Loud POP!

[C Body Bob]

Did you hear that....
We’ve been having a housing boom here in my area as I’ve posted on in another thread. I’ve been saying the whole time it was out of hand & building way to much too quickly. A bonified housing bubble if you will. On my other thread I’ve read that many of you are also experiencing the same in your area. I may be wrong but I think it just went pop ! Coming months will tell.

 

[polara71]

I dont think so Bob. As population grows you need housing . The more desirable areas like N /S Carolina, Florida, Arizona, Texas are hot spots for people to move to from Liberal states like Jersey, NY, Illinois and California.
You will be encroached upon weather the bubble pops or not.

 

[75LandYacht]

That’s all da Yankees haul’en *** down south and out west where it cheaper liv’en

 

[DCMC]

As with blizzards or hurricanes we'll have another pop in 9 months.

 

[67Monaco]

Did you hear that....
We’ve been having a housing boom here in my area as I’ve posted on in another thread. I’ve been saying the whole time it was out of hand & building way to much too quickly. A bonified housing bubble if you will. On my other thread I’ve read that many of you are also experiencing the same in your area. I may be wrong but I think it just went pop ! Coming months will tell.

That wasn't a pop it was an implosion. We went from the land of half built subdivisions to the land of the half built high rise down here.

 

[1978 NYB]

The small town I retired in 1996 had 7500 people in 1996. It is now over 14,000. My backyard is protected Woodlands so no one will ever be able to build anything behind my house ever.

 

['69FuryIIIConvertible]

I'm hoping that bubble pops, it means I'll be able to get Into a much better home and property at a lower cost of admission.

With our current low interest rates, I certainly wouldn't day no to that.

For now I've been looking at land to build a building for storage and equity. You can't get a mortgage on vacant land here in Ontario, but you can if there's a building, the plan, Atleast as I've got it figured thus far is to use the building to store my stuff, and then use it as my equity for my mortgage.

My biggest problem is that my credit is too "young" according to banks, it's good, but I have a bad habit, 90% of what I own I've paid for in cash.

Nick

 

[LocuMob]

I'm hoping that bubble pops, it means I'll be able to get Into a much better home and property at a lower cost of admission.

With our current low interest rates, I certainly wouldn't day no to that.

For now I've been looking at land to build a building for storage and equity. You can't get a mortgage on vacant land here in Ontario, but you can if there's a building, the plan, Atleast as I've got it figured thus far is to use the building to store my stuff, and then use it as my equity for my mortgage.

My biggest problem is that my credit is too "young" according to banks, it's good, but I have a bad habit, 90% of what I own I've paid for in cash.

Nick

If you're that good with your money, you definitely should be taking advantage of 0% interest rates and build that credit up. I was the same way until I wanted a loan and no one would give me one, in my 30's. My 19yo stepson (at the time) was tripping over loan offers. Wish I would have gotten the ball rolling ten years earlier. But my plans have changed, for the better. I'm in the planning stages of getting a property from a co-worker and usikgnit as equity like you, and then being able to build my garagemahal.

 

[C Body Bob]

I'm hoping that bubble pops, it means I'll be able to get Into a much better home and property at a lower cost of admission.

With our current low interest rates, I certainly wouldn't day no to that.

For now I've been looking at land to build a building for storage and equity. You can't get a mortgage on vacant land here in Ontario, but you can if there's a building, the plan, Atleast as I've got it figured thus far is to use the building to store my stuff, and then use it as my equity for my mortgage.

My biggest problem is that my credit is too "young" according to banks, it's good, but I have a bad habit, 90% of what I own I've paid for in cash.

Nick

When I was young I got a card with $500 limit. Spent $100 every month on it. Paid off in full every month to avoid interest. Then later I got a no annual fee card with higher limit. Paid it off every month too. I used their money to establish my credit. Within 2 years my credit soared ! I was getting tons of mail & phone calls from lenders wanting to lend to me. Now I have no annual fee. Very low variable rate. Pay off every month & I get rewards points on every purchase. That translates to about $600 a year in rewards cards I can use at local merchants. They are paying me to use their money.

