patrick.net

HeadSet says

Won't that result in houses being unaffordable?

Already unaffordable.

HeadSet says

GNL says

I don't think RE is in a bubble. I think slow rises in valuation until the next breakout to the moon from here on out.

Won't that result in houses being unaffordable? Do you think families will double up in single family homes, or trend toward multiple generations living together?

I think there is a plan and the plan is to reduce all consumption. Only the higher classes will own (eventually) RE. This is my generational opinion.

GNL says

I think there is a plan and the plan is to reduce all consumption. Only the higher classes will own (eventually) RE. This is my generational opinion.

very short audio message from me as I am trying this new way out of posting via audio: https://voca.ro/18HpqQjof3jX

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GNL says

I think there is a plan and the plan is to reduce all consumption. Only the higher classes will own (eventually) RE. This is my generational opinion.

What part of You'll Own Nothing and Be Happy don't you people understand?

Eventually people will start demanding higher taxation on single family homes. If you don't think Prop 13 in California will be over-turned, guess again. Basically, the boomer generation sold the young generation into slavery and they will have to actually overthrow the government to correct it, that's why they are so pressed to be indoctrinated.

richwicks says

single family homes

wages and income need to at least increase at double the rate of housing over next 10 year to get housing back to affordable levels

right now a typical new detached house at Breakfast Point in Panama City Beach goes for around $500,000 ...

you need to earn at least $125,000 a year to reasonably afford that... the median household income here is around $80,000 ....

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ad says

wages and income need to increase at double the rate of housing over next 10 year to get housing back to affordable levels

Yeah, won't happen.

richwicks says

Yeah, won't happen.

Yeah I understand.... Too many damn AirBnB's going up on the "barrier island" known as Panama City Beach Florida ...

they need to put in zoning restrictions to increase supply so it does happen around here...

richwicks says

Basically, the boomer generation sold the young generation into slavery

No we didn't. We were just as manipulated as you are. Prop 13 was touted as a way to keep old people from getting kicked out of their rapidly inflating homes because they couldn't afford the tax bill.

What caused the inflation?

TPTB want us to fight. Don't give in to them.

Onvacation says

TPTB want us to fight. Don't give in to them.

its all supply and demand and i wonder how much it is not-in-my-backyard mentality as far as this

you got to have adequate housing for the bottom of the socieoeconomic ladder who work in the various jobs from fast food to car repair shop to urgent care clinic in rich areas and zip codes

i rather rent a nice home and be able to save a lot of money for retirement than own a home with large housing expenses like mortgage and property insurance (even if it annually appreciates at double the rate of annual inflation)

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Bitcoiner says

> the reality is they can survive with roommates, in ADU’s, or in a “charming studio” aka 250 sqft shoebox.

that is what my mom does... her and my stepdads home was only $250,000 on 5 acres in mountains of Colorado (about 2 hours from Denver) back in 2002 when they built it... now the county appraiser has set a value of $890,000 ...

the home has a garage apartment which is connected to the main house via a hallway or breezeway, so the county calls it an Accessory Dwelling Unit ...

my mom charges about $1250 a month for it (which includes all utilities and internet) and is 600 square feet 1 bedroom with a den and 1 bath ... I guess the den can be like a bedroom too..

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Onvacation says

What caused the inflation?

40 years of war. The real purpose of war from the point of view of the Federal Reserve is to enslave the country through debt.

If you look up the national debt in 1971, it's 398 billion dollars. The national debt doubles on average every 8 years and has been doing this since 1971.

https://www.thebalancemoney.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

Current national debt is I think 33 trillion.

Calculate it. It's entirely predictable.

Think war is cheap? It produces nothing and is very expensive. I wouldn't be surprised if we are fucked in less than 10 years. We're going to lose this proxy war against Russia. We don't even try to win wars. For the defense industry it's to make money, for the FED it's to enslave the country.

GNL says

I think there is a plan and the plan is to reduce all consumption. Only the higher classes will own (eventually) RE.

And that is called hereditary aristocracy, something we fought a revolution to escape.

Georgism is a good answer to the problem of real estate consolidation, among other problems.

richwicks says

Onvacation says

What caused the inflation?

