patrick.net

FuckTheMainstreamMedia says

Although it’s been happening more, I still can’t fathom why some people won’t cash in their Los Angeles area lotto ticket. We’re talking 1500 sq ft 3bd/2ba post ww2 cracker boxes selling at $800k min up to about 1.6 million depending on location and condition. 2,000 sq ft homes it’s more like $1 million up to 2 million.

This is cheap compared to Bay Area prices. 😂😂😂

For us, we won’t sell and move because of family.

Eman says

gabbar says

Where do you see real estate headed in 22 and 23?

@gabbar, if history is any indication, 2022 would be like 2005-2006 time frame. The housing market will continue to go up at a decelerating rate especially in the 2nd half of this year due to higher mortgage rates. If the Fed raises rates aggressively this year, the housing market will likely peak next year. If not, it will likely peak in 2024. Valuation is very stretch, and rent/own ratio makes no freaking sense for SFH’s in the Bay Area. Just my 2 cents.

Rent/price never made sense for nicer SFH in bay area.
There is no real space left in bay area to build. The farmers who still have some land and already mega wealthy and will only sell when builders pay top dollars at peak.
The only decline can be in small congested houses unless lot of people leave bay area.
I know more people moving in than leaving.
... Even more who are stuck in apartments and waiting for chance to buy SFH.... Add that to corporate/foreign buyers, It is huge supply problem and it is the case for last 7-8 years.

FuckTheMainstreamMedia says

the public schools are garbage, even the highly rated ones.

FTMM, have you spent time in LA area public classrooms recently? How many different schools? Which grades? What did you see?

FarmersWon says

Hindoos are funny slave creatures.

My business partner is Indian. He came to the US for college and did well for himself. Funny when I mentioned his last name, people said “he’s from the cast of loan sharks.” I guess Indians can tell where you’re from by your last name.

FuckTheMainstreamMedia says

I remain in astonishment at people not taking their cash and going and living a life of luxury in a better part of the country

For some of us, our families live nearby. Not just nuclear family, but extended family across generations.

Those of us who stay to be near family have different values than those you cite about taking cash and living in luxury.

Eman says

FarmersWon says

Hindoos are funny slave creatures.

My business partner is Indian. He came to the US for college and did well for himself. Funny when I mentioned his last name, people said “he’s from the cast of loan sharks.” I guess Indians can tell where you’re from by your last name.

Let me tell you his dad voted for Indira hindooo lady, who they call muslim these days.
His Indian friends voted for Modi while he shags their Hindoo ..
His kids will be telling that Modi was agent of globalists.

You can try that experiment on him.
Yes Hindoo have no citizens, It is composed or ruling thugs and billion slaves. There won't be missing toilets if slavery was not deep rooted.

B.A.C.A.H. says

FuckTheMainstreamMedia says

I remain in astonishment at people not taking their cash and going and living a life of luxury in a better part of the country

For some of us, our families live nearby. Not just nuclear family, but extended family across generations.

Those of us who stay to be near family have different values than those you cite about taking cash and living in luxury.

It is magnet for Asians.
It reminds them of their home country where few can afford homes and rest live in slums and they love it...Soon Bay area will have 3-4 servants coming to your home everyday doing various kinds of work from these slum areas.
https://en.wikipedia.org/wiki/Dharavi?source=patrick.net

FarmersWon says

Soon Bay area will have 3-4 servants coming to your home everyday doing various kinds of work from these slum areas.

The gap between the rich and poor is getting wider by the day in the Bay Area. So much for the progressive BS the left has been selling to the poor all these years.

Eman says

FarmersWon says

Soon Bay area will have 3-4 servants coming to your home everyday doing various kinds of work from these slum areas.

The gap between the rich and poor is getting wider by the day in the Bay Area. So much for the progressive BS the left has been selling to the poor all these years.

Yes.
Scandinavian smartness and practicality is sometimes sold as progressive in US.
Infact US progressive is nothing but communist... And now tell me which country politburo member lives same life as peasant?

B.A.C.A.H. says

For some of us, our families live nearby. Not just nuclear family, but extended family across generations.

Those of us who stay to be near family have different values than those you cite about taking cash and living in luxury.

Personally, I see you and I have a lot of similarities. We value our family and friends. We value our time, our kids and our community. The difference is you have always been a W2 employee while I knew I wanted to work for myself since I was young.

