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posted ago by happybillmoney [M] ago by happybillmoney +49 / -1

Hello fellow consumers, As always thank you to everyone that participated in the last weekly and remember you are Operation MONKE!

u/Zyzz1, u/ChicagoMAGA, u/Blursed2021, u/Geralt_of_Rivia1, u/vX6NQ8dq6eBu, u/jubyeonin, u/Vicenzo, u/NiggerPete, u/marvinthehaggler, u/DragonsDontEatSoy, u/OGrawsaw, u/HingusTheBungus, u/Can-Maga, u/rentfREEEE_since2016, u/SelfReliancePepe, u/Blergaderg, u/anatidaephobia, u/SoylentPlaid, u/JuanEpstein, u/buggyd, u/hog_hunter, u/Canapeder

NOTE: Weekly threads are run in parallel on https://arete.network/b/ConsumeProduct/


This Weeks Discussion Theme: Consoom House

In this week’s discussion we will take on the topic of home ownership. From an idealist point of view anything short of owning your own home is a cope. But for many owning a home is not something they see as being easily obtained. For the most part “getting” a house isn’t easy but the hardest things in life are the most worthwhile. The goal of this week is to encourage each other to own a home.

Discussion ideas:

  • For independence sake how long should you rent before you get a mortgage?
  • Should you play the mortgage game and move around until you have the “right” home for yourself (your family) or just save until you can find the “perfect” home?
  • Share homeownership financial advice. Or share some other homeownership advice.

Weekly Polls:


Previous Weeklies:

Comments (47)
sorted by:
14
SelfReliancePepe 14 points ago +16 / -2

Even if you're in high-school, get a job and start saving. The job will do you good, help make you more mature and learn how to behave professionally. Not only will the income savings make a huge difference to your ability to own a home, it will give you an advantage over most other people your age.

It will also teach you the value of money.

You'll be tempted to relax your saving discipline after you've saved a few thousand dollars. Don't do it because that will lead to bad and indulgent habits like buying fast food rather than cooking and buying fancy coffee-shop coffee rather than having one at home.

Learn to cook. Don't waste your hard-earned money on takeaway. Instead, learn a new skill you can enjoy and feel proud about. When I was single, I'd buy a huge $1 potato fritter on my walk home from work and I'd enjoy that with a can of baked beans (with white pepper) and some blanched broccoli. A can of chunky soup and buttered bread. Omelet with canned baked beans and a piece of buttered or fried bread. Tuna moray on rice dusted with paprika and some lemon juice. Make a huge pot of chili con carne or tray of shepherd's pie and freeze servings. It's not difficult to cook healthy dinners quickly and for less than $4... just write down your exact recipe each time so you can adjust and perfect them.

Always make yourself a sandwich for lunch too.

I don't think it matters if you're living at home or renting. If you are living at home and working then you should be paying your parents rent because that's only fair.

I chose to leave home when I was 21 after I gained a good job and while I was studying at night. The house deposit that I was saving for since I was 16 years old provided me with security.

I loved my first apartment, it was tiny and old but I kept it clean and lived as a minimalist.

I bought my first home when I was 26. I paid a third of it as a deposit. It was a strata house in a group of three joined units. I continued living like a monk, living lean and I slowly paid it off over eight years. I kept a chart of my payments and the first few years were excruciating because much of my mortgage payments were being consumed in interest, but slowly over time, the chart fell quicker and quicker until it was done.

It's difficult but doable. Your friends will be enjoying fancy holidays, fancy smartphones, new cars, fancy dinners, all the latest gadgets. You'll have an old car that you purchased with cash, a small apartment or a modest home that always needs maintenance, a prepaid mobile phone with a minimal plan, your entertainment will involve fitness and torrent pirating anything you want to watch. Your holiday destinations will all involve hiking and camping... but you won't feel unhappy because you're walking a different path.

Be careful what sort of mortgage you agree to because most can't be paid off early. YOU WANT A MORTGAGE THAT CAN BE PAID OFF EARLY! Every extra dollar you pay off now will save you ten in the long run in interest. Don't let your bank rape you for 30 years as their usury debt slave because your goal is to become debt free as soon as possible.

10
anatidaephobia 10 points ago +11 / -1

Working for mr Shekelberg is the main reason people are forced to move into areas where housing prices are ridiculously high, and for most of America you'd still need a car to get around. Which is an even bigger reason to search for a home in a more rural area, far away from the cities.

If owning a house truly meant owning it, you should be able to live there "rent free" with no cost for utilities. Pump water from a well, get electricity from solar panels and producer gas, own forest for a unlimited supply of firewood which you can also sue to heat your house during winter.

Now if done right, you can live pretty comfortable with a very small fixed monthly cost. Which means less time has to be sold to mr Shekelberg, if any at all, maybe you can sell energy from your solar panel, sell vegetables you grow or meat from animals you hunt, rent out slots in the barn to liberal RV owners during winter, passive income pretty much as you work for yourself.

