Quote Originally Posted by Richard View Post
If you go by the first stream link


  • 1992 > Avg. 30-year fixed mortgage rate: 8.39% > Avg. inflation-adjusted monthly mortgage payment: $1,805 > Avg. inflation-adjusted home sale price: $291,400 > Homeownership rate: 64.15% [in-text-ad]


My rate was 17% on a brand new $65,000 house with 50% down and a payment of $300 per month 1200 sqft

A $291,000 house in 1992 would have been a mansion and not very average.

In the 1990s, inflation started to calm down a bit. The average mortgage rate in 1990 was 10.13%, but it slowly fell, finally dipping to 6.49% in 1998.

https://www.rocketmortgage.com/learn...-30-year-fixed

I bought a 5000 sqft house in the 80s when the interest rates were 18% and nobody was buying because of the interest rates ,so people were owner financing no money down,desperate to sell,I rode it out until the interest rates dropped,sold that house for a profit and used that profit as the down payment on the new house to have a small mortgage.

The interest rates were irrelevant,still needed a place to live.

What percentage of the home buying population fall under the adverage category?

It’s like the auto dealers offering no money down 1% interest to qualifying buyers IE:850 credit score.

The point was the interest rate did not matter,long term the house provided a roof and has been paid for over 15 years now providing $3000 a month rental income.

It was no different back then,making sacrifices while raising a family in order to set up for a non dependent on others future.

No different then the next house I have now,bought 2 crappy houses for $6000 during the last crash in neighborhoods that nobody wanted to live in ,at the time people were still claiming they could not afford to buy a house even in a rock bottom crash.

Now in theory I can live on my boat and collect $9k a month in rental income on properties that I purchased at time when people said they could not afford to buy.

You do not need a lot of money to build wealth,you just need time,I know waitresses that now live in $500k houses that they bought way back then and struggled to pay the mortgage.

You do not set yourself up for retirement by paying somebody else rent for life.

But it is not how much you make it how it’s you spend it and to what lengths are you willing to go to in order to achieve your goals.

Thats what makes this country so great,you have that opportunity,in a lot of countries you do not.

I could not buy those houses for $6k in Orlando at that time of the crash,so I moved to Tampa where I could,no different then if I was sitting here saying I am priced out of the Florida market with a family and not a lot of money or young with no family.

I would be loading up the Uhaul and moving to Detroit where I could buy something if that’s what my goals truly were.

That’s the problem though,people fall into that trap of the more debt you have the more value you have when the goal is when it comes to retirement is to have no debt.

For somebody young and looking to build wealth in real estate so they can retire early,right now Detroit is a gold mine that offers opportunities that very few other cities have,people are too obsessed with trying to have that perfect little world right now and worry about the future later.

When you are young it seems like time is forever but as you get older it starts to speed up really quick and people get caught up in that part that says - to late now .
Godamn! You posted a fucking chapter in response to my ONE SENTANCE post on what are factual numbers for mortgage rates when you claim to have paid double the average rate in 1992. You are a fucking idiot. Go back to Sun City and get off this page.