[Coronita]

[quote=XBoxBoy][quote=deadzone]If all jobs could be done remotely, then clearly wages would go way down in the long run.[/quote]

I don’t see any reason to believe this. If all jobs could be done remotely wages would go down in some areas and up in others. Not sure why you would think wages would go down simply because they could be done remotely.

Also, if all jobs could be done remotely, in the long run the cost of living in different areas would probably equalize much more than currently. Some areas that would be more desirable due to weather, or beauty of surroundings might be more expensive. But there would be no benefit to living bunched together in high tech areas like Silicon Valley. And currently the thing that makes most places expensive is being near high paying jobs.[/quote]

It’s all relative. Speaking from what we just went through..Most companies in higher wage areas might marginally lower wages below their local markets, but that appears to be only in the fridges, like Bay Area where engineers were offered over $200k base or the big powerhouses that already had pretty sizable packages. And then it’s just marginally lower to remote workers. For all other regions not at the high end fringe, companies have needed to significant raise wages to keep up with every other employer that is offering something higher…The high wage areas also tend to have the most jobs/opportunities, so it’s not an averaging across the US. I’d say there’s a few hotspots like BayArea that while might be offering slightly lower wages for remote opportunities…is still significantly above all the remaining wages offered locally across the US and there’s a lot of those jobs that it drawfs the opportunities in those other local tech markets…What that is going to do is suck out the top talent from the local job pool into those much higher paying jobs that are offered remotely…And so if a local company in a lower cost area wants to retain those higher quality workers or needs to hire additional quality workers, they are going to have to play the game and offer higher wages that are now readily available remotely…

Case in point. My employee works out of Utah now. At least currently, Utah local tech wages aren’t anywhere near San Diego wages….He was offered $160k from a San Diego company. To stay competitive and to keep him, we have to offer him the same or better, even though we are based in lower local wages Florida…

The alternative option would let him move on and to try to hire replacement, someone good from Florida and try to get them in at the local florida wages..But in our experience, it doesn’t work. The really good people in Florida are also quitting and working remotely for the higher wage opportunities elsewhere in the U.S. remotely…So the probability of finding a very talented engineer willing to quit and join a new company at a very low locally set wage is very low because if he/she is already looking for a job, he/she is going to consider all his/her options local or remote. Afterall, if you’re going to take a chance and work for a new company, why would you go through all that hassle and not consider a remote opportunity that offers 20-30-40% more?? That leave the remaining people who remain at their lower local wages who either (1) can’t move (not top talent) or (2) don’t want to move and don’t mind the local wages (maybe there’s stock/stock grant vesting and other reasons to stay)… But those are the people you won’t be able to hire away anyway…It doesn’t matter how badly the company treats them. They aren’t going to move…

So even if you are a Florida company that wants a great engineer, you have to pay above Florida wages…And hope the local Florida employees you still haven’t adjusted the compensation won’t find out the newer hires are paid way more then them, get pissed off enough, and polish their resume. Other groups in my company has recently found out that gamble also doesn’t work. And have to now pay more for new people that knows a lot less, dumbazzes.

[Coronita]

[quote=deadzone][quote=XBoxBoy][quote=barnaby33]Remote work leads to salary compression. If you can speak English and work vaguely US hours, then you’re my new competition.[/quote]

But I wonder how true this is. Coronita is reporting that he’s got to pay higher wages then ever. Personally, I’m hearing from way more recruiters than ever. Maybe it totally depends on what your skill set it, but so far I’m not seeing signs of wage compression.

I’m not sure what data would be reliable for proving or disproving wage compression.[/quote]

The reason there is so much competition for employees, which is causing wages to go up, is there are fewer people in the work force (for whatever reasons). If all jobs could be done remotely, then clearly wages would go way down in the long run.[/quote]

I don’t think there are fewer engineers in the work force. I just think there is more work to do. It is quite possible our economy has changed and accelerated the demand for technology and software and biotech.

For example, all this covid testing has put an enormous strain on lab resources and IT downstream to support this both at the lab level, and just at the clerical/billing/insurance level.

My company, we’re busy as hell trying to get all our mobile ticketing, virtual lines, mobile food ordering, beaconing tech to work so people don’t need to stand in a physical line. It’s a requirement for lots of enterprise customers in the entertainment/hospitality business overseas in stricter nations. Some of the adage old systems are now being repurposed for a lot of these new opportunities, and it’s bloody as hell to try to modernize some of this…We don’t have enough people to go after every business.

[Coronita]

I sold AMD too early. $140/share now… Damnit.

