Back to the Office for Tech Workers

[Anonymous]

[quote=sdrealtor][quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

If these “hardworking families” over levered themselves to purchase an overpriced house with a mountain of debt, then they took the risk on themselves. But in reality, getting foreclosed on just means they can live rent free for 2+ years, just like the last crash. It’s not the end of the world by any means.[/quote]

I know it’s a foreign concept to you but some people have integrity. Actually a lot of people. That describes most of the people in my life and they simply don’t just walk away from debts that they promised to repay. Their word means something to them as it does to me. I would never walk away from a debt, it’s in my DNA not to. It’sobvious you are filled with bitterness, envy and hatred. For most people real estate has nothing to do with an investment but rather a home for their families. A nice safe place to live and raise their family. They don’t buy homes to get rich. Most people are welcome in my home even those i disagree with as long as they have integrity and are kind of heart. That doesn’t include vindictive bitter folks and i hope in real life you actually have some integrity Edgar[/quote]

Whatever you say Clem. But you would be a dumbass not to walk away from your house if you were underwater and unable to pay. It’s the banks responsibility to deal with that. Nothing illegal, or immoral, or unethical about it. Simply business

[Anonymous]

[quote=Coronita]

Also, most of the people that will get crushed are the novice gamblers of meme stock and crypto that was hoping for that one hit one wonder get rich quick trade….[/quote]

And yes I am rooting for these douchebags to get destroyed. But this goes way beyond just meme stock and crypto investors. It goes heavily into real estate investors, flippers, etc. Same get rich quick douchebags. Funny how you guys are quick to criticize these investors when it comes to crypto, yet you have no issue with those flipping and manipulating RE. Perhaps as a RE investor yourself, you are happy that their actions are raising your net worth. Pretty selfish but typical. Well get ready because the RE investor/flippers are about to get destroyed too, the Tech/Crypto crash is just stage 1.

[Anonymous]

[quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

How about all the millions of “Hardworking families” that currently cannot afford a home or the entire generation of young people who have little to no chance of ever buying a home for themselves as a result of the extreme distortion of housing prices and high inflation caused by the Fed. You don’t have a problem with that? All you care about is the “haves”, you could care less about the “have nots”.

[Coronita]

[quote=deadzone][quote=Coronita]

Also, most of the people that will get crushed are the novice gamblers of meme stock and crypto that was hoping for that one hit one wonder get rich quick trade….[/quote]

And yes I am rooting for these douchebags to get destroyed. But this goes way beyond just meme stock and crypto investors. It goes heavily into real estate investors, flippers, etc. Same get rich quick douchebags. Funny how you guys are quick to criticize these investors when it comes to crypto, yet you have no issue with those flipping and manipulating RE. Perhaps as a RE investor yourself, you are happy that their actions are raising your net worth. Pretty selfish but typical. Well get ready because the RE investor/flippers are about to get destroyed too, the Tech/Crypto crash is just stage 1.[/quote]

That’s where you and I differ.

I don’t agree with what speculators do to try to get rich quick. But I don’t wish for their demise.
And if they can make money this way, more power to them…I just wouldn’t take that risk. And my only feedback for these people is that they totally underestimate risk. My problem wasn’t that they were taking the risk. My problem was they were taking those risks without understanding those risks and then pretending to be financial geniuses. If they made money, good for them and no jealousy on my part. In fact those that got into crypto early and got out, kudos to them. They were able to take advantage of an opportunity of a lifetime….And that’s great for them. There was this guy in Carlsbad that traded up to a $3million beachfront property, and when asked how he did it he was like “Crypto Baby”. I was like cool man, you got it to work. He understand risk, he cashed out and took advantage of an opportunity, good for him. Other people, not so smart, and while I don’t wish bad on them, they should learn a lesson or two about risk versus reward.

It’s the same thing that I rail against your strategy. You have no long term DRIP strategy and you’re doing the exact same thing the crypto one-hit-wonder folks were trying to do, just on the opposite direction, it seems. Not that I hope bad on you. But you’re outcome is very predictable just like the crypto one-hit-one-shot wonders.

Regarding real estate…Also, again, it appears you lack understanding of real estate investing and how different people are playing it and lumping everyone that owns real estate into a “short term flipper/speculator” that you’re hoping will eat shit for some odd reason, and even addressing me as that category which is so far from reality, it’s just weird that you think this way, like it’s lack of comprehension.

