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/biz/ - Business & Finance

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49644555 No.49644555 [Reply] [Original]

It hasn’t even started has it?

>> No.49645613
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49645613

>>49644555
This Buy Renovate, Rent, Refinance, Repeat stuff is way more common that I thought. I was watching an economist talk the other day and apparently using margin loans to avoid paying taxes has become extremely common practice over the past 15 years.

>> No.49645825

>>49645613
How can people sleep?

>> No.49645858

>>49645825
I assume these people are the financial equivalent of those Russians that climb skyscrapers without a harness. They just don't have the fear.

>> No.49646090
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49646090

>>49645825
They don't fully understand the risk.

>> No.49646115

how many apartments does the average stripper own these days?

>> No.49646240

>>49645613
>considering my options
Yea, Chapter 7, 9, 11, 12, or 13
>inb4 some of these don't apply

>> No.49646250

>>49644555
Rent seekers and real estate scamfest needs to be crashed into oblivion once and for all.
They are the worst parasite and don't bring anything of value to society.

>> No.49646310

>>49646090
why is this funny, i dont' get it.

>> No.49646379
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49646379

>>49646310
Because it is.

>> No.49646412

>>49644555
oh my god

>> No.49646489

>>49644555
>40%
lmfao

>> No.49646498
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49646498

>>49646090
What part of "variable" do these literal N64-tier-programming UPCs not understand?

>> No.49646509

>>49646250

basté

fuck landlords

>> No.49646878

>>49646310
3.5% this month 11.5 % next month. Even if they locked that 3.5 for a year it will quintuple next year and their local credit union will sell it to back rock for 150k

>> No.49647108

>>49646379
I don't get it, that interest rate isn't that bad?

>> No.49647154

>>49646878
>3.5% this month 11.5 % next month
oh shit what, kek yeah that's fucked. are HELOC loans interest rates always so variable? seems blatantly jewish to trick people like this.

>> No.49647209

>>49644555
Why do retards take out loans to invest? Debt slaves need to get burned so they stop giving away money to the tribe.

>> No.49647266

>>49647108
They are variable anon.

>> No.49648623

>>49645613
Will this be the first economic crisis actually caused by a retarded public instead of greedy companies?

>> No.49649887

>>49648623
Yes

>> No.49649928
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49649928

I bought the top of the housing bubble

>> No.49649988
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49649988

>>49644555
>>49646090
>>49646379

>> No.49650006

>>49646090
>variable
Ruh roh
But honestly if you have the cash flow to cover the costs and can make money with it id take that HELOC in a second

>> No.49650087
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49650087

>>49650006
You don't hold HELOC. You pay it down asap or refinance and pay it off. They can also be called. But it appears a lot of people are holding them.

>> No.49650147

>>49648623
That's not at all what is causing this recession though. The feds balance sheet is $30 trillion. You really think retail HELOCs are anywhere near that amount?

>> No.49650178

>>49650087
>9 years
I was thinking like 1-5 but obviously I would need to know the terms first.
I guess what I’m trying to say is that if you use debt strategically it’s helpful to a great extent but just as it can be helpful it can fuck you into the dirt.

>> No.49650265

>>49648623
It won’t be the cause it will just be a result. People levered out the ass using their houses as banks and taking on more and more debt are going to get killed especially when no one can afford to buy because interest rates will probably be close to 10% before the end of the year

>> No.49650916
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49650916

I'm suddenly glad to only have 4k in interest-free student loans and 15k in credit card debt from being a retard with credit cards a while back.
I may be stupid, but at least I'm not "ruin my life forever" stupid.

>> No.49650975

>>49650916
>15k
Dude pay that shit down.

>> No.49651286

>>49650916
Like the other anon said, pay off the cc debt. Rising interest rates are going to fuck you

>> No.49651423

>>49647154
I’m not sure a HELOC would jump 3.5% to 11.5% THAT quickly, but yes they’re variable. They’re a good tool for someone using it responsibly for home improvements. Like let’s say you discover your foundation is fucked and it’s gonna cost $20k. If you have a HELOC open, it’s like a credit card with waaay lower interest rate. So you pay that $20k at 3 something %, it’s a no brainer. The people who use HELOCs to cash out hundreds of thousands to buy cars, boats, shit like that are retards.

