patrick.net

56, four kids. Two of them on their own now: one in a medical school another after college. Two kids still at home.

Renting in So. Pasadena the same three bedroom appartment for last 14 years.

Great neighborhood, with a lot of highly educated people around: JPL researchers, Caltech, USC etc teachers and grad students, doctors and lawers all renters. Buying here would be still too expensive. Buying in less expensive area makes some sense, but my kids (especially the young one) would hate it.

55, no kids. Bought our first house in 1994, in Pasadena, CA. Yes, there was "pride of ownership," but also stress, even though paying the mortgage was never a problem. Suddenly you have to care if the roof might have a leak, the bathroom sink is draining slowly, or the next-door neighbor is hosting all night parties. You're stuck. You can't move quickly, at least not without taking a huge loss, and this fact influences what jobs you can consider.

Sold in 2006 (taking bow) and moved to rural area, and renting a house on acreage now, working over internet. Can't hear the neighbors. House needs repairs, but I've learned not to care unless my belongings are getting wet. Have to be more careful about acquiring loads of "toys," but that's probably a good thing. Have been moving every few years as landlords default on their mortgages --or we just find a better house to rent.

It's not perfect, but we sleep well at night. We're enjoying life, have many options, and our savings are safe. We've throw off the burdens of "keeping up with the Joneses" and have stopped measuring our happiness by our proximity to coffee bars and opera houses.

Home ownership = happiness. It's a lie, perpetrated by real estate industry and supported by politicians and social engineers (who want captive, "invested" adherents) and old industry (which wanted a stable, "invested" immobile workforce).

Buying a house ought to be instead regarded be a luxury purchase, something you MIGHT opt for after you're completely set otherwise.

E-man said: I'd rather take that $500k and invest it. We'll see whose kids will be ahead of the curb financially in the future.
Your kids will thank you for their inherited Prop 13 tax basis.

justme says

I have a question, I accidentally pressed dislike then like, but the dislike still is counted. Is that a bug, Patrick?

Not a bug. You can like and dislike a comment. Maybe I should add an undo somehow.

mnsweeps says

our lives are more colorful and merrier than other home owners...

how about sex life? good too?

CaptainShuddup says

Don't soil your hands like those silly ants, come laugh and sing and play and dance... "Oh the world owes us a living..."

Not the world, just the ants.

EBGuy says

E-man said: I'd rather take that $500k and invest it. We'll see whose kids will be ahead of the curb financially in the future.

Your kids will thank you for their inherited Prop 13 tax basis.

Unless of course the price remains stagnant or drops.

Not exactly, but being a 33 y/o PHX resident, I feel like I've endured 20 years of RE "are you going to buy?" pressure in the last 8. It ratcheted up after marriage, but we kept our 1bd with great landlords, rearranged some furniture, and kicked up our feet with some bubbly.

The plan has always been to save, cautiously invest, travel a little, and keep an eye on the long term. Things are starting to change; we're looking at the long-term career path for both of us and that likely means relocating, at least for a while. One more reason renting was a good choice.

EBGuy says

E-man said: I'd rather take that $500k and invest it. We'll see whose kids will be ahead of the curb financially in the future.

Your kids will thank you for their inherited Prop 13 tax basis.

You are also assuming the kids will live nearby AND be in a position to either assume control of the property or become landlords. If however they are living hundreds of miles away dealing with the vacant house will be a HUGE PITA for them. Not everyone is up to the challenge. They'd likely be happier if you had invested that $500k instead.

New renter says

EBGuy says

E-man said: I'd rather take that $500k and invest it. We'll see whose kids will be ahead of the curb financially in the future.

Your kids will thank you for their inherited Prop 13 tax basis.

Unless of course the price remains stagnant or drops.

Totally possible. In fact my educated guess is that home prices will remain stagnant or decrease starting in the 1/2 half of 2013, which is fantastic. It will give me an opportunity to pick up a couple more properties.

I met with an individual from Patnet and her spouse earlier this year. They were interested in investing and flipping properties. However, my conservative estimate of the potential return didn't meet their expectation so we parted. At that time, I suggested buying condos and townhomes if they want to buy & hold. I gave them the parameters and approx location of these units. I hope they did something with the information. I bought two more properties, scheduled to close one more next week, and in contract for two more with my partner since then.

All of the properties that I bought for myself and my partner have appreciated a good $40k-$50k. To be fair, I always offer the property to my partner first, if he doesn't want it, I'll buy it for myself. He reads and posts on here. EBguy knows his handle. According to my partner, these properties are minting money right now.

Properties that I bought in 2009 has appreciated even more. So yes. Prices should stagnate to decrease is definitely in the cards.

I will likely sell most of the properties on the next RE cycle except 3 or 4, which I intend to keep forever. Kids can cash them out whenever. Hopefully the properties will worth some nickels by then. I just want to give my kids a head start. Education is good and all, but I refuse to pay through the nose for it. No freaking way.

E-man says

Totally possible. In fact my educated guess is that home prices will remain stagnant or decrease starting in the 1/2 half of 2013, which is fantastic. It will give me an opportunity to pick up a couple more properties.

Now you are thinking. Stay out of Victorville, though. This is Chunderland.

I met with an individual from Patnet and her spouse earlier this year. They were interested in investing and flipping properties.

Ewww. Step away from the HGTV, nerds.