take care of the renting and maintenance needs and build that into your rent. The rent should be set so that you make a profit from it to compliment you income all while you are investing in a property and accumulating wealth.

This advice is being given because most 20 somethings and some 30 somethings can not afford homes in the area they live and are not accumulating wealth by owning a home.

Therefor, they should find a way of still accumulating wealth through owning a home. Even if that means they don't live in it.
Click to expand...
The biggest issue I see with this idea is that there are a whole bunch of government assistance programs to help first time home buyers purchase a home but a big requirement for most of those is that the home you’re financing will be your primary residence and obviously if you are going to be living off site you would miss out on being able to take advantage of many of these programs. I would suggest If this is a route that anyone would want to consider a better option would be to buy a multi family dwelling like a house with a small apartment in back or above a garage or a basement or attic apartment, etc.. and then renting out the primary dwelling while living in the small apartment initially the Idea being that that rent on the primary would cover the mortgage costs fully meaning you in the secondary dwelling would be living essentially rent free hopefully this would allow you to save some money while also growing your equity, then in the future, you could eventually move into the primary dwelling and refinance for a lower monthly mortgage payment and still rent out the secondary apartment as an income property.

I was lucky enough to have a few friends that were in real estate and when I was ready to purchase my home they helped me navigate this first time home buying process so I was able to get all sorts of assistance in buying my first home through many “first time home buyer” grants and aid program provided by my County and State. I would say lots of folks are probably unaware that many of these programs exists unless they have a good realtor (which unfortunately isn’t easy to come by given that everybody’s cousin or friend of a friend has decided that being a realtor is gonna be their side hustle).

Point being buying a home is tough and expensive and stressful and should be easier than it is but it can be done. The whole process would be easier if you have a quality realtor assist you with the process.
 
RenegadeMonster said:
Another bit of advice I have heard recently by financial advisors directed to younger Americans looking to be first time homeowners is to not live in the first home you buy.

For the majority of younger Americans, the mortgage payment of your first home will be too much of a burden. You will be living above your means if you buy a home near the area you grew up or work.

The advice is look outside of these areas to cheaper housing markets. Buy a home you can afford and rent it out. Hire a property management company to take care of the renting and maintenance needs and build that into your rent. The rent should be set so that you make a profit from it to compliment you income all while you are investing in a property and accumulating wealth.

This advice is being given because most 20 somethings and some 30 somethings can not afford homes in the area they live and are not accumulating wealth by owning a home.

Therefor, they should find a way of still accumulating wealth through owning a home. Even if that means they don't live in it.
Click to expand...
This is a predatory suggestion that seeks short-sighted, uneducated takers to prey upon.
 
TenderLovingKiller® said:
The biggest issue I see with this idea is that there are a whole bunch of government assistance programs to help first time home buyers purchase a home but a big requirement for most of those is that the home you’re financing will be your primary residence and obviously if you are going to be living off site you would miss out on being able to take advantage of many of these programs.
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YES, including the homestead exemption that gives you a break on your taxes each year if you actually live in the property.
 
apple.news

When Your Body Counts But Your Vote Does Not: How Prison Gerrymandering Distorts Political Representation — TIME

When Floyd Wilson first learned of the term “prison gerrymandering,” he’d already been incarcerated for more than 35 years. He was taking a college seminar in a prison in Graterford, Pennsylvania—the fourth of five correctional facilities he’s lived in over the decades. Wilson grew up in...
apple.news apple.news

I just learned about prison gerrymandering from this article. It is something I didn't know existed but after reading about it can't say I'm all that surprised.

Basically, the vast majority of people behind bars come from populous areas, such as Philadelphia in Pennsylvania or Chicago in Illinois. But they are not jailed in the community they are from, they are shipped out to prisons in the country. While they can't vote while behind bars, their body counts for censuses for the area they are being imprisoned. What this means at the state level is 4 or more votict districts exist in the country that otherwise wouldn't have the population to warrant being its own voting district without the prison population being counted.

This gives the GOP the advantage at the state legislative level where the GOP picks up more representatives in the state legislator helping them maintain control of states. The inmates are often democrats and their representation doesn't represent them.
 
