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05-02-2018, 02:03 PM | #37 |
One of my superiors has like 1.5 million in debt (im gonna air quotes that)
But the debt is the cumulative mortgage of all his houses throughout the west coast (washington and california) He says the taxes arent really an issue in comparison to the income gathered from the 6 houses. His best story is buying a short sale house in washington and turning around and selling it 2 years later at a 30k profit (actual was like 22 after everything) that said I got a bad feeling in my knee that the economy is gonna rupture something like 08 again. Ive been talking to my dad about buying a few properties in new areas in Tennessee. 220k for a 3 bedroom place and garage in a good neighborhood. I figure buying places in California, you have to go in the mindset that you wont pay it off and pray to whatever gods you believe in that the value will be higher than what you owe come time to sell |
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05-02-2018, 02:21 PM | #38 | |
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I listen/read a lot of libertarian stuff and there does seem to be several bubbles waiting to burst. Credit card debt, auto loan debt, school loan debt and several other sub prime bubbles. Some think it's going to be worse than '08. Because of that, I've been lobbying my wife on considering cashing out of our current house. We bought it 5 yrs ago when prices were still fairly low. We have about $100k in equity in it right now and I'm afraid that's going to evaporate in a couple years if SHTF. We're looking at new homes in Arizona and other neighboring states, trying to see if it would make sense to cash out of this California home and use it to pay off over half of something even nicer in a state next door. With things like interest rates starting to creep up, the window of opportunity might already be starting to close... |
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05-02-2018, 02:37 PM | #39 | |
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I am renting now with a fixed rate and if this thing goes sideways in 2020 or something Ill be at the point of having some side cash and the VA loan to get something. Alot of people are moving outta California so that will mess with housing costs too.... I think. California Gov might ignore that and keep raising taxes.... 2021 cannot come soon enough XD My house is rated for 593k today and that is up from last years 578k.... next years forcast says itll be worth over 600k so if I bought it I could ride it out. that said I believe its closer to 540k in value. the estate itself is shoddy at best |
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05-02-2018, 03:13 PM | #40 |
Drives: 1987 Silverado Join Date: Jan 2010
Location: Texas
Posts: 314
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That money gets you a literal mansion in my part of TX lol
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05-03-2018, 04:09 PM | #41 |
Drives: 2016 SE Join Date: Nov 2015
Location: Silicon Valley
Posts: 1,139
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05-03-2018, 06:24 PM | #42 |
Drives: 2014 Yaris SE Join Date: Apr 2014
Location: NYC
Posts: 1,076
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05-03-2018, 08:14 PM | #43 |
05-04-2018, 04:00 AM | #44 |
Drives: 1987 Silverado Join Date: Jan 2010
Location: Texas
Posts: 314
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Yep lol. I was in the process of buying a house when the real estate bubble popped, and prices were in the toilet. So I was looking at a lot of houses online, and there was a lot of real big, real nice stuff for under a million. There were some 6500 square foot and 8500 square foot houses for around $850k. At the time I really wished I had $850k. And those were at least within driving distance of the metroplex.
But the house would be largely empty because I wouldn't have had the money to fill it with all the right furniture lol But those bubbles come and go, so if you simply waited, those kinds of prices would come back again. Also that was somewhat close to the metroplex. You get out into some smaller less populated areas, and the prices will still be that way. But those areas kind of suck in a way, you have to drive at least 1.5 hours to get to all the good stuff. But you may be looking at more like 2 hours. |
05-04-2018, 11:56 AM | #45 | |
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but Id have a bitchin workshop/garage... What trips me up is the current POS house I have in Mera Mesa sold last year for 570 and is currently worth 603... the people I am renting from have literally done nothing, the bath tub is falling apart, the washing machine is broken and we got ants! but its still worth 33k more cause housing market... trips me something severe |
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