As I previously stated numerous times, I have never “flipped” a property short term. In fact, my plan has always been to hold permanently and keep adding and passing them on to my kid. I bought my real estate primarily for cash flow, at ridiculously low prices and paid them all off with money primary from RSU stock grants from tech companies (as a means of spreading risk from the stock market and tech in particular, and cashing in gains into something tangible that was a great price during a period that felt like an opportunity of a lifetime)…forgoing bling purchases such as a nice sports car or unnecessary primary home improvement upgrades, and instead bought a cheap $2000 beater fun car and dealt with sub-standard primary home ammenities, so I could build a lot of cashflow up front, so I wouldn’t need to fully depend on a W2 job for the rest of my life. That was roughly 10 years ago……Real estate appreciation was icing on the cake… Very nice icing, but not something that really matters except recently cashing out some equity and redeploying it for more opportunity, all done risk mitigated such that I could pay off the loan tomorrow if I wanted to….

The only time I sold 1 property was because I didn’t want to deal with the tenant pool down by SDSU and did a 1031 exchange to a property in Mira Mesa that had the same cash flow but much better tenant selection (professional workers versus college students). In hindsight, I should have kept the property near SDSU and continued letting my property manager manage it because had I kept it, the appreciation would have been $150k more than when I sold it and the rent for it would have been about $2000/month now…And that would have been better than trying to find another rental right now in MM.

Second, why do you think we’re manipulating real estate. I’m not big enough to manipulate it. Real estate is a nice asset because it has a utility. People need to live in it. And simple supply/demand dictates it’s price. I have no control that a lot of people need housing here in San Diego, but because a lot of people need housing here in San Diego and people can pay the higher prices, it’s good for both of us. And rental income for free and clear property is an excellent hedge against inflation and a declining stock market, since the cost of inflation is passed on to the tenant. That’s just how it is, from a pure investment perspective….I can raise rents but keep it slightly below market value so that the tenant doesn’t completely get raked over the coals and I benefit from increased disposable investment income, while my costs are fixed….Nothing wrong with that. It’s win win…

Now if someone tries to do a short term flip and it blows up, that’s really too bad. I’m not cheering for it, but if it happens, and I have the opportunity to buy a short sales or REO like I’ve done before, then it is what is.. Better financially for me. But I certainly don’t wish that on people. And frankly, I most buyers aren’t in this category. Most of the buyers competed with in my submarket I was interested in were buying their primary home to live in. Not that rates are higher, more of them won’t qualify, so maybe now I have a shot at some of these properties with cash offers.

Actually people like me who buy and hold indefinitely are contributing to the housing supply problem more so than the flippers. At least with flippers, they will turn inventory over back to the market. People like me who buy and hold indefinitely, are taking inventory off the market permanently and reducing the supply (albeit very small change to supply by me alone).. And unlike stocks, there’s a benefit for holding indefinitely… long term cash flow from rent that adjusts with inflation.

[sdrealtor]

[quote=deadzone][quote=Coronita]

Also, most of the people that will get crushed are the novice gamblers of meme stock and crypto that was hoping for that one hit one wonder get rich quick trade….[/quote]

And yes I am rooting for these douchebags to get destroyed. But this goes way beyond just meme stock and crypto investors. It goes heavily into real estate investors, flippers, etc. Same get rich quick douchebags. Funny how you guys are quick to criticize these investors when it comes to crypto, yet you have no issue with those flipping and manipulating RE. Perhaps as a RE investor yourself, you are happy that their actions are raising your net worth. Pretty selfish but typical. Well get ready because the RE investor/flippers are about to get destroyed too, the Tech/Crypto crash is just stage 1.[/quote]

And you dont understand flippers either. The ones really doing it have built up so much capital they are playing with house money now. Even if a property were to drop 20 to 30% while they were holding it would barely be a blip on the radar. Houses dont go to zero dumbass

[sdrealtor]

[quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

How about all the millions of “Hardworking families” that currently cannot afford a home or the entire generation of young people who have little to no chance of ever buying a home for themselves as a result of the extreme distortion of housing prices and high inflation caused by the Fed. You don’t have a problem with that? All you care about is the “haves”, you could care less about the “have nots”.[/quote]

I care about the greater good which is yet another thing you do not understand. ABout 70% of households own homes in this country. The millions of hardworking families that dont own are for the most part the renter class and never will by choice or by inability to manage money and make good decisions. But thats not everyone, there are the cowards like you also

