patrick.net

RWSGFY says

Eman says

Due to the Covid moratorium, couldn’t evict the tenant until it was lifted in July. The court was backed up with files. Finally got to the judge. The tenant claimed the place is uninhabitable. If the place is uninhabitable, landlord can ask the tenant to vacate so he can remodel the place, but he has to pay relocation fees in the teens thousands in Alameda County I believe.

Landlording w/o being connected is such a waste of time and money, lol.

3 years to evict some deadbeat asshole? Jeezus!

Another friend went through it with over 2 years of rent not collected before the eviction. His tenants were UC Berkeley football players. No need to mention the color of their skins.

On the day of eviction, the sheriffs showed up, opened the door, and found a dog and bunch of puppies. They turned his house into a dog breeding place. Had to hold off everything and called animal control.

While he wasn't getting his rents, these guys were partying hard with cash allover the floor and posting their stuff on Instagram wearing $1.5k Dior shoes and driving a Tesla Model X.

He had to spend tens of thousands to remodel the place. He wanted to sell and gave me the money to 1031 exchange into something. This was last summer/fall. Bad timing. No deal to be had so he re-rented the place.

Check out this short video clip. It happened to quite a few landlords in SoCal and NorCal. Thankfully, this didn’t happen to us with just over 100 units. 🙏

https://www.instagram.com/california.insider/reel/C2DoI-auPnl/

GNL says

Eman says

How could anyone say CA is a shithole? Of course it’s Wookie. He knows….everything.

Ok, you've made me laugh twice today now. I say the whole state of Cali because the state is ruled by the blue people from above. The state can do the most damage, no?

First off I do know everything ;) I still don't think you've answered me the last time you've left CA. I travel regionally, nationally and internationally almost every month. CA is a shit hole, though I'll give SOCAL and NOCAL some credit. Talking the tips of the state. The rest is pure shit unless you're into Disney and other theme parks, an orange bridge that guides you into a city filled with shit, a bunch of homeless, an island prison, a bunch of illegals, tons of gays, Hollywood (Jesus Christ....), fires, power outages, earthquakes, and did I mention gays.....

There's other shit too. Be protective of your assets there. I don't care how many rich Asians move in. The game is coming to an end. Asians and foreigners are running out of money faster than we are. Chicago is a cold weather city, but it has stabilized from its worst era. CA and specifically LA and the Bay area the fun is just beginning. You'll see.

You might have been lucky so far, but if you're in the business long enough you'll get burned. Some times enough to make you broke. I saw enough in 15 years of RE. Don't get greedy or a big ego. It will eat you and your wealth. I'm an anecdotal guy. I've seen it over and over. That includes my own father. Just because you're hot now down't mean you will be in 5 years.

WookieMan says

You might have been lucky so far,

Yeah, I wonder what percentage of Eman's net equity (or net gain) is in real estate, and how much is total net equity is (which would include stocks, ETF's, CD's, etc.).

Is all of Eman's real estate equity in shithole California ?

I also extend a lot of heartfelt gratitude to all the Patnet members who are posting that California is a 3rd world shithole.

.

WookieMan says

You might have been lucky so far,

Also the value of California housing is a lot dependent on foreign buyers. When that money dries up for various reasons, then the value of California housing goes down. Also housing prices are dependent on the growth of technology companies and Hollywood.

When the stock market does not do well, then the California state government finances goes to shit as well.

GNL says

Eman says

It’s the land of opportunity if you know how to navigate the landline. Jealousy folks are the ones who stir up more problems without offer solutions. That’s why most of them, or their kids, with tattoos and blue hair work at Starbucks and fast food places.

That was funny. And true, I'm sure.

I’m not kidding. Check out this 30-sec video clip, and I’m not a Christian. 😅

https://x.com/bennyjohnson/status/1759028111851635173?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q

AD says

Also the value of California housing is a lot dependent on foreign buyers. When that money dries up for various reasons, then the value of California housing goes down. Also housing prices are dependent on the growth of technology companies and Hollywood.

There for is going to be a shift. It is dark everywhere in the winter. We've been fortunate with a warm one here in IL. Most my buddies have moved to MT and CO. I don't know a person that's moved to CA. Only outbound.

