Aug 28th, 2021 | Money Podcast

FALL IS COMING FOR YOUR MONEY Are you ready? Bond tapering, possible interest rate hikes, inflation. Are you prepared for more COVID lockdowns? Tom breaks things down!

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Submitted by UncleKenta on

Be careful what you are getting in a new home right now. Labor and supply chains are very bad. Watch the crap they are building right now very closely.

Back in 2000-2006 there was a terrible problem with contaminated drywall, that emitted toxic gasses, and caused horrible corrosive problems inside homes. Some of those homes are still vacant because they are unlivable without tearing out every square inch of drywall. And replacing all the wiring and other components and materials that were corroded by the off gassing drywall inside the walls. Holy fuck.

More recently, I watched a roofer on a brand new home being built right behind me, who couldn't drive a fucking nail straight to save his life. He got so angry he was smashing the roof deck wildly, until the crew lead came and stopped him. Yeah they were driving nails by hand with hammers. I don't know why they didn't have nail guns. And they didn't know how to use a damn framing hammer properly.

I also drive by many of these ticky tacky mcmansions being hurriedly built here in Flori-duh. Absolute garbage many of them.

Nearly every home construction site I see when the engineered roof trusses are delivered in one giant bundle: they mostly lay them side down, on VERY uneven ground. The trusses are deformed into an S-shape or contorted all kinds of ways. They lay on site, waiting for crane day to be installed on the home. Are they unusable? No. But they are stored this way for days or even weeks sometimes. They get rained on, then sun baked.

Then I thought, gee I wonder why that guy was having so much trouble trying to drive nails in a straight line, missing the truss every time? I'm imagining his chalk line on the deck wasn't even over the truss because it was likely bowed and crooked as a politician. lol Who knows for sure?

But I wouldn't buy a new home today by ANY builder right now. Or, I’d be there every single day to supervise it. (Notice how many builders want you to sign documents specifying that YOU are NOT allowed to be onsite during construction of YOUR home except on designated draw days. lol yeah right. Fuck that.

The rental home I'm in right now was built in 2019. It's not horrible, but certainly not worth what the landlord paid for it. There aren’t any proper control or expansion joints in the concrete work. One guess if there's cracks already in the driveway, patio, and floor tiles in this 2 year old home??? Yes there are. Concrete specified, mixed, installed, and cured properly does not crack this much.

Like I said: garbage.

Waiting to build my dream home Tom. It’s very frustrating. "Wave the contingencies" Holy fuck! NOPE!

Fellow P1’s: Listen to Tom. I learned the hardways about buying a home at market peak, with debt in 2006. Don't do it, unless you got mega cash to burn.

I have zero debt, and cash for 20% min down payment right now, but I'm waiting indefinitely to build my dream home. When the time comes, after this gargantuan bubble passes. I just might end up building a home myself with my own two hands. Fuck these shitty greedy builders. $350000 for a brand new piece of shit ‘entry level home’. No thanks.

Thank you Tom. Not me this time.