➡ The Millionaire Morning Show w/ Anton Daniels talks about how many people are complaining about rising mortgage payments on social media. This increase is often due to higher property taxes or an escrow shortage, which is when the mortgage company needs to reserve more money to cover future property tax payments. It’s important to understand that realtors are not responsible for explaining these financial aspects; it’s the buyer’s responsibility to be financially literate and understand the costs associated with home ownership.

➡ Buying a house involves more than just the purchase price; you also need to consider ongoing costs like property taxes and maintenance. These costs can be high, especially for larger, more expensive homes. It’s important to do your research and understand all the costs involved before buying a house. If you don’t, you could end up struggling to afford the house and may have to sell it.

➡ The speaker warns about the hidden costs and risks of home ownership, particularly with new constructions. He explains that property taxes can be higher than expected, leading to increased mortgage payments. He also cautions about the potential for foreclosure if these costs can’t be met, and the reality that the property could be bought by someone else. He advises to read the fine print and be prepared for all possible expenses before buying a property.

➡ The speaker uses a credit card frequently without paying any interest, earning points which they use to purchase items like a MacBook Pro and hotel stays. They even give some of these hotel points to homeless people. Despite this, the credit card company hasn’t cancelled their card, hoping they’ll eventually pay interest. The speaker also makes a repeated joke about the card having no edges, like a girl’s hair.

Something that has been being shared on social media. And so I want to share it with you guys because this is something that I, I don’t think that a lot of people are paying attention to. And so let’s just have a little bit of a conversation about it. All right, so the thing that people are complaining about on social media is mortgage payments. They’re saying that their mortgage payment, my mortgage payment, my mortgage payment, my mortgage payment, it’s going up. I can’t believe I should have never bought a house. My mortgage payment is going up or whatever.

And so people are complaining about the cost of living. Of course they whining about interest rates. Some people are house poor because they can’t move out of their house. Because if they sell their house and they take the equity out, then they got to go and refinance and they got to get it over a 6% rate, especially if you finance it for over 15 years. And so there’s a lot of people that are complaining that the payments that they’re making to the mortgage companies are going up. I want to explore that with you guys. Let’s get into it.

My mortgage payment went from $1600 to 3, $500. This is all I have been seeing going on my timeline on Tick Tock right now on how everybody’s mortgage rates are increasing. Honestly, I can tell you what, when I first bought my house and I had a realtor, my realtor did not tell me anything. I bought the house. I didn’t know what I was doing. I was not a realtor then, of course. And I did not learn about my payment until the closing day. I did not know how much my mortgage payment was going to be until the closing day.

And I signed on the dotted line. At that point, for me, I was ready to buy a house. So I just felt like it was what it was. Unfortunately, my mortgage payment is $1,600 and it’s, it’s still $1,600. But I guess my question is for everyone’s mortgage that’s going up. Like, I know it’s a terrible situation, but also when you are purchasing your homes, are you not understanding what questions to ask your lender? Because you can always. So let me first say this. It is not your realtor’s responsibility to tell you how taxes work, how property taxes work, how insurance work, how maintenance work.

It is not their responsibility. The realtor’s responsibility is to take your criteria, which some of these realtors got a hell of a job because they don’t get paid Unless you actually buy a house, the realtor’s responsibility is to show you the houses within your budget that meet the expectations for whatever the criteria is, and that’s it is to ensure that the deal goes through or whatever it is that you say you like. That is their responsibility. It’s not their responsibility to make you financially literate. It’s not their responsibility to make sure that you qualify. It’s not their responsibility to find out exactly what your property tax is going to be.

You do your due diligence. When I go to the dealership, I already know the car that I want. I know everything about it. I know what the horsepower is. I know the difference between the Jailbreak and a regular. I know the difference between a Scat Pack and a Hellcat. I know the difference between a Hellcat and the Red Eye. I know the difference between 707 and 717 horsepower. I know the difference between 717 and 817 horsepower. I know the difference between, you know, what the Jailbreak is going to be. I. I know the wide body. I know everything about it.

I don’t watch every video that you can think of on YouTube. I’m obsessed with the car. I know how they can steal it. I know what I got to do as far as to make sure that they can’t steal it. I know you know whether to garage it. I know what the insurance race is going to be on it. I know everything. It is my responsibility, my responsibility to know what my affordability is going to be and what I’m doing. I know what the tire is going to cost, the maintenance going to cost, all of that.

