[millennial]

Thanks gzz,

I’m against STCG as well, but worried about the market and the possibility of a decline in housing values in a year outpacing the difference in taxes of capital gains. This being said, I’ve been worried about it since the Covid cycle and the market has been red hot. Open to the AirBnb option, but how would it work with 1031? Do you know it would satisfy rental rule?

[millennial]

[quote=Coronita][quote=millennial][quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]

Wow.[/quote]

Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.

Even tho rates are at all time low, i did better w refi in 2013.

Why????[/quote]

The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.

Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.[/quote]

Wait. So you got a loan through your advisor, who offered you a discount? Oh do tell. Very curious how this works.[/quote]

My advisor had me work with the in-house mortgage lender who offered a better rate if I brought in more money. If you have one you should see if they have a program comparable; if not I would contact places like First Republic and Merrill Lynch who have a mortgage arm that can assist you. I imagine they can leverage pricing based on relationship rather than just the transaction.

[millennial]

[quote=scaredyclassic][quote=Coronita][quote=millennial]Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.[/quote]

Wow.[/quote]

Hmm. Im not seeing no cost loans in that ballpark. More like 15 y 3.125 no cost.

Even tho rates are at all time low, i did better w refi in 2013.

Why????[/quote]

The rate on the investor property I locked in beginning of May not sure where they are at now. Regarding my home mortgage the rate was 3.125 but was offered a 25bps discount for bringing in $500k in liquidity. Since this was done through my advisor they are likely offsetting yield with investment returns.

Heard rates are not following the 10 year because of a couple reasons. High refinancing activity (which leads to less competition among providers) coupled with low interest in mortgage backed bonds. I expect medium term as the 10 year rises mortgage rates should remain static.

[millennial]

Just closed on a 30 year fixed for investor. Requirement was 25% down and rate was 3.875%. Rates for my personal residence was quoted at 2.875% 30 year fixed.

[millennial]

I’m moving to new forum. You guys are too old and add no value. New thread please. What happened to bearish? At least she was ignorant. I will take that any day over this old fart talking about electric bikes and trails

[millennial]

[quote=FlyerInHi]I was talking to friends about retirement planning. That crazy couple is talking about moving to temecula wine country from West LA. Nothing with Temecula if you live there already…. but retiring from LA sounds crazy to me.

I think it’s better to own condos in several cities and make the rounds. You want to be near major attractions. Perhaps rent an apartment in France, Italy, Japan, Mexico, Uruguay… whatever and stay sereral months each year. Airbnb and home share sites make it possible.

Plus in the next 10 years, with electric vehicles, there will be little pollution in the cities. Electric vehicles will improve liveability; and the desirability gap between urban and rural areas will widen considerably. I will wait to be proven right.[/quote]

I’ve lived in West LA (Sawtelle and Olympic) and I wouldn’t exactly consider it an “urban lifestyle”. LA is just like San Diego which is just urban sprawl and depending where you were in West La would be similar to Point Loma or UTC. Fact is that you will need to jump in a car at some point to do daily errands, and deal with traffic parking etc. Major pain especially if you’re old.

Furthermore I can’t see anything wrong about packing up and selling your place at a solid price in the city and moving to more affordable housing in the country. I don’t know their financial situation, but for most that would make far more sense than the opposite.
With the money in the bank from the sale you can use the returns to pay for months of air bnb, reinvest, or give it to your favorite charity.

Personally I don’t know why I would live in a place like West LA unless I was a young 20 something professional who had a job close by. Having a place in Manhattan or even downtown SD to get that urban lifestyle and a home in Maui to have the island lifestyle would be more preferable for me. Also it wouldn’t be when I’m 65 but when I’m 50 and the kids are out of the house and I can fully enjoy what downtown life has to offer.

My lifestyle preference is 38 with kids-suburban lifestyle, 50 no kids-urban w/ island getaway, 65 retired and old-move to island house and do whatever the hell I want, 90 and in wheelchair- retirement community and plenty of drugs to keep me occupied.

[millennial]

Pasty’s are overrated. Pot pies are better cause it’s the same damn thing but with a flaky crust.

[millennial]

Even if you are right. The market can stay irrational a lot longer than you can stay solvent.

[millennial]

I’ll let you know next year

[millennial]

Personally been long on Restoration Hardware and Dilliards

Restoration since the CEO has been messing with the valuation to reach $150/share at which time he should receive a huge payout. Up about 20% since purchase 2 weeks ago.

Dilliards due to the low market valuation compared to net assets. Similar to Sears company holds a lot of valued RE. Currently short interest is very high so should have high upside once short sellers cover.

[millennial]

[quote=scaredyclassic]very proud about zero debt![/quote]
congrats, but interested why he wanted a job right after school with no monetary commitments. I guess for me it would have to be the perfect job. Hope he found it!

[millennial]

Honestly I feel bad for the guy in Peoria. My parents are still trying to sell their $100,000 home (which they bought in 1983 for $50,000)just outside Detroit for about 5 months now. Yes they own it free and clear, but I think at this point they will need to take a 25% haircut to get it sold. Meanwhile, absorption in my neighborhood in SD is within days, or weeks. Also not sure how much a $50,000 house in SD would get you in 1983, but I guarantee the appreciation would make it a much better investment.

Also, when looking at statistics of those owing money vs. those owning a home free and clear the data is slightly skewed because many of those in the city are much younger; therefore making the data much more irrelevant.

[millennial]

[quote=harvey]That is so stupid that you just killed the comedy in this thread.

Tell us more about the mean streets of suburban Detroit.

Where did you roll, Rochester Hills?[/quote]

You’re correct. Spending time trying to enlighten someone as dim-witted as you is a complete and utter waste of my time.

[millennial]

[quote=harvey]Yes, it’s about experience.[/quote]
Uh oh here comes the age pass…i’m talking about the asian-american experience. Not gray hair experience.

Trust me it exists if you don’t believe me, just google it.

Here is the definition from some e-mails on CNN.com.

http://www.cnn.com/2007/US/05/10/asian.heritage.ireports/index.html?_s=PM:US

[millennial]

[quote=flu]Whatever. If you progressives want to (incorrectly) label me as being narrow minded or whatever simply because I am against institutional discrimination (affirmative action), so be it. I guess given that we have the biggest bigot in office, I can’t be worse than our presidential role model for the next 4 years. Maybe even 8, if you progressives keep it up… Then everyone loses!!!! Yee haw!!!!![/quote]

Dude now who’s calling me overly sensitive. I totally agree with the removal of affirmative action. Affirmative action was created a while ago because the student body of public universities did not represent the makeup of the people that funded them, or the people they were supposed to serve (surrounding areas were composed primarily of a discriminated class). They created affirmative action (which I believe was necessary) to help those that were underprivileged. Obviously this no longer holds true and that is why it is not needed. This being said, all I’m saying is that admittance to top highly selective schools should continue to look at things outside of just test scores, which should also take into account an applicants socioeconomic well-being. Public universities, unlike private universities need to continue to serve a function that is beneficial to the public.

Although the definition of this may not be agreeable to both you, your son, and his friends; or for Trump; or for the richest who create admittance standards.

Personally I feel that the nation as a whole would be much better if people from all socioeconomic classes, and all backgrounds are represented in power. In order for this to happen, we need to make sure that public universities continue to serve this purpose.

[Author]

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