>> No.49651482

>>49650975
>>49651286
I moved back with family for a while for that exact reason. No more money to the rent jew, pay off my CCs, batten down the hatches and get ready for the storm.

>> No.49651559

>>49651482
What did you do to end up in the CC debt?

>> No.49651625

>>49645613
this is all just *jewish noises* to me. i want to take a sledgehammer to anyone's skull who thinks this shit is remotely ok.

>> No.49651632
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49651632

>>49646090
>variable

>> No.49651700

>>49650975
>>49651286
kek i just maxxed out all my cards when i realized i have no hope of ever buying a house. if those kikes think i'm gonna pay a cent of it back they can go fuck themselves

>> No.49651793
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49651793

>>49651559
Kept thinking "Oh I can add a bit more balance, I'll pay it off quick" until it was too much to pay off quick and then kept trying to live above my means. Like I said, just stupidity.

>> No.49651810

Why americans love so much to be un debt? From where I'm standing, they take loans for the even the tiniest shit they want.

>> No.49651901

>>49646379
Guy doesn't even have a plan for what to do with it. What have a moron.

>> No.49651942

>>49646250
Fuck all landlords!

>> No.49651960

>>49646090
lmao I got an offer in the mail today for a HELOC up to 350k on the house I rent.

>> No.49652029

>>49651700
Based. Debtmaxx is the way to go for a single man

>> No.49652085

>>49651810
the system is set up to encourage debt. The entire system is built on debt - expansion of debt = expanding economy. there are tax benefits and time value of money benefits (the dollar you borrow is worth more than the one you will pay back) Gee, it's almost like the people who set this system up only cared about their own well-being. just wish I knew who those people were hmmmm.

>> No.49652089

>>49645613
normalfags disgust me so much
try to be responsible all you want, in the need you'll get dragged down by their antics as they scream for a bailout and get it too

>> No.49652090

>>49651700
>>49652029
>Awwww geez, I can't afford no $350.... What can I afford? I don't know.... $3?

>> No.49652127

>>49644555
Only retards invest in real estate.
Especially actual buildings rather than investment funds

>> No.49652212

>>49651700
>>49652029

So what do you do after you've maxed all your cards, and your credit score is trash so you can't get anymore?

>> No.49652242
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49652242

>for once, traditional banks have remained relatively rational with their financing
>yet it doesn't matter because both the public & investment management groups went absolutely fucking nuts with cheap credit and created not only a new real-state bubble but a tech bubble as well
It's all so tiresome.

>> No.49652278

>>49652242
Almost like we should have REGULATIONS against this shit. But noooo, free-market tards wanna go on and on about how letting people be this retarded and drag everyone down with them is good, actually.

>> No.49652340
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49652340

Don't forget pic related guys. Yeah I'm thinking it's getting bad though. Seems like everyone in my neighborhood is getting a new roof and a new fucking truck or boat. I see people driving around cars that I know they can't afford.

>> No.49652387

>>49652029
Can you elaborate on debt maxxing? How and why would someone debt maxx?

>> No.49652538

>>49652242
They taught us how to play the game

>> No.49652628

>>49652387
It's a one way, one time cash grab.
It's more common in terminal patients. Basically you take every single kind of loan available to you (from places that won't break your knees if you default of course) with the clear intention of never repaying.

>> No.49652813

>>49652278
Get rid of the federal fucking reserve. Endless fuckign money printing and nobody actually understand how fucked they are that they are no longer paid in gold and silver anymore.
You are trapped in this economy as a debt slave, because the money in your pocket is worthless. Wasn't always that way.

