patrick.net

WookieMan says

mell says

I consider the primary home important.

And that's fine. I believe you've said you have kids though. How often are you actually home? Entertaining? Even just relaxing with the family?

For me with 3 kids it's a trivially stupid little amount of time for the cost when I'm home. As mentioned in the past I like travel. Usually gone 45 days a year. So I piss away almost 2 months of mortgage not using the house. Non-holiday/weekend I'm at the house 2-3 hours, rest is sleeping and showering after ours and the kids activities. Wife is gone 3 months a year. We're just not at our house much. Which I think is good.

And I don't begrudge anyone for wanting a nicer/expensive home in a better climate. I live in IL, so November to March it's a shit show with winter. But I've got Montana, Mexico, Dominican and potentially Germany on the books through March. Might do Mi...

It's true that if you travel a lot you may want to rethink a big luxury mansion that's mostly empty. Also if kids are older it's not that important as they will be gone more and more. Also it should never be a status symbol. Young single tech hipsters buying million dollar homes in SF never made sense. No reason to own until you start a family or are getting ready to.

ZipperTits says

Eman says

Can you share the link(s) where the bank called the loan due on Blackrock and Zillow?

Can you learn to read first?

Nah…, you keep speculating. Zillow started to liquidate their “flip” real estate portfolio late last year when 30-year fixed mortgage was sub 3%. Real estate prices didn’t collapse late last year for any bank/lender to call the loans due. That’s fine. Keep believing what you want to believe.

Booger says

Saw this a few days ago. If this is not racist, what is? Why only blacks and Hispanics and not other races?

Not sure who is behind this idea and is pushing this through…..again, but underwriting will likely be much more stringent now compared to the last housing crash. Not many will qualify IMO.

Buy back the minority votes with more free shit bullshit. Again, it demonstrates the AI of the Globalists projects (there are so few of them they have to use AI to program their decisions) their utter, toxic contempt and hatred for the population. The old political fishing lures and lies have to be dragged out. Doesn't seem it's quite working like it used to.

Eman says

ZipperTits says

Eman says

Can you share the link(s) where the bank called the loan due on Blackrock and Zillow?

Can you learn to read first?

Nah…, you keep speculating. Zillow started to liquidate their “flip” real estate portfolio late last year when 30-year fixed mortgage was sub 3%. Real estate prices didn’t collapse late last year for any bank/lender to call the loans due. That’s fine. Keep believing what you want to believe.

Maybe it's because they forecast higher rates were on the way?

Eman says

If this is not racist, what is? Why only blacks and Hispanics and not other races?

No DNA required. If you have a pulse and are interested in buying at the top Bank of America wants you!

Based on calling races, BOA is part of the direct political campaign for left. Statistically zero applicants qualify with empty pockets unless crazy Biden and state throwing cash at them under so many programs like housekeys.org etc. The more I look, this country is turning into the h* I left.

https://www.financialexpress.com/investing-abroad/featured-stories/sell-my-house-hits-its-highest-point-in-u-s-internet-history-is-a-housing-market-crash-looming/2653857/

‘Sell my house’ hits its highest point in U.S. Internet history

zzyzzx says

What’s the source?

https://thepricklypear.org/the-most-splendid-housing-bubbles-in-america-august-update-first-price-drops-appear-all-in-the-west/

The Case-Shiller index, which lags reality on the ground by 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland.

BayArea says

What’s the source?

Source matters, but it's more about home ownership percentage for this stat. If people that can afford to buy are buying and can afford the mortgage, it's really not a big deal. If you cannot afford a price, you won't get a loan. I don't see 2006 happening. We're not back into the "if you have a pulse here's a loan" mode.

Something is happening, but not with housing in my opinion. It will influence housing, but not as dramatic. I personally cannot speculate what IT is though. No one is working or wants to work and employment numbers are still relatively decent and inflation doesn't happen without lots of money flowing around. It's strange.

https://www.bankingstrategist.com/housing-pricetoincome-ratios

GNL says

Eman says

ZipperTits says

Eman says

Can you share the link(s) where the bank called the loan due on Blackrock and Zillow?

Can you learn to read first?