I don't think Asian migration will fill the gap. CA is losing people making $100M+ The Raiders moved to Vegas. That's a massive loss. CA is losing some massive taxpayers. Silicon Valley doesn't need to be there. They can recreate it in Florida or Texas. CA is not in a good spot is all I'll say as an outsider.

Eman says

I’m not kidding. Check out this 30-sec video clip, and I’m not a Christian. 😅

https://x.com/bennyjohnson/status/1759028111851635173?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q

That's California? All I can say is, get out now.

i don’t think ca is shithole, but culture there is why everything is the way it is. love of money is root of all evil, and i lived there long enough and seen that love of money ruin it.

To get women, it takes time and money: W = T X M
But, as we all know, time is money:: T= M
Thus, a woman is the product of time and money: W = T X M = M X M = M ^2
Now, as we all know, money is the root of all evil, namely: sqrt(E) = M
That leads to: W = M^2 = (sqrt(E) X sqrt(E)) = E

Women are evil = QED.

FortwayeAsFuckJoeBiden says

i don’t think ca is shithole, but culture there is why everything is the way it is. love of money is root of all evil, and i lived there long enough and seen that love of money ruin it.

Like anywhere else, we have to take the good with the bad. I don’t see myself moving anywhere as both sides of the family are rooted here in the Bay Area. All other in-law siblings are also here.

I know people who have gotten very wealthy with startups and company stock options. I also know people who have been making good money, but haven’t struck the same luck so it sucks for them to make $150-200k/year and can’t get ahead.

Love Bay Area weather. Love the food and conveniences. Love the opportunities. HATE the politics. SoCal has slightly better food choices though. Love SoCal too.

My trustee sale mentor is from SoCal/SD area. He moved to NC in 2015 to be close to his daughter and grandkids. Her hubby got a job promotion and had to relocate. He’s close to 80 now. Time flies.

GNL says

Eman says

I’m not kidding. Check out this 30-sec video clip, and I’m not a Christian. 😅

https://x.com/bennyjohnson/status/1759028111851635173?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q

That's California? All I can say is, get out now.

Don’t see it happening in my lifetime.

Eman says

HATE the politics.

A person's conscience leads their life. If you are doing good in the world, good on you.

GNL says

Eman says

HATE the politics.

A person's conscience leads their life. If you are doing good in the world, good on you.

Seeing some people in my circle and folks on BiggerPockets suffered during the Covid moratorium while I have more units without feeling the pain, I told myself my karma is paying off. 🙏

Manhattan office building sells for one dollar:

https://www.zerohedge.com/markets/who-could-be-next-largest-canadian-pension-fund-sells-manhattan-office-tower-1

Eman says

GNL says

Eman says

HATE the politics.

A person's conscience leads their life. If you are doing good in the world, good on you.

Seeing some people in my circle and folks on BiggerPockets suffered during the Covid moratorium while I have more units without feeling the pain, I told myself my karma is paying off. 🙏

What's the catch? They have to house illegals for the next 10 years and then they can use it for whatever they want?

NuttBoxer says

Manhattan office building sells for one dollar:

Careful, judge may fine you for fraud if the city assessed it for $.50.

Eman says

Love Bay Area weather. Love the food and conveniences. Love the opportunities. HATE the politics. SoCal has slightly better food choices though. Love SoCal too.

California as a whole has some of the worst food I've eaten. Everything is hipster guys that don't know what the fuck they're doing. I was referred to a place on Patnet in Palm Springs that I ALREADY had been to. It was trash the first time. Your pizza sucks ass. California has some of the worst food in the lower 48.

Everything comes in a freezer bag and is likely cooked by a retard. You guys don't know what good food is besides a bunch of avocados. Maybe Patrick being from Chicagoland. Our Texas friends. Florida for seafood. As much as I hate it New York is probably tops in a lot of categories. Chicago is up there.

I make sure any place I stay in CA has a grill. I'm done going to restaurants out there. I'll cook for myself. I'm better at it than the trash thrown on the plate.

The wife made Chicken Marsala last night. OMG, I swear it was better than any other I've had anywhere. Cooking at home is sorely underrated.

GNL says

The wife made Chicken Marsala last night. OMG, I swear it was better than any other I've had anywhere. Cooking at home is sorely underrated.