Start minimalistic and slowly build your way up, loans is a debt trap for life where interest helps feed (((them))).

1
systemthrowaway 1 point ago +1 / -0

rent out slots in the barn to liberal RV owners during winter

I know you're spitballing ideas, but nobody ever ever do things like this. When braindead tourists/drifters are treated nicely--let alone accommodated--they will post about your area on their parts of the internet which eventually snowballs into more zombie transplants moving into your area.

If you find out that a new person in your area is a leftist, you have to treat them like shit.

3
anatidaephobia 3 points ago +3 / -0

Notice "during winter", it's for storage, it's not even legal for them to live there and I certainly won't allow them to. Pretty good money just for storing a bunch of vehicles.

8
Geralt_of_Rivia1 8 points ago +8 / -0

build yourself, stick to a one story rectangle with a gable roof with one wet wall. simple structure anyone can build. With the kitchen, laundry machine, master bath, and the other bath all against one wall, makes it so much easier, and doesnt really affect the design much if it is a 2-4 bedroom..

Maybe add a loft if you want it, but no more than that.

4
Earendil_the_Mariner 4 points ago +4 / -0

Round-houses or underground, don't play.

7
Geralt_of_Rivia1 7 points ago +7 / -0

I have seen way too many people die digging trenches. Not to mention moisture issues. And round is by far the hardest shape to work with

5
Earendil_the_Mariner 5 points ago +5 / -0

Ah, let me dream my stupid dreams, ok?

3
Geralt_of_Rivia1 3 points ago +3 / -0

https://spinthewindrose.com/wp-content/uploads/2019/10/Chrislin-African-Lodge-Addo-South-Africa-spinthewindrose.com-1.jpg

I dont think this is the kind of house you want to be dreaming about

On the other hand this only cost 235k + land:

https://i.ytimg.com/vi/eiLV4rArIEc/maxresdefault.jpg

a 4000 sqft house with an 8 car garage.

0
Earendil_the_Mariner 0 points ago +1 / -1

Both are ugly. And the second is too expensive.

I'm thinking more like this: https://images.app.goo.gl/oj7wgjT1bC8neDjP9

I know how to make it because I've made one on my father's property before, and if I have access to wide open acreage, then the materials are free. Eat shit, boomer.

0
Geralt_of_Rivia1 0 points ago +1 / -1

So something even shittier than the african mud hut - being smaller, damp, and far more likely to kill you

2
Earendil_the_Mariner 2 points ago +2 / -0

The one I've built is dry, snug, and quite stable. Good thing I don't live in an area with high winds, tumultuous earth, or monsoons.

7
ItCameOutOfACan 7 points ago +7 / -0

Buy a home that you want to own for a while, wether to live in or rent out. Everytime you sell it there are many costs in the tens of thousand dollar range.

Also when paying a 30 year loan, it takes about 18 years for 50% of the monthly payment to start going to the principal instead of the intrest. So the first half of the mortgage payments add little value to the equity of the home. People get in trouble with this by refinancing their homes.

Here is a copy paste of a coment I made on here a couple days ago regarding home prices dropping do to the economy:

"If it's like the late 70s or early 80s, then the intrest rates will go sky high. For anyone borrowing, this evens it out even if the prices go down. It can be a great deal if you have cash on hand, but most don't in a recession.

Play around with a loan calculator and see what the difference in monthly payments are. A couple of years ago it was 3%, today it is around 6%. That jacks up the monthly cost around 50%. So a 30 year loan for $250k at 3% is about $1k, while at 6% it jumps to $1.5k a month.

In 1981 the rate got up to 16%. That same $250k loan would now be $3.3k a month. The value of that house would have to drop down to $115k @ 16% to put your monthly payment at the $1.5k a month you could expect now."

2
Geralt_of_Rivia1 2 points ago +2 / -0

In 1981 the rate got up to 16%.

I saw 28%

2
ItCameOutOfACan 2 points ago +2 / -0

I was just talking to some boomers about this. They said a few predatory lending agencies openend up localy at this time. People for a time were getting a 20% return on investment in these places for a short time. Until no one could pay the loans and soon the investors lost all their money. As it was an investment, it wasn't FDIC insured.

Outside these predatory agencies, the national average home loans topped out around 16 to 18%. One of the boomers I was talking to said, his home loan in 1984 was 14%.

That $250k loan at 28% comes in at $5.8k a month. The home price would have to drop down to $65k @ 28% interest have a $1.5k monthly payment.

