Forum Replies Created
-
AuthorPosts
-
temeculaguy
ParticipantC’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.
Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324
He is a publisher of women’s lifestyle magazines, specializing in gardening and shopping, he is also a professor of journalim at NYU. I am supposed to listen to his opinion of why people should live in cities, that people on land are wrong. This guy has never understood the people who like to live on land and own a gun, he never will and he’s no economist. The fact is that we westerners like our space, we don’t want to be anywhere near poor people and we won’t raise out family in manhattan, but a guy who writes articles about gardening and shopping for women’s magazines isn’t on my list of people I have a lot in common with.
scaredy, the panic you feel can be offset by the fact that forbes lists temec and mur and 2 of the 5 hottest markets in the country right now. The hundreds of houses changing hands are being reset, they will not default, order will one day be restored and every repo has a crowd of cash buyers waiting for it, hold off on panicing until nobody is buying. You may personally know FB’s but I personally know (and in a few case am related to) cash buyers who are snapping up deals at 30, 40, 50 cents on the dollar for a variety of reasons. Some are buying and having no mortgage so they can live pleasantly in retirement, others are buying cash positive rentals. The biggest problem is that you are approching it with the goal of making a profit, change that mindset, approach each deal with the attitude that the price will never go up, it will never appreciate, because appreciation is only realized when you sell, the posts above are not from flippers, they are from real people who want to live in reasonably priced homes that they can afford. If the numbers work purely from a monthly cost/benefit basis, then it is a buy, if you are looking for something “that will lead to profits,” this isn;t you market, short term profit taking and flipping only works during one third of the cycle, so for you, wait until things begin to swing upward, the same part of the cycle where the fb’s bought, just make sure you time it right.
ParticipantC’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.
Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324
He is a publisher of women’s lifestyle magazines, specializing in gardening and shopping, he is also a professor of journalim at NYU. I am supposed to listen to his opinion of why people should live in cities, that people on land are wrong. This guy has never understood the people who like to live on land and own a gun, he never will and he’s no economist. The fact is that we westerners like our space, we don’t want to be anywhere near poor people and we won’t raise out family in manhattan, but a guy who writes articles about gardening and shopping for women’s magazines isn’t on my list of people I have a lot in common with.
scaredy, the panic you feel can be offset by the fact that forbes lists temec and mur and 2 of the 5 hottest markets in the country right now. The hundreds of houses changing hands are being reset, they will not default, order will one day be restored and every repo has a crowd of cash buyers waiting for it, hold off on panicing until nobody is buying. You may personally know FB’s but I personally know (and in a few case am related to) cash buyers who are snapping up deals at 30, 40, 50 cents on the dollar for a variety of reasons. Some are buying and having no mortgage so they can live pleasantly in retirement, others are buying cash positive rentals. The biggest problem is that you are approching it with the goal of making a profit, change that mindset, approach each deal with the attitude that the price will never go up, it will never appreciate, because appreciation is only realized when you sell, the posts above are not from flippers, they are from real people who want to live in reasonably priced homes that they can afford. If the numbers work purely from a monthly cost/benefit basis, then it is a buy, if you are looking for something “that will lead to profits,” this isn;t you market, short term profit taking and flipping only works during one third of the cycle, so for you, wait until things begin to swing upward, the same part of the cycle where the fb’s bought, just make sure you time it right.
ParticipantC’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.
Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324
He is a publisher of women’s lifestyle magazines, specializing in gardening and shopping, he is also a professor of journalim at NYU. I am supposed to listen to his opinion of why people should live in cities, that people on land are wrong. This guy has never understood the people who like to live on land and own a gun, he never will and he’s no economist. The fact is that we westerners like our space, we don’t want to be anywhere near poor people and we won’t raise out family in manhattan, but a guy who writes articles about gardening and shopping for women’s magazines isn’t on my list of people I have a lot in common with.