 

[Newport 66]

I have been with the same locally owned bank for 35 years. Borrowed money for cars, cycles, homes. When my first wife was re-diagnosed with cancer and the Doctors said it was terminal, we decided to go the alternative route. I called my banker and asked for a $20,000 loan for her treatments. He said yes and could give me a business loan....for the business of keeping her alive. I will never forget that and will always keep my accounts with them. That's how it's supposed to work. Trust builds trust, whether its banking or life.

 

[commando1]

White man surrounding The FUHOA Reservation.

 

['69FuryIIIConvertible]

My problem is that I never got a credit card until I was 18, most lenders here want 8 years of credit history before they'll give anything substantial for a loan.

I've had this conversation many times with the bank.

"Mr. Winter, you're credit is good, but you're credit is young"

Welcome to the stupidity of financial institutions north of the border.

 

[C Body Bob]

My problem is that I never got a credit card until I was 18, most lenders here want 8 years of credit history before they'll give anything substantial for a loan.

I've had this conversation many times with the bank.

"Mr. Winter, you're credit is good, but you're credit is young"

Welcome to the stupidity of financial institutions north of the border.

I was 20 when I got mine.

 

[78Brougham]

The small town I retired in 1996 had 7500 people in 1996. It is now over 14,000. My backyard is protected Woodlands so no one will ever be able to build anything behind my house ever.

I hope not Bob, but look at what happened to @C Body Bob .... that property was all woods too before they started construction if I remember correctly.

Hopefully the woods by you has no road frontage or is in a designated wetlands area. If needed you can call "Kenny's Have Turtle Will Travel". A couple of well placed Bog Turtles and they'll be shut down instantly.

 

[1978 NYB]

I hope not Bob, but look at what happened to @C Body Bob .... that property was all woods too before they started construction if I remember correctly.

Hopefully the woods by you has no road frontage or is in a designated wetlands area. If needed you can call "Kenny's Have Turtle Will Travel". A couple of well placed Bog Turtles and they'll be shut down instantly.

It is a protected area. No chance ever of anything being built there. I can't even cut any trees down on my property unless it's a threat to falling on my house and I have to get approval from the county to cut or remove anything. I have lived here for 25 years (since day 1 of my property being built) and there hasn't been one tree altered or taken down. Which is fine with me.

 

[Newport 66]

I own 20 acres of land that abuts a state park. Was going to build a retirement cabin and shop. Life changes. Anyway, my kids will own it in the future. It can't be sold or developed. It eventually will go to the park as a family donation to preserve it.

 

[C Body Bob]

I hope not Bob, but look at what happened to @C Body Bob .... that property was all woods too before they started construction if I remember correctly.

Hopefully the woods by you has no road frontage or is in a designated wetlands area. If needed you can call "Kenny's Have Turtle Will Travel". A couple of well placed Bog Turtles and they'll be shut down instantly.

Yep it was heavily wooddd & wet but not protected. The just pushed the trees over & fill up the wet areas. Hauled in dirt & started building

 

['69FuryIIIConvertible]

I was 20 when I got mine.

That's fine and well, and I don't mean this to sound disrespectful to you, but that wasn't recent, was it?

As I said, I sat down with the bank manager and went over everything, what may Have been true for you, was NOT true for me, ultimately its their choice to lend me money or not...

Nick

 

[rkrochen]

That's fine and well, and I don't mean this to sound disrespectful to you, but that wasn't recent, was it?

As I said, I sat down with the bank manager and went over everything, what may Have been true for you, was NOT true for me, ultimately its their choice to lend me money or not...

Nick

The problem with banks is that the manager really has no say anymore. They submit the request and head office approves or disapproves based off of fixed guidelines. The days of the manager making sound decisions based on the person have long disappeared. Times are changing.

 

[LocuMob]

The problem with banks is that the manager really has no say anymore. They submit the request and head office approves or disapproves based off of fixed guidelines. The days of the manager making sound decisions based on the person have long disappeared. Times are changing.

I actually had my branch manager tell the head office to give me my first loan through my bank. She asked them, "do we want to help our customer, or have them go somewhere else?" It was nice, but I'll be checking with a credit union for my next loan, much lower rates, and I hope a lot more money.