SCREWED, that onr guy says he saved. yea right, he said he saved one hundred bucks a month for like five years, thats only six thousand. He should of bought a car with that money or something he could actualy call his own. This is also the reason why 70 percent of americans can't locate america on the map. They think working at four diffrent Mcdonalds is a future.
What these kids should be doing is living at home and investing the money! What in the world does a 20yo need with a home and the headaches that go with it?
I certainly admire their financial discipline but I think they are investing their savings poorly.
When did we start teaching our youth a loan equals ownership? These kids should focus on education! Not having 4 part time jobs. If this reflects how the majority of their generation thinks, we will be a 2nd class country in no time; it wouldn't even matter if they continued with the bailouts. CONSUMPTION will be the death, coupled with greed, of course.
The pressure comes from the father who obviously earlier back in the old country went through tough times but is/they are ignorant of the true state of the property market and of the US economy. They will find out soon enough and dad too.
They think they bought what they think is a call option but it is over a declining asset in a tanking economy by listening to their dad who has no sense of timing and is economically ignorant other than a desire to advance materially.
Only when they TRY to sell the property will they understand the dilemma they got themselves in. Things are only worth what someone is willing to pay for them. They will learn the lesson of supply and demand the hard way. Too much supply and little demand = lower prices. If she loses just one of her jobs she will be in foreclosure. Sad, but we all learn differently I guess.
I feel bad for both kids in this video. The real estate market decline is not over. The 'American Dream' of buying a home was an illusion created by bankers to make trillions of dollars from the average person. The real american dream should be building a savings and buying everything with cash, including homes and cars. Let housing prices continue to drop. Just wait until the gov is forced to raise interest rates. We are in the eye of the storm.
We are first time home buyers at 50 yrs old. Why? because for the first time we are able to afford to pay cash for our home. A grand total of 32k 3b2b on an acre. We are not stupid enough to be slaves to this false reality imposed by Big Corporate Wallstreet.
It is sad, I just move dout to the bay area, people still believe it will be back in 5 years. They just don't understand, they grew up in a time when homes were auto income for many. I would not doubt it was being taught in schools.
This is so depressing! They belief in a dream that got busted 3 years ago! Off course anybody who waist his time working three underpaid jobs can't possibly make time to educate himself. I feel sorry for those kids.
it's like anything else. at the time that minority populations start to realize the American dream, the rug is pullled out from under them. they're doing the same thing that so many have done before them. the difference is the timing. they likely will need to wait it out in those homes for a very long time before the value increase enough to recoup their investment. and yes, it can be an investment; if they can sell or rent for a profit.
So grab your oxi cotton, Zanex, prozac and head to work and bust your hump for the rich! They will reward you with your own home! (really it's just renting with a manitainence bill) They have a god up in the clouds that will provide for you after you die! Stop busting your butt and loose your human right to healthcare and the roof over your head! You are a slave! That's where the zanex comes in! It will give you the strength to press on! The sheep will never break through!
Vision Victory is right! But he is also wrong. We all can't be wealthy! The middle class has been robbed by the wealthy and homeownership was the catalyst. Once prices come down, the rich will swoop in and buy the assets at the low and re sell them to the slaves on the high. we pay them interest. we pay the taxes and they take the gains! Capitalism at it's finest! But this country will never break through the brainwashing we received in school. ex. Socialism=communism.
And to think there are millions of goodhearted people around the nation, just like these two, who are making the same mistake right now. I don't mean to get all "tinfoil hat" on you guys but things really don't look good for the next decade...
Homeownership, the biggest scam of a generation. It is used to entice young people into slavery and control. These people will be forced to work themselves to death in support of the weathly who capitalize off of them. Then after they foreclose, the lowerclass will pay to bail them out. It's a lose lose situation. Want to succeed, end capitalism and spread the wealth. You will have a better more even lifestyle without all the stress. Homes and Healthcare are the nuces that enslave us.
@carnage958 "ant to succeed, end capitalism and spread the wealth."
You don't understand capitalism.
Having banks that helped run up the price of home ownership, that then were supported by the government to keep these prices high isn't capitalism.
It's fascism. In capitalism, these banks would be broke, their investors would have lost all their money, and the homes would be back on the market, at affordable prices and the CEOs would be IN JAIL.
A house is not an investment; a house is shelter, a place to live. These two young people can live in a rental for half the mortgage, not to mention home insurance, taxes, maintenance, etc. And Alt-A & prime are just beginning to reset...& we are only at the beginning of a depression & currency collapse. ***shakes head**
Have mixed feelings about this. Good that they are working and dad is trying to be positive influence, but I sure hope they don't default or think their house is some kind of ATM. This is a terrible time to buy and an even shakier economy. Don't have a good feeling about how this will end. 185k for a fixer upper?? Doesn't sound right either.
Watch at 00:29 when Wilmer mad dogs the camera and tell me that didn't make you laugh. Los Locos kick your ass, Los Locos kick your face, Los Locos kick your balls into outer space.