scaredy, the panic you feel can be offset by the fact that forbes lists temec and mur and 2 of the 5 hottest markets in the country right now. The hundreds of houses changing hands are being reset, they will not default, order will one day be restored and every repo has a crowd of cash buyers waiting for it, hold off on panicing until nobody is buying. You may personally know FB’s but I personally know (and in a few case am related to) cash buyers who are snapping up deals at 30, 40, 50 cents on the dollar for a variety of reasons. Some are buying and having no mortgage so they can live pleasantly in retirement, others are buying cash positive rentals. The biggest problem is that you are approching it with the goal of making a profit, change that mindset, approach each deal with the attitude that the price will never go up, it will never appreciate, because appreciation is only realized when you sell, the posts above are not from flippers, they are from real people who want to live in reasonably priced homes that they can afford. If the numbers work purely from a monthly cost/benefit basis, then it is a buy, if you are looking for something “that will lead to profits,” this isn;t you market, short term profit taking and flipping only works during one third of the cycle, so for you, wait until things begin to swing upward, the same part of the cycle where the fb’s bought, just make sure you time it right.
ParticipantAnd the seas turned to blood….
This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
ParticipantAnd the seas turned to blood….
This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
ParticipantAnd the seas turned to blood….
This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
ParticipantAnd the seas turned to blood….
This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
ParticipantAnd the seas turned to blood….
This is exactly the sign to look for, when nobody in their right mind would buy, get out your checkbook.
Using the logic of the original post, between 2003-2005 you would be a moron not to buy then, because houses were going up, people were employed and people were paying their mortgages. But guess what? Thirty year purchases should not made when things look good, they should be made when it looks like we are going to hell in a handbasket.
But don’t move here for cheap housing, wait out the prices where you already live. However, if you already live here and you are still employed, have money saved and more than likely will continue to be employed, this is the time, when the building is on fire and everyone is running out, run in.
I could go on and on, fight the good fight, and defend the anectodal stories with data. But I am tired, both mentally and physically of assuring the chicken littles that the sky is not falling or that they should capitalize on the falling sky. The fact is, I couldn’t convince people in my circle that buying a house in 2005 was a bad decision and I will not convince them today that it makes sense again. Most people don’t like math, they like the media. The cold reality is that I need the public to have it’s psyche rattled to further my master plan to rule the world. Buy on the dip, sell into the rally. I recently ended a four year renting period and bought back in at less than half. I pay the same each month for my mortgage on an sfr than I did to rent a condo half the size a few blocks away. So if that is a moron, count me in. If you are looking to flip houses or make a killing in r/e, then by all means, feel free to curl up in the fetal position on the floor and cry. If you are looking to buy a house to live in that you can afford easily, to lock in your housing cost and hedge inflation, it’s time to man up, dig deep and walk into that burning building.
To answer your question “what am i missing?” You are missing the big picture, you are missing courage, nobody gets rich betting on sure things. People drank the bull kool-aid and got into trouble, the bear kool-aid is just as dangerous.
ParticipantTemecula currently pencils out for what you are looking for but the 250k range doesn’t have the rental return that the cheaper places do. It’s an inverted market as far as housing stock goes, condos and apartments are the minority, large houses are the majority. Large rentals don’t have the return that say, two smaller ones for the same money would. Murrieta and Temecula are probably the only places in the IE I would steer you towards unless you like the desert and want to go with palm springs.
In Temecula/Murrieta you can easily buy a 2000-3000 sq ft house for 250k depending on location and condition, but $100 a square is the average, they will rent easily for the $1500 to $1800 range. A townhouse can be had (something with a garage and nobody above or below) for about half but the rent isn’t half, it is closer to 25% less, probably $1300-$1500. When you evaluate a potential future rental, pretend you don’t have cash and run the numbers as if you had to borrow 100%, then see if it is rent nuetral, not just advertised rent of one or two but the going rent measured against nearby apartments as well.
I like zip code 92592 for rentals, something in the temecula parkway corridor. There is only one apartment complex and three condo complexes in an area with 40k people. It also has one of the largest employers in the county (pechanga, one if not the largest casino) and a very large hospital on the way. Rental demographic workers are commuting into the immediate area, not many live close, that always bodes well for an area’s future and South Temecula is almost built out with no future apartments coming.
The only problem is you are not the only one with a calculator, the well priced ones can yield a dozen offers in a week, if not a day. Being unfamiliar with the area you might have to act too hastily and end up getting screwed because you are in love with the numbers. There are good and bad choices, take time visiting before you buy. As time goes on this should slow down, other areas are coming down and we should stop seeing the influx of buyers at some point.
As a cash buyer, you may want to wait for rates to rise a little, then you will have the listings to yourself.