[sdrealtor]

[quote=deadzone][quote=sdrealtor][quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

If these “hardworking families” over levered themselves to purchase an overpriced house with a mountain of debt, then they took the risk on themselves. But in reality, getting foreclosed on just means they can live rent free for 2+ years, just like the last crash. It’s not the end of the world by any means.[/quote]

I know it’s a foreign concept to you but some people have integrity. Actually a lot of people. That describes most of the people in my life and they simply don’t just walk away from debts that they promised to repay. Their word means something to them as it does to me. I would never walk away from a debt, it’s in my DNA not to. It’sobvious you are filled with bitterness, envy and hatred. For most people real estate has nothing to do with an investment but rather a home for their families. A nice safe place to live and raise their family. They don’t buy homes to get rich. Most people are welcome in my home even those i disagree with as long as they have integrity and are kind of heart. That doesn’t include vindictive bitter folks and i hope in real life you actually have some integrity Edgar[/quote]

Whatever you say Clem. But you would be a dumbass not to walk away from your house if you were underwater and unable to pay. It’s the banks responsibility to deal with that. Nothing illegal, or immoral, or unethical about it. Simply business[/quote]

Kinda like some dumbass here who was the only one stupid enough not to spot the opportunity of a lifetime? The only one! Yeah I know that kind of dumbass

[Anonymous]

[quote=sdrealtor][quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

How about all the millions of “Hardworking families” that currently cannot afford a home or the entire generation of young people who have little to no chance of ever buying a home for themselves as a result of the extreme distortion of housing prices and high inflation caused by the Fed. You don’t have a problem with that? All you care about is the “haves”, you could care less about the “have nots”.[/quote]

I care about the greater good which is yet another thing you do not understand. ABout 70% of households own homes in this country. The millions of hardworking families that dont own are for the most part the renter class and never will by choice or by inability to manage money and make good decisions. But thats not everyone, there are the cowards like you also[/quote]

Actually it is less than 70% overall, and closer to 50% in CA. But whatever, we see where you stand. Fuck the other 35 some odd percent. They are too stupid to manage their money, so they don’t deserve to own a house. It has nothing to do with housing prices being unnaturally distorted due to misguided Fed policies.

[Anonymous]

[quote=sdrealtor][quote=deadzone][quote=Coronita]

Also, most of the people that will get crushed are the novice gamblers of meme stock and crypto that was hoping for that one hit one wonder get rich quick trade….[/quote]

And yes I am rooting for these douchebags to get destroyed. But this goes way beyond just meme stock and crypto investors. It goes heavily into real estate investors, flippers, etc. Same get rich quick douchebags. Funny how you guys are quick to criticize these investors when it comes to crypto, yet you have no issue with those flipping and manipulating RE. Perhaps as a RE investor yourself, you are happy that their actions are raising your net worth. Pretty selfish but typical. Well get ready because the RE investor/flippers are about to get destroyed too, the Tech/Crypto crash is just stage 1.[/quote]

And you dont understand flippers either. The ones really doing it have built up so much capital they are playing with house money now. Even if a property were to drop 20 to 30% while they were holding it would barely be a blip on the radar. Houses dont go to zero dumbass[/quote]

You apparently don’t understand leverage, or the concept of margin calls. Many of these “all cash buyers” are actually borrowing the money using their existing house(s) and/or stock portfolio as collateral. A 20-30% drop in RE will be devastating to many investors. The 30% drop in Nasdaq is going to have serious side effects in RE market too. Plus the bursting of the tech bubble in gneral. Twitter and Meta already announcing hiring freezes, which is really the first step towards layoffs. Within a few months there will be hiring freezes and layoffs throughout the industry.

[Coronita]

[quote=deadzone][quote=sdrealtor][quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

How about all the millions of “Hardworking families” that currently cannot afford a home or the entire generation of young people who have little to no chance of ever buying a home for themselves as a result of the extreme distortion of housing prices and high inflation caused by the Fed. You don’t have a problem with that? All you care about is the “haves”, you could care less about the “have nots”.[/quote]

I care about the greater good which is yet another thing you do not understand. ABout 70% of households own homes in this country. The millions of hardworking families that dont own are for the most part the renter class and never will by choice or by inability to manage money and make good decisions. But thats not everyone, there are the cowards like you also[/quote]

Actually it is less than 70% overall, and closer to 50% in CA. But whatever, we see where you stand. Fuck the other 35 some odd percent. They are too stupid to manage their money, so they don’t deserve to own a house. It has nothing to do with housing prices being unnaturally distorted due to misguided Fed policies.[/quote]

Uh…let’s take a look at your statement
35% of people don’t own a home

1. Part of that group are people that cant because they don’t make enough. No one is saying that has anything to do with intelligence.

