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flyer
ParticipantAlthough finances were not EP’s primary reason for moving, I can definitely understand the lure of other locations for many, because, as mentioned, it’s definitely true that CA is an expensive place to live.
Per recent stats, among those deciding to stay, and especially among younger people, about 60% are living paycheck-to-paycheck, even among high wage earners, with credit card debt higher than in many decades, and little hope of ever owning a home in the Golden State without family or other support.
Hopefully, those who can’t afford to stay won’t roll the dice in CA too long, allowing rent and other expenses to erode their earnings, because that doesn’t bode well for an early, or stable retirement.
ParticipantEP. Agree family is everything. Of all that we have and do, none of it would have been as great had it not been shared by our very close family ties, which we still, and always will have.
You probably lived the CA lifestyle at level most only dream of longer that most ever will–so you’ve been there–done that. Now you’ve moved on to another lifestyle. Whether others like it or not doesn’t matter. You’re living the life YOU want to live–that’s what matters.
June 24, 2022 at 1:45 PM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826218ParticipantDue to many factors, I honestly don’t believe we’re going to see the extreme opportunities we saw during the Great Recession, but, you never know, so being cash ready, is a great plan.
June 23, 2022 at 4:55 PM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826206ParticipantI agree, be cash ready. If there is another major decline, cash buyers will be out in droves as we were last time.
June 17, 2022 at 6:51 PM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826171Participant[quote=scaredyclassic][quote=flyer]Agree that all things temporary, such as our lives on earth, may seem futile when you look at the big picture, and I have long ago embraced that fact.
Of course, as a society, doing our best to avoid environmental catastrophe and the extinction of humanity, should be of concern to all us now, and especially wrt future generations. I’m sure many of us are involved in those efforts, but, for the purposes of the discussions on this forum, I think it’s helpful to share information wrt real estate, since shelter is, and always has been, a big part of our temporary human experience.[/quote]
Agreed. On the dying slag heap of soon to be devastated, suffering humanity, I definitely would like to be toward the upper portion of the heap, in such a position that I can leverage my boot into the face of the less well off so I can grab a bit more of the last remaining resources and survive in slightly more comfort until the end of civilization, when that comes. I’m sure many of us on the board,, and hopefully our offspring, are similarly well positioned to profit off such face stomping in the future.[/quote]
Scaredy, I honestly don’t believe most people feel that way about others, and I know we don’t. Although we can’t help everyone, by choice, over the years, we’ve helped many people outside of our family with college, housing, medical–you name it–and, know, by the outcomes, we changed some lives for the better in the process. A lot of people talk helping those in need–and even use them as pawns to make a point–but that doesn’t mean much, unless you take some action to effect measurable change.
June 17, 2022 at 5:32 AM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826162ParticipantAgree that all things temporary, such as our lives on earth, may seem futile when you look at the big picture, and I have long ago embraced that fact.
Of course, as a society, doing our best to avoid environmental catastrophe and the extinction of humanity, should be of concern to all us now, and especially wrt future generations. I’m sure many of us are involved in those efforts, but, for the purposes of the discussions on this forum, I think it’s helpful to share information wrt real estate, since shelter is, and always has been, a big part of our temporary human experience.
June 16, 2022 at 3:07 PM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826158ParticipantIt is interesting to look back on the parents and grandparents real estate and other investing days as points of reference. I think a lot of us are ready for any opportunities this potential downturn might offer. Pretty much everyone we know feels the same.
Doubt if this cycle will offer the same phenomenal opportunities as the last time around, and, hopefully, for the sake of the country, and the world, things won’t become that severe. There’s always a downside to every upside, and you have to be careful what you wish for. Only time will tell how all of this will actually play out.
June 14, 2022 at 2:24 PM in reply to: Yes, the Fed matters a lot; nobody disagrees with that. #826137ParticipantAgree, stagflation may be in our future, but you never know. Have heard reports, and seen firsthand with our rentals, that bidding wars are becoming more and more common. Most of us here are well positioned, so it will be interesting to watch how this cycle goes in comparison to those past.
Participantdz, I have to say I understand your views, and, although I don’t agree, whatever happens, I wish you the best. What’s really hilarious about all of our efforts, is, that, in the end, no one on earth “wins” in the game of mortality, but in the meantime, it’s just nice to live the life you want to live along the way, and properly managing your finances (including real estate) is a way of doing that.
Participanthttps://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp
https://realtytimes.com/listings/item/1033534-investing-in-real-estate-isn-t-gambling
DZ, the above are a couple of articles that compare investing to gambling, as they pertain to various investments, including real estate. There are many more online.
Having gone through many real estate cycles, most of us here made “educated guesses” when we chose to invest in real estate during the past recession. These “educated guesses” were based upon the fact that, among other factors, we were aware that, as most investments, there are cycles, so we knew, barring the extinction of humanity, there would, as cycles go, be a rebound, so we would, at the very least, break even.
That said, although I know you want to continue this dissertation indefinitely, regardless of what we can prove to you to be true, even if you are proven to be 100% correct, as far as this cycle goes, it will have no effect on our situations–as we have already far exceeded our initial investments far beyond the impact of any present or future contractions.
If you are truly concerned about others who did not invest during a down cycle opportunity, and are now investing in real estate at exorbitantly high (inflated?–we don’t know yet) prices, you should make every effort to find a platform to inform them of their folly, but I just don’t see the point as far as most of us here are concerned, and I say all of this in all sincerity.
ParticipantPerhaps, for whatever reasons, he really doesn’t want to own a home, and that’s fine. If that’s the case, and since he won’t be held responsible for the decisions of others, it seems to me he should just be happy/content with his decision, and let others be happy/content with theirs. I just can’t imagine putting this much effort into proving the decisions of others right or wrong.
ParticipantAnd, not just “rich people,” dz. We also know a lot of people who, although they were not really in an optimum position to do so during The Great Recession, bet there would be a rebound, so they gathered all of the resources they had, and also invested. Of course, things could have gone either way, but, in retrospect, they are very glad they did.
ParticipantActually, dz, we, and many people we know have, for many years, had both investment and vacation properties (most purchased during the last downturn at “bargain” prices) in several locations around the country–all above board–some purchased all cash, others, not, so you’d really have to look at this on a case by case basis.
ParticipantHilarious.
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