6
Blursed2021 6 points ago +6 / -0

Most realtors are dumb people. They're great at telling you obvious crap "oh this house has functional shutters" and in the days of internet home listings, all they're really good for is booking showings, which you can do yourself. But they're essential for loans and the mortgage due diligence. Make sure your realtor is a good one and if they're not responsive to you find another. Be very wary of retirees and Mom-relators. You want someone sharp who will be a prick when needed. They stand to make a good amount of money off of you so do your due diligence.

In a similar vein, home inspectors are something like a scam/racket. They look for obvious crap that anyone can look for. If there's something you're concerned about with the house, have a professional inspect. Meaning if the roof looks sketchy, get a roofer to inspect it.

In terms of renting versus buying, I lean towards buying but I've been a homeowner since I was 23. It has worked out well for me. It forces you to be a man.

As well, in terms of loans, if you're looking at rural property there are some unusual USDA loan programs that may work for you. Look into them. You'll need a bank that specializes in this kind of stuff and they'll have lists.

5
ChicagoMAGA 5 points ago +5 / -0

Realtors are dumb, and the ones who manage apartments are even dumber

3
Geralt_of_Rivia1 3 points ago +3 / -0

In a similar vein, home inspectors are something like a scam/racket. They look for obvious crap that anyone can look for.

As someone who did that as a side job, I think you would be surprised by how stupid most people are.

3
Blursed2021 3 points ago +3 / -0

Fair enough, but we're in the company of the exalted. Minimum iq is 120. I could definitely see how someone might end up buying a house without working water or a leaking roof if they're of lesser stock.

This reminds me, of an actual scam with few redeeming qualities, the home warranty.

3
Geralt_of_Rivia1 3 points ago +3 / -0

https://www.radconstructioninc.com/images/services/raised_isolatedfoundation_bad_03.jpg

I dont have photos on hand, but I have seen something like this or worse more than a dozen times

2
Blursed2021 2 points ago +2 / -0

Is that plywood shims on a field stone foundation?

3
Geralt_of_Rivia1 3 points ago +3 / -0

I have seen bottle jack foundations, 2x4 foundations (not talking about laminating three together to replace a 4x6), and even a pallet foundation

1
Blursed2021 1 point ago +1 / -0

The mind boggles.

2
Geralt_of_Rivia1 2 points ago +2 / -0

It was a nigger that did the pallets shimmed with cardboard.

1
Kingslayer 1 point ago +1 / -0

Home inspectors are the true retards of the house buying industry. Takes zero skill or education, many washouts end up in that role.

5
CaptainYuck 5 points ago +5 / -0

My lease is up at the end of September so I’d like to buy a house around then but the market is ass right now, I’m thinking of holding out until winter to get a better deal. I’ve heard whispers of a crash coming but I don’t see that happening anytime soon and I don’t want to wait too long. Aapartment life can be really soul draining at times, I can’t wait to have grass to touch again.

3
Cheesepopel 3 points ago +3 / -0

I would wait for a while. The bubble has to pop.

2
Geralt_of_Rivia1 2 points ago +3 / -1

Don't try to time the market - buy as soon as you can

4
ChicagoMAGA 4 points ago +4 / -0

I lean towards renting until you find something perfect. The thought of being a landlord makes me shudder. Plus, I don't feel mature enough yet for owning property. Maybe how I view home ownership is silly, but I want it to be in my bloodline forever. How people treat houses like apartments blows my mind.

Best argument for buying is that rent is so high that mortgage payments are often cheaper now, based on my observations.

My path to home ownership right now is through my girlfriend. She'll inherit her grandparents' house, so I could just take that one kek.

1
OGrawsaw 1 point ago +1 / -0

The thought of being a landlord makes me shudder.

Its a perfect opportunity to evict single mothers and stinky niggers.

2
Geralt_of_Rivia1 2 points ago +2 / -0

That requires you have to deal with them first.

I just require a 730 credit score with at least 2.5x income, or a 680 with at least 3.5x. 1600 studio/1800 1br/2600 2br... not that many single moms and certainly not niggers.

3
ICantREEEE 3 points ago +3 / -0

Try NOT to rent as much as possible, even if that means living with family while you work to afford a place. I rented for so many years... practically too many. Paying other people's mortgages (and then some!) for very little in return. No, AS SOON AS you can afford to buy land or a mortgage you should. Sadly, this overinflated housing market is in a stage of pre collapse. You still want to be on the side of the homeowners, however you can slice it.

Something you can afford. Keep in mind you need stable income, so that is what you're working towards before you buy. It does not have to be your "dream or forever home" it probably will not be. But get something that you can potentially own one day and start building equity. Once that roof is officially over your head, you'll be in a much better place to consider that eventual dream home scenario.

I don't think many people can afford to wait for just right circumstances, either for the perfect home, the perfect career, the perfect time to have children, etc. Just gotta go for it when you are called.

