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It's okay for big companies to fail financially but you can't as a person? You are a business and it's the same thing.
WookieMan says
I've known people that have committed suicide over debt.
How many?
Without sharing others' personal informations, what were the circumstances?
It's kind of why I probably come across as cocky sometimes. I can sympathize with peoples hardships, but I don't like bitching and moaning about debt and money. A lot of other worse things going on that can happen
So they foreclosed, bank took it and mentally they thought their life was over. It sucked hearing about it because it really isn't a big deal.
People have been miseducated into thinking that it is a big deal.
Without inheritance, you will NOT be wealthy without debt. Again it's a tool. You need to learn how to use it just like a drill or saw, which most men don't even know how to use.....
How does one learn how to use debt? I will admit that I stayed away from debt because of cultural tradition.
WookieMan says
It's okay for big companies to fail financially but you can't as a person? You are a business and it's the same thing.
Each person should act just like businesses do. If its okay for companies to default on debt, why is it not okay for individuals to default on debt (specially in non recourse states)?
I can promise this. Without inheritance, you will NOT be wealthy without debt.
Nuttboxer, since you don’t like loans and banks…..wouldn’t you need a million in cash first to buy the land, equipment, etc to be self-sufficient? Or are you thinking of renting the land and the equipment?
Why are you being sarcastic Logan? Don't like me poking holes in your religion?
Of course most people should inherit something from their parents.
At least five acres I'd say, and a good water source. Obviously out in the country, and that can be had for way under a hundred thousand, even at the top of the market.
That arbitrage is now happening among homebuyers. But regular homeowners wanting to sell haven’t figured it out yet.
Homebuilders, unlike homeowners that want to sell a house, are not emotionally attached to prices. Their business is to build homes and sell them, no matter what interest rates are doing, and they cannot sit there and wait, praying, “and this too shall pass.”
So, unlike many homeowners that are thinking about selling, homebuilders started cutting prices in the fall of 2022, and they used mortgage-rate buydowns and other incentives to stimulate demand for their unsold inventory that had been piling up. And it worked. Cutting prices enough always works.
The median price of new single-family houses sold in April fell to $420,800, down by 8.2% from a year ago, and down by 15% from the peak in October, according to data from the Census Bureau today. This does not include the mortgage-rate buydowns. A different measure, the average price of new single-family houses dropped by 11% year-over-year to $501,000.
Lots big enough for a trailer and a garden located near a small town can be had for less than $10k. This can be afforded by one who works at the local Dollar Store.
As somebody who likes land, two things: Zoning Rules (no RVs, no Mobiles, must be 1000+ sq ft? Where is power lines? Rules for Sewer installation?
AmericanKulak says
As somebody who likes land, two things: Zoning Rules (no RVs, no Mobiles, must be 1000+ sq ft? Where is power lines? Rules for Sewer installation?
Rural areas like that are not zoned or if zoned residential, do not prohibit mobile homes. Power is available at the street in front and instead of sewer and city water, they use septic system and well. The land you like must be all in cities and developed suburbs.
Here are two with city water and sewer:
There’s a difference between speculators and investors.
That's a great find there.
Are you including grading the land, amending and fertilizing the soil
Logan's pretended to be other people before, and you're account just went active in the last month... Just say who you really are, or admit you've been caught by me again.
AmericanKulak says
That's a great find there.
Actually, pretty typical. You may find this "Red Neck Riviera" interesting:
Wookie,
“ Cities are dying”
I’d hate living in the city, I live outside of SD (feels rural). I drive to SD quite frequently - mainly for padres games at Petco park or meeting friends.
It’s freakin busy in SD. Anytime you go there. I’d love to see less traffic and RE prices to come down. I don’t see that town dying. Even worse with LA. I try to avoid LA like cancer, traffic is horrible.
SF, lots of commercial RE vacancies. But people who moved away because they could work remotely are now slowly moving back because companies changed the policy and want people back in the office for a few days a week. I don’t think rents have come down significantly in SD, LA and SF. So while some cities are dying, it doesn’t seem like the west coast cities near the ocean are. When you come soon you probably see what I mean.
Maybe I can find some of those old discussions between the two in an old thread. I am getting a bit curious.
Logan has the record for ignores.
Cities are dying. Have been for a while
Wookie,
“ I've lost friends over our success as a family. Jealousy is a bitch.”
This!
Same here. It’s sad. I have also lost friends and even family members due to their jealousy. Jealousy is a huge driving force. It makes people do unimaginable things. Jealousy can reveal a few evil traits in people that you wouldn’t have known/seen otherwise.
Are you sure you're not making assumptions? Did they tell you it's because of jealousy?
GNL says
Are you sure you're not making assumptions? Did they tell you it's because of jealousy?
Yes, for example, I know a girl who busts her butt to make $1,000 per week. Then finds out her brother gets disability from SS and VA that combines to over $1,000 per week tax free despite being able to work just fine. The resentment is not really jealousy, but a sense of unfairness.
How could anyone not have a sense of unfairness to that?
GNL says
How could anyone not have a sense of unfairness to that?
How about this - a girl from a working-class family in her early 20s is working a full-time job and going to college. She has to both pay and find time to do the homework and study. In her classes are girls who are single mothers who do not work and have the college costs covered by welfare. Even daycare is provided.
Yes, 100% sure it’s not an assumption. Their change in behavior is tied to specific events like us buying a new car, going on a nice vacation or buying houses. And, no, a jealous person would never admit this to you. Lol.
You must have not experienced this before.
When I tell specific fiends or family that we bought a house or a rental, those that are wealthy are the ones that congratulate you and seem happy for you. Many of those that dont own anything are the ones that can’t be happy for you. (some text omitted to shorten quote...) cess story and they look miserable and shortly after you feel the backlash (evil things like not inviting you anymore to family events, trying to exclude you, gossiping about you, trying to always get into arguments or trying to provoke you, making up false stories about you etc).
We were very poor when we got married. Now we are doing well. Some people in your inner circle are left behind and struggle financially. Often the jealousy is very apparent between siblings or people you grew up with.
Bitcoiner
What's your "math" for deciding if a property is a good investment? I assume you have different math for flips vs rentals.
How about this, for Eman and Bitcoiner...a ghetto rat gets first dibs on a sweet real estate deal with taxpayer money. AND, if the investment turns sour, the taxpayer bails them out. This, in turn, requires the city to increase taxes on real estate investors.
You should ask EMAN this, he’s the pro.
I haven’t done flips.
My rentals: that’s pretty straightforward. There’s a lot of fancy metrics you may apply but bottom line for me is:
I focus on detached SFH. Decent to good area. If it’s not an established known good area then it needs to have up and coming potential. PITI + safety cushion + hoa + property manager needs to be covered by rent with a 25% downpayment. It’s a long term play for me. I don’t mind (some text omitted to shorten quote...) nd your equity in the house and your rental income increases yearly. I asked a realtor friend who also owns the PM company to show me how his clients are doing. Most investors he works with put down significantly more than 25%. Instead of buying two rentals and stretching yourself you could just buy one and be on the conservative side. Slow and steady wins the race is my philosophy in real estate. Always have cash on the sidelines for a rainy day. Time and inflation is on your side.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.