There are lot of phd’s and non-software engineers that simply make squat relative to a bachelor with software skills.. Or even within tech there’s huge discrepancies between some folks work in some industries and others that work in others (say defense industry or public sector that statistically make a lot less)…But that has more to do with supply and demand of skills/jobs in a particular industry than anything else.

2. Part of that group are people that don’t want too. These are people who aren’t ready to settle down in a given area or are thinking of being somewhere else. That’s fine too

3. Part of that group are also people that waited too long and didn’t plan accordingly. Maybe they thought they could get a better deal and waited and waited and missed the boat. It’s like waiting for a sale of an item, and then the item runs out of stock and no rainchecks are given. People in this category have no one to blame but themselves.

Fairness has nothing to do with any of the 3 situations. Any time “fairness” comes into play, then we end up with weird government encroachment like government officials trying to forgive student loan debt….Expecting government to erase bad decisions made by individuals…

If you look at these 3 categories…bottom line is in your case, you are most likely category 3… You fucked up and missed the boat…own it.

[Anonymous]

[quote=Coronita]
Fairness has nothing to do with any of the 3 situations. Any time “fairness” comes into play, then we end up with weird government encroachment like government officials trying to forgive student loan debt….Expecting government to erase bad decisions made by individuals…[/quote]

I agree there should be no forgiveness for student loans. Government should stay out of the markets, do you agree with that? But unfortunately that is not what has been happening in the last 13 years. The Fed intentionally blew up a ginormous housing and asset bubble through manipulation of the bond and mortgage markets. That is the opposite of free market. And particularly since Pandemic, any gains that were made in RE or stock values were ill gotten, and are in the course of being reversed. But since they were bogus “gains” to begin with, it is only right that they correct themselves.

[sdrealtor]

[quote=deadzone][quote=sdrealtor][quote=deadzone][quote=sdrealtor] How much satisfaction are you going to get if hardworking families who just wanted homes for their families lose their asses because that is who would get hit hardest?
[/quote]

How about all the millions of “Hardworking families” that currently cannot afford a home or the entire generation of young people who have little to no chance of ever buying a home for themselves as a result of the extreme distortion of housing prices and high inflation caused by the Fed. You don’t have a problem with that? All you care about is the “haves”, you could care less about the “have nots”.[/quote]

I care about the greater good which is yet another thing you do not understand. ABout 70% of households own homes in this country. The millions of hardworking families that dont own are for the most part the renter class and never will by choice or by inability to manage money and make good decisions. But thats not everyone, there are the cowards like you also[/quote]

Actually it is less than 70% overall, and closer to 50% in CA. But whatever, we see where you stand. Fuck the other 35 some odd percent. They are too stupid to manage their money, so they don’t deserve to own a house. It has nothing to do with housing prices being unnaturally distorted due to misguided Fed policies.[/quote]

Here you go again revealing your true self. CA home ownership is not relevant to what fed does they act the whole country and it’s close to 70%. Most of the remaining 30% will never own homes for a variety of reasons some choice, some fault and some inability. But then there’s guys like you that failed and want to be bailed out. You’ve shown your attitude to be screw the vast majority, give me mine what i wasn’t capable of getting myself when it was easy to do so. This isn’t about others, it’s about selfish bitter envious you

[sdrealtor]

[quote=deadzone][quote=sdrealtor][quote=deadzone][quote=Coronita]

Also, most of the people that will get crushed are the novice gamblers of meme stock and crypto that was hoping for that one hit one wonder get rich quick trade….[/quote]

And yes I am rooting for these douchebags to get destroyed. But this goes way beyond just meme stock and crypto investors. It goes heavily into real estate investors, flippers, etc. Same get rich quick douchebags. Funny how you guys are quick to criticize these investors when it comes to crypto, yet you have no issue with those flipping and manipulating RE. Perhaps as a RE investor yourself, you are happy that their actions are raising your net worth. Pretty selfish but typical. Well get ready because the RE investor/flippers are about to get destroyed too, the Tech/Crypto crash is just stage 1.[/quote]