You remind me of one of my besties a lot. He works for the Federal Reserve. He’s very risk averse. He reminded me to “stress test” my portfolio all the time as he saw someone who was worth over $200MM went BK during the housing crash.

He has been watching me growing my real estate portfolio all these years and finally jumped in. He’s in contract to buy 13 units in SF. He’s $350k short to take down the deal. I told him I’ll back him up. Go for it. Although I didn’t have any details on the deal, I was willing to back him up because of his personality. 😂

During time of crisis, we know who are our true friends. 13 units for $3.6M in SF is cheap IMO. One of the building is a trophy asset on a recognizable street I heard.

Eman says

The difference is you have always been a W2 employee while I knew I wanted to work for myself

I did like patrick. Saved and invested so I could retire early.

A slight difference between Patrick's path and mine was that my partner and I bought our home in San Jose. We bought it over 30 years ago while still in our 20's. My reasoning for doing that is I wanted to own our residence with no mortgage before age 60, for a measure of our own personal "rent control" in old age. It was never about being an investment. For some years at the beginning, when the PITI plus maintenance exceeded what it would cost to rent the place, it was even a "mal-investment", as those costs above the owners equivalent rent were like an "ownership premium". Of course, Proposition 13 has helped a lot.

Over time, the "ownership premium" shifted to an "ownership discount", before the mortgage was paid off. That was the goal, to secure a place to live. It was never about being an "investment". That f*ckthemainstreammedia guy remarked in his comment his astonishment folks like me (and my partner) don't "take the cash". But we never viewed it that way, as an investment. More like, sunk capital. I still don't keep the house on our balance sheet.

Booger says

B.A.C.A.H. says

A former colleague of mine told me recently that his portfolio is still less than it was in 1999.

How is this even possible?

.

You have to be pretty unlucky and/or unmotivated to change stocks, but if you held those tech stocks that went to the moon and then crashed hard and never recovered like Sun or Cisco and never traded them for anything else it's possible.

FuckTheMainstreamMedia says

WineHorror1 says

If there will continue to be low inventory = No Crash.

Although it’s been happening more, I still can’t fathom why some people won’t cash in their Los Angeles area lotto ticket. We’re talking 1500 sq ft 3bd/2ba post ww2 cracker boxes selling at $800k min up to about 1.6 million depending on location and condition. 2,000 sq ft homes it’s more like $1 million up to 2 million.

Crime is without a doubt the worst it’s been in 20 years, despite what the liars and deceivers are the LA Slimes say. It there any doubt why those evildoers moved their headquarters from downtown LA to El Segundo? Filthy horrible people work for that company…the absolute worst of educated humanity. The crime has spread to the suburbs too. The modest city I live in is trying nobly to stave off the crime, but I see it. They had to take extraordinary unconstitutional measures to keep the riots and associ...

Have to agree with this and extend it to the bay area. The bay area is divided between the renters which mainly rent shacks in shitty hoods for a lot of money, some with money rent good shacks in good hoods for even much more money, but those are usually transients. If you want to own the good hoods are taken and you have to pay millions if one ever becomes available. But for those in the good or worsening hoods the trend is likely going to get worse as crime and funk spreads and schools go woke. Not saying prices are coming down anytime soon, but you need to move further into the country to escape the funk. If you're landlord in those areas you're fine, but if you live there I'd be vigilant. SF is a mere shadow of its former self, so is LA and many other cities in the SF bay or LA area. You must vote against progressives further destroying these naturally beautiful areas. Or sell and buy all cash outside of CA and never look back. Even SV is no guarantee as the tech drain continues and is largely supported by a few big tech monopolies. Hope the SF funk never reaches beautiful wine country ;) I'll always have a special connection to the bay area and am rooting for its recovery, but they need to kick out the marxists.

B.A.C.A.H. says

FuckTheMainstreamMedia says

I remain in astonishment at people not taking their cash and going and living a life of luxury in a better part of the country

For some of us, our families live nearby. Not just nuclear family, but extended family across generations.

Those of us who stay to be near family have different values than those you cite about taking cash and living in luxury.

I’m not in a dissimilar situation. But I’m saying California has not just become drastically worse, but the downtrend will continue. I cited conditions that are making this so.

My extended family fled some years ago. My wife’s has a huge extended family. Some ridiculously hanging on. But two entire parents/adult kids/grandkids already made an exodus. One from a blue collar part of LA to a really nice suburb in Phoenix…that one the parents sold, all three then early adult children made the move, and now the grandchildren are mostly adults, some with their own kids. All mortgage their homes and have good jobs. Even with those same jobs in LA, they would be lower middle class at best.

