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17
Home buyer situation after job loss
House prices won't go back 6-7 years, not realistic. Blackrock, Chinese investors, Latinas, etc invested a lot on the high tide in 3% rate markets and they will hold long term potentially forever. Max 5% corrections depending on regional market. It's just that American reality needs brokers and that costs 6-8% on top of said corrections, which makes it 10-12% under water that causes some pain. H1bs antha foreclosures chesina, it doesn't account for more than 2-3% of total markets. This is based on roughly 330M US population with 1/5th population owing their homes and another 1/10 population investor categories ani assuming. I don't think h1bs are even 1/100 th of us population. So market will not die because of h1b chaps foreclosing like crazy. Also this may not be applicable to Texas as supply is now 3-4 times demand, it's a big state. Reality companies are able to cut losses next year once the raw material supply stabilizes. OP should rent out really cheap for the first year so that the tenants fall in love with the house and get really comfortable. Second year on, go with aggressive price increases. You might have to prepare for pumping in the gap between rent collected vs expenses by 20k or so but it will pay back in 3-5 years with interest. Just be confident. If you however were an app support with not much skills and don't see yourself coming back at all because of this setup, then you can try to cut your losses or escape even after first rent family vacate. -
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