>> No.49653441

>>49652212
be satisfied with all the free money i got then go on with my life.
>>49652387
i started building my credit in early 2020 before the scamdemic started with 2 secured credit cards with a $300 deposit each. one was discover that bumped my limit up to $1700 after 8 months and the other was capitalone who bumped me up to $700 around the same time. i got both deposits back. at like the 6 month mark i applied for a few more cards but only got approved by american express for $1000. then last fall when the last push of the bullrun was just starting, i applied for 10 more cards at the same time, to try to use them towards crypto investing, and got approved for none. then i put all my cash into crypto and used the cards to live off while homeless and not paying bills. made over $100k but lost almost all of it and cashed out with like idk 6 grand left. just maxxed out the cards gradually with living expenses and stopped paying the minimums because credit doesn't mean shit anyway when you don;t have a wagie income and i'm never working for Mr. Shekelberg ever again.

you should only debtmaxx if you're prepared to live on the fringes of society. even so, at this point i think we're so fucked that even normie's credit scores won;t do them much good and they've already talked about getting rid of credit scores alltogether for some kind of new government score which takes into account income and other social credit factors. in short, a good credit score and no debt in this timeline is like having some dinner vouchers on the titanic. you may as well use them now or don't get butthurt when there's nothing left in the kitchen but seawater.

>> No.49653971

I used to think taking out a loan with your house as collateral was an american thing but I'm seeing ads from banks promoting this shit in my country now too, and they're targeting seniors
why are people so greedy? If you own your home free and clear, NEVER TOUCH THAT SHIT. It is your castle, your safe haven. Why would you gamble with that? Modern world is so degenerate holy shit

>> No.49654358

>>49646310
variable rate == setting up a picnic at an active volcano site

>> No.49654442

>>49653971
The greed of boomers knows no depths, they will happily sell out their children to increase their Zestimate by 1%

>> No.49654557

>>49647108
What part of variable don't you understand zoomer?
Rate is low now. Jerome hikes rates you pay more, job disappears because your employer is also levered to the tits and has to lay you off = you can't pay at all. Your 360k house is now only worth 250k but you're now paying +6% more on that initial 360k principal because of the variable rate.

>> No.49654618

There's going to be an assload of foreclosed houses. The majority of the public won't even be able to scoop up cheapies because the interest rates will be so high.

>> No.49654757

I'm not even smart I'm barely educated in all of this shit but I still can't believe people are gambling in an overheated market by leveraging their fucking houses, it's like these people forgot what happened in 2008

>> No.49654758

>>49650147
Society went to shit when abbreviations with phonetic sounds became common. It was around 2012-2014 that this practice really caught on. Screencap this post.
Contrast that with the New Deal of FDR where there were government acronyms like the CCC. There's something altogether childish, cheap, and extremely demoralizing about having acronyms that sound out words especially for important government programs. It totally erodes the nation state while infantilizing users of the program, and anyone who has to work with it, on it, or in it's orbit. If I had to pinpoint one thing that caused the collapse, it would be this, and it's an easy fix also.

>> No.49654834
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49654834

>>49646090

>> No.49654914

>>49654618
Remember that if it's your first home the interest rate is tax deductible. Just make sure you have the savings to back your ass. Don't get in until you know you can handle a payment for about 5 years. Then just refinance when those tax credits expire.

>> No.49654987

>>49647108

Rates can go to double digits soon. That means the payment is going to double and maybe triple. Starting to understand now?

>> No.49655035

>>49653441

Kek now there's a plan.

>take out biggest loan possible
>buy silver/gold
>bury it somewhere
>declare bankruptcy and wait for collections to cease in 10 years
>dig it up
>??????
>profit

>> No.49655073

>>49654914

I have about $80,000 in savings so if a starter home actually goes to a sane value of around $150,000 I'll be in a good spot. However a starter home is now $700,000 and completely beyond my reach unless I relocate to an area where I can't get a job.

>> No.49656197

>we are going to have both 2008 & the Dot.Com mixed together + high food & gas prices due to the rusky's clumsy invasion
FUCKKKKK