[Coronita]

More all time highs

[Coronita]

[quote=teaboy][quote=sdrealtor][quote=flyer]Have a friend who is a Vice Chancellor at UCSD, and they have never seen this level of enrollment. The good news is all of those potential homebuyers may want to stay in San Diego, which bodes well for our market.[/quote]

Had a UCSD Vice Chancellor apply for a rental once. Have never seen that level of credit card debt before. Your friend?[/quote]

The most awesome part of being a landlord or property mgr is the unquestioned entitlement to feast your prying eyes over a prospective tenant’s most intimate financial laundry.
Under a tenant’s respectable 3-piece suit of a white collar executive-level job, you get a sneak peak of the florescent pink g-string that is regular side income from their stake in a local strip joint, or the dirty skid-marked underwear that is a maxed out credit card or other sizeable debts.
Do any pigglords out there have any other amusing tenant finance anecdotes to help me thru my Friday? 🙂
tb[/quote]

And yes, people also have returned a more than half eaten rotisserie chicken at Costco too…. Just because you can…doesn’t mean you should ….

I don’t care he’s moving out. Like I said, he can have fun spending the same amount right now in Mira Mesa to live in a room shared with other people in a SFH for the same price 2 months from now, and deal with the hassle of moving his items in and out of places and keeping it in storage and dealing with roommates, and then when his wife and newborn does come back 4-6 months later after that, he can then have a fun time looking for a new place and with a traditional landlord that would have already jacked up his rent several times…I kept his rent pretty.mich below market for the past 2-3years and he was on month to month, which i could have asked for considerably more. Pennywise , pound foolish. oh well, not my problem. it’s not like I jacked up his rent or wanted to kick him out to chase after bigger dollars. We wanted to penny pinch in the most asisine way and then as a reason, because he has to pay a lot more for an airline ticket post COVID economy…again, not my problem.. considering he’s an engineer that makes $100k/year and never saw a reduction on pay….and totally out of touch with the MM housing market…he should have been thankful his rent stayed as low as it did for that long ..oh well…goodbye, good riddance.

Probably gonna do a quick remodel in the kitchen and put it on the market hopefully close to $400k. Was thinking about it earlier anyway but didn’t have the heart to kick someone out simply because I wanted to turn a profit. Now I don’t need to worry about that.

[Coronita]

[quote=teaboy][quote=sdrealtor][quote=flyer]Have a friend who is a Vice Chancellor at UCSD, and they have never seen this level of enrollment. The good news is all of those potential homebuyers may want to stay in San Diego, which bodes well for our market.[/quote]

Had a UCSD Vice Chancellor apply for a rental once. Have never seen that level of credit card debt before. Your friend?[/quote]

The most awesome part of being a landlord or property mgr is the unquestioned entitlement to feast your prying eyes over a prospective tenant’s most intimate financial laundry.
Under a tenant’s respectable 3-piece suit of a white collar executive-level job, you get a sneak peak of the florescent pink g-string that is regular side income from their stake in a local strip joint, or the dirty skid-marked underwear that is a maxed out credit card or other sizeable debts.
Do any pigglords out there have any other amusing tenant finance anecdotes to help me thru my Friday? 🙂
tb[/quote]

Yes, I was the person that had into financial laundry of the UCSD Vice Chacellor that was knee deep in debt.

There were other interesting characters I ran into, there was a group of social media influencers that was also interesting to deal with… Constantly trying to haggle down the app, and when I cleared the place, they had furniture nicer than I would use and expensive health supplements/cosmetics etc on the order of several $hundred per box, that they just abandoned when they moved out like it was no big deal. Which is really ironic, because a lot of these influencers talk about being environmentally friendly, vegan, health and earth conscious. But when you look at how they live, my god. They live like a pig in a world of glut. And their finances, also kinda in trainwreck.

And I posted earlier about my tenant that decided to cancel his least because he’s going back overseas for 2 months starting December, and didn’t feel like he should pay for the 2 months rent while he is not using the condo… Go figure…

[Coronita]

[quote=Coronita][quote=sdrealtor][quote=flyer]Have a friend who is a Vice Chancellor at UCSD, and they have never seen this level of enrollment. The good news is all of those potential homebuyers may want to stay in San Diego, which bodes well for our market.[/quote]

Had a UCSD Vice Chancellor apply for a rental once. Have never seen that level of credit card debt before. Your friend?[/quote][/quote]

Oh my God, that person was a financial train wreck. talk about trying to really keep up with the Joneses.

I rather have rented to the tenant prosects that asked if he could redo my garage structure to accommodate large gym equipment or the other one that asked me to install a jacuzzi.

…um…in all cases… “Good luck with your search….”

[Coronita]

[quote=Coronita][quote=sdrealtor][quote=flyer]Have a friend who is a Vice Chancellor at UCSD, and they have never seen this level of enrollment. The good news is all of those potential homebuyers may want to stay in San Diego, which bodes well for our market.[/quote]

Had a UCSD Vice Chancellor apply for a rental once. Have never seen that level of credit card debt before. Your friend?[/quote][/quote]

Oh my God, that person was a financial train wreck. talk about trying to really keep up with the Joneses.

I rather have rented to the tenant prosects that asked if he could redo my garage structure to accommodate large gym equipment or the other one that asked me to install a jacuzzi.

…um…in all cases… “Good luck with your search….”

