Poll shows 64% of Americans would welcome a recession if it eant lower mortgage rates

[Dan H.]

Exclusive: 64% of Americans would welcome a recession if it meant lower mortgage rates (msn.com)

My thoughs:

- They do not have a good understanding of what occurs in a recession.

- Less than 1.5 years ago rates were near all time low and they had been that way for a long time.  In Dec 2021 I got an MF 30 year loan at below 3%.  Anyone claiming the rates alone is why they are not buying what was their excuse 1.5 years ago?

- There is more means to educate about home purchases due to sites like BP than ever before. This implies there are ways to learn about options to help qualify such as high LTV loans (NACA, FHA, etc) as well as means to help qualify (such as house hack a MF and use income from other units to qualify). The education can also include value adds including BRRRR that when done right can provide infinite return and slightly quick scaling.

- There have never been more opportunities for flexible side hustles like uber, Turo, Grub Hub, pick up bikes and scooters for charging, RE bird dog, etc.  My son had a side hustle that he would look on-line for free items, place an ad to for sale the item, if he got a taker he would negotiate a delivery fee.  He would pick up the free item, deliver it to his purchaser, get paid for the item and delivery.

- Unemployment is near all time low.  Second job side hustles are abundant.

- Rates are a long way from historically high.  They are historically moderate now, but we have got used to historically low rates.

My son is 20.  He has read rich dad, poor dad.  He has done most handyman jobs in a unit.  He once had a handyman business with ~10 employees (in high school). He has amassed 6 digits of savings virtually never having had a W2 job (he worked for a few months as W2 employee in a pet sitter business). He is aware of some sophisticated RE value add strategies.  He is looking at RE in one of the more expensive markets in the US (even more expensive than San Diego) and understands the challenges he has due to no W2 income.  Granted, his schooling (including board, etc.) was paid for.  He has had easy opportunity to learn about various wealth building opportunities.  I suspect when he buys his first RE, it likely will have 0 cost when the value add is finalized.  

My point is I suspect the bulk of the 64% could use more education regarding wealth creation and would be some of the most impacted by a recession.