3
RightSideFunding 3 points ago +3 / -0

The Koreans and Japs were tight about Feng-Shui

2
rentfREEEE_since2016 2 points ago +2 / -0

You should buy property as soon as you are able. I made that mistake of waiting. If you’re going to dump thousands of dollars into renting you might as well put that towards equity in a home. The longer you wait, the more difficult it becomes to buy, because the inflationary costs of buying increase at a much much faster rate than you can save for a down payment to offset them.

I wouldn’t wait for the “perfect” home. Find what you think you like and especially if you’re young you can move , maybe make a little money on your investment. You’ll know more about what you really appreciate in a home after you’ve lived in it anyways.

Lastly, don’t feel pressure from brokers and agents to move on a home. If it’s not right, then take your time. Especially today there is a huge amount of pressure to move quickly on housing, but ultimately you’re the one who’s going to live there. So take your time and focus on what’s important to you, not other people.

2
NewJiggers 2 points ago +2 / -0

Can I get a primer on Operation Monke?

2
deleted 2 points ago +2 / -0
1
eleganza 1 point ago +1 / -0

i don't know if anyone will see this at this point but i made an account instead of lurking because this is 100% my current dilemma, i feel like i'm just barely doing better than breaking even with my (very small) business and i struggle to think i'll be able to afford a house where i'm at, but i can't move (at least at this point) because i have to stay local currently. worrying about whether i'll be able to have kids that get to grow up with a nice backyard and friendly neighbours like i did kills me.

i KNOW one very easy solution would be for me to expand to canada or at least get my supplies from there (surprisingly, for my business, it's cheaper over there than in the US) but i'm not vaxxed and i'm not going to get vaxxed. i have a uhhh totally legit vax card but i don't know how stringently they check it at the border. i know blaming stuff on covid is old at this point but it feels like i either have to sell my soul or spend way longer than i want to waiting for my business to become profitable. i'm not gonna be fertile forever 😩

1
BreadBong 1 point ago +1 / -0

If you have 2 buds you trust - trust bigly...

You can get a free house each

1
Blursed2021 1 point ago +1 / -0

Care to elaborate?

1
BreadBong 1 point ago +1 / -0

A, B & C are the people.

A gets self employed job B & C get any type of job

B & C pay their salary to A as soon as it comes in (via cash - which A deposits - 100% of salary)

When B & C need cash - they let A know, who withdraws a cash lump for them.

B & C take out a small personal loan, which is left in a 2ndary account with interest added to build up a small head start banking credit profile.

1 year later....

As far as the bank computer is concerned - A is a fucking baller - B & C are responsible borrowers.

B & C go to their separate banks and take out a loan for a 'car' with the longest repayment terms they can get - this money is taken out in cash and pumped into A over 4 months.

3 months in. And it's time for A to have a chat with the bank. Business has really picked up - time for a mortgage.

Pick a house that all 3 can live in without causing issue (i.e. do you need cars, get 3 car garage) - get interest only mortgage or whatever has the lowest repayments you can get.

(Side note: A will have been getting credit card after credit card offer. Accept all. Spend a bit, repay, leave dormant)

IMPORTANT: only A is registered at address - only A gets ANYTHING posted to that address.

This is house 0.

Once you have the keys to house 0 sit for another 6 months or year, building up cash stockpile in the home, while still pumping account of A.

Now is time for A to start his spending spree ... First take out as many loans for as much as you can. You won't be able to cash out this much money without drawing suspicion so filter it via 'bogus investments' (casino's, move to offshore account via crypto or Switzerland - plenty of methods)

And now comes the old switcheroo....

A has a turn of fate....now A & C start pumping their money into B. Who needs a self employed position

This is supliment with the cash stash, the 'investment money' and as much capital as can be raised via maxing out of credit cards -

Again casino is your friend.

Poor A and their gambling problem.

Meanwhile B's business has been growing month on month. Dude is REALLY raking it in.

Now B gets mortgage - B & C scrub themselves from house 0.

A checks into gamblers anon and goes bankrupt.

As you cycle the 'cash pile' will be increasing almost exponentially. By the time you get to C...you will have enough cash to buy a home for cash..

I have to go so work out the rest for yourself

1
retahded 1 point ago +1 / -0

seems low risk

0
SeproDep 0 points ago +1 / -1

When I first saw this, I thought it was gonna be about house music.

0
systemthrowaway 0 points ago +1 / -1

Me and my fiancée plan to stay with family and save until we can buy property in rural Montana or somewhere. I don't see any way to save jewbucks these days without staying with family, I feel bad for people with bad families.

0
OGrawsaw 0 points ago +1 / -1

Housing prices are so high nowadays I see myself and most other zoomers living in a shitty apartment for quite a few years (until I myself am able to go off grid.) According to my father, the only cheap houses are in the middle of nowhere - with little career opportunities - so if he's right then we're all fucked. I hate boomers so much.

2
Blursed2021 2 points ago +2 / -0

Your old man is wrong.