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Old 07-20-2016, 01:25 PM
 
2,172 posts, read 2,656,595 times
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Quote:
Originally Posted by citydweller7156 View Post
I would recommend you comprehensively research what is going on in RE market, including in DC area.

Even before you look up the data, it just doesn't add up that we simultaneously:

1.Have so many people flooding to area from all over the US for jobs
2. Have people who rent here can afford to pay extremely high rent ($2400+ for 2 BR housing)
3. Yet the same people who supposedly dole out $2400/mo and over inflate the rental costs have at the same time poor finances/credit history and therefore can't purchase the 3BR townhome at $1400/mo (all fees, taxes, insurance included) and save $1000/month in housing costs.

How could this be? Could it be that we have disproportionately high ratio of foolish, irrational people who moved into this area lately?
But if so, if the real culprit is that we have lots of very stupid people who moved here lately (by "stupid" I mean people who are capable of earning enough to afford exorbitant rent prices, yet unable to secure the home investment of their own at $1000 monthly discount , with long term prospect of gaining an equity), then this is an alarm sign of its' own, prompting smart people to get out of here.

But, something tells me there is more to it than irrational and foolish renters who don't know better than to waste and burn $1000 per month and not gain any equity in personal RE investment.
And if you read the articles published all over (including in NYT and Wash. Post), you may arrive to similar conclusions I did.
You are, literally, describing yourself as a stupid person. Why are you assuming everyone else is stupid, too? People choose to pay a premium for North Bethesda over the middle of nowhere because they want to be near amenities and job cores. How is that hard to understand? How do you think that's indicative of a conspiracy by foreign nationals?

And by your own previous admission the $1400 for a 3br townhouse is only what you WANT to pay - what you think you're ENTITLED to pay - that's, obviously, not reality and not anywhere near how much 3br townhouses in MoCo cost. Can you PLEASE just talk to a real estate agent about your wants and needs. They can point you to various county, state, and federal programs you might qualify for if you're as in need and as desperate to move away from Walter Johnson HS as you say. Alternatively, simply rent in a cheaper neighborhood if you want to pay less; literally 90% of the county is cheaper than North Bethesda.
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Old 07-20-2016, 03:53 PM
 
65 posts, read 67,639 times
Reputation: 96
Quote:
Originally Posted by citydweller7156 View Post
And, as to "subsidizing" part, what a ridiculous claim you make. If someone bought a townhome in Clarksburg for $200,000 and pays $1200 in mortgage and fees, then how renting it for $1300 is subsidizing?
Anyone who is in this business FOR REAL (that is actual property owners who purchase rental homes to rent out) will tell you they would be HAPPY to get back their mortgage and fees in rental collections, and they pray to have a tenant who wouldn't give them a headache of going to court and evict for non payment, and then dealing with trashed by resentful tenants property .
OP, I think that the best solution for you may be to purchase your own townhouse for 200K. Then instead of expecting people to rent a house to you at cost, you can pay toward your own mortgage at-cost and own your little piece of paradise 30 years later.

Just so you know, all of the home owners I know are hard working folks making average salary. There's no mystery "foreign money" involved. Just hard work, lifestyle choices (lots of $.25 ramen to save for that first down payment, driving 10-yo cars..), and the willingness to settle for a neighborhood that's just plain average and live in a little place that's just a bit run-down.
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Old 07-20-2016, 03:59 PM
 
Location: todo el mundo!!
1,616 posts, read 1,792,227 times
Reputation: 1225
Quote:
Originally Posted by bufflove View Post
You are, literally, describing yourself as a stupid person. Why are you assuming everyone else is stupid, too? People choose to pay a premium for North Bethesda over the middle of nowhere because they want to be near amenities and job cores. How is that hard to understand? How do you think that's indicative of a conspiracy by foreign nationals?

And by your own previous admission the $1400 for a 3br townhouse is only what you WANT to pay - what you think you're ENTITLED to pay - that's, obviously, not reality and not anywhere near how much 3br townhouses in MoCo cost. Can you PLEASE just talk to a real estate agent about your wants and needs. They can point you to various county, state, and federal programs you might qualify for if you're as in need and as desperate to move away from Walter Johnson HS as you say. Alternatively, simply rent in a cheaper neighborhood if you want to pay less; literally 90% of the county is cheaper than North Bethesda.
dont even try he just will respond with a even stupider response… just one of those ppl who love attention and doing a great job
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Old 07-20-2016, 08:57 PM
 
29 posts, read 26,637 times
Reputation: 10
Quote:
Originally Posted by bufflove View Post
You are, literally, describing yourself as a stupid person. Why are you assuming everyone else is stupid, too? People choose to pay a premium for North Bethesda over the middle of nowhere because they want to be near amenities and job cores. How is that hard to understand? How do you think that's indicative of a conspiracy by foreign nationals?

