BMFiore
@BMFiore2
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Spent 2020 - 2022 on a journey to rebuild an old house. Became a dad. Unsure what's next.
Pennsylvania, USA
Joined April 2020
The ironic this about this post is it basically admits that is you buy today, you're immediately "in trouble".
I feel like I have to post this chart once weekly. The Doomers are WRONG. This is not 2007. The fundamentals are completely different. People have substantial amounts of equity, assuming they bought before mid-2022. People in trouble:. ✅️ People who bought after September.
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RT @BMFiore2: @RealJohnGaltFla @his_eminence_j Why people even think "cuts" mean "wages" is insane anyway. That works in a manufacturing….
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A lot of homes that people think are worth $$$ are only worth tearing down. Those price drops do not go into the statistics.
Many existing homes as a result need a lot of work done. Buyers never updated their homes to where an inspector would have demanded them too. If I were to buy a home I’d go with a new one any day of the week. Way less issues. Cheaper. Built to your specifications.
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The obsession with "return on investment" in a nutshell. Record levels of wealth in public equities and SFH rentals. Tech, AI; our money is POURING into things that don't need many people, because they (of course) provide higher returns.
1.83 million Americans have been unemployed 27+ weeks. the highest since late 2021. That’s nearly 1 in 4 unemployed people stuck in long-term limbo. (not just that over 50 age group and it also doesn't include those that are no longer counted.).
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"Before" is incomprehensible; I had to gut the room above, rebuild the floor structure and subfloor, BUILD NEW STAIRS SOMEWHERE ELSE; major structural repairs in the cellar (jacking and replacing stone with reinforced block) before I could even really start this
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We're still going. solid blocked + blocking for tv mount, . , three circuits run (lighting, power, low-volt conduit) and the big sheets of drywall hung. Wife and kid return tomorrow so this is it
Update on this evenings progress. Slow going, i guess, but rearranging the room to fit a 9ft tall x 10ft wide wall on the floor was annoying
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The starting point is hard; you have many trillions too much money and congress that absolutely will not stop borrowing to stimmy spend despite everything bubble. But Ever since that first high CPI read hit in early 2022, the fed has done nothing but be hawkish.
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The dollar is a joke on here "Buy hard assets!" "VOO!" "QQQ!" SPY!" "Houses!" . understand that the Federal Reserve will have us all in the gutter begging for dollar bills before they let the dollar hyperinflate. a vast chasm of mismatch between expectation and reality.
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Look, it's in the speech. The fed is confused that inflation is still high w/ 5% rates. They underestimated America's culture of borrowing money just to speculatively bid the price of shit up.Americans don't think that 5 or 6 % is a good return vs USD inflation. This is Bad.
@StealthQE4 @Tradebeta2 What we're seeing now has nothing to do with economic data. The battle is for the dollar's reputation as stable money. it's a battle that is not going well right now. But the Federal Reserve is not going to lose.
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have to say, I bought an absolute garbage house for 240k on a 60k salary at 5.x% rate. I did a lot of work to it over the years and the proceeds from that sale really got me ahead, 8+ years later. The opportunity to buy the 250k shitter still exists and wages are way up from 09.
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Next up, electrical, blocking for tv mount and cabinets, drywall, 2 ducts, omfg.
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Update on this evenings progress. Slow going, i guess, but rearranging the room to fit a 9ft tall x 10ft wide wall on the floor was annoying
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And we have communist trash rates, where the upstanding family with jobs and go to school (house empty 5 days a week) that puts out 2 kitchen bags and a recycle bin pays the same $245/quarter as a townhouse with 8 unemployed people jammed into it.
One thing you learn when working with poor people is that they create SO MUCH GARBAGE. It’s crazy how much waste surrounds poverty. Environmentalists never talk about this fact though.
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RT @BMFiore2: @JackLinFLL @stclairashley It is the year 2062. All of the violent men are locked up. Women would rather. A) have their t….
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I mean, i identify with a neighhood that i absolutely do not belong in, by buying a house for slightly more than the guy who would tear it down would pay, and I'm spending my Saturday night rebuilding a wall in the living room. I just chose to sacrifice sanity vs family
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