ParticipantTemecula currently pencils out for what you are looking for but the 250k range doesn’t have the rental return that the cheaper places do. It’s an inverted market as far as housing stock goes, condos and apartments are the minority, large houses are the majority. Large rentals don’t have the return that say, two smaller ones for the same money would. Murrieta and Temecula are probably the only places in the IE I would steer you towards unless you like the desert and want to go with palm springs.
In Temecula/Murrieta you can easily buy a 2000-3000 sq ft house for 250k depending on location and condition, but $100 a square is the average, they will rent easily for the $1500 to $1800 range. A townhouse can be had (something with a garage and nobody above or below) for about half but the rent isn’t half, it is closer to 25% less, probably $1300-$1500. When you evaluate a potential future rental, pretend you don’t have cash and run the numbers as if you had to borrow 100%, then see if it is rent nuetral, not just advertised rent of one or two but the going rent measured against nearby apartments as well.
I like zip code 92592 for rentals, something in the temecula parkway corridor. There is only one apartment complex and three condo complexes in an area with 40k people. It also has one of the largest employers in the county (pechanga, one if not the largest casino) and a very large hospital on the way. Rental demographic workers are commuting into the immediate area, not many live close, that always bodes well for an area’s future and South Temecula is almost built out with no future apartments coming.
The only problem is you are not the only one with a calculator, the well priced ones can yield a dozen offers in a week, if not a day. Being unfamiliar with the area you might have to act too hastily and end up getting screwed because you are in love with the numbers. There are good and bad choices, take time visiting before you buy. As time goes on this should slow down, other areas are coming down and we should stop seeing the influx of buyers at some point.
As a cash buyer, you may want to wait for rates to rise a little, then you will have the listings to yourself.
ParticipantTemecula currently pencils out for what you are looking for but the 250k range doesn’t have the rental return that the cheaper places do. It’s an inverted market as far as housing stock goes, condos and apartments are the minority, large houses are the majority. Large rentals don’t have the return that say, two smaller ones for the same money would. Murrieta and Temecula are probably the only places in the IE I would steer you towards unless you like the desert and want to go with palm springs.
In Temecula/Murrieta you can easily buy a 2000-3000 sq ft house for 250k depending on location and condition, but $100 a square is the average, they will rent easily for the $1500 to $1800 range. A townhouse can be had (something with a garage and nobody above or below) for about half but the rent isn’t half, it is closer to 25% less, probably $1300-$1500. When you evaluate a potential future rental, pretend you don’t have cash and run the numbers as if you had to borrow 100%, then see if it is rent nuetral, not just advertised rent of one or two but the going rent measured against nearby apartments as well.
I like zip code 92592 for rentals, something in the temecula parkway corridor. There is only one apartment complex and three condo complexes in an area with 40k people. It also has one of the largest employers in the county (pechanga, one if not the largest casino) and a very large hospital on the way. Rental demographic workers are commuting into the immediate area, not many live close, that always bodes well for an area’s future and South Temecula is almost built out with no future apartments coming.
The only problem is you are not the only one with a calculator, the well priced ones can yield a dozen offers in a week, if not a day. Being unfamiliar with the area you might have to act too hastily and end up getting screwed because you are in love with the numbers. There are good and bad choices, take time visiting before you buy. As time goes on this should slow down, other areas are coming down and we should stop seeing the influx of buyers at some point.
As a cash buyer, you may want to wait for rates to rise a little, then you will have the listings to yourself.
ParticipantTemecula currently pencils out for what you are looking for but the 250k range doesn’t have the rental return that the cheaper places do. It’s an inverted market as far as housing stock goes, condos and apartments are the minority, large houses are the majority. Large rentals don’t have the return that say, two smaller ones for the same money would. Murrieta and Temecula are probably the only places in the IE I would steer you towards unless you like the desert and want to go with palm springs.
In Temecula/Murrieta you can easily buy a 2000-3000 sq ft house for 250k depending on location and condition, but $100 a square is the average, they will rent easily for the $1500 to $1800 range. A townhouse can be had (something with a garage and nobody above or below) for about half but the rent isn’t half, it is closer to 25% less, probably $1300-$1500. When you evaluate a potential future rental, pretend you don’t have cash and run the numbers as if you had to borrow 100%, then see if it is