And by your own previous admission the $1400 for a 3br townhouse is only what you WANT to pay - what you think you're ENTITLED to pay - that's, obviously, not reality and not anywhere near how much 3br townhouses in MoCo cost. Can you PLEASE just talk to a real estate agent about your wants and needs. They can point you to various county, state, and federal programs you might qualify for if you're as in need and as desperate to move away from Walter Johnson HS as you say. Alternatively, simply rent in a cheaper neighborhood if you want to pay less; literally 90% of the county is cheaper than North Bethesda.
I will report you for repeated personal attacks and insults! Who gives you right to turn this post into personal argument and insults!? You better be polite, this is a public forum where people post their opinions and ask advises, so behave yourself!

I am not comparing "Premium N. Bethesda" to middle of nowhere! I compare cost of financing a town house in Clarksburg to renting one, in Clarksburg! Rent for 2BR apt in Clarksburg = $2400. Financing a $150,000-$160,000 house, including insurance, property taxes and HOA fees $1400! WHY WOULD PEOPLE PAY $1000 EXTRA FOR SOMETHING THEY WILL NEVER OWN ??!!
How hard is this to understand??
Same goes for N. Bethesda! I live in a building next to several condominiums (they are just as the apartment I live in or very similar, but are privately owned). Guess how much the go for? Under $190,000!

Here is a listing for Pooks Hill condo, it's actually in Bethesda (MORE PREMIUM LOCATION THAN N. BETHESDA WHERE I CURRENTLY STAY!), it's listed on Zillow , been there over 20 days now. Sold for $189.000, with estimated mortgage of $664. Can anyone explain to me why renting apartment of similar size and shape costs over $2100 ? Do condo fees,property taxes, insurance and etc. add additional $1500 on top of mortgage payments? And why would so many people not buy and own but rent these homes and apartments, wasting over $1000 of hard earned money? Isn't it stupid?


As to "conspiracy by foreign nationals" - READ THE ARTICLES I POSTED, THERE ARE ALMOST DOZEN LINKS TO FOLLOW, READ THEM AND SEE FOR YOURSELF HOW INTERNATIONAL CRIMINAL SYNDICATES AND MONEY LAUNDERING OPERATIONS OVER INFLATE THE RE PRICES IN LARGE CITIES ALL OVER THE US, AS THEY DID IN LONDON, UK. CAN YOU EVEN READ?

And stop being obnoxious, rude, impertinent rascal! Behave like an adult!

Now, here is the listing from zillow:

5225 Pooks Hill Rd APT A18S, Bethesda, MD 20814

2 beds 1 bath 1,073 sqft

Very large one bedroom and Den with balcony & sunny western exposure of trees! Updated kitchen and bathroom! Tremendous closet space including two very large walk-in closets. Price includes & indoor garage parking space! Easy access to all the amenities of the building. Monthly fee includes property taxes, main. fee, reserve fund, cable TV! Fabulous low price for this square footage! 1 Bedroom/Den

For Sale
$189,000

Est. Mortgage$664/mo

Last edited by citydweller7156; 07-20-2016 at 09:12 PM..
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Old 07-20-2016, 09:01 PM
 
29 posts, read 26,637 times
Reputation: 10
Quote:
Originally Posted by papichulo2 View Post
dont even try he just will respond with a even stupider response… just one of those ppl who love attention and doing a great job
Must have hit the nerve there, didn't I
Sorry mate, if you are part of the international criminal syndicates who rake up profits at the cost of hard working middle class Americans then know this: I have no intention to keep quite about it.
I may join Federal law enforcement agencies to actually do something about it.
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Old 07-20-2016, 09:09 PM
 
29 posts, read 26,637 times
Reputation: 10
Quote:
Originally Posted by RandomNovaGuy View Post
OP, I think that the best solution for you may be to purchase your own townhouse for 200K. Then instead of expecting people to rent a house to you at cost, you can pay toward your own mortgage at-cost and own your little piece of paradise 30 years later.

Just so you know, all of the home owners I know are hard working folks making average salary. There's no mystery "foreign money" involved. Just hard work, lifestyle choices (lots of $.25 ramen to save for that first down payment, driving 10-yo cars..), and the willingness to settle for a neighborhood that's just plain average and live in a little place that's just a bit run-down.
RandonNova Guy, just so you know I don't wear a tin foil hat see below the articles about foreign money involved.

As to buying something for under $200,000, that's exactly what I plan to do. In fact, if I paid for mortgage what I pay for rent now, I could finance up to $300,000 of housing (with fees and taxes included), depending on local variables (such as property taxes and HOA fees).
I just want to move out of this $2000+/mo apartment so I can save $500/mo for a year towards purchasing a home. I would rather come up with 20% down and get conventional loan to save on PMI, but I don't have it, so I would go with 3.5% down plus closing costs. The 3.5% sometimes can be financed separately, but I have to come up with at least closing costs or some amount of cash.
Can't get a home with zero or $250 down payment. And in order to save $5000-$7000 within the next 12 months I must move to an apartment that doesn't cost double or triple of what its' owner pays in mortgage and fees monthly.


