 Hey, how's it going everybody? All right get to see everyone Welcome welcome welcome to dedicated to financial literacy. I'm your host Russell Moore coming to you live again Talking about stocks talking about financial literacy. What's my favorite quote? Huh? What do I love to say all the time? If you do not learn you will not earn. All right, so make sure you're out there learning make sure you're getting better Can prove your trading if you are a day trader and prove your investing if you're a long-term investor But enjoy what you're doing and I love I love researching the stock market. I wrote love researching companies I love this thing and so It's an opportunity to grow your wealth grow your finances and I just want to encourage everybody do not give up Do not give up. All right. How's everybody doing with the crypto? Any Bitcoin folks out there, how you doing? All right, hang in there. You got to be willing to you got to be able to hang in there It's very volatile. I just want to tell you that right now Cryptocurrency is volatile Particularly the the altcoins Okay, meaning alternate coins. They're an alternate to Bitcoin altcoins. That's why they're called altcoins. All right All right, so today I'm just gonna keep it brief. I just wanted to happy Monday everybody It's it's my wife's birthday. I want to give her a shout-out my wife event or take a more. Hey, happy birthday, babe I love you and It's just wonderful. I have I have the most amazing wife and today is her birthday. All right July the 12th All right, and then I want to just put in a little plug for in vitka. I got another watch I don't know if I've shown you guys this one yet. This one is Superman. Hey Superman Superman y'all see it Superman the Superman watch And it's by in vitka again. I told you it's my favorite brand INV I See ta in vitka.com. Okay. All right, so today. I just want to I want it You know what? I kind of wanted to just talk and share from the heart And talk into a lot of my friends that I mean from doctors to the janitor a lot of people seem to have this the same concern If they have if they have property or income property a house or something there, you know, should I sell it now while? Prices are up and soaring and you can get you know so much more for for the for the price of your house and Or your income property Unless of course you're you know commercial commercial is not doing too well because people are leaving tenants are leaving the commercial commercial properties because Hey people can work from home. Thanks to zoom and so You know business owners are saying look this is a waste of money monthly for me to be paying into this lease for this office When my when my employees can be working from home So I'm not talking about commercial real estate, but from a residential multi-family single family homes man, it is it is brutal My wife and I right now are looking to get a home another Y'all home and so we have to buy a home and it has just been brutal the the The competition and and we have not been willing. No, we're not going over a hundred thousand dollars Over the asking price just to get a house It's so so we're trying to we're trying to decide do we wait Is this market is it really at a bubble and is the housing market really going to crash at one point? You know, I guess what you can say is whatever goes up comes down. So eventually But I don't know I really I really don't know and so I'm I'm of the mindset right now if we find a pretty good deal and we really love the house Particularly we're looking for multi-family homes something that we can like a duplex or a triplex or even quad you know a four-plex so if we can find something and then still Use part of the property as an investment property and live in one of the units for a couple of years and I don't know That's what we're looking at. We're looking at multi-family right now but It's kind of it's kind of it's kind of scary out there gang. It really is and so I Would encourage I would definitely encourage people. Hey look If it's not the price that you want if it's not the price that you want then don't buy it You know just because you're trying to keep up with the Jones's so to speak keep up with a I have a house I bought a house. No no it needs the deal needs to make sense everyone It needs to make sense and some of these Bidding wars they just do not make sense and we here's what I suspect is gonna happen I believe that essentially that a lot of the Buyers out there like myself My wife and I and other families are gonna wake up and just say hey look It's not worth it. It's not worth it to to try to outbid people by sixty seventy thousand dollars Because when that house gets appraised guess what because of the different contingencies they have now you'll end up paying That difference Do you hear what I'm saying the house will appraise at one point But the but the seller is asking for this much and Because of the the wars the bidding wars It could be Thousands of dollars that you would have to come out of your money out of your pocket to come up with to make up the difference between the appraisal price and the asking price or the selling price and So in order to get it you got to make up that difference and pay what 10 15 20,000 I've heard of people paying 70,000 in contingency for the difference between the appraisal and the actual selling price now That's ridiculous. Come on you guys That is ridiculous. And so what me and my wife have decided to do, you know, we're gonna sit it out We're gonna wait. We're in a home. We love where we stay I mean, it's a little small and we want to do some other things and we're a little limited But we're like look We had a roof over our head. It's nice. We live in a very nice community and And so why Why fight why be in a rush? Why hurry and That's what I wanted. That's what I would like to say to some of you out there Why are you in a rush? Why are you in a rush? Why are you hurrying? Why do you have to have that house right now? Yeah, you don't in most cases. No, you don't now you might be in a situation like we have a couple of friends They're they're having a baby soon. They needed to be in a home. Okay, so that's a different situation We we looked at our