My father has a new number and yet again is texting me. This is the latest conspiracy BS I got last night in the saga of never ending craziness.

State of PA initiates full forensic audit of 2020 election. More States are stating they will follow and begin audit. AZ forensic audit apparently has 750k vote discrepancy - votes removed from Trump. Get ready for some fun. Guess what happens if even one State does a desertification of their 2020 election results? The SC issued a ruling in 1998 on the matter regarding a state's absolute right to do so at any time.
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FYI - It negates the Biden presidency and forces the 12 amendment. However if those states recertified for Trump and it could take just two. Trump would be president.
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RenegadeMonster said:
My father has a new number and yet again is texting me. This is the latest conspiracy BS I got last night in the saga of never ending craziness.
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I love this conspiracy. There isn’t a way to “decertify” election results. If there was a determination of massive voter fraud the only recourse would be for congress to impeach Biden and even if they did that, the lines of succession is clear. Nowhere in the Constitution goes it state that a former President would be reinstated. I am sure based on your father’s other delusions that none of this matters but it’s a fairly easy conspiracy to debunk.
 
Just read an interesting article about why developers put parking garages underground / under buildings in South Florida.

Building parking garages underground in South Florida makes zero sense. The water table is only a couple feet down. Buildings do not have basements in South Florida for this reason. When creating an underground concrete structure water permeation and deterioration that leads to expensive repairs to keep the structure in good condition. So why do they build the parking garages underground then?

It's cheaper for the developers and more profitable.

They don't have to buy any additional land and can use the whole footprint of the land they bought for the above ground structure. Having dedicated parking also increases the property value allowing them to turn a higher profit margin.

Another big reason is in condos like Champlain, once they sell the condos they are no longer responsible for maintenance and repairs. It is now the responsibility of the condo owners to foot the bill and make the repairs which can be quite costly. This often leads to delays in getting repairs done and the cheapest repair option being selected which often fails in a year or two needing to be fixed again.

Pretty much every high rise in South Florida has a underground parking garage in some stage of deterioration.

And these parking garages are something that inspectors will need to pay a lot more attention to following the collapse of Champlain.
 
Texas is trying to find of voter fraud and make examples out of people.

Last week they arrested a black man on 2 counts of illegal voting and set his bail to $100,000. He is facing potentially the rest of his life in jail.

His vote last Super Tuesday, March 3rd of 2020 was ineligible because he was on parole. Just days left of his parole in fact. Being on parole makes you eligible to vote under Texas law which he did not know at the time. He had been serving a 25 year sentence for burglary in 1995. This Super Tuesday was the first election cycle since being released on parole.

The ACLU says it was a honest mistake and never should have reach the point of charges and jail. That the AG is just trying to find voter fraud and set an example going for the maximum penalties available under Texas law.

The guy thought voting was the right thing to do and wanted to have his voice heard. He waiting inline to vote for nearly 7 hours.
 
RenegadeMonster said:
Just read an interesting article about why developers put parking garages underground / under buildings in South Florida.

Building parking garages underground in South Florida makes zero sense. The water table is only a couple feet down. Buildings do not have basements in South Florida for this reason. When creating an underground concrete structure water permeation and deterioration that leads to expensive repairs to keep the structure in good condition. So why do they build the parking garages underground then?

It's cheaper for the developers and more profitable.

They don't have to buy any additional land and can use the whole footprint of the land they bought for the above ground structure. Having dedicated parking also increases the property value allowing them to turn a higher profit margin.

Another big reason is in condos like Champlain, once they sell the condos they are no longer responsible for maintenance and repairs. It is now the responsibility of the condo owners to foot the bill and make the repairs which can be quite costly. This often leads to delays in getting repairs done and the cheapest repair option being selected which often fails in a year or two needing to be fixed again.

Pretty much every high rise in South Florida has a underground parking garage in some stage of deterioration.

And these parking garages are something that inspectors will need to pay a lot more attention to following the collapse of Champlain.
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this is particularly a problem on Miami Beach. My mother used to live on the beach -- and not like, right on the coast, but maybe a mile off -- and the under-building garage regularly flooded. When I was a kid we'd get king tides maybe once every few years, now it's at least once a year, sometimes twice. And of course during storms. November King Tides Are Here
 
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