Homeownership, what the Banks/Realtors - DON'T TELL YOU!
Hey gang this is Mike with My Real Estate DOJO and today’s lesson is about how the system sells home owners the ‘American dream’ which is owing a property. But what they don’t tell you is the side effect of all this debt that we sign up for. Now, I want to let you think about this idea. Just in the DallasCounty every month first Tuesday of the month there are hundreds if not thousands of people getting their home foreclosed on, just in Dallas county month after month.
Now if you do Collin County, you do Denton County, if you do just the state of Texas you will see that every month thousands of people are getting their dream homes foreclosed on. And this is not because of the meltdown of 2007-2008. There was this many people losing their home, but that was more than that threshold. Coming to the story of signing up for this debt, think about a couple of things: hundreds and thousands of people are losing their homes every month to foreclosure, but the media, the realtors, the magazines, the advertisement they push on: “Go by there, signup for this huge loan, see if you qualify and get this dream home”. And guess what, the banks will prequalify how much you will be able to be approved for and that’s a funny story in itself, because you know I see a lot of home owners saying “The bank has qualified me for $500 000 or they qualified me for a$1000 000 home”, but do you think the banks really have your interest in mind?
Just because the bank is willing to give you $200 000 does it mean you should go and borrow that much? Do you think the debt to income ratio really considers you? No, it considers you almost breaking, where you almost have to go to bankruptcy, where you have to fucking work every fucking day to pay the lenders. So one thing to think about whenever you get a loan from a bank or they want to give you money, credit whatever you want to call it is just because they are willing to give you $100 000 does mean you have to use the whole hundred, just because your debt to income ratios says you really qualify you shouldn’t really just say “Okay, let me sign up for it, guys”.Because, you know, the bank says I can afford this, but the bank wants to enslave you, what the bank wants to do is enslave all of us in a sense and lend us more that we can pay where we are breaking and working every day for the machine.
So, the truth of the fact is it is great to own real estate in America and it is great to get ahead, but truth of the fact is there are thousands people losing their home and at the same time there are thousands of people signing up for a new debt to buy new property. The ratio is pretty shocking, but they will never show the people losing their home. These people could have college degrees; the majority of them do have college degrees, because it is pretty hard to get a loan when you don’t have good documentation to prove your income. If you are going to have a higher income it is likely that you are going to have a college degree. So every month thousands of people just in Texas who lose their homes they all have college degrees, so the point of fact is you got to be smart, you can’t get into debt just because that’s what the media tells you. You need to have this dream home, because you could live in a less than 500 000 home or $200 000 home.
If you can afford a $200 000 home, then live in a $100 000 home, because even a$100 000 home is a so much better property in the other countries, like third world countries. So the point of the story is not to be in debt, is to have financial freedom, where you live bellow your means and you have enough cash to actually enjoy your life without just being a slave and paying your masters, which are the banks and not just paying the minimum fee every month, because that is just slavery with a chain and the masters in this case are the banks. This is Mike with My Real Estate DOJO. Go out there and hustle and bustle. If you like these videos, please like, please share and please leave a comment. Have a great day, gang, and don’t take ‘no’ for an answer.