I know what the interest rate is going to be if I finance it. I know what the dealership is going to say if I say I want to pay it cash. So then I say, oh, okay, well, I’ll finance it. And then they give me a deal, and then I pay it off cash. And so I get it cheaper than if I would just bought a cash straight from the dealership because they get incentives from the finance company to finance it. Right? I know everything that there is to know about the vehicle before I go into the dealership.

And it is my responsibility to know about it, and it’s your responsibility take care of it. It’s not the dealership. The dealership’s responsibility is to sell you cars, not make you financially literate. It’s to qualify you. Okay? So I hate when people jump on these apps and then they start blaming the realtor. They start blaming them. So. So they got to take you through a financial literacy class of exactly what home ownership means because they selling you. They take you to see a house so that they can sell it to you and close the deal. All right, we live in an information age.

I will give you the crash course as to why I believe, and I haven’t even watched this video yet, to be honest with you. I’ll give you the crash course of what happened. Okay? Usually what happens is, especially in a new construction, right? In a new construction, you’re buying the land, you haven’t bought the house yet. I got to be careful on the type of information that I give too, because some information I have to reserve because I give that type of information inside of the Patreon. But essentially, long story short, to make a long story short, your property taxes is going to jump because the mortgage company is now requiring you to not pay it separately, but to pay it as a part of what you pay to the mortgage company.

So you’re not paying the mortgage. Your mortgage is going to stay the same unless you got an earn, unless you got an adjustable rate mortgage that’s going to jump or go down based off of whatever the interest rates are at that time. Your mortgage payment on a 30 year fixed, on a 15 year fix, on a 10 year fixed mortgage, it stays the same. That is the money that you are going to pay to the finance company for the next 30 years. 30 years. 30 years. That. Oh God. 360 payments. 300. You know, I just can’t fathom, I don’t know how the bank tricked y’all into this, how they got y’all to do this and y’all market it to each other and say, man, we need to get a mortgage or 30 year, 30.

30 year mortgage. 3,360 people. And that don’t even account for the property taxes, the maintenance, the insurance. Don’t call that. Don’t account for the utilities. That don’t account for nothing. Oh, man, I just can’t. I can’t. And if you get behind for three months, they can take your house and resell it. Man, that’s crazy. 30 years a slave. No, dog, not 30. At least 15. Not 30. At least 15. That’s because people, a lot of times they determine the type of house that they’re gonna buy based off of what they think their payments are gonna be.

Your mortgage payment is going to be the same, but what the mortgage company does is they then take escrow. Escrow is the amount of money that they anticipate Paying over to the county and property taxes. And so they continue to reserve that amount if they have an escrow shortage, meaning that the value of the property jumps significantly, especially after you build a home on it. Guess what happens? They have to take more to cover for the amount that they’re gonna have to pay in the future. And the shortage that you have. Yep. And that is the main reason why y’all mortgages jump is because either A, you have an escrow shortage or B, the amount that you have to pay in property taxes absolutely exploded for a number of reasons.

And so now your mortgage payment, which is not even a mortgage payment, but the money that you pay to the mortgage company is going to jump. In her case, nineteen hundred dollars. Oh, you didn’t know, you said that you want that big house. Oh man, I can afford it. I make a hundred plus. I got a six figure, dude, I make $200,000 a year. Our combined income and all of this stuff. Oh, but you didn’t know if you get that million dollar property, you’re gonna be paying 20, $30,000 a year in property taxes. You didn’t know that $20,000 property tax bill was coming right along with that million dollar property.

Depending on what county that you live in, what city that you live in, what state that you live in. You didn’t know that that was coming too, did you? Oh, you just thought that you was paying for the property. You didn’t know that you had to pay the property taxes because they got to make sure that they get them schools funded. Yeah, the millages to keep that college open. Taxes, taxes, taxes, taxes, taxes. Yeah. Oh no, you want the big house that need the maintenance and you got the property maintenance. You got your mates coming, you’ve got all of that.

Oh, I want to get a two million dollar house, a three million dollar house, a four million dollar house. Well, make sure you set aside an additional $80,000 to pay property taxes every single year on it. Oh, you didn’t know that. You didn’t know that you was going to be paying $80,000 in property taxes When I drive by, right. I used to drive by when I was younger and we used to go on, me and Rita, we used to take these rides through these nice neighborhoods and we would say, yeah, watch this. Yeah, we gonna get that house.

We’re gonna be able to afford this house. Watch this. We was getting, we was, we was manifesting in our dreams. We wasn’t manifesting the property taxes though. Now when I go and look at something and when I’m paying attention to it. You know what the first thing I do and Patreon members know, go and watch the last video that we did, the last live stream that we did inside of the Patreon where I showed y’all all of the tools that I use. You know what the first thing that I do, I go to my property tax calculator.

