[spdrun]

^^^

With $600k, you could do that now — still plenty of areas with 8%-9% cap. If you can keep them rented, you’re talking about $4000 to $4500 per month.

Keeping them rented might be a bit difficult if you’re in S. America though 🙂

[spdrun]

4 drinks a week is about right on the high end.

At the high end?

What’s wrong with a glass of wine at dinner say five out of seven days? America is waaaaay too Puritanical about drinking.

[spdrun]

I haven’t been — they still haven’t particularly cared. In fact I saw one guy at LGA instructing people not to take out liquids, probably to keep the line moving.

[spdrun]

Do they care about the Ziploc Kippie-bags anymore? Officially, I guess they’re supposed to, but I’ve gone through without removing it and most of the time it was fine. I think I’ve even forgotten a water bottle before and they didn’t care either.

[spdrun]

If the home is relatively local to you then … don’t. Go through the property with a fine-tooth comb. Fix everything that has a look to breaking in the next 12 months. Find some decent tenants, hopefully people who have a bit of brains and aren’t too needy, and set them up with a direct deposit.

A landscaper, you can keep on contract if need be.

[spdrun]

People do sell short. People also move, don’t want to be bothered, etc.

If Watt pushes through principle forgiveness, we may end up with a lot fewer people underwater even if prices drop. Those would become normal, non-short, equity sales after they get principle (vs rate-and-term) mods.

[spdrun]

Someone will always want to buy or sell. If $numberofwillingbuyers < $numberofsellers by a large margin, then prices go down. Last spring's mini-bubble had as much to do with a buyers' frenzy as with restricted inventory. Market slows down, economy slows down, buyers will set on their hands and ask whether it's a good idea to buy now.

[spdrun]

Negatory on the unemployment being fun, but if housing prices fall to the last bottom, it would be a good opportunity. At this point, we have mechanisms in place to prevent foreclosure for bona fide owner occupants, so I don’t think it will be as rough as 2008.

[spdrun]

Or a place to do business after the Zombie Apocalypse comes to town…

http://www.survivalblog.com/2010/01/jims-quote-of-the-day-1444.html

“WARNING!!!
Ring bell. Wait. Advance with your Hands Up.
Stay on path, avoid mines. We lost three customers last week. We can’t afford to lose YOU.”

[spdrun]

*Were* getting property price increases. And by “we” you mean San Diego and possibly some other Western cities. National average was more like 10-12%, with increases of maybe 1-5% in the Northeast.

[spdrun]

One of my friends in New Mexico bought several cheaper properties and he said he is able to bill the government that pays for their rent. Some form of public assistance. IIRC, my friend in Texas also got some of that.

Are you talking about section 8? AFAIK, that exists in every state — not sure how good of an idea it is.

[spdrun]

Why buy out in the desert if you can buy an old RV for a few grand and squat out in Slab City? 😀

[spdrun]

I wouldn’t buy glasses online — too hard to get them redone if they don’t get them right, plus they’re the kind of thing that I need to actually try on.

[spdrun]

One thing is for sure: Both spouses need to adapt to a lower standard of living after divorce.

Don’t be so sure — I know a lady who divorced someone with a serious coke habit. She didn’t ask for alimony, just wanted him out of her life and her finances. She’s doing much better financially since her money isn’t being spent on drugs and who knows what anymore.

[spdrun]

And I do not recommend it, since the area is depressed, weak demographics, and little prospect for improvement.

It’s like this bartender/owner from NJ who I know. Someone sold him on buying 20 rental units (shacks, really) in some depressed part of Mississippi. His returns were amazing on paper (something like $15k per unit, $500/mo rent) but he sold it after getting tired of chasing bad tenants, 50%+ vacancy, property managers who spent the rent income on booze, etc, and generally having to fly down there every other weekend.

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