Nah…, you keep speculating. Zillow started to liquidate their “flip” real estate portfolio late last year when 30-year fixed mortgage was sub 3%. Real estate prices didn’t collapse late last year for any bank/lender to call the loans due. That’s fine. Keep believing what you want to believe.

Maybe it's because they forecast higher rates were on the way?

Not according to my knowledge. J Powell was still pitching “inflation is transitory” late last year. Interest rates didn’t tick up until April of this year. I was in the midst of refinance a couple buildings in January. We locked 3.15% in January, but didn’t close until April. By then, rates were in the 4%ish….

We were also in the midst of flipping this property. Due to the higher interest rate, we feel the offers came in a little lighter than expected. Paid $1.075M. Sold for $1.75M. It should have hit the market in March if it wasn’t due to permit delay.

https://redf.in/H28A6Z

https://www.cnbc.com/2022/09/07/homeowners-lose-wealth-as-rising-interest-rates-weigh-on-home-values.html

Homeowners lose wealth as rising interest rates weigh on home values

Mise fiat equities are gefuckt!

https://www.cnbc.com/2022/09/06/us-bonds-treasury-yields-in-focus-amid-economic-data-auctions.html

The yield on the benchmark 10-year Treasury note hit a daily high of 3.353%, adding roughly 16 basis points before settling around 3.347% for its highest close since mid-June. The yield on the 30-year Treasury bond gained more than 14 basis points to 3.493%, hitting its highest close since 2014.

Check out these price cuts:

Booger says

Check out these price cuts:

Address? Oh, here it is...https://www.zillow.com/homedetails/890-Mountain-Home-Rd-Woodside-CA-94062/15597218_zpid/

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

I should squat there and own it :)

1337irr says

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

I should squat there and own it :)

The upkeep would be a bitch though.

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

GNL says

Eric Holder says

Booger says

Check out these price cuts:

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

Really? Looks nice in the pics.

RWSGFY says

From $6M sold in 2018 to $48M asking today? Pie-in-the sky bullshit asking price.

It was either a 6 million dollar tear down or a vacant lot to begin with.

Really? Looks nice in the pics.

The description says new construction.

https://www.cnn.com/2022/09/08/homes/mortgage-rates-september-8/index.html

Mortgage rates reach highest level since 2008

Open door losing money again:

Booger says

Bank of Asmodeus is doing a great job recasting these with some "Equity" branding as "Loans for Minorities"

Booger says

Looking at the letter, it looks like the lender wants the buyer to have 25% down (max 75% LTV) plus reserves. Not sure how many months or years of reserve is require. Not a walk in the park to qualify like the old days, but definitely some loosening in lending standards. More power to both parties if they can make it work.

https://www.reddit.com/r/realestateinvesting/comments/xcn9zk/expenses_much_higher_than_i_expected/

Expenses much higher than I expected.

I bought my first triplex last year, and it’s fairly old (1881), so there were definitely things to go wrong and I thought I budgeted accordingly. Worst case there was a $1,200 delta between my PITI and my rent roll which I figured should suffice for any maintenance needs, and I had a $20k emergency fund.

Then I bought, and things started to get bad. In the last year I’ve had:

A hot water tank burn out

$2k of damage from a burst pipe

$5k of foundation work

$5k worth of damages from a tenant plus 2 months of vacancy

$3k of lawyer bills from the same tenant

$2k worth of exterminator work

In addition to all the standard maintenance, and my property taxes going up by 30%

I also have on the horizon:

Another hot water tank that’s on the fritz

$8k worth of electrical work

$10k more of foundation work

I’m not here to complain-I’m thankful to own the place, I’ve built up a sizable amount of equity, and I still have a decent amount of cash in an emergency fund. And since that one tenant left my tenant problems are near 0. But it would be great to get some guidance on what seems to be like a never ending stream of expenses. I’m getting to the point where my emergency fund is below what I find comfortable, and I’m already financing more items than I wanted to.

Is this normal early on? The last landlord was terrible so I was expecting plenty of deferred maintenance, but this is just ridiculous and I never expected to be this far off the mark. I’ve really only had two months in the last 12 where I was cash flow positive.

I’m young (24) and a little inexperienced, so definitely recognize the learning curve. But I’m trying to not get overwhelmed