It's not underrated, it's awesome. I'm sure it was good. I've had flops, but I love home cooking. I've not had a good meal in CA. Even in SoCal where I give little more respect. LA to the Bay Area can eat a ponies cunt. It's really bad. Hipsters thinking they're making good food because they built out a restaurant to attract patrons instead of making good food. Fact.

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Goldman Sachs estimated commercial real estate would have to drop 50% from its current price levels for it to be economically worthwhile to convert to residential real estate.

ref: https://fortune.com/2024/02/28/goldman-sachs-office-residential-conversions-price-cut/

.

Most commercial is fine. It's the non-food and storage type facilities that will carry it. Small storefront places are going to get killed. Office space is going to get killed. It's not that much of the overall market though. Office spaces died in 2021 regardless of getting back to work bull shit.

Besides the business owners I know, no one works in the headquarter state. My wife included. And that's been 18 years now. Going to the office is done. Managers are justifying their jobs and forcing people back. It will fall long term. I have tentacles in too much shit in my life. Not a know it all. This push to get back to the office will backfire.

WookieMan says

GNL says

The wife made Chicken Marsala last night. OMG, I swear it was better than any other I've had anywhere. Cooking at home is sorely underrated.

It's not underrated, it's awesome. I'm sure it was good. I've had flops, but I love home cooking. I've not had a good meal in CA. Even in SoCal where I give little more respect. LA to the Bay Area can eat a ponies cunt. It's really bad. Hipsters thinking they're making good food because they built out a restaurant to attract patrons instead of making good food. Fact.

I say underrated because I think more people should get into cooking at home. We always cook with our grandkids when we have them. Good food and quality time. Hard to beat it.

We went to the Loveless Cafe (around Nashville - they have decent recipes online) as stop on our road trip. The food was good, but only in that it tasted like my wife's home cooking. Gee, pay 5X for the same thing. At least it was real food.

I was briefly in a Texas blues band around 7 years ago. The guitar player and his wife had us out to his spread off the grid, where she cooked fried chicken in a cast iron frying pan on a fire. It tasted really good. There are still some places unaffected by the californication that's afflicting other places who uncritically accept CA libtard refugees/insurgents.

stereotomy says

It tasted really good. There are still some places unaffected by the californication that's afflicting other places who uncritically accept CA libtard refugees/insurgents.

The Californication is happening in weird spots like Bozeman, MT. I play drums and jammed with some guys from CA out there. The town has changed dramatically over the last decade. I visit once or twice a year to see two good buddies that were in my wedding. Fish, hike, snowboard, etc. The place has changed for the worse. All the dive bars with real food got overrun by hipster brewery type restaurants that just make the place attractive but don't make good food.

Or they just make the food massive so you think you're getting value but it's bad food. I'm a food snob as an adult. My mom would make the same meals every week. Dad never cooked. I vowed to change that as an adult. 80% of my online time is learning to cook and recipes. Tacos al pastor tomorrow. First time making that. Cooked for my chef buddy out in Montana (from IL but lives in Michigan) and he loved what I made.

Restaurant cooking has gotten so bland lately. I'm legit contemplating just not eating restaurant food anymore outside of desperation. Although our townie BBQ place is really good. And if I do go out just have a soup or salad. You'd think burgers would be easy, but I haven't had a good one in ages. No one makes an average GRILLED chicken sandwich (fuck fried). Fried food is probably worse than smoking for your health. Not a knock on your experience either stereo. I just don't like fried food. I have high BP and that ain't good for me. I like it, just shouldn't eat it. So grilled for me.

Amen about burgers. Can't remember the last time I had one I liked.

GNL says

Amen about burgers. Can't remember the last time I had one I liked.

I don't get it. I'm no master chef but dear god the restaurants in a ton of places can't make the basics. I season and press my own burger in the summer mainly. 5-10lbs batches and freeze them. Kids will eat them, so nothing crazy spice wise. Restaurants just make them big with basically a salad on top. I just want a good burger. No different than a good steak. It's not hard.

That's why I think BBQ is so popular. You can really F it up and it's still decent. Although I've had trash BBQ from family members that thought it was great... Had to hold my tongue on that one...

Eman says

If I were KING, I would eliminate state income tax so retirees don’t have to move out of CA to save money.