The second segment it was the adult kids that led the way…to Texas…none could afford homes here…all have very nice cookie cutter places outside San Antonio. The parents will be joining them soon.

So it is possible. I’d argue it’s extremely simple considering money and standard of living. Don’t take offense. It’s just my opinion. I grew up in California and have lived here my whole life. The place I live now, I used to call it maybe the nicest place to live in the entire nation. I can no longer say that. It’s a shithole and larger parts of LA and SF are genuinely unlivable.

B.A.C.A.H. says

FuckTheMainstreamMedia says

the public schools are garbage, even the highly rated ones.

FTMM, have you spent time in LA area public classrooms recently? How many different schools? Which grades? What did you see?

My stepdaughter was in high school up until a couple years ago.

Common core math is crap. No two ways about it.
Additionally there are a number of online parent groups…I wouldn’t be sending my small children to school to learn about another kids two daddies or any of the other bullshit that seeps in.

LAUSD curriculum is fairly easy to find and the board of education meetings are on public access station here.

But I’m familiar with that because of three separate family friends whom all home school and all would otherwise be attending LAUSD schools. The part I find most insidious in the social sciences stuff, particularly the diversity and equity fictional content.

Is there a point at all to your question?

FuckTheMainstreamMedia says

B.A.C.A.H. says

FuckTheMainstreamMedia says

I remain in astonishment at people not taking their cash and going and living a life of luxury in a better part of the country

For some of us, our families live nearby. Not just nuclear family, but extended family across generations.

Those of us who stay to be near family have different values than those you cite about taking cash and living in luxury.

I’m not in a dissimilar situation. But I’m saying California has not just become drastically worse, but the downtrend will continue. I cited conditions that are making this so.

My extended family fled some years ago. My wife’s has a huge extended family. Some ridiculously hanging on. But two entire parents/adult kids/grandkids already made an exodus. One from a blue collar part of LA to a really nice s...

Agree on SF (except for high end hoods with private security) and LA but there are still plenty of very beautiful places in CA where everything is mostly intact. And the climate is among the best in the country if not the best.

mell says

there are still plenty of very beautiful places in CA where everything is mostly intact. And the climate is among the best in the country if not the best.

Sounds like a great haven for the homeless while our government will take care of them. What’s not to like?

Eman says

Sounds like a great haven for the homeless while our government will take care of them. What’s not to like?

If I had $1k to my name and became an addict to some drug, CA is literally the only place I'd buy a one way ticket to in the lower 48. Not joking. As an outsider in the midwest this is literally a thing for people I've known or knew that fell on hard times. Hop on a Greyhound and go to CA. And it won't stop unless CA stops pandering to the homeless and will continue to get worse as you've mention the wealth gap.

Chicago has its fair share of homeless, but not remotely near what I've witnessed in CA. And we have "nice" homeless people for the most part if that makes sense. They tend to hide under the radar and not make huge tents cities like in LA. Though we have winter here, so staying out of the element lends to finding shelter which is harder to see the homelessness of the city.

I don't know what government can do about it. If you go cold turkey and cut off resources seems like crime would hockey stick. CA is in a touch spot with it. I don't think that ever changes.

FuckTheMainstreamMedia says

Is there a point at all to your question?

No point. Sometimes I've heard (not just on this blog) people complain about the schools without any first hand knowledge. My youngest kid finished grade 12 in 2013 so I've been out of it for a while.

WookieMan says

I don't know what government can do about it. If you go cold turkey and cut off resources seems like crime would hockey stick.

Without jobs that provide enough $$ to feed, cloth and house the average person it will not end. People have realize that we cannot sustain an economy where a smaller and smaller % of people have/make most of the $$.

Also, I'd bet most new wealth is being created by putting others out of work.

WineHorror1 says

Without jobs that provide enough $$ to feed, cloth and house the average person it will not end. People have realize that we cannot sustain an economy where a smaller and smaller % of people have/make most of the $$.

I get the sentiment, but I still believe that it's up to the person to make money. It's not the jobs available. There are plenty of jobs you can make $15-20/hr and get hired in a week with minimal skills. The problem is motivation because there are so many safety nets to catch you if you don't want to work. Once those are created they're hard to claw back. So there's an endless cycle of laziness.