U.S. Economy: A Money Laundering Operation? - The Globalist

Corruption: The Unrecognized Threat to International Security - Carnegie Endowment for International Peace

https://hudson.org/research/12463-stage-hands

COLUMN: Anti-money laundering finally targets real estate market - Technician: Opinion

http://www.bizjournals.com/southflor...-criminal.html

New Federal Anti-Money Laundering Regulations for High-End Residential Real Estate Transactions | Thompson Hine

https://piie.com/publications/chapte...1/3iie3705.pdf

House prices are skyrocketing in central DC neighborhoods, but not in outlying ones - Greater Greater Washington

mercury.ethz.ch/serviceengine/Files/ISN/163867/...a032.../convergence_Ch8.pdf

FinCEN Targets High-Value Real Estate Transactions in New York and Miami | Cadwalader

Feds crack down on secret real estate deals in Miami-Dade and New York | McClatchy DC

Why New York City Real Estate May Be the New Dirty Money Bastion « Global Financial Integrity
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Old 07-20-2016, 09:33 PM
 
2,172 posts, read 2,656,595 times
Reputation: 2581
You're the only person insulting anyone here.

You clearly have no concept of the cost of home ownership. SPEAK WITH A REAL ESTATE AGENT, since you seem to think everyone here is lying to you. THE COST OF A 3BR TOWNHOME IN CLARKSBURG IS NOT $150,000; I'VE EXPLAINED TO YOU 3 TIMES THAT THOSE ARE MPDU UNITS - NOT MARKET RATE. I don't know how to get this through your skull.

Since you think the dozen people here who have all given you the same advice are stupid and it's such an economic no-brainer to buy THEN BUY. Find out the hard way, for all I care. It's clear you don't actually want our help and instead just want to whine and blame foreigners for whatever financial problems you're having.
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Old 07-20-2016, 09:40 PM
 
29 posts, read 26,637 times
Reputation: 10
Quote:
Originally Posted by bufflove View Post
You're the only person insulting anyone here.

You clearly have no concept of the cost of home ownership. SPEAK WITH A REAL ESTATE AGENT, since you seem to think everyone here is lying to you. THE COST OF A 3BR TOWNHOME IN CLARKSBURG IS NOT $150,000; I'VE EXPLAINED TO YOU 3 TIMES THAT THOSE ARE MPDU UNITS - NOT MARKET RATE. I don't know how to get this through your skull.

Since you think the dozen people here who have given you advice are all stupid and it's such an economic no-brainer to buy THEN BUY. Find out the hard way, for all I care. It's clear you don't actually want our help and instead just want to whine and blame foreigners for whatever financial problems you're having.
Stop telling lies, I insulted none of the posters here!

I posted my opinion about existing crisis in RE market and articles that describe how international money laundering schemes affected US RE market and effectively priced out ordinary hard working Americans from their own cities.
I also asked an advise where to find a rental property that wouldn't cost triple of what it takes to finance it.

This is America, you know, people can have OPINIONS, and guess what? People can SHARE their opinions in PUBLIC forums. Having an opinion, sharing it and asking questions is NOT a personal insult.
Personally attacking me in response and desperately trying to shift the subject of conversation to focus it into my persona is! I don't care f you get it or not, but that's just how it is.

So, take a deep breath and chill out. If you have anything of substance to add, please do so.
Otherwise go mind your own business.
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Old 07-20-2016, 09:47 PM
 
2,172 posts, read 2,656,595 times
Reputation: 2581
Quote:
Here is a listing for Pooks Hill condo, it's actually in Bethesda (MORE PREMIUM LOCATION THAN N. BETHESDA WHERE I CURRENTLY STAY!), it's listed on Zillow , been there over 20 days now. Sold for $189.000, with estimated mortgage of $664. Can anyone explain to me why renting apartment of similar size and shape costs over $2100 ? Do condo fees,property taxes, insurance and etc. add additional $1500 on top of mortgage payments? And why would so many people not buy and own but rent these homes and apartments, wasting over $1000 of hard earned money? Isn't it stupid?
Okay, this is my last attempt to help you. Yes, of course "condo fees,property taxes, insurance and etc. add additional $1500 on top of mortgage payments" - please learn to do 5 seconds of due diligence and you'll see it's not a foreign national conspiracy that is determining the rental price of your unit. The condo fee ALONE for the 1br+den you cite is $1,074 a month. In fact, the main, recurring costs of the unit (not including closing costs, insurance, maintenance, etc.) add up EXACTLY to $2100.
Home Price: $ 189,000
Down Payment: $ 6,615 (3.5%)
Property Tax: $ 2,037.69
HOA Dues: $ 1,073
Loan Rate* Payments
30-Year Fixed
3.875%
_________________
$2,100/mo.
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Old 07-20-2016, 10:03 PM
 
65 posts, read 67,639 times
Reputation: 96
The math by bufflove is similar to the conclusion I drew after looking into this property. Also, you may want to think of the hoa fee as the permanent rent that never goes away. In fact, it'll just go up as the building age.
Would you rather rent that unit for 2100 and maintain your flexibility or spend 40K and then 2100/month to own it? If you can rent it at 2100, it's a steal.
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