OHH i was like wow at first i thought these two kids paid it ALL OFF!! i'm like WOW how on earth did they make 180k in 5 years? i mean yeah it's possible but saving it to buy a house? ... I didn't see the mortgage factor -__-
There's no such thing as an underage homeowner. You may legally sign a mortgage contract at age 18. If you've got the money, you could own a home at age 10.
I wish I knew the addresses of these 2 places so I can see if they are keeping up with the payments.
fuzzywzhe 11 months ago
SCREWED, that onr guy says he saved. yea right, he said he saved one hundred bucks a month for like five years, thats only six thousand. He should of bought a car with that money or something he could actualy call his own. This is also the reason why 70 percent of americans can't locate america on the map. They think working at four diffrent Mcdonalds is a future.
ARE190 2 years ago
What these kids should be doing is living at home and investing the money! What in the world does a 20yo need with a home and the headaches that go with it?
I certainly admire their financial discipline but I think they are investing their savings poorly.
christo930 2 years ago
"Hopefully I can get another one soon"
When did we start teaching our youth a loan equals ownership? These kids should focus on education! Not having 4 part time jobs. If this reflects how the majority of their generation thinks, we will be a 2nd class country in no time; it wouldn't even matter if they continued with the bailouts. CONSUMPTION will be the death, coupled with greed, of course.
maybecominsoon 2 years ago
The pressure comes from the father who obviously earlier back in the old country went through tough times but is/they are ignorant of the true state of the property market and of the US economy. They will find out soon enough and dad too.
edmack4me 2 years ago 2
Persons RENT CASH from a bank when they "take out" a mortgage. A mortgage names a contract.
The funny bit is that no one owns improved parcels -- land with house. Merely, they hold the right to control the deed.
In our corrupt society, bankers and Realtors® have lobbied crooked politicians to craft law that grants SUBSIDY to cash rentees who take on mortgages.
This causes a faulty move of resources into house building that otherwise would go elsewhere to make the economy grow faster.
TruthAxe 2 years ago
In the financial market these days, you both will be losing your homes. Right now, it would have been better to rent.
Lacybunny 2 years ago
you inherited a deep seated sense of denial, and a total lack of fiscal understanding.
keep re inflating the bubble
FaaQ 2 years ago 3
Is this supposed to be a feel good story? Cause this is idiotic.
ezze902 2 years ago 3
I feel so sorry for these kids... :( they're gonna be screwed a few years from now, and the bank will own the property.
putting 3% down isn't BUYING a house... that's buying a mortgage
qwertydj2003 2 years ago 3
They think they bought what they think is a call option but it is over a declining asset in a tanking economy by listening to their dad who has no sense of timing and is economically ignorant other than a desire to advance materially.
edmack4me 2 years ago 3
Welcome to debt slavery!
KOPYMEH 2 years ago 5
Dad has lead his children into slavery. Good work pops!
Richardcuz420 2 years ago 3
Dad is just an ignorant sheeple and his children are trusting lemmings.
edmack4me 2 years ago 3
Only when they TRY to sell the property will they understand the dilemma they got themselves in. Things are only worth what someone is willing to pay for them. They will learn the lesson of supply and demand the hard way. Too much supply and little demand = lower prices. If she loses just one of her jobs she will be in foreclosure. Sad, but we all learn differently I guess.
residentzombie 2 years ago 3
I feel bad for both kids in this video. The real estate market decline is not over. The 'American Dream' of buying a home was an illusion created by bankers to make trillions of dollars from the average person. The real american dream should be building a savings and buying everything with cash, including homes and cars. Let housing prices continue to drop. Just wait until the gov is forced to raise interest rates. We are in the eye of the storm.
vociti 2 years ago 4
Agree, agree, and agree!
We are first time home buyers at 50 yrs old. Why? because for the first time we are able to afford to pay cash for our home. A grand total of 32k 3b2b on an acre. We are not stupid enough to be slaves to this false reality imposed by Big Corporate Wallstreet.
Peace!
nasanction 2 years ago
It is sad, I just move dout to the bay area, people still believe it will be back in 5 years. They just don't understand, they grew up in a time when homes were auto income for many. I would not doubt it was being taught in schools.
ukjw2 2 years ago 2
This is so depressing! They belief in a dream that got busted 3 years ago! Off course anybody who waist his time working three underpaid jobs can't possibly make time to educate himself. I feel sorry for those kids.
kultbagusa 2 years ago 2
"it's my first home and i hope i get another one soon."
actually kinda sad really..
afterniatis 2 years ago 2
Yeah. He doesn't even own his home, the lender owns it.
KOPYMEH 2 years ago 5
How very sad and embarrassing that these people fell victim to the banker cartel.
All they are missing whilst sitting in their lawn chairs is a nice big glass of Kool-Aid.
WORLD PATRIOTS PREVAIL!
