Home Buying / Housing Market Griefing Thread - You're going to rent until you die.

[NoReturn]

Might be true, I think the new boomer thing to do is to take out a HELOC and just live like a fucking king or queen during retirement fuck the consequences.

"You can't inherit debt!" - Boomers

 

[eternal dog mongler]

"You can't inherit debt!" - Boomers

Except when you can!

If you live in a state with filial responsibility laws then...watch out.

 

[Accept Only Substitutes]

Oh no, I don't think that. I used "poor" to mean not having enough money to buy property or get a mortgage. I know you don't need to be rich to do these things, but there's a certain amount of money you need.
Everyone I know who bought a house did it with their parents helping out with the down payment. I know it's possible to do it without the bank of mom and dad - it's just not something I've ever seen anyone I know do

I don't know if this is just for first time buyers or even if it's just a Texas thing, but we bought our house with what the bank called a 103% loan. We didn't have a down payment or closing costs, and no way to get them from bank of mom, so we borrowed enough to cover both. The requirements to get the loan weren't all that stringent either, I don't remember what all they were, but it wasn't anything hard. Check stubs, bank statements, that sort of thing.

Now I will caveat this with we bought our house in 2004. As far as I know this type of loan is still available, but it may be harder to get.

 

[american_amadan]

I don't know if this is just for first time buyers or even if it's just a Texas thing, but we bought our house with what the bank called a 103% loan. We didn't have a down payment or closing costs, and no way to get them from bank of mom, so we borrowed enough to cover both. The requirements to get the loan weren't all that stringent either, I don't remember what all they were, but it wasn't anything hard. Check stubs, bank statements, that sort of thing.

Now I will caveat this with we bought our house in 2004. As far as I know this type of loan is still available, but it may be harder to get.

I live in an urban area and my county offers an assistance "loan" for a down payment on a house, up to 17%. 50% is forgiven if you live in the same house for 10 years. It was created to help potential black homebuyers, but the whites that qualified (lived in an urban area) jumped on that so fast. The best part is the homeowners won't sell to gentrifiers because they can't without losing a ton of money. The whole thing worked in the way they didn't want it to.

 

[NoReturn]

Except when you can!

If you live in a state with filial responsibility laws then...watch out.

I've said it before, but millennials and GenZ are far less concerned about filial responsibility than I think they should be.
Here's a map for reference:

And here's the concern: Most arguments about "You don't need to worry about it before it's rarely enforced" are based on previous generations. It is very likely (in my opinion) that we will see more cases like the one linked above as time goes on simply because the country hasn't had to deal with Boomers before.

 

[mindlessobserver]

It's also a good learning experience for your kids. Grandma's caring for you, and then when her brain doesn't work too great anymore we'll care for her and not shove her into a nursing home to be pumped full of chemical restraints and neglected. Yeah it might be inconvenient for us but that's what family does.

There will be a reckoning anyway as millenials start to see how much nursing homes cost and consider that aging in place might be a good financial option overall...

Nursing homes were invented to rob the next generation of their inheritance. Simple as that.

I would add that the Filial Duty laws probably violate the 14th amendment, along with an entire ass ton of precedent when it comes to contract law in all the relevant States. The idea a creditor can apply personal liability to somebody not party to the contract is questionable at best. Both constitutionally and in common law.

It's just one of those things that hasn't been litigated yet.

 

[Maurice Caine]

I've said it before, but millennials and GenZ are far less concerned about filial responsibility than I think they should be.
Here's a map for reference:
View attachment 3255649
And here's the concern: Most arguments about "You don't need to worry about it before it's rarely enforced" are based on previous generations. It is very likely (in my opinion) that we will see more cases like the one linked above as time goes on simply because the country hasn't had to deal with Boomers before.
View attachment 3255654View attachment 3255661View attachment 3255962
View attachment 3256088View attachment 3256092
View attachment 3256093View attachment 3256102

How they still keep living? Just fucking die already it's been like what 67 years after the last boomer

 

[Zbk3VmLfujjzjxBd43tL]

How they still keep living? Just fucking die already it's been like what 67 years after the last boomer

Boomers inherited a lot of wealth from their Silent Generation/Greatest Generation parents (who were much more frugal) and the past 30-40 has seen huge leaps in medical science they can now afford, along with a predatory pharmaceutical industry dedicated to making sure doctors push drugs on patients. They also didn't smoke as much as previous generations (and many quit smoking decades ago), spent most of their lives in the cleanest cities in over a century (a lot of air/water pollution started getting tackled in the 60s-80s), etc.

Long term care is an exploding sector, to the point (boomer) relatives of mine say that if they were 20 years younger they'd be figuring out how to start a business like that and take advantage of it. And I don't mean nursing homes, basically just care so the boomers can live in their own homes.

 

[Accept Only Substitutes]

How they still keep living? Just fucking die already it's been like what 67 years after the last boomer

My mom is a silent gen, I think. 1941. Sadly she's still alive and fairly healthy for her age, last I heard. (Evil never dies) Her female relatives all lived into their 90s, except her mom. My uncles who are all a few years older than her are still kicking too. I don't even think any of them are in nursing homes.