If I were KING, I would consider eliminate property taxes for all retirees too.

Considering that our currency is fiat, the government can, and does, print all the money they want. Taxes aren't about revenue but control.

https://www.bostonglobe.com/2024/03/28/business/boston-office-tower-sale/

In 2005, this downtown office tower sold for $121.7 million. It just resold for $78 million.

zzyzzx says

https://www.bostonglobe.com/2024/03/28/business/boston-office-tower-sale/

In 2005, this downtown office tower sold for $121.7 million. It just resold for $78 million.

Is that surprising? Cities will take a beating. Won't be a crash though. Savvy people will figure out a way to repurpose commercial properties and make money. Yes there will be losses, but the only thing being build is shipping warehouses now. There's not a glut of high rise properties on the market generally. Market specific of course.

https://www.cnbc.com/video/2024/04/29/the-real-problem-with-commercial-real-estate-is-people-not-coming-to-work-says-bruce-ratner.html

The real problem with commercial real estate is people not coming to work, says Bruce Ratner

People are tired of dressing up, spending a fortune on tolls and gas, sitting in an hour's traffic, thinking this is it and they're going to fill out the W2 and the benefits form, just to found out it's yet a third interview, and having an HR Ditz ask them what color socks they like and what that says about them. Then they drive home and figure the extra $15k/year just ups their tax bracket with a shitload of commute, extra expense, and corporate bullshit and settle for a lower paying job remote or closer to home.

Also, companies are going to have to come to grips that with retiring boomers, and colleges only teaching LGBTQ+ and Wokeness, they're going to have to train people again at their OWN expense. Guatemalan Highlanders who don't read and write Spanish, much less English, can't do the basic White Collar or semi-skilled work.

Many states fudged their college graduation numbers and subsidized useless liberal arts faculty by wrapping tech certificates up in Associates degrees, so 6-12 month tech certificates that used to be a couple of nights a weekend or a Saturday are now a 2+ year ordeal. Longer if young people are trying to get into minimal debt by working F/T at the same time.

Interesting times are coming.

cre is our state skyrocketing. it’s simple really, money leaving cities pouring into smaller towns. hope it slows down, locals getting priced out big time. but there’s lots of money chasing cre.

https://finance.yahoo.com/news/fort-worths-tallest-building-sells-111742615.html

Fort Worth's tallest building sells for just $12.3M at auction in stunning price drop

Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased via foreclosure auction for $12.3 million just three years after it was sold for more than $137.5 million, according to the Dallas Business Journal.

It was most recently appraised at $104.5 million by Tarrant Appraisal District, according to the Dallas Business Journal.

WookieMan says

but the only thing being build is shipping warehouses now

Wrongo boyo. The Biden admiistration is spending beaucoup bucks to expand manufacturing in the US, especially of semiconductors. Part of the reshoring initiative.

President Joe Biden tours the building site for a new Taiwan Semiconductor Manufacturing Co. computer chip plant Dec. 6, 2022, in Phoenix.
https://apnews.com/article/biden-science-technology-government-and-politics-arizona-8c764cdeed7e4917a3323f7f916bcd48
https://apnews.com/article/gretchen-whitmer-biden-technology-government-and-politics-michigan-4d5ac5a4bec5a2e61b4567639240d97c

Al_Sharpton_for_President says

WookieMan says

but the only thing being build is shipping warehouses now

Wrongo boyo. The Biden admiistration is spending beaucoup bucks to expand manufacturing in the US, especially of semiconductors. Part of the reshoring initiative.

President Joe Biden tours the building site for a new Taiwan Semiconductor Manufacturing Co. computer chip plant Dec. 6, 2022, in Phoenix.

I've seen the plant. It's a good thing. About the only thing Biden did okay at. Golf at Quintero to the west and you'll know what I'm talking about if you have been.

We import cheap shit. We also make cheap shit by stay at home mom stuff like Etsy and people need places to store that. Throw in Amazon and other large shippers.

IL is losing population still, yet we're building massive warehouses. Why? It's needed. That's where the commercial money is. Large residential rental properties/communities as well given interest rates. Office space is the biggest loser. I don't see that changing unless you can change the usage or zoning on it. Cities hit especially hard.