40 years of war. The real purpose of war from the point of view of the Federal Reserve is to enslave the country through debt

So why are you blaming boomers?

Bitcoiner says

Happy birthday to the greatest country on earth! Happy 4th

Oh fuck off. You have no problem with citizens being denied the right to work while celebrating Independence Day?

Onvacation says

So why are you blaming boomers?

This is the generation that "won't get fooled again" that got fooled again over and over and over again. 7 times in just 20 years.

They saw the Pentagon papers, they knew the Gulf of Tonkin Incident was faked, but the insist every fucking war from 1980 onward was justified. The watched the Church Committee hearings, that was in 1975. I was 4 then, and I know about them. That had Operation Mockingbird revealed in it, it revealed the existence of MKUltra, Project SHAMROCK, and COINTELPRO. Our government has been doing surveillance on the population since the 1960's.

This is the make peace not war man generation that moved on to greed is good that moved on to turn the middle East to glass generation that is now Slavi Ukraini.

99% are completely brainwashed. These are the people that still think television has news. They are just frustratingly selfish and or easily controlled and they are very corrupt. Who is running the country now? Generation X? The Silent Generation? They've been in power since the 1980s. FINALLY the USSR collapsed. Where's the peace dividend?

There's been nothing but malinvestment since 1990. There hasn't been ANY accountability in government since the Savings and Loan Scandal.

I can see this this, I'm in X. If I tell a boomer that the 1993 WTC bombing was done by the FIB, explain who Emad Salem is, I'm just called "crazy" by them. If I point out that 9/11 was our Reichstag fire, explain all the "mistakes" both the FIB and CIA made, again, I'm crazy. If I point out that the Douma Chemical attacks were faked and explain what the TWO OPCW whistleblowers said, again... If I point out that Bana al-Abed COULDN'T have been in Aleppo, I'm just paranoid. If I explain this is why we know the US overthrew Ukraine in 2014, I'm just talking nonsense.

For over 20 years I've spotted the propaganda, and good luck convincing anybody in the boomer generation. My generation isn't much better, but it's better, and younger and younger are smarter are smarter and smarter. The boomers ought to know better. They saw the Gulf of Tonkin was faked in 1971. The - year I was born.

They are frustratingly gullible, and they have 100% faith in this government by and large.

Tell the California Legislators to ease up on oppressive taxes, and trim down big government

Or

Blame everything on Boomers, and make every problem in California about a Property tax law.

hmmmmmm Tough Choice tough choice! We do like to bitch about old people, and well those taxes aren't going to pay themselves!

On a serious question though. Doesn't every homeowner enjoy the tax benefits of Prop 13 or is it just Boomers that get it?
If every homeowner has a tax break, then why single out the Boomers? If the tax break is based on age, then why are the younger folks so shortsightedly stupid, to not realize it will benefit them too one day?

All tax fights are between the Citizens and the Government, it either takes a special kind of stupid tax base to make it about those fitting through loopholes and benefiting from them. It takes a diabolical Government that can make tax laws that has people looking the wrong way, when they don't like it.

Tenpoundbass says

Tell the California Legislators to ease up on oppressive taxes, and trim down big government

Or

Blame everything on Boomers, and make every problem in California about a Property tax law.

hmmmmmm Tough Choice tough choice! We do like to bitch about old people, and well those taxes aren't going to pay themselves!

Eh, most boomer pay ZERO taxes. 2 main reasons.

One being pensions. https://www.brookings.edu/articles/public-service-and-the-federal-government/ You have 15% of the population working for the FEDERAL government. That doesn't include the likes of teachers, fire fighters, cops, etc. on the local level. 30% of the Boomer probably have government jobs and pay no taxes on their pension.

Two being the ones still working are likely working at Target or Home Depot making $35-40k and supplementing life with SS. Likely not paying taxes. That's probably another 30-40% of the boomers.

So you're left with 30% of Boomers paying taxes. Of those most of that is business and the kids are running it. Boomers don't pay taxes for the most part besides a select few.

I don't like generational arguments. Rich is right and the Boomers fucking up a lot. I wasn't able to vote until 2004 for a POTUS election. I didn't vote. Voted Obama in 2008, but in hindsight it wasn't even a better of two evils vote. It was evil or evil. Same in 2012, but I voted for Romney that time. Voted Trump the last two.