You able to put in exactly what the zip code is, you’re able to also put in exactly what that school district is. Because just because you live in a specific city, that doesn’t mean that you’re in the same school district. They have different school districts for different cities depending on where you stay, right? I look at the property tax calculator. I don’t care about how much the property costs. I can get the money for the property. It’s the property taxes that I’m paying attention to. And they only going up. They only going up. They’re not going down, they’re going up.

Know how y’all like to say generational wealth. Generational wealth. Half of you, if you pass your property on, if your parents pass their property on to you, you wouldn’t even be able to afford the maintenance and the upkeep, let alone the property taxes. You ain’t got no choice but to sell. And you competing against institutional investors that’s driving up the price of these property taxes. You gonna suck. You ain’t got no choice. You can’t take the maintenance of that house. You ain’t got no choice. If you don’t get into this capitalistic game, you are going to fail and go broke anyway.

As your lender, when you go under contract on a home to show you what your monthly payment is going to be, of course it’s going to be an estimate. But also at the closing table, when the attorney is going over how much you’re going to pay for your mortgage and they give you a piece of paper that has all your mortgages for however many long, how much, how many ever years that you have to pay your mortgage for. At that time, when you’re signing your papers, don’t just sign the papers. You know, just ask questions that you may have about your mortgage.

Because once you sign and close on your home, that’s your home. And then years down the line, you’re looking at, you have to sell your home. So it’s like unfortunate. Of course, property tax always goes up. So I mean, that could be another question. When you’re buying a home, ask about the property tax. Another thing that could kill you is incentives. Sometimes it’s good to have incentives on new construction homes, but sometimes it’s not. Especially when you’re doing the two one buy down. Basically when your interest rate is going to be one price for one year, it’s going to go up the next year and then it might go up the third year.

Ask what your mortgage rate is going to go up to for the third year. You might can afford the house for year one and two, but if you can’t afford it for year three, then what’s the point of getting the incentive? Like don’t just go looking into a new construction because they’re giving you $10,000 and they’re giving you a 2:1 buy down because you might be the next person where you’re going to be saying, my mortgage payment was 1500 dollars and now my mortgage payment is 2500 dollars because my realtor didn’t tell me this or the lender didn’t tell me that.

Like, you also have to do your own research when you’re purchasing a home. I don’t know, like what, what, what questions do y’all have as far as purchasing a home, as far as property tax, as far as your mortgage going up? No, y’all wanted to be homeowners. You wanted to move out of the hood. You wanted to have this conversation. No, no, no. Remember, remember y’all kept talking about, y’all was listening to, to, to flipping NJ and all of these people and house hacking. And I wanted to make sure that you, you know, I’m a part of the, you know, generational wealth.

What do y’all call it, passive income. All of these dumbass terms that they keep finessing y’all with. Remember y’all wanted to do that. Here’s another guy giving him, giving his insight on how his mortgage went from 3, 200amonth to $5,600 a month. $3,200 a month, fam. You got to get two new jobs and you got a doordash and you’re gonna be house poor and you can’t put no furniture in that mug. And most people, Let me tell you what most people do when they buy a new home. Let me tell you what most people do when they buy a new home.

They got to get new furniture. Yeah, you wanted to get that eight burner stove. You wanted to get that. The stove with the red, the red, you know, knobs on it because you wanted to impress your friends. You wanted to do it for Graham. Remember that? Remember that? You wanted the, the cabinets that also look like it’s all cabinets, but one of them is really a refrigerator. Remember you wanted that one. That costs. You gotta go and buy furniture. Now you in Art Band. Now you in Value City Furniture. Now you in Garden City and you trying to get some furniture on credit.

You ain’t got no more credit. Tell me why. My mortgage went from. Don’t judge me here. 3, 200amonth, 5,600amonth. I got on my shorts. Backstory here is right after this. I was looking for a house back in 2022 and I put in offers on multiple homes. So we decided to go. I’m sorry, they got declined and they wanted 50 to 60 grand of an asking price for homes with no contingencies. Are you ordering furniture on Amazon? You got a basic desk. You got this high ass home with this basic desk because you gotta order all of your furniture from Teemu.

Now you got Teemu furniture because you can’t afford the lifestyle. If your furniture don’t match your house, then that means you bought too much house. You need to go and downgrade. That is too much house for you. And I ain’t even talk about hoas. Long story short, I bought a new home with Ryan Homes. The worst decision I’ve ever made in my life, I swear to God. And I am paying for it till right now. Long story short, I’m actually selling that home right now. Bought a mortgage with Ryan Holmes and I am the last house that’s built on this subdivision.

