patrick.net

I think I am going to murder Clambo and assume his identity and assets. That is clearly the quickest path to millionaire status, and is highly endorsed by the Deep State.

Do they make customized Clambo silicon masks?

Are Asians living in fool's world or colluding to make other rich by bidding higher and higher for real estate?
I am 95% certain that buyer is Asian... Who have lived in shacks in Asia and thinks this is mansion.

https://www.redfin.com/CA/Mountain-View/1807-Walnut-Dr-94040/home/1096179?source=patrick.net


Mar 25, 2022
Sold (MLS) (Sold)
$3,700,000


Feb 16, 2022
Listed (Active)
$2,498,000

Apr 29, 2008
Sold (Public Records)
$1,270,000

The description is pure humor.
https://www.redfin.com/CA/Mountain-View/1807-Walnut-Dr-94040/home/1096179?source=patrick.net

Comfort and convenience abound in this delightful 4-bedroom, 3-bathroom home with a location offering access to top-ranked Los Altos schools (buyer to verify eligibility). Over 1,700 square feet of living space enjoys stylish appointments including oak floors, cherry cabinetry, and dual-pane windows that fill the home with natural light. The flexible floorplan includes the sizable living room with backyard access, the kitchen with a cozy breakfast nook, and a seating area perfect for use as a reading room or play room. The primary suite offers an attached office that may also serve as a nursery, plus private access to a backyard Jacuzzi. Find great space to relax and unwind in the well-manicured backyard with patio space and a Jacuzzi tub. Plus, this great location is within walking distance of top-ranked Springer Elementary, a short trip to Cuesta Park, and it provides easy access to downtown Los Altos and Highway 85.

Yeah, just what I would want for my kids: rub nuts with the kamikaze dragon mom spawns, hysterically scrambling for poindexter high SAT resumes thinking it will work better than just being the scum sucking genetic sack of elitist lucky sperm club.

From the article. Most people know this statistic I’m sure.

8) Don’t rent for life.

Although it’s a nice thought to rent and invest the difference each month, most renters don’t end up regularly doing so. The return on rent is always -100%.

Every month you get a place to stay with you rent money. However, you don’t build any equity or have a chance to build equity. In 30 years, a renter is guaranteed to be left with no real estate equity. Whereas a homeowner, if he regularly pays his mortgage, will end up owning the house free and clear.

In the Federal Reserve’s 2019 Survey of Consumer Finances, it was revealed that the median net worth of homeowners was $231,400. Renters had a net worth of just $5,000. In other words, the typical homeowner had a net worth 46X greater than the typical renter.

Median wealth of homeowner is 46X greater than the median wealth of a renter according to the Survey of Consumer Finances

We can argue until the cows come home why there is such a stark difference. However, just know that over the long term, you want to benefit from inflation and not get hurt from inflation.

From the article:

“Your Overall Chances Of Becoming A Millionaire By Race

Your Overall Chances Of Becoming A Millionaire By Race
Asian 22.3%
White 21.5%
Hispanic 6.8%
Black 6.4%”

- Living in the Bay Area, your chance of becoming a millionaire is much much higher IMO. This is based on my sphere of friends and immediate family members. Maybe we’re just a bunch of hard workers.

Interesting rules and parameters use for buying a home. I guess a lot of Bay Area folks are making $300-$500k/year. That’s why home prices have shot up to $1.5-$2.5M in the last year or so.

https://www.financialsamurai.com/three-home-buying-rules-for-all-to-follow/?source=patrick.net

From the article:

If you earn $100,000 a year, you can comfortably afford up to a $300,000 home. Or maybe you are lucky enough to earn a top 1% income of $500,000 a year. If so, then you can comfortably afford up to a $1,500,000 home.

Again, with mortgage rates collapsing, housing affordability has gone up. Therefore, you could stretch the third home-buying rule and extend the home value up to 5X your annual household income.

Eman says

with mortgage rates collapsing, housing affordability has gone up.

Rates are collapsing?

Blacks seem to do better in the NBA and NFL.

I wonder if the white people who are enamored with Breaking Bad, and Sons of Anarchy, fare as well as the POCs who embrace Hip Hop and the thug culture?

porkchopexpress says

Eman says

with mortgage rates collapsing, housing affordability has gone up.

Rates are collapsing?

The article was written on Jan 5th before the recent rates spiked. At the low, 30-year fixed mortgage was below 3%.

Mortgage rates were 18% in the early 80’s, 10% in the early 90’s, 8% in the early 2000’s and 4.75% in 2009 when I refinanced my house before I quit my W2. From this perspective, the author is correct that mortgage rates have been collapsing, and the 3x rule could be expanded to 4x to 5x.

I agree with his thesis. At the end of the day, it’s about the total debt service not exceeding 30% of your gross income. 30% at 10% interest rate is different with at 3%.

https://fortune.com/2022/03/30/housing-bubble-brewing-not-like-2008-federal-reserve-bank-dallas-mortgage-rates/?source=patrick.net