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CoronitaParticipant[quote=deadzone][quote=Coronita]yawn…. welcome back DZ/ How’s UTC life? 🙂
Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…
IBM and MSFT did just fine. For every loser there are winners. just like in real life.
But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.[/quote]
Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]we know you aren’t looking now. But using your logic, the “pain” you describe of unemployment and possibly weakening house prices from it won’t be doing you any favors in the future too, if it were to happen. Because if you are in tech (and that’s big if, since it doesn’t sound like you are in it based on your posts), you won’t be any more ready to buy if the tech economy craps out and you get laid off as you probably will if things are as bad as you say it will be, because you’re kidding yourself if you think you’ll be immune while others are affected. Just saying.
However, imho that’s a great time to pick up more rental properties since it brings more weight back to all cash offers. So bring it 🙂
CoronitaParticipant[quote=deadzone][quote=Coronita]yawn…. welcome back DZ/ How’s UTC life? 🙂
Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…
IBM and MSFT did just fine. For every loser there are winners. just like in real life.
But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.[/quote]
Robinhood is not tech? They are literally a smartphone trading app. That is the definition of modern day tech.[/quote]
Uh, do I really need to explain this to you? Seriously? … Robinhood is a brokerage house. They compete with Schwab and lesser extent the traditional brokerage houses. They are a financial services company. You wouldn’t consider Charles Schwab or Fidelity or Vanguard a “tech company”…Why on earth would you think Robinhood is one?
They were made famous by generation Z because of the pioneered $0 commissions and very lax rules regarding margin trading, sold under the motto of empowering everyone to be a speculator and easy making money..
Nothing they do is really “tech innovative”. Their mobile app is not “tech heavy”, it’s more IT than anything else. Their business model of $0 commission is what distinguishes them (well, before everyone else started to do it too).
And, the reason why Robinhood is in deep shit and doing layoffs has nothing to do with the correlation you are trying to make with inflation, tech correction, whatever…It has everything to do with their business model and the MEME stock trades that cost them billions that was already going on since 2021.
This was all over the news during the MEME stock craze and how it cost robinhood specifically billions in losses…Robinhood was already in decline months ago from the MEME stock trading fallout. How could you have possibility missed that news?
https://www.barrons.com/articles/robinhood-stock-price-earnings-accounts-51635279965In fact, Robinhood is exactly what you don’t want to do in terms of financial discipline. They tout how easy it is to speculate and trade options or to short, disastrous financial strategies for most people.. I’m surprised given how much you like to randomly speculate on being right with your guesses instead of doing the drip style investment, that you aren’t a robinhood customer….
CoronitaParticipantyawn…. welcome back DZ/ How’s UTC life? 🙂
Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…
IBM and MSFT did just fine. For every loser there are winners. just like in real life.
But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.
CoronitaParticipant[quote=sdrealtor]And even if you have $50K in itemized deductions you were getting the first 25.9K anyway so the incremental benefit is only about $24K write off not the whole $50K which gzz should know already
With my mortgage as small as it is and lacking any significant medical bills I could itemize Im close to the point of not itemzing anymore. Then again with a small mortgage thats a high class problem
SALT = state and local taxes[/quote]
One of the things that’s important to remember is that while you can take standard deduction for federal it often makes sense to take itemized deduction for state because salt caps don’t apply to state taxes. I forgot about that last year where using TurboTax because I always take standard deduction now without a mortgage I just assumed that I would take standard deduction for state and didn’t bother to put in my property tax etc For my state tax calculations. It turns out that itemizing my state taxes would still be better than taking the standard deduction for my state taxes so it looks I’ll be filing an amendment for my state taxes for 2020. This year it will be different because I did a cash out refinance on my primary so I can itemize, except my mortgage interest is not deductible under primary residence It’s deductible as investment interest expense which isn’t as good as if I were able to deduct it as a mortgage interest to spend on my primary but still it makes now sense for me to itemize my deductions for federal this year.how to use the cash out refinance to buy a new rental property right away I could have used the mortgage interest as expense for the new rental property even though the mortgage is taken out on the primary as a cash out refinance oh well
CoronitaParticipant[quote=barnaby33]SALT limits?
Josh[/quote]Yes, if you itemize, federal taxes limit your total itemized deduction for state income tax, property tax, personal use tax to a maximum of $10k (I forget what SALT stands for but it’s the amount you can deduct for your state income tax and property taxes)
A standard deduction is now $25.9k … So unless your annual mortgage interest on your primary is more than $15.9k, or unless you have larger itemized deductions elsewhere (like charitable contributions), you would be better off taking the standard deduction versus itemizing your deductions …and then if you take standard deduction, the SALT deduction wouldn’t even come into play for your federal taxes. Examples for where you would take standard deduction is that if you either have no mortgage on your primary or are close to paying it off such that the annual mortgage interest on the remaining loan is very low….because again before with SALT, you could deduct the full amount of your state income tax paid that years now you are limited to only $10k for that category, which I’d you have no mortgage and not significant charitable contributions, would make it much less than the 25.9k standard deduction.
Now you can always take standard deduction for federal and itemize your CA state taxes where SALT is still deductible fully, subject to AMT.
Also for rental properties, 0roperty taxes and mortgages are fully deductible as the cost of doing business with your rental.
CoronitaParticipant[quote=gzz]Neeta, I don’t agree with comparing the 4500 and 7500 figures.
1. A lot of the 7500 is tax deductible. With typical assumptions that is more like 5400 after tax.
2. Rents go up, mortgages typically go down from refinancing to lower rates or extending terms.
Rents as I noted are mooning but we don’t even know what market rents are anymore due to the statewide rent control. Even though it is full of exceptions, it still restrains their rents since exempt units have to compete with below market non-exempt.
