[quote=flu][quote=flyer]Hope for those who need housing, you’re right.[/quote]
I don’t know, I was talking with my parents awhile ago about their first home. I was complaining about how I was paying $2500/month on a 15 year mortgage that I absolutely hated…
They told me to “shut up”…because their first mortgage was around 15.4% for a 15 year. And for 10 years , they were making payments around $3000/month on a $85k household AGI back then when $1 meant a heck of a lot more than it does now…Then they were comparing notes with me and said things like.. When when we were your age right now,
1) We had still 10 years to go with our mortgage on our primary.
You, on the other had have 5 out of 6 homes free and clear.
2) We both had two 15 year old cars paid off , not 4 cars that were all paid off and thinking about a 5th one like you are.
3) We were just starting to think about your college expenses, while you already have funded your kid’s 529k account since the day your kid was born.
4) Buying you a computer cost us $5000… Your kid started having their own laptop in kindergarten that you paid $300 for… (I corrected them. It was $0, because I got it free from a Google I/O conference)
It’s not doom and gloom as many make it out to be..It’s not a walk in the park, and you have to put some effort into it (unless you happened to be born into a family with money). The only question is really, are you willing to put the effort in it/[/quote]
I agree that everyone’s situation is different. Even before attending college and starting my airline career, then moving onto other interests, I was involved in real estate (residential and commercial) with my parents when I was a teenager.
This early start in the business enabled us to acquire real estate at extremely low costs even during that period of time, and these holdings will benefit our kids and their kids for many years to come.
That said, I think both your situation and my situation are exceptions to the rule, since we both had early beginnings in CA real estate, which gave us advantages that those relocating here (or even young people trying to stay here after they leave their parent’s home) may not enjoy–and that was more to my point concerning the topic of this thread.
We’ll probably never know how it all plays out for those who choose to take the real estate plunge in CA from this point forward, but, imo, it’s going to be challenging.