The absolute last house when I signed on was you wanted to live with white people, Remember? Remember? You wanted to go and live with white people because you got better schools and all of that. Y’all better learn to fix up what you got and take care of what you have and appreciate it because it’s not always greener on the other side. Sometimes it may cost more green. But you not ready for it. Now you wearing regular clothes. You used to be stunned. You used to be able to go shopping every Friday. You know what? I want to get fresh.

Now you can’t. You can’t go to the club no more. You can’t go into the casino with me. You can’t come out of town no more because you got to go and hustle so you to pay your mortgage for the next 30 years. And then as soon as you die, your children is going to sell your house because they can’t afford it either. You gotta go hustle so that you can pay that mortgage and kill yourself for the next 30 years. And then your Children is gonna sell your crib or even worse, Even worse. They gonna do what they did last night.

They gonna trap Molly. What they gonna do like they did last night. It’s gonna be another. Your girl gonna get the life insurance money and she gonna have a whole nother man, a hobo sexual in your house busting her down right after you die. You gonna pay off that mortgage. You gonna die five years later, you’re gonna be 89. And then, and then, yo, yo, your girl who you married because you wanted a younger woman, she gonna be fed as fit to seven and she gonna have a hobo sexual busting her down on a house that you died.

You. You sweated your blood, sweat and tears. And you died for that house so that she can have another man in there busting it down for a real one. That’s what’s gonna happen. That’s the reality of what your life is gonna be like. Don’t say I didn’t tell you. 32 and some change. And I was fine with that because that’s what I expected. The size of the home, X, Y, Z, yada yada. Come to find out that again, I had a realtor during this time, but with new construction, Ryan homes doesn’t pay the realtor a commission.

So I was like, well, okay, I’m not going to ask him to come in and do any kind of work. So I let him know what I was doing and then ended up being. Next thing I know, I get the first tax bill on the property with land. I mean pro. On the property with the home build, the taxes were $16,000, which is like $1600 thousand. So that. And that’s not. Not the half of it. So I then go caught like, hey, is this right? Is this correct? Yeah, that’s. That’s your correct property taxes. We’re not sure why, but did your estimate based off what your taxes could be on the home because you’re the last home built.

So there, there’s print. Plenty of comps in the area. Yep. That they can use as. Hey, your taxes could be this. However they use taxes off the land because it’s going to show you a cheaper mortgage. Yep. Okay, so I’m like, okay, so what do you have to do? Well, you got to pay them so your party taxes go up. Okay. The next part of this is that being that my property taxes will be this and being that the property taxes were underestimated for that year of 2022, 2023, I believe it was. Now I. My escrow account is negative $11,000 as the mortgage company basically fronted you the money and they paid the property taxes off to protect their investment.

But you got to pay the mortgage company back. So now they’re going to increase your, your, your mortgage or how much you’re paying to the mortgage company the difference. And they got to collect the escrow for next year. And so that’s why the money that you pay into the mortgage company increases so much. Yep, my escrow account is negative $11,000 because Ryan Homes only use property taxes on the land. So now I not only have to pay my, get my current property taxes updated into my mortgage, now I have the rears back taxes in my mortgage.

People, when I tell you I almost lost my, I did lose my, I’m not gonna lie, I lost my, I, I, I completely lost my. Because it’s something they don’t tell you about new construction. And listen, listen, listen. I want to encourage you and the reason why I want to encourage you, young man, is this. We go, we’re just gonna leave it there. We get the point, we get the point. And I want to encourage you. And you know why I want to encourage you, young man? Because right after you lose your ish, you still gotta make the payment.

You still gotta come up with that $5,600 a month plus utilities and you gotta buy groceries and you gotta continue to make sure that you get the lawn cut and don’t build a deck in the backyard because then you’re gonna have to pull up. You know why they a lot of times why they want you to pull a permit? They don’t want you to pull a permit for the permit fees. They want you to pull a permit so that they can be aware to come back and reassess your house for the value so that they can increase the amount that they’re taking in property taxes.

You thought that you had to pull a permit. The reason why they were requiring you to pull a permit was because they wanted to get the fees and to inspect it to make sure that it was done right. They want you to pull a permit to any changes that you make so that they can reassess the property and charge you more in taxes. Oh, you suckers. You suckers. You suckers. You did not pay attention to the, to the paperwork because you were so eager to say I’m a property owner. And then you wanted to put a red bow on the door and post it for the gram.

