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January 10, 2013 at 10:22 AM in reply to: Obama re-elected to grow our national pie, not just re-divide it #757429January 10, 2013 at 9:25 AM in reply to: Obama re-elected to grow our national pie, not just re-divide it #757416
SD Realtor
ParticipantTrue… I would say we are pretty much baked.
ParticipantGiven the propensity for appreciation I don’t think 3-6% is to bad at all. It simply depends on your long term goals. You can get double digit cap rates with very little appreciation in other places but getting 3-6% cap rates with say 5% appreciation… nothing wrong with that.
ParticipantFLU you should contact calpers and show them how to run a portfolio. I would imagine in that same timeframe you did a bit better.
ParticipantYes make sure you hire a local contractor who is intimately familiar with the city and county you are making the purchase in. Otherwise you can build it all only to get hurt by local ordinances or zoning laws that are pertinent to that area.
ParticipantBefore reading these tips, understand you cannot discriminate against any type of tenants. Here are some things I do….
– Don’t rent to students
– Rent only to single people or families. Maybe a committed couple.
– Rent only to people who have steady jobs. Part time work is not steady.
– No roomates at all.
– Any new tenants in the home not on the lease is an instant default. Time to evict.I have had plenty of tenants with problems on their credit report. Even a few who had their home foreclosed on or short sold. More important is verification of their income and cash flow. I verify that the income they claim on the rental application can be traced to deposits in their checking account and that liabilities on the application match large withdrawals out of the checking account. I ask them to explain discrepencies.
While checking on previous rental history is important, never deem it to be reliable.
Low income areas are not a problem unless you as the landlord lack the will to strictly enforce the lease. This was the original posters (friends) problem.
ParticipantMy first purchase was a condo in Mammoth. I did that many more years ago that I would like to admit because I used to go there many times each winter. I held onto that condo for around 5 or 6 years. It rented okay in the winter as a vacation rental and it was very nice having a place to stay whenever I wanted but you have to block out your stays far in advance due to demand. Cash flow wise I would lose money on it each year but I did well on the sale due to appreciation.
It was also nice to go there and have somewhere to stay in the summer.
I would have no idea how the numbers look now due to the valuations up there. It was convenient though. Also the vacation renters would cause some damage occasionally.
ParticipantWell yes flyer and you are not unlike most people on this board. Unfortunately that level of preparation is representative of a very very very small fraction of the population. The other hundred or so million people who will be 60 or older in about 15 to 20 years are pretty screwed wouldn’t you say?
ParticipantMaybe it will be an inverted sellout. That is, the younger generation that is screwed by our selfish behavior now, will perhaps in 15 or 20 years massively slash medicare and social security for senior citizens and simply say, sorry we cannot afford your care… so since you put us in this mess, we will create mega sized institutions with nominal care that will be a fraction of the cost of your care. You can go there to live and be cared for, or your families can take care of you.
Wouldn’t that be a laugh!
ParticipantI knew there was a monkey that did something like that but I could not remember what! Thanks for that.
Arnold Ziffel is also a top candidate, (also a classic, though many on this board will not have a clue who he was).
ParticipantCould not agree more with squat.
ParticipantIf you have the pedigree to get hired by the firms you are speaking of flu then you are correct. However it seems to me that these firms are increasingly looking for guys to write code rather then relying on traders. I could be wrong.
However if you are just a guy trading on your own, I would rather take my chances at the poker table. At least everyone plays by the same rules in that game.
ParticipantIf worse you mean prices will move up…yes that has been happening and will continue to do so. It is a frustrating time right now.
ParticipantI nominate the chicken that pecks randomly to pick football game winners.
ParticipantGood times man! No spending problem here dude. At some point in the future historians will look back and marvel at the stupidity of our leadership.
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