Fact is the Boomers have been in charge of the country for the last 3-4 decades. They are the leadership. It hasn't been good. That's undeniable. Fact is we need age limits on the top end in government. Does anyone think Joe Biden is functioning? John McCain? Bobby Rush? Check this out: https://www.youtube.com/watch?v=ymnSRJmHsTc House rep for one of the most violent areas in Chicagoland. Boomer. Their mental acuity is going. 3 decades of this fool and he couldn't clean up his part of Chicago.

While advancements have been made over the last 3 decades, most of it was from kids graduating in the mid 90's to 2010. Like or hate Apple, Steve Jobs didn't make the iPhone. It was 30-40 year old engineers at the time. Even the idea wasn't Jobs'. Meanwhile the war mongering Boomers were keeping wars going for 20 years.... that made ZERO difference to 99% of Americans.

Every generation and demographic has their faults. I could keep going but this is already a long comment. I'm old enough to remember 70 years olds when they were 50. They're not remotely the same mentally. It's a stark transition and we'll all have to go through it at some point. They shouldn't be "leading" though.

richwicks says

This is the generation that "won't get fooled again" that got fooled again over and over and over again. 7 times in just 20 years.

They saw the Pentagon papers, they knew the Gulf of Tonkin Incident was faked, but the insist every fucking war from 1980 onward was justified. The watched the Church Committee hearings, that was in 1975. I was 4 then, and I know about them. That had Operation Mockingbird revealed in it, it revealed the existence of MKUltra, Project SHAMROCK, and COINTELPRO. Our government has been doing surveillance on the population since the 1960's.

Hard times make hard men. Hard men make good times. Good times make weak men. Weak men make hard times. Lather, rinse and repeat.

richwicks says

GNL says

I think there is a plan and the plan is to reduce all consumption. Only the higher classes will own (eventually) RE. This is my generational opinion.

What part of You'll Own Nothing and Be Happy don't you people understand?

Eventually people will start demanding higher taxation on single family homes. If you don't think Prop 13 in California will be over-turned, guess again. Basically, the boomer generation sold the young generation into slavery and they will have to actually overthrow the government to correct it, that's why they are so pressed to be indoctrinated.

IMO, if/when there is a revolution, the targets will include anyone who is rich. Rich being different to each person but generally people who have more than most. This is human nature. My wife and I watched a movie called "First they killed my father". It was a movie about Cambodia and the Khmer Rouge. In my estimation, Pol Pot did not like the gap between the haves and the have nots. Simple as that.

Bitcoiner says

GNL,

“IMO, if/when that is a revolution, the targets will include anyone who is rich.”

If we could wait with the revolution until 50 years from now…..I’d appreciate it. I am working on growing my rental investment business and trying to get into the vacation rental market. A revolution sounds disruptive.

I'm happy for you. BUT, it's people like you that really don't get it. People like you could easily become targets. Especially since all you do is run around beating your chest.

GNL says

I'm happy for you. BUT, it's people like you that really don't get it. People like you could easily become targets. Especially since all you do is run around beating your chest.

That's why I drive a beat up 21 year old car. I'll be buying a newer one soon but plan to keep this on up on blocks in my front yard for use when cannibal anarchy breaks out.

Eric Holder says

Tax fraud maybe?

Interesting idea!

Bitcoiner says

One way is to sit behind my 50 cal in my multi-million fortress mowing down the attackers.

That is my buddy's plan. He's senior at Dr. Horton and is looking for ~50 acres which are a minimum 2 hour drive from our city to build a fortress soon.

I'm just going to dig and shoot out of holes.

just_passing_through says

GNL says

I'm happy for you. BUT, it's people like you that really don't get it. People like you could easily become targets. Especially since all you do is run around beating your chest.

That's why I drive a beat up 21 year old car. I'll be buying a newer one soon but plan to keep this on up on blocks in my front yard for use when cannibal anarchy breaks out.

Perfectly logical thinking. If it gets worse, I could see people taking their anger out on anyone they think is rich. Corporate landlords are hard to identify. Private landlords not so much.

