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spdrun
ParticipantI don’t consider housing depreciation (or depreciation of anything excessively inflated) to be a “problem” as much as a necessary thing and an opportunity.
And G-d forbid that our government would be forced to spend wisely. We’ll eventually have to realize that having our military all over the world, and that keeping slightly less than one per cent of our population in prison are unsustainable things. The sooner we do, the better for us.
ParticipantLooks like one of the cops wants his job back, and is suing to get it back…
http://ktla.com/2014/01/15/ex-officer-acquitted-in-kelly-thomas-death-wants-his-job-back/
ParticipantI’ve understood that anything more than two people per bedroom plus one can be cause for eviction without risk of being sued for discrimination.
ParticipantIt seems as if you pay at least 110% of last year’s tax due, you’re OK. I thought there would be some sort of upper income cap on this provision, but apparently there is not.
ParticipantWhat Will happen If I decide to live in the house For 2 years before I sell it, I heard that you pay less taxes.
You’d only pay less taxes on any gain above $4 million. Tax on the $4 million would still be due April 15 of the following year at latest.
If you can figure out a way to swing the income tax as well as the property taxes/expenses, why not? Just remember, property values are volatile. It could be worth $5 million in two years, or it could be worth $3 million.
I’d personally sell ASAP and put the money into more … manageable … homes, but that’s just me.
ParticipantQuibble: Assuming you were a full year tardy, you’d pay the 3% on the 50% tax (assuming the state rate is similar) NOT the full value of the house. So the penalty hit would be $60,000, not $120,000.
ParticipantOr the one that happens when the Fed loses control of rates and they hit 6-7%. HERE’S HOPING!
ParticipantIf I were given $1.5MM, I’d be interested in having it pay me a reasonable dividend, not maximizing return at the expense of higher risk. 6 or 7% is high enough if it can pay reliably.
ParticipantStuff that caps out at 6% is usually middle to high-end, meaning that it’s easy to keep rented with minimal heartache. It’s also in areas that you’d actually want to live, unlike Fresno or Texas.
And a lot of mx that you’d need a property manager for is taken care of by the condo management company.
ParticipantWhat’s your obsession with Orange County hatred? The county doesn’t hire cops — individual towns do, and it varies by town. Some may hire thugs and incompetents, others may vet their applicants better.
And I’m sure that there are many places with brutal cops outside of Orange County, CA. BTW – I don’t think the problem is anything new in California. LAPD had a reputation for nastiness and corruption likely well before you were born — 20s through 60s.
I know a few people who grew up in various parts of OC — they seem like decent people to me, not trashy or whatever you think of them.
ParticipantOr you buy $1.5 MM of condos that rent at 6% cap and have $90k/yr income. Increasing with inflation, with healthy tax deductions 🙂
Removes the temptation to touch the principal.
Participant^^^
Were we ever free to not live in fear? Kent State? Ludlow Coal Massacre? Birmingham ’63? Tompkins Square Police Riot? Johnny Gammage? Need I go on?
ParticipantYou’d likely have to make an appropriate estimated tax payment for the quarter that you won the prize.
If you do that late, you’ll likely be charged ~3% per annum interest rate until you do. TSOR says that money only gets withheld up front in case of a cash prize.
Thus if you can sell within 6 mos to a year, there’s likely some wiggle room.
ParticipantEven if you did start an HOA, there’s nothing that can force them to opt into the unholy thing.
If they really have 20+ people living in a 3-4 bedroom home, research your city’s/town’s health codes. There’s probably a minimum square footage per person, max people per bathroom, etc.
One could always tip the health department about a vermin problem and let them investigate.
Then again, you chose to live in a non-HOA-infected neighborhood, which comes with many advantages and a few disadvantages. Short of there being an actual health/safety hazard to yourself, I’d do exactly nothing. No point in making enemies or hurting people who are possibly sharing because they’re working hard for little money.
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