situation we're like, hey Let's fix up what we're we're living. Let's fix it up make it look nice And let's just enjoy where we are while we're waiting to go to where we want to go Man, that's a that's a good line for life in and of itself. Enjoy where you are While you're on your way to where you want to go all right, so You know, I'm I'm of the mindset right now that if you if you do get a deal though, take it take it take it You know, I even had some of you some people you might know that what they'll do is They'll purchase a home and then turn around Almost like a flip Turn around because the market prices are going up so much They'll turn around and sell that house in three months For a higher price and make what and they're and they're they're okay with twenty five thirty thousand dollars I mean, can you imagine if you were just buying a home and in three months three months later? Six months later. You just sell it make about fifty sixty thousand dollars That's how wild the market is people have done that They were planning on living in it, especially if they had cash They bought it probably at a low in you know, and people were it and get this people were willing to pay more than them in some cases Now most sellers they're gonna take the highest bidder But there's been some situations where they didn't the person had cash. That was the key They had cash. They paid the cash got it and then turned around in the next few months and sold the thing and made about 25 30,000 didn't do anything to the property didn't do because what happened was the seller that just sold it to him put it all the Put it all the repairs did everything for it and all they wanted was about 25 30,000 well if you do You know now you that profit you need to do something with that money 1031 you need to you need to do something with that money or you'll be paying taxes on that 25 30,000 But I'm I'm just saying those are just little Smart little things people are doing They're making just a little bit money and then what they'll do is take that was proceeds And by Bitcoin By Bitcoin then Bitcoin goes up take the money reinvest it I mean, there's so many creative things that you can do. I'm not telling you to do this. Okay, of course there are Of course there are You know pros and cons to what I just said, okay So I'm not saying that but I've heard of people doing that buying the house and then turning around and selling it making up Because people are fighting fighting for these homes And so they just put it back on the market and do what the seller just did and sell it and make about thirty forty thousand dollars really quickly I'm like wow. This is ridiculous 22% the market has been up 22% housing It oh my god, so One other thing I want to mention before I close out this session is that so that's what I would say I would suggest people just be patient wait for something that you really like and that you really want and then go for it and Don't let your realtor con you Into oh you need to bid You need to you need to make an offer of seventy thousand dollars more and then you're like in order for me to get to the House, I've got it. I've got it. I've got offer seventy thousand more than everybody else first of all and Many of those cases your realtor Unless you really know them like it's a family member or somebody and even a family members can be kind of shady at Time but unless you really know this person in many cases a lot of times the realtor is lying Not even being honest you don't even need that much See you got to remember they're making more money The higher that that offer goes and you get that offer your realtor is making more money so unless they're really Full of integrity and very honest, you know, they could they could be in it for themselves You got to be very careful of that So they want you to make this higher offer if it's not comfortable with you Do the numbers make sure you can afford that mortgage and here's another thing I want to tell you real quickly a mortgage does not just include Mortgage and interest You're paying more than that if you don't pay to if you're not putting 20% down you are going to be paying that PMI Okay at the PMI in there You got to add your insurance in there You got to add your your insurance housing insurance So that's two insurances you'll be paying if you don't pay 20% down. All right Now get this if it's a new construction where they've been building around that construction like a howl Like a school or something then you'll be paying in California. What's called Melrose? So it's it's another tax then you add taxes on there So you can have a $1500 mortgage payment with Prince with You know with principal Your interest and your mortgage could be $1500 But by the time all the other things are added you you could have a mortgage payment of about thirty two hundred dollars Do the math make sure it works for you. All right. Is your family going to be suffering? Are you going to be? stressed out every month make you know, I got to get come up with this mortgage every month or Do you have it? Will you be able to easily pay it and not have a problem not have any issues not be worried not be concerned There are people that have gotten into mortgages like this and now here. They are now Six months later and now they're like. Oh my god. What did I get it myself into? You don't want to say those words. What did I get myself into? I? Gonna say that again. These are the words that you do not want to say after you've bought your house What did I get myself into what you want to say is oh my god? I'm glad I made this decision Thank you God. All right I just want to thank everybody for checking in my checking on my channel and listening to the content I want to encourage you. Please hit the subscribe button Notifications so you can be notified when I put out more content. Okay? I'm gonna the next video. I'll be dealing more with this stock market We'll talk about the stock market Next week. Okay, and really right now. I'm just putting out one video a week. Just one video week I'll probably push more content later But at this point what every Monday you should hear from me. All right All right. Thank you and have a wonderful wonderful day. Bye