And you dont understand flippers either. The ones really doing it have built up so much capital they are playing with house money now. Even if a property were to drop 20 to 30% while they were holding it would barely be a blip on the radar. Houses dont go to zero dumbass[/quote]

You apparently don’t understand leverage, or the concept of margin calls. Many of these “all cash buyers” are actually borrowing the money using their existing house(s) and/or stock portfolio as collateral. A 20-30% drop in RE will be devastating to many investors. The 30% drop in Nasdaq is going to have serious side effects in RE market too. Plus the bursting of the tech bubble in gneral. Twitter and Meta already announcing hiring freezes, which is really the first step towards layoffs. Within a few months there will be hiring freezes and layoffs throughout the industry.[/quote]

lol what you don’t understand is who the flippers are. Sure there are some small time mom and pops but I would say that well over 80% off flips are by well funded high net worth organizations. You want to believe it’s some highly leveraged greedy guy but that’s just not reality. I deal with these Flipper groups and I’m contacted by a few every single day . they are anything but poorly capitalized. And even many of the small Time guys who’ve done 3 to 5 a year for the last 5+ years are sitting on a few million dollars of cash profit. You really have no idea how this works

[Coronita]

[quote=deadzone][quote=Coronita]
Fairness has nothing to do with any of the 3 situations. Any time “fairness” comes into play, then we end up with weird government encroachment like government officials trying to forgive student loan debt….Expecting government to erase bad decisions made by individuals…[/quote]

I agree there should be no forgiveness for student loans. Government should stay out of the markets, do you agree with that? But unfortunately that is not what has been happening in the last 13 years. The Fed intentionally blew up a ginormous housing and asset bubble through manipulation of the bond and mortgage markets. That is the opposite of free market. And particularly since Pandemic, any gains that were made in RE or stock values were ill gotten, and are in the course of being reversed. But since they were bogus “gains” to begin with, it is only right that they correct themselves.[/quote]

That’s not what I said. What I said is the government has no business interfering with personal finance that does not impact the country’s financial security. That’s not its job.

Howver, the government’s job is to ensure financial security and stability and use every tool at it’s disposal to achieve that goal , even if it means screwing over some of the little guys in the process if it benefits the stability and the majority of the population

again, you are using social inequity as the primary reason to justify why a housing crash would be a good thing. Social inequity doesn’t apply to your case. You want a personal bailout for your own decisions you didn’t make decades ago because you fucked up…own it.

[Anonymous]

[quote=Coronita][quote=deadzone][quote=Coronita]
Fairness has nothing to do with any of the 3 situations. Any time “fairness” comes into play, then we end up with weird government encroachment like government officials trying to forgive student loan debt….Expecting government to erase bad decisions made by individuals…[/quote]

I agree there should be no forgiveness for student loans. Government should stay out of the markets, do you agree with that? But unfortunately that is not what has been happening in the last 13 years. The Fed intentionally blew up a ginormous housing and asset bubble through manipulation of the bond and mortgage markets. That is the opposite of free market. And particularly since Pandemic, any gains that were made in RE or stock values were ill gotten, and are in the course of being reversed. But since they were bogus “gains” to begin with, it is only right that they correct themselves.[/quote]

That’s not what I said. What I said is the government has no business interfering with personal finance that does not impact the country’s financial security. That’s not its job.

Howver, the government’s job is to ensure financial security and stability and use every tool at it’s disposal to achieve that goal , even if it means screwing over some of the little guys in the process if it benefits the stability and the majority of the population

again, you are using social inequity as the primary reason to justify why a housing crash would be a good thing. Social inequity doesn’t apply to your case. You want a personal bailout for your own decisions you didn’t make decades ago because you fucked up…own it.[/quote]

Whoever said I wanted a bailout? You are just pulling stuff out of your ass. And do you really think the bailouts and Fed money printing was done to benefit the majority of the population? You are a fucking idiot if you really believe that. It was done to protect the bankers and Wall St class. That is literally who the Fed members are. And Paulsen who led the bailouts was literally former President of Goldman Sachs. You can’t make this shit up.

Meanwhile, going back through this thread all of my warnings about the Tech collapse were correct and are coming true. In a matter of time the RE collapse will be underway. Now stop blaming and attacking me just because I am pointing out the obvious. I didn’t cause the bubble nor am I responsible for the crash. It was the Fed and USG. Blame them if you don’t like it.

[Author]

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