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July 24, 2016 at 4:40 PM in reply to: 3.4 new households for every new residential permit in SD #799920
flyer
ParticipantThere are places I wouldn’t live if you paid me, but have gladly invested in. We know a lot of people who missed investing in real estate over the years for many reasons, and one was because they weren’t personally interested in various areas.
We’ve always tried to keep our personal choices separate from our business choices, but, imo, no one is right, wrong or demented just because they don’t care for, or are not interested in the same things others may prefer. It’s simply a difference of opinion. I would not be interested in the way many people live, but that’s just my opinion.
Fortunately, we all have different preferences in life, and hopefully each person is happy with the choices they make.
July 23, 2016 at 8:02 PM in reply to: 3.4 new households for every new residential permit in SD #799880Participant[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.
July 23, 2016 at 4:51 PM in reply to: 3.4 new households for every new residential permit in SD #799871ParticipantHope for those who need housing, you’re right.
July 23, 2016 at 4:26 PM in reply to: 3.4 new households for every new residential permit in SD #799869ParticipantTrue, flu, and yet, hidden among all of your points above, are realities that will dictate the future living conditions of many people–which, I think–is what this thread is about.
July 23, 2016 at 4:15 PM in reply to: 3.4 new households for every new residential permit in SD #799867ParticipantPerfect example of how things are different for everyone, and still work out well, scaredy.
Regarding building. Eventually CA (coastal to 10-20 miles inland) will be built out (SAN is pretty close wrt buildable land from what my developer friends tell me) so it will be self-limiting.
July 23, 2016 at 3:45 PM in reply to: 3.4 new households for every new residential permit in SD #799864ParticipantBG, I can understand how you would feel some choices today wrt living space are “unimaginable.” It would be interesting to know if people are living this way by choice, or because they are being forced to downsize their expectations.
I’ve seen all of these alternatives, and I’d probably feel the same as you do, but, it’s their life, and if they’re happy with it, that’s all that matters.
July 22, 2016 at 5:52 PM in reply to: 3.4 new households for every new residential permit in SD #799837ParticipantFrom a recent article:
“The amount of money being spent on rent is at generational highs. High rents make it tougher for potential home buyers to save for a down payment and this trend has impacted Millennials greatly.
Over the last decade we have gained 10 million renter households while netting out at close to zero for actual homeowners.
Americans who own a home with a mortgage are spending a smaller share of their income on the mortgage payment. But what you will also notice is that renters are spending a lot more of their income on rents.
While nationwide people that have a mortgage are spending less, in Los Angeles people are now spending more (nearly 50 percent of income on mortgage payments). And it is worse for renters: between 1985 and 2000 the average amount of income spent on rent was 36 percent for the L.A. metro area. Today it is at 48 percent–nearly half of income is spent on rent or mortgage payments.”
Should be interesting to see how this plays out long-term.
ParticipantVisiting friends and family (many happen to live in very interesting places) is the only time travel appeals to us now, and I agree that retiring from the rat race is one thing, but retiring from life would be extremely boring at any age.
We plan to stay involved in multiple challenging projects (film, real estate, investment, etc., etc.) as well as with kids and grandchildren for as long as we’re breathing, and most people we know feel the same.
One of our neighbors is in his late 60’s–holds multiple patents–and is still working on others. We honestly don’t know anyone who is completely “retired,” regardless of their age or financial status.
ParticipantLoved traveling all over when we were younger, but now we most enjoy staying for extended periods of time with friends and family when we travel.
Like many of you, we really enjoy our home and lifestyle in CA, and probably prefer that overall.
Participant[quote=sdsurfer][quote=La Jolla Renter]an oldie but goodie…
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellow fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”
The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”
The Mexican fisherman asked, “But, how long will this all take?”
To which the American replied, “15 – 20 years.”
“But what then?” Asked the Mexican.
The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”
“Millions – then what?”
The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”[/quote]
Love this one and quote it often to people.[/quote]
+1
I’ve always felt it’s best to live the life you want to live each day, since no one ever really knows how long they’ll be on planet earth.
ParticipantGood move. Just about everyone in our very large families have kept all of their properties over the years, and that has worked out well for our kids.
Of course, some of the kids had careers that took them elsewhere by choice, but they’ve had the option of either keeping the properties or selling them, since not all young people find their dream career in San Diego.
Just about everyone I talk talk to seems to be trying to adopt this strategy–if they’re in a position to do so.
ParticipantI’m a vintage Porsche collector, and love driving them. Same with planes, helos–and even golf clubs. Have some clubs my Dad loaned to Clark Gable back in the day–love stuff with a history.
ParticipantAlso, meant to add, Kristopher, that you will have greater peace of mind knowing you are living in a place where you know finances will, most likely, never be a problem, and you will be well positioned in retirement.
As others have mentioned, we’ve also lived all over the world, but have always kept our home base in RSF, because we love it here, and have found no other place we’d rather be for the long-term.
That said, if we didn’t know we could live/retire here with little financial concern, we certainly would never have taken on excessive debt beyond our means to do so.
I believe you have made a very wise choice, and, who knows, you may find yourself so well-positioned in years to come, that you’ll be able to return to San Diego if you choose to, and pick up a foreclosure from someone who didn’t plan as well as you have.
ParticipantWe were never in the position of having to choose between where we preferred to live (San Diego) and what was best for our families, but the world has changed, and it’s clear that many (you are not alone–just look at all of the kids who were raised here who can’t find the jobs they want and can’t afford homes here after college) are having to make that choice in today’s economic climate, and we wish you the best in your move to TX.
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