Bitcoiner says

One way is to sit behind my 50 cal in my multi-million fortress mowing down the attackers.

Could you defend against a Pol Pot?

GNL says

Perfectly logical thinking. If it gets worse, I could see people taking their anger out on anyone they think is rich. Corporate landlords are hard to identify. Private landlords not so much.

I've got a former blackwater assassin as a tenant. He's been there 7 years now.

https://www.reddit.com/r/REBubble/comments/1544v3k/just_doing_my_part/

I got bored earlier today and decided to look up AirBnbs in my area and noticed that just about a half mile from my home, a listing showed up on AirBnb. I clicked through the images and sure enough, the listing was a 2/2 in an apartment community. I took it upon myself to contact the main office and asked if they allow short term rentals such as AirBnb and they indicated that they didn't. As a concerned citizen, I told them that there was one such listing in their community which for 7 days, goes for around $1,600. I gave her me email address and sent her the links and they were grateful for having this information.

Digging a little further, it's actually an LLC that has 20 other listings throughout the US and Mexico, 2 of which are in my town.

Who cares? If people can make money off homes they own what does it matter? Fact is no one wants to actually live in a vacation rental area full time. The population is transient and unpredictable. No community. I'll snow bird it up from the midwest to the south, I don't think I could do more that 3-5 months in tourist locations. Maybe the Caribbean, because no one goes there because it's more expensive. Bahamas and T&C it's a bunch of Florida yuppies. If you know South Haven, MI it's the same thing with the Chicago yuppies in the summer. And it's gay. Lake Geneva in WI is also gay.

Ugh. Might be spending 3 nights in Bloomington, IL (Peoria). Solo time, but god damn it's the most boring place ever. A quality meal is Buffalo Wild Wings.....Maybe I'll find a good dive bar. Or hit up Big Al's. Family free trip so I can do what I want. I might strip club it up.

AirBNB is like Subway: its in their interest to have as many money losing hosts/ franchises as possible. They make money on revenue, not host/franchisee profit.

https://skift.com/2023/07/21/short-term-rental-saturation-leads-to-a-correction-and-lots-of-home-sales/

The numbers were headier in 2021 — in March, sales in Garrett were up 71%, and average prices rose to $567,688.

Anyone who pays that much for a house in that part of Maryland is a total moron!!!

In April this year, The Sevier County Commission decided to classify short-term rentals, including Airbnb cabins, as commercial properties for tax purposes. subjecting owners to a 40% tax rate instead of the 25% they would have paid if the properties were classified as residential.

zzyzzx says

AirBNB is like Subway:

Subways don't make money?

Subway, like Starbucks, ruined the institutions that they coopted. A Subway "sub" is a mockery of the old deli subs. Starbucks overroasts the coffee to hide the fact that it's shit. I yearn for the old New York deli's that gave you a pound of cold cuts in a massive sub. I also lament when I could go to Dunkin' Donuts and get a whole pot of really good, mild roasted coffee for $3.

Okay, I have sort of a trip-report about short term vacation rentals.

1. I've had some cancellations recently (easy to re-fill) due to prices of airlines - first time ever.
2. I used to get on average 1-week stays but it's trending to 3-4 day stays now.
3. I have a 1 bedroom with a sofa couch. Majority of the time I just get singles or couples but sometimes kids. Next month I'm entirely filled with 3-4 people squeezing into that thing.

I still have highest prices ever and nearly every day filled for 3 months in advance, as usual. Although a lot of times I have 4 months filled.

This is VRBO and not AirBnB.

gabbar says

zzyzzx says

AirBNB is like Subway:

Subways don't make money?

Correct. Subways are famous for not making money.

zzyzzx says

What, by the hairy dugs of Minerva, is a "Host fee?"

HeadSet says

What, by the hairy dugs of Minerva, is a "Host fee?"

It's where a host in a clown suit shows up and supplies two gay midgets for the night.

https://www.reddit.com/r/REBubble/comments/15fgz90/airbnb_in_a_bad_neighborhood_what_could_go_wrong/

People who own Airbnb’s, has revenue gone down?

https://www.reddit.com/r/realestateinvesting/comments/15ewmfj/people_who_own_airbnbs_has_revenue_gone_down/