Ultimately the law will only delay and smooth out rent increases. Non exempt units will raise rent by the max every year until they reach market rates.
It is also a wakeup call for soft landlords like myself of the risks involved in letting a rental get too far below market. No more “I can raise it later on if I meed to.” No telling when rent will be legally locked down. And there are definitely major landlords now subject to rent control who are far below market. E.g., Ocean Beach complexes with 1-bedrooms for $900-$1200 a month that would easily go for $1800-2200.[/quote]
Gzz. Sorry, there’s a lot of problems with your post. First of all, this rent control law really isn’t rent control for most private individuals .. most private landlords whether it’s detached or attached are exempt from this law. Second, this law only governs how much you can raise rents by per year that it applies to, mainly commercial/corporate landlords of large complexes. Provided those entities regularly raise rents to keep it up to market rates, this shouldn’t even come into play.
Most corporate landlords already regularly raise rents annually or biannually already, so it’s unlikely these corporate entities would be that far below market rental prices each year. Usually, individual landlords are the ones that offer below market rates for good tenants and this rent control law doesn’t apply to most of them.Also rent is not mooning, in fact supply constraint like in UTC clearly shows, rent is going up quite a bit.
CoronitaParticipant[quote=svelte][quote=Coronita]
See, this is why I don’t get bored. Lol.[/quote]
Usually those warranties are for manufacturing defects, not normal wear from usage. Theye didn’t put that clause in the warranty?[/quote]
Confirmed. It’s not a scam.. Just got my refunds….
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Shipping to east coast was only $24 via UPS …. IF you can use the flat rate shipping, which means you need it to fit in something 12″x12″x12″ or a total of 1728 sq inches and weigh 50lbs or less… Otherwise shipping will be closer to $80 if you use a standard size box.
So I had to make my own box that was below 1728 sq inches and fits all the content…. I’m a master packer now too, lol…
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[img_assist|nid=27636|title=box2|desc=|link=node|align=left|width=419]CoronitaParticipant[quote=deadzone]
But when Stock market and RE crash 20, 30 maybe 40% will that be real money you are losing, or is that just play money too?
[/quote]Don’t know, but when more of ones earned income goes into paying for higher gas, food, health, and also a lot higher rent prices, and salary isn’t keeping up with those increases, that certainly is losing money needed for a home purchase, so I’m not sure how folks are going to close the gap on that one. Especially in areas like UTC where students are back in person and need a place to live locally, as opposed to when instructions were remote. I don’t see how return to campus could possiblt be good for housing availability and rent prices specifically near UCSD considering there is a shortage of campus housing….
CoronitaParticipant.
CoronitaParticipant[quote=gzz]La Jolla Palms now starts at $3240. Up 50% in 19 months.
Zillow’s rent estimates is broken because it can’t keep up.
Tenants getting mere 20% rent increases should be sending gift baskets and hand-written thank u notes.[/quote]
Rent for 1/1 in Mira Mesa is like $2000/month now.
Rent has gone up significantly now, specifically near UTC/La Jolla…because school is now back in person and not remote….
So last year, students could have remained at their parents house taking classes online. This year, many local schools are back in person, so they can’t stay at their parents house and need to rent here.A relative that rents a 2/2 in UTC that is slightly upscale rents it for $3500/month.
This is what is so funny. DZ thinks that now that people need to return back to office is a bad thing for housing prices…but the irony is that students returning back to campus is definitely bad for rent prices and especially on the UTC area….ouch…lol.
CoronitaParticipantThe sfh you rent is not subject to rent control ab1482.
In fact attached rentals that are individually owned are also not subject to ab1482
Anything else you are trying to do is just trying to stall what is legally allowed by a landlord. Sorry can’t and won’t help you there.
CoronitaParticipant[quote=an][quote=Coronita][quote=deadzone]Of course there is no crash in sight for you, you are a RE agent. Much like a used car salesman, it is always a good time to buy!
But for those of us without blinders on, the evidence is mounting.[/quote]
If true and a crash is coming, that’s great news for investors and young first time homebuyers that just started their careers and life and can get a place of their own from the get go, instead of waiting decades for a bottom and sending it to a landlord.[/quote]
I hope it’s true and that dz is right. I also hope it comes sooner rather than later. Fingers and toes crossed.[/quote]High inflation, high unemployment, high rates would lock a lot of people out of purchasing for the first time though. Hmmmmm
CoronitaParticipant[quote=an][quote=Coronita][quote=deadzone]Of course there is no crash in sight for you, you are a RE agent. Much like a used car salesman, it is always a good time to buy!
But for those of us without blinders on, the evidence is mounting.[/quote]
If true and a crash is coming, that’s great news for investors and young first time homebuyers that just started their careers and life and can get a place of their own from the get go, instead of waiting decades for a bottom and sending it to a landlord.[/quote]
I hope it’s true and that dz is right. I also hope it comes sooner rather than later. Fingers and toes crossed.[/quote]High inflation, high unemployment, high rates would lock a lot of people out of purchasing for the first time though. Hmmmmm
CoronitaParticipant[quote=deadzone]Of course there is no crash in sight for you, you are a RE agent. Much like a used car salesman, it is always a good time to buy!
But for those of us without blinders on, the evidence is mounting.[/quote]
If true and a crash is coming, that’s great news for investors and young first time homebuyers that just started their careers and life and can get a place of their own from the get go, instead of waiting decades for a bottom and sending it to a landlord.
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