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spdrun
ParticipantThose aren’t NINJA loans since they’re limited to 43% DTI with (I assume) strict proof of income. This being said, if they can blow up another bubble and have it pop within (say) 5 years, it would be beautiful. A good neighbor is one in foreclosure, with my knowing the date of his sheriff’s sale 🙂
ParticipantWhy would a seller want to lose 2% profit just to help a vet? Would you take a 2% haircut just to sell to the right buyer?
ParticipantThe 43% DTI will likely be the ultimate limiting factor. Average down payments are in the 10-20% range already in major metro areas. 3% has been available for years, but it’s largely theoretical.
There’s also the paradoxical effect of low-down loans being most available to high-income people who need them the least due to DTI rules.
This being said, military is just another job. No reason why anyone on the gov’t dole (incl military and vets — considering there hasn’t been a just war in 60+ years) deserves more than the average Joe.
ParticipantCan’t really go wrong with Encinitas/Cardiff/Solana/Del Mar considering your commute. Shorter the better.
July 12, 2016 at 7:41 PM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799576ParticipantDamn right I do. And not ashamed of it. The good thing is that statistically, we’ll see a recession before we’ll see $15/hr in most of the US 🙂
God I love political obstruction. And you’ll likely be able to buy even more property.
Disagree that the business community is coming to its senses. They want to pay employees as little as possible. They might need to raise wages in a more competitive market to attract employees, but they’re not doing it out of altruism.
There’s no profit motive in paying employees enough to buy your own product, because your employees are not your primary market.
July 12, 2016 at 5:41 PM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799572ParticipantAnd that’s a good thing. A jump from $7 and change to $15 is too high nationally. A compromise figure of $10-11 is about right to account for consumer prices.
July 12, 2016 at 3:39 PM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799564ParticipantIf min is $10 and the middle earns $15, then if min is $15, middle will earn ~$22, assuming the spread remains the same.
Or it could just result in fewer jerbs as the jobs of burger-chain cashiers get replaced by a touchscreen. That’s the best outcome, since touchscreens don’t get all uppity and want to buy homes.
July 12, 2016 at 2:35 PM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799558ParticipantConsumption is another word for TB. We should consume less — we already have all the toys we can handle. Why buy some overweight Chinese bike at Walmart for $200 when you can buy a used road bike on Craigslist for $100? Same goes for laptops and electronics. Dime a dozen used. The sooner the public learns to kick back and say “fuck you” to the sheepsumer ecahhhhhnamy, the better.
July 12, 2016 at 11:30 AM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799548ParticipantDoes that mean they shouldn’t worry now? Rents in the Bay Area are even straining finances for people who’d be wealthy in other cities. If there’s little room for rents to increase, and the buy/rent ratio is already awful, at a certain point buying would no longer make sense.
July 12, 2016 at 11:22 AM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799544ParticipantLooking at sheriff’s sales near where I grew up in NJ, there are 5x as many properties selling as there were two years ago. A lot of them go back to the bank for $100. Future REOs!!! YAY!
And Mel “The Skell” Watt’s plan to write down loans only covers about 6,000 of the 240,000+ underwater loans in NJ. Beautiful.
NV, FL, NY, PA, and MD are also “good” states. LOL.
As far as managing long-distance, you don’t need a property manager for a condo further away, if you’re willing to go for a week when a tenant moves out, do some work, and get it rented.
Picking your tenants carefully so they’re reasonably self-sufficient and reliable. Best tenants are self-employed and grad students. People who can be very reliable, but who other landlords might be hesitant to rent to. They know they’ll have a harder time finding a different place, so they remain quiet as church mice, pay like good little tenants, and count themselves lucky not to be under a bridge.
July 12, 2016 at 11:07 AM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799541ParticipantUm, most of the country has a more favorable buy/rent ratio and cheaper housing than San Diego. Average home price in the US is $188,000, whereas that’s low-end in San Diego.
https://smartasset.com/mortgage/price-to-rent-ratio-in-us-cities
As you know, Vegas has a ratio of 19 to San Diego’s 30 and isn’t that far away.
July 12, 2016 at 9:23 AM in reply to: Prediction: San Diego market goes up 8%+ over the next year #799536ParticipantLet’s hope livinincali is right and we get the recession we’re overdue for. And how!
This being said: if you’re going to put money into property, why not put it into a market that has a more favorable buy/rent ratio than San Diego? Somewhere that still has fucklosers aka foreclosures.
June 28, 2016 at 9:07 AM in reply to: OT: Are you doing anything to hedge against the possibility of BrExit…. #799210ParticipantThe DOW did not surpass 2015 highs in 2016. Thankfully. UDOW may have built-in decay, but DOW didn’t set a record in 2016.
ParticipantWhich is why the government should mandate 4 weeks or so of PTO per annum, as most countries that aren’t over-worked shitholes do. It’s fucking sad that taking 10 days off per year is considered unusual instead of normal and healthy.
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