[an]

[quote=sdduuuude]I can fly the whole family to Reno for $840 on Southwest and ski Tahoe. Don’t want the snow anywhere near my house.[/quote]
agree, I rather snowboard in Tahoe, Vail, whistler, etc than central park or anywhere near my house.

[an]

I’m not impressed with Chicago weather. Just their wide clean streets with high rises.

[an]

[quote=bearishgurl][quote=AN]The other side of a blizzard… http://www.cnn.com/2013/02/09/us/northeast-blizzard/index.html yeah, I’ll let you have your four seasons :). Not jealous one bit while I deal with the harsh 60s and sunny.[/quote]

IIRC, didn’t you once post here that you were really impressed with Chicago, AN?

Or did that mean just to visit but not live there :=0[/quote]
Chicago downtown. But I’m more impressed with SD 🙂

[an]

The other side of a blizzard… http://www.cnn.com/2013/02/09/us/northeast-blizzard/index.html yeah, I’ll let you have your four seasons :). Not jealous one bit while I deal with the harsh 60s and sunny.

[an]

[quote=spdrun]Not hoping for a systemic crash, but Dow dropping to 9 or 10k inside of a few months would be awesome. Basically hoping for a repeat of late-2011. Besides, a lot of the “imminent systemic crash” hype was just that — an excuse so that people wouldn’t be too outraged at Zimbabwe Bennie’s inflationary policies. That Flavor-Aid sure tasted gooooooood to the average Dumberican who doesn’t realize that they’ll be paying the price for the next 20 years.[/quote]
what make you think it’ll stop at 9-10k and not continue to fall to 5-6k?

[an]

[quote=spdrun]Looks pretty obvious from the bills and square footage.[/quote]
no it doesn’t.

[an]

[quote=spdrun]Sounds like you’re comparing a poorly-insulated McHome to a better-built smaller home in Phoenix. Apples to apples.[/quote]
and you know the McHome is badly insulated, how? How do you know the smaller home are better built?

[an]

[quote=spdrun]We got about 10″ of snow out on the other coast, and I put on my x-c skis at 7 am and went to hang out in Central Park. Y’all may not appreciate this, but here is why some people can’t live without four distinct seasons[/quote]I guess you won’t be able to live in you’re retirement condo in SD. We don’t get to deal with snow dumping on us.

[an]

[quote=spdrun]Personally, I’m hoping for another crash (at least in the stock market — since the property market in my region is still down where prices belong). I only trade short-term at this point, so it won’t hurt me much, but it would be a hell of an opportunity. I feel like I took advantage of 2008, but not ENOUGH advantage.

(They tend to happen once every 10-20 years, not necessarily once in a lifetime, so here’s hoping! And no, I don’t give a rat’s ass about people who are stupid enough to overleverage.)[/quote]
this is coming from a guy who leveraged to get his 4 houses. Lets see… Economic crash causes stock to crash, your tenant looses their jobs, like in 2008, and they stop paying their rents. You still have to pay the mortgage while trying to get them evicted. When you got them evicted, you see that they just trashed your place and will cost you tens of thousands to repair. Yeah, that scenario sounds so desirable, just so you get pick up a few cheap stocks.

[an]

[quote=spdrun]Which is why I picked a property that’s unlikely to have mechanical failures. Metal (not PEX-crap) plumbing. Common laundry and hot water appliances. Ground floor unit, so no risk of flooding out a unit below it. Electric self-contained wall heaters.

And as for anything, tenants will be screened VERY carefully, though perhaps in an unconventional manner.[/quote]
You still have toilet, sink, bath tub, oven, dishwasher, etc. All of those will break/leak/etc. But you seem to have it all planned out. For me, that’s just too much potential problem to deal with for so little profit and high risk of having net loss if you have to fly out to handle things. If I was in your position and NJ have better yield, I’d buy in NJ and not SD.

[an]

[quote=spdrun]That condo has good appreciation potential/inflation protection and staying in SD for a while every year bothers me not at all.[/quote]
Good luck to you. I wouldn’t want to have to deal with that, even if it’s in Hawaii. There’s a difference between going there on vacay and going there to take care of unforeseen problem that will cost you a lot of money.

[an]

[quote=spdrun]the tenant will be signing a contract making repairs below $500 their responsibility.[/quote]
Is that legal? Or even wise? I can see a scenario where there’s a leaky pipe, the tenant didn’t want to shell out the $ to fix it, and you end up with mold all over the apartment. Which will cost you thousands to dollar to fix. Or worse yet, they have asthma and the mold cause them problem and they sue you for having an environment that’s not healthy.

Why didn’t you just invest in NJ get better return and not have to deal with problem if problem occur in SD? I would assume one trip out to SD and that would wipe away a lot of your profit. Especially if it’s a cheapy 1/1 and making only 7.5% cap rate.

[an]

May I ask why are you buying all over the place? Wouldn’t management cost kill your profit? You can’t possibly fly to SD, DC, NJ, and NYC to handle with repair by yourself. Does those cap rate include management cost?

[an]

[quote=spdrun]One is in NYC proper, the other in DC area. Offers out on a 3 unit + 1 commercial in NJ as well as a condo renting at 7.5% cap (or more) in a nicer part of SD. And yeah, if I don’t get the 3+1, I looked at several properties in the low to mid $100k range this weekend that I’m happy to offer on.

Lastly, stats came out today. NJ is down 0.9% Y-o-Y since last year, so hellz yeah the opportunities are good.[/quote]
That’s it? Just 7.5% cap rate? I was expecting 12-15% cap rate by the way you’re describing NJ. May I ask why are you buying all over the place? Wouldn’t management cost kill your profit? You can’t possibly fly to SD, DC, NJ, and NYC to handle with repair by yourself.

[an]

[quote=spdrun]Two so far; offers crawling through the short- and estate-sale processes on another two as I write this.[/quote]
I thought opportunities are everywhere in NJ? Shouldn’t you have much more than 2?

[Author]

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