[Coronita]

[quote=sdrealtor][quote=flyer]Have a friend who is a Vice Chancellor at UCSD, and they have never seen this level of enrollment. The good news is all of those potential homebuyers may want to stay in San Diego, which bodes well for our market.[/quote]

Had a UCSD Vice Chancellor apply for a rental once. Have never seen that level of credit card debt before. Your friend?[/quote]

[Coronita]

[quote=an][quote=Coronita]HAHAHAHA…Tenant is moving out. He says he wants last day to be 11/30

Awesome!!! Cha-ching![/quote]
That’s awesome… 1031 into a SFR :-)[/quote]

Yessir. I can sell this 1-1 570sqft POS condo and do a 1031 exchange into a SFH in Utah!!!

Never thought during a pandemic economy it would have been possible to make a shitload of money,but I guess it’s possible if there are supply constraints

BINGO!

[Coronita]

HAHAHAHA…Tenant is moving out. He says he wants last day to be 11/30

Awesome!!! Cha-ching!

[Coronita]

[quote=gzz]Yikes, that someone would even ask this is a huge red flag. I’d want him out ASAP.

Send him notice of a rent increase and tell him you’re happy to prorate rent so he can quit the place mid-month right before he leaves for his trip.[/quote]

LOL.

This guy is far from being a non-payment risk. His credit checks out fine, he makes over $100k/year his rent is $1550, and he lives very frugally. I know he has the money, he’s just. Well, cheap. But he’s not going to try to game the system, mainly because he’s still on an H1-B with years to go before a greencard. So I know he’s not going to try to pull a fast one on me.

I’m pretty sure when the dust settles, he’s not going anywhere. And like I said, if he decides to move out on his own, financially it’s better for me in the long run since the market rent is way higher.

I just don’t really need the money right now and if raising prices means dealing with him squak more, I’d rather not. I mentioned that a few times to him that you know the current rent price is around $1700-1750…. He was pretty quiet after that.

Doesn’t really matter. I’m pretty well paid at my current job, and now that I officially hate my job, I’m not really putting that much effort into it. The company just recently doubled it’s 401k match for the remainder of the year, and I’m expecting another round of retention bonuses since they are having a tough time keeping people. Oh, and my stock accounts total just crossed over the all time high yesterday…again…So I no longer need to chase after the maximum return of everything.

I just want him to make a decision one way or the other. I’ll ping him again next week.

[Coronita]

See futures are up because I sold some things yesterday. You want me to buy some things today to crash it again?

[Coronita]

[quote=Rich Toscano]Wow…. just wow. Coronita you’re lucky the guy keeps paying rent for those times when he’s at work or out running errands![/quote]

He’s working from home. So that argument won’t fly. In fact I brought this up…

“Dude, you’re plane ticket might have gone up. But you’re saved a boatload on gas by not having to drive to work everyday!!!”

I forgot to include how he responded to that too…
I’m not even making this shit up…

His response to what I original said “I can come over to shutoff the water while he’s away so minimize the risk of a pipe burst and damage..” before we went down the rathole of asking for a rent reduction was… he then asked: “well, if that’s the case, can you give me a discount for not using the water for 2 months”… I’m like dude, are you serious. You aren’t paying for water anyway the HOA is.. I AM!!!

God, please just make the decision to move out… I don’t have the heart to kick him out and otherwise he’s trouble free. But like I said, I don’t mind collecting an extra $200-250/month with a new tenant and/or selling the place for close to $400k and getting 2.75x return on my initial cash investment…

Especially if they do decide to get rid of the 1031 exchange, now’s probably a good time to do it for one last time.

In fact, maybe I’ll send him text message saying i need a decision by the end of this week on whether he is going to terminate lease because I want to re rent and/or sell. Is that legal? I don’t see why not. He’s on month-to-month anyway. So I don’t even need to wait past 30days i think. And it’s not like I’m saying I’m going to raise rent on him, even though I think technically I could….I just want him to make up his freaking mind.

[Coronita]

I just think this entire request was hysterically funny. I would never jack up rents for the sake of jacking up rents to squeeze every penny out of a tenant but what do people think, that I run a charity or something here?

I mean, I really don’t mind if he moves out. It would be funny, because there’s moving cost out for him, there’s storage costs while he’s gone for 2 months, and then there’s moving cost back into a new place. Not to mention time wasted, which I guess for him isn’t very valuable.

I bet when he comes back he is going to ask for a rental price decrease, his argument being that his wife and kid is going to stay overseas for 6 months and he’s living alone so he doesn’t need the full 1/1 and can move into a single room in a house. I’m already prepared for that. Fine, go for it. You do that and pay… $1550 these days for a 1 bedroom in someone’s single family house and explain to your wife when she comes back in 6 months why you did that…

How cheap can one try to get?

Dude, please move out in that case. Like Quickly so I can rent the damn place for $200-250/month more to the next person that will stay for 4-5 years… Works out way better for me in the long run.

[Author]

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