People can live for a long, long time these days.

 

[parentalguidance99]

Living off grid far from cities is the best

 

[Astro Loafo]

I imagine the cheapest way is to buy a lot that isn't under some annoy city ordinance. Then either put van, rv, or mobile home there. Then you can always sell land later or can build on that land when you have the money, or can even use that land for money.

 

[NoSpiceLife]

I imagine the cheapest way is to buy a lot that isn't under some annoy city ordinance. Then either put van, rv, or mobile home there. Then you can always sell land later or can build on that land when you have the money, or can even use that land for money.

This is the way to do it, doesn't matter the size, at least if it's yours (in most cases) you can't be kicked off it even if you end up living in your car.
Of course this only applies if the land happens to be somewhere that isn't going to go all 'smart city/build back better', then you are pretty much fucked, they'll come and take whatever they want, whenever they want, and due to whatever current climate event is going on, the value that they'd have to buy you out for, is going to be a drop in the ocean compared to what it should be.

 

[tehpope]

I imagine the cheapest way is to buy a lot that isn't under some annoy city ordinance. Then either put van, rv, or mobile home there. Then you can always sell land later or can build on that land when you have the money, or can even use that land for money.

Wasn't there some article years ago about some family getting kicked from their land because they did that? Some weird law they violated.

 

[Never Scored]

Wasn't there some article years ago about some family getting kicked from their land because they did that? Some weird law they violated.

The trick is where you buy the land. You want an unincorporated area with no bylaws.

 

[Accept Only Substitutes]

The trick is where you buy the land. You want an unincorporated area with no bylaws.

Right. Some land has rules built into the deed about what you can do with it. Like you must build a 3,000 Sq ft house, or follow HOA rules. Because those rules are in the deed that you read and signed, you agreed to them and failure to comply means you forfit the land. Always read the deed and know what rules are included. If you don't agree with anything you find, don't sign. Some things may be negotiable, but you gotta do it before you sign.

 

[Never Scored]

Right. Some land has rules built into the deed about what you can do with it. Like you must build a 3,000 Sq ft house, or follow HOA rules. Because those rules are in the deed that you read and signed, you agreed to them and failure to comply means you forfit the land. Always read the deed and know what rules are included. If you don't agree with anything you find, don't sign. Some things may be negotiable, but you gotta do it before you sign.

I don't know a lot about that stuff. Where I live, it's basically a free for all outside of municipalities. If you own a piece of land outside and incorporated town or city, the lowest level of government above you is the province and they only have three mechanisms to control what you do with your own land as long as you don't violate any criminal or animal rights laws or anything:

1) You need a permit to connect a driveway to a protected highway, like main highways and stuff, not sideroads.

2) You need a properly designed well and septic system to get more than 60 amps of power.

3) If you have a permanent structure you have to pay for garbage pickup. This was only introduced a little while ago and was partially struck down in court. This is around $200 a year.

That's it. That's literally all of the rules. They try to bring in more on occasion, but people protest and stuff. There also aren't any property taxes in these areas.

Based on all that, I may not be the best person to give advice on the subject, honestly lol. I know we have lax laws and enforcement compared to most places.

 

[No Batty Boys in Jamaica]

I live in an urban area and my county offers an assistance "loan" for a down payment on a house, up to 17%. 50% is forgiven if you live in the same house for 10 years. It was created to help potential black homebuyers, but the whites that qualified (lived in an urban area) jumped on that so fast. The best part is the homeowners won't sell to gentrifiers because they can't without losing a ton of money. The whole thing worked in the way they didn't want it to.

Based. There was a very simple way for counties to make these programs work as intended: just include that to qualify, you have to make under a certain income, usually a percent of the area's poverty line. If you can't afford the down payment, the county tells you to live in the projects instead. It helps both working black people and white people buying their first house. The county benefits immensely by growing its middle class and expanding the tax base. Some wealthier yuppies and landlords will sperg that the black people will just use the handout to create trap houses but in practice it doesn't work like that. Too many people who give a fuck living nearby, not enough customers, and the county can figure out when the owner is paying with drug money. The spergs don't know how trap houses actually work- nowadays, most are rented from slumlords.

 

[Blobby's Murder Knife]

Right. Some land has rules built into the deed about what you can do with it. Like you must build a 3,000 Sq ft house, or follow HOA rules. Because those rules are in the deed that you read and signed, you agreed to them and failure to comply means you forfit the land. Always read the deed and know what rules are included. If you don't agree with anything you find, don't sign. Some things may be negotiable, but you gotta do it before you sign.

Another thing to consider when buying raw land is water and mineral rights. They generally do not convey with a land purchase and have to be negotiated separately.

 

[NoReturn]

Another thing to consider when buying raw land is water and mineral rights. They generally do not convey with a land purchase and have to be negotiated separately.

Water I get, but what's the concern with mineral?

 

[Blobby's Murder Knife]

Water I get, but what's the concern with mineral?

The person who owns the mineral rights has the right to mine it for whatever is on it. You don't. It would suck to be you if you found you were sitting on a literal gold mine but had no right to mine it or lease the land out for that purpose for others that can do it for you.