And you got to make that $5600 payment. Then you got to make that $5600 payment. Yes, you do. Yes, you do. Huh? They gonna appraise your house without you even being there. They come by without you being. You don’t got to be there when they appraise the house. You don’t have to be there. They’re going to appraise it without you there. They got you. Don’t worry about it. We’ll send the bill. We gonna send a bill in the mail. You can go and protest it if you want to. I don’t think. Call complain. Wine. They gonna talk to you just like.

Just like Thanos did. You can dread it, run from it. You can dread it. You can run from it. You can do whatever you want to do. Either pay them property taxes, or I’m going to come at the property tax auction and I’m gonna be right there with my credit card like this. What? Swipe it, swipe it, swipe it, swipe it. I’m gonna be. I’m gonna be buying it. You pay it. You pay it, or I buy it. You better get out there in doordash. You better get out there in ubereats. You better do what you got to do, because I’m coming to get it.

I’m coming to get your property. And I appreciate you. I appreciate you for making sure that it was nice and safe and that you kept up the grass and you did all of that. But I need you out immediately. I’m gonna call a sheriff if you don’t get out of my property. I’m gonna call a sheriff. And I like that. The touches that you did. I like the fact that you decided to put crown molding in that. You got wood floors, man. I don’t care nothing about that. You can take your little refrigerator. You can take your little microwave.

We’re gonna. We’re gonna replace that. And we coming to get that property. Big dog. Thank you. Thank you for your service. That’s what I’m gonna start saying to these people that get foreclosed on. Thank. Thank you for your service. The same way that we thank servicemen for going out there and protecting our country. I’mma. I’mma thank you for protecting our property. Thank you for your service. Thank you for your service. Now, can you please exit the property? The sheriff is here to escort you out. And if you come back, then you will be trespassed. And if you come past this point right here, you will be shot.

I’m sorry, but thank you for your service. Do you just like they do the veterans? Just like Biden was Doing the veterans. That’s what I’m gonna do to you because you didn’t read the fine print and you wanted the sun for the people on the ground. Don’t worry about it. I’m gonna put it to good use. I’m gonna put somebody in there, make sure I get a good tenant. Good single baby mama with a stepfather that take care of her. Get. Give me a good tenant. Oh, yeah. Oh, yes, yes. The same information that I give you all for relationships.

That’s what I use to vet people to make sure that they’re good tenants. Get. Get a good tenant in there, make sure that they pay their rent on time. And we don’t get them all set anyways. Makes. Yeah, I buy houses with credit cards. 100 I do at the tax auction. It’s much easier to just pay it off with a credit card. I showed y’all that last year. I showed you that last summer. Yep, yep, yep, yep. Bought whole land. Bought a bunch of stuff with a credit card. Swiped it, swiped it, swiped it, swiped it all day long.

What is the last four digits of your card number? Oh, right here. What’s the back of the social? 100 right here. I bought. I didn’t. Bought all kind of stuff with credit cards. I didn’t bought whole cars with credit cards. I didn’t bought land with credit cards. I didn’t build houses with credit cards. I didn’t. Did all of that stuff. 100%. 100%? Yep. Swipe, swipe, swipe. These don’t got no limit on these. They don’t have no limit on these. This one right here, you see, you see how worn this is? You see all of the edges? I didn’t swipe this car so much.

This car didn’t been swiped 100,000 times. You know, ain’t no edges on that. Swipe and swipe, swipe, swipe. And don’t pay no interest. Not one piece of interest, not one time in my life. And took all of the points and bought all of my equipment inside of all of my. My computers. This MacBook Pro that I’m streaming on, all of that came as a. As a result of points. I don’t even know why they like me. If I was a credit card company, I would cancel me immediately. So don’t make no point. They don’t make no money from me.

They hoping that I’ll one day pay some interest, and they just keep losing every single month. I get all of the points, I get all of the trips, I get all of the hotels. I get everything that’s hobby. I’ll be giving hotel points over to homeless people. Hey, man, you need somebody to stay? All right, cool. I got you. Swipe, swipe, swipe. Anyways, no edges, just like your girl’s. Your girl’s hair. No edges on the card. No edges, just like the girl’s hair. Anyways, it’s Friday. It’s Friday. So, you know, we talking. No edges, just like your girl’s hair.

That’s why she keep wearing all of them wigs. No edges, no edges on that card. Anyways,
[tr:tra].

See more of The Millionaire Morning Show w/ Anton Daniels on their Public Channel and the MPN The Millionaire Morning Show w/ Anton Daniels channel.