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spdrun
ParticipantJumping Jeebus Xhrist on a unicycle, just say it; maybe people from Temecula would actually be able to help rather than being offended.
spdrun
ParticipantA system as you’re describing is pretty common in rural American. I know people who own a farm in rural VT — they have to make a weekly dump run (or burn anything that’s paper/compost organics).
spdrun
Participant19.5% rise in value, or median price? Secondly, a lot of entities can predict a lot of things. A lot of the time, the predictions are totally wrong.
spdrun
Participant19% median rise doesn’t mean a 19% rise in home values. Doubt it, if anything I see things (THANKFULLY!!!!!!!!) slowing down in the areas where I’m looking.
spdrun
ParticipantMy primary is an asset, as is anything I own. Your point?
Secondly, if you know anything about NY itself, it’s actually often cheaper to rent than to buy(*), whereas the opposite is true, dramatically so, in many parts of NJ right now. Even good parts. I’d rather have an income-producing duplex or triplex and live in the mother-in-law flat than have equity and debt tied up in a primary.
As far as a primary, with so many opportunities out there, at this point I’d rather go for either (a) a rental or (b) the cheapest primary possible in an an area that’s reasonably convenient and where I’m not likely to be shot. I don’t see housing as a place to live in, as much as a source of income that helps me work less and makes my tenants (rather than some asshole of a boss who wants to control my fucking life) pay my bills. I value independence much more than flash or even comfort — if I acquired enough rentals in the next few years not to ever HAVE to work outside of the rental business again if I lived frugally, I’d be happy as a pig in shit. I’d still work, but be comforted by the fact that I could tell any boss or client to go fuck off without repercussions.
(*) – and once you’re in a stabilized (not rent-controlled) apt for a while, they can’t raise rent much or evict you easily if at all.
spdrun
ParticipantHahaha, it’s not worth even close to that. Frankly, if I sold it, I’d buy a building in the ‘burbs instead and just rent in the city. Prices in the city didn’t go down much from the bubble, whereas prices in NJ are down 25-30% or even more right now and HomePath listings are rockin’.
Feels like SD Co felt like in 2010-2011.
spdrun
ParticipantWhy do I need a new primary — what’s wrong with treating a property as a hybrid of primary and investment?
(I’m actually a lot more comfortable with it being rented if I’m away for a month than sitting vacant, and I’m not really bothered by the idea of an unofficial “time share.”)
spdrun
ParticipantThat’s frankly absurd — you could as well say “if you need to spend the cash, you really don’t have it.” An asset is an asset, and BTW, I look at my primary as an investment — I can go off to another corner of the world and keep it rented at a profit. (Finding decent tenant for anything in a halfway decent area of NYC is child’s play.)
spdrun
ParticipantIt’s not any more destructive than consuming the cash equivalent to the primary. If they count cash in the absence of a primary, they should also count the primary 🙂
spdrun
ParticipantNSR: borrowing against it to just spend the money would be stupid. Borrowing against it to invest in income property or a small business, less so. You could also tap the equity, buy something smaller/cheaper, move, rent the house, and then put it on the market. You’d have continuity without being forced into renting. Equity begets options.
spdrun
ParticipantNSR: the house isn’t an asset unless they have significant equity in it. If it’s paid off or nearly so, it’s not hard to tap say 50% of the equity in said house. A primary can still be an asset.
spdrun
ParticipantWhat I don’t get is that you can still rent a small place near the beach for under a grand a month if you’re lucky. Drive a cheap, paid-off used car or even a motorbike. Food is cheaper than on the East Coast or in the inland West. No tolls on most freeways. Free beach access, no use fees in summer.
Really the 1000-lb gorilla in the room is health insurance, which is covered if you have a job that provides it, and will become a lot cheaper for freelancers under Obamacare.
Living in SD can be surprisingly cheap if you’re single or a couple w/o kids, especially given that the natural beauty of the area that isn’t replicated in a lot of parts of the US.
spdrun
ParticipantThe benefit is predictability — taxes are what they are, and can’t increase more than the statutory amount per annum. They can’t come to me and say that they’re tripling my taxes next year.
spdrun
ParticipantNeed I ask how they’re spending $30k/yr on (I assume) two cars? For that kind of dough I can pay cash for a new car every year and crash one into a tree on alternate years.
Either that or cars in Irvine come with a free happy ending massage every week.
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