KASPLARFO 2 years ago 6
it's like anything else. at the time that minority populations start to realize the American dream, the rug is pullled out from under them. they're doing the same thing that so many have done before them. the difference is the timing. they likely will need to wait it out in those homes for a very long time before the value increase enough to recoup their investment. and yes, it can be an investment; if they can sell or rent for a profit.
misawayub 2 years ago
So grab your oxi cotton, Zanex, prozac and head to work and bust your hump for the rich! They will reward you with your own home! (really it's just renting with a manitainence bill) They have a god up in the clouds that will provide for you after you die! Stop busting your butt and loose your human right to healthcare and the roof over your head! You are a slave! That's where the zanex comes in! It will give you the strength to press on! The sheep will never break through!
carnage958 2 years ago 2
These youngster come from a good family and they seem to be hard workers, but they have no idea of what's coming in the next year or two.
webnews2000 2 years ago 4
Vision Victory is right! But he is also wrong. We all can't be wealthy! The middle class has been robbed by the wealthy and homeownership was the catalyst. Once prices come down, the rich will swoop in and buy the assets at the low and re sell them to the slaves on the high. we pay them interest. we pay the taxes and they take the gains! Capitalism at it's finest! But this country will never break through the brainwashing we received in school. ex. Socialism=communism.
carnage958 2 years ago
And to think there are millions of goodhearted people around the nation, just like these two, who are making the same mistake right now. I don't mean to get all "tinfoil hat" on you guys but things really don't look good for the next decade...
antonchigurh9 2 years ago 2
Homeownership, the biggest scam of a generation. It is used to entice young people into slavery and control. These people will be forced to work themselves to death in support of the weathly who capitalize off of them. Then after they foreclose, the lowerclass will pay to bail them out. It's a lose lose situation. Want to succeed, end capitalism and spread the wealth. You will have a better more even lifestyle without all the stress. Homes and Healthcare are the nuces that enslave us.
carnage958 2 years ago
@carnage958 "ant to succeed, end capitalism and spread the wealth."
You don't understand capitalism.
Having banks that helped run up the price of home ownership, that then were supported by the government to keep these prices high isn't capitalism.
It's fascism. In capitalism, these banks would be broke, their investors would have lost all their money, and the homes would be back on the market, at affordable prices and the CEOs would be IN JAIL.
fuzzywzhe 11 months ago
***GROAN***
A house is not an investment; a house is shelter, a place to live. These two young people can live in a rental for half the mortgage, not to mention home insurance, taxes, maintenance, etc. And Alt-A & prime are just beginning to reset...& we are only at the beginning of a depression & currency collapse. ***shakes head**
livefree1789 2 years ago 3
You eat too much, I can tell without analyzing your bills.
You will go under water, no doubt. Instead you should start save money, real money (gold).
aslomski 2 years ago
Change the title of this video to "Underwater Homeowner".
jortizz 2 years ago 4
should have waited another year
1989kirby 2 years ago
this is scary!!!!
OlGreyWolf58 2 years ago
even if you can buy a house, you can Never Own the Land!... still paying Govt rent for the land...
meka4996 2 years ago 2
How is she going to afford the mortgage working crappy jobs when interest rates go back up?
zeusvalentine 2 years ago 2
Housing prices in the bay area are predicted to decline 28% by July 2010.
scrunchiiface 2 years ago 2
Just posted a video response
watch?v=f_0xeTd8B4g
visionvictory 2 years ago 13
This just shows you what happens when government gets in the way of a real housing recovery. Let prices fall so she can actually afford the home.
Sad story of a future foreclosure that the tax payers will have to end up paying for.
visionvictory 2 years ago 20
The title should be Under-qualified Homeowners...
monkeyrun 2 years ago 13
Have mixed feelings about this. Good that they are working and dad is trying to be positive influence, but I sure hope they don't default or think their house is some kind of ATM. This is a terrible time to buy and an even shakier economy. Don't have a good feeling about how this will end. 185k for a fixer upper?? Doesn't sound right either.
ponderlicious 2 years ago 4
Watch at 00:29 when Wilmer mad dogs the camera and tell me that didn't make you laugh. Los Locos kick your ass, Los Locos kick your face, Los Locos kick your balls into outer space.
summerwoodprinting 2 years ago
I don't undestand, is this a warning?
The American tax payer is on the hook for all these risky loans.
Is the video saying it is good these two kids have mortgages on $180k shacks?
ric0rich 2 years ago 5
OHH i was like wow at first i thought these two kids paid it ALL OFF!! i'm like WOW how on earth did they make 180k in 5 years? i mean yeah it's possible but saving it to buy a house? ... I didn't see the mortgage factor -__-
DeeHong 2 years ago
There's no such thing as an underage homeowner. You may legally sign a mortgage contract at age 18. If you've got the money, you could own a home at age 10.
PJThatOthersMayLive 2 years ago