I personally think we should just dump minimum wage laws altogether. Dump public sector unions. Private sector unions are a choice and don't hit my pocketbook, so whatever on that front. You work for what YOU are worth. A homeless guy might be able to get a $2/hr job, still be homeless, but learn a skill and eventually grow into making $15-20/hr or more. Socialize with non-homeless. The college or bust and you're a loser mentality is toxic.

WookieMan says

WineHorror1 says

Without jobs that provide enough $$ to feed, cloth and house the average person it will not end. People have realize that we cannot sustain an economy where a smaller and smaller % of people have/make most of the $$.

I get the sentiment, but I still believe that it's up to the person to make money. It's not the jobs available. There are plenty of jobs you can make $15-20/hr and get hired in a week with minimal skills. The problem is motivation because there are so many safety nets to catch you if you don't want to work. Once those are created they're hard to claw back. So there's an endless cycle of laziness.

I personally think we should just dump minimum wage laws altogether. Dump public sector unions. Private sector unions are a choice and don't hit my pocketbook, so whatever on that front. You work for what YOU are worth. A homeless guy might be able to get a $...

A lot of truth there. Here's a thought...we're a long way from past generations that could pick themselves up by their bootstraps. I'm no Libfuk but, my parents generation literally walked out of HS graduation, got jobs, started families and bought homes. That ain't being done today. Something has changed. Things like rules, regulations, monopolistic practices, government bailing out TBTF etc etc. My father's father, during the depression, literally started his own bakery inside his house. Sold his bread door to door. Let's see if anyone could do that today. No way Jose. I still say government and corporations cause most of these problems.

WineHorror1 says

Without jobs that provide enough $$ to feed, cloth and house the average person it will not end. People have realize that we cannot sustain an economy where a smaller and smaller % of people have/make most of the $$.

Also, I'd bet most new wealth is being created by putting others out of work.

Income disparity leads to socialism.. Extreme czarist inequality leads to communism.

WineHorror1 says

I'm no Libfuk but, my parents generation literally walked out of HS graduation, got jobs, started families and bought homes. That ain't being done today.

I don't think you are a libfuk at all. We've talked. I think younger people are lazy though today. I struggle with my own kids. It pisses me off. I don't want to be my dad though. Absent and physically/verbally abusive yet successful for the most part.

Most kids are spoiled though now. They are good friends now, but my neighbors had Juniors and Seniors in high school and they were visiting colleges they hadn't even applied for or been accepted to. Why? The game has changed from when I was a kid and I'm a young(ish) Patnetter. Kids just assume mom and dad will pay the way and make it happen now.

My wife and I were working when we were 14-15. I bagged groceries. In college I built signs that many here have probably seen. My wife waitressed and did other odd jobs. We're talking late 90's early 2000's, so not some folklore type shit from the 50's. If you want it, the jobs are there to make good money. We were pulling $30/hr between the two of us in our college years, which is great around 2001.

We bought our first property when we were 22 with no mommy and daddy help. My wife is the greatest thing that happened to me along with my dad's bullshit rough love. I was a country club kid that was forced to work because of him. I'm fortunate enough be able to take a break at this point. 3 years deep in being able to take a break from real full time work at 38. Not bragging, just if you're not working a job by 15-16, you're likely going to be a loser. By the time you 30 you've already got 15 years of experience of something under your belt. You're employable somewhere.

WookieMan says

I think younger people are lazy though today. I struggle with my own kids. It pisses me off.

A lot of this has to do with society as a whole imo. People don't heat with wood any more so no stacking and cutting wood as chores. Fewer kids grow up with yards to mow. HOAs provide "maintenance free" amenities. A kids biggest chore is taking out the trash, cleaning their room etc. Here's something you may not know either...foreign work programs. My HOA only hires foreign lifeguards for the summer. Years ago, I was in Myrtle Beach and ate at a friend's restaurant. She told me all of the wait staff there were foreign exchange. This is quite fucked up. I'm not pooh poohing. No matter a person's situation, you've got to overcome. But, let's be honest, shit is fucked up for some generations. They're being thrown under the bus. Hell, my own father gives my nephews "advice" about buying a large tract of land. The oldest is 21 and works at a damn kennel. There are opportunities though. A cousin and her husband stopped by a couple weeks ago. Her husband told my 18 year old nephew that if he went to community College and got an associates degree in automation technology(?) he could get a job immediately paying between $65k - $70k per year. Shockingly, he said he wasn't interested. He works at Walmart. Some people though, right?