follow 1,051 comments Followed by 6 Following 0 Ignored by 2 Ignoring 0 Ignore SFace
Registered Dec 02, 2009
Your whole life is summarized by the credit card you carry.
You have your debit card,
you have your no benefit credit card,
you have your gold, platinum and black card.
My old boss and father-in-law carries the Amex Black, which inspires me to work on the same. It says a lot about yourself and what you demand of yourself. Some poeple want surf and turf, some wants caviar and Foie Goie yet some just want a full stomach.
What do you want in your wallet?
SFace's most recent comments:
- On Thu, 23 Jun 2016, 7:17pm PDT
New Home Sales Fall in May- What Housing "Recovery"?,
The low new home sales (over multiple years) is why housing price will be going up.
- On Wed, 22 Jun 2016, 10:37pm PDT
Patnet Guide to Sensible Home Improvements,
I would not spend a dime other than cosmetics of a huge 2002 built home. There is no ROI. Whatever you spend is just preference.
If the home was built in 1922 and 1500 sq feet where real estate is 1K a sq feet, then yeah, plenty of ROI potential.
- On Wed, 22 Jun 2016, 10:07pm PDT
Put this hypothetical couple on the path to buy a house on the Peninsula,
"What would YOU do (not what you can do)? Put yourself in their shoes and put yourself on the fastest path to home ownership on the Peninsula (say $1.2-1.5M home price which means at least a quarter of a million dollars of down payment). Please help me detail a plan to get them into a small house on the Peninsula."
The peninsula is not a market for young couple. Most are in their late 40's. It's too competitive with the way way way way too few supplies. The mountain and bay(narrow as heck) and economic viability is all you need to know that peninsula price will be the last to fall and first to rise.
* The SFBA is home of 35 years old directors and 40 year old VP's and 45 year old execs. If you are thinking 2% annual salary appreciation, just throw the peninsula dream out the window. Think double salary in 5 years and triple in 10. short term bonus, long term bonus are the needed windfalls. I've seen way too many professionals do contract work for $125-150 bucks an hour and they'll laugh at your 100K employee salary. Think 200K or 400K total.
* save on cost you can control. For two people, live in a one bedroom apartment and keep it under $2000 a month. There are some leverage when couple live together. cook more and do recreational activities like hiking. Go to Mexico, not Hawaii. Eat free food and office perks. If you are too busy, its hard to spend money.
*An up and coming couple should be able to save 6K -10K a month or 70K to 120K a year. That's not including windfall if you work for the right company and you get a six digit cash bonus. Most young couple whom receives a nice RSU payout or stock options are signing up for buying agent next week. Couples that have 250K in cash and renting are basically in the market.
* If use have bank of mom and dad, use it. Young buyers are probably backed by rich parents whom worked for Facebook or other legacy company and can supply every kid with 500K cash down payment. It is what it is. If you want to be a young buyer, you'll need money from mom and dad to compete. That's how it is in the rest of the world. As a parent, saving for a downpayment is unproductive, If my kids are able to pay their mortgage at say 28, I'll send them half the down payment ((with them the other half) so they can skip the five year wait. It's not because Im rich, it just passing the money before I die. If I die at 80 and my kid is 50,, there is no point of the inheritance as they are 50 already, wtf. I believe in giving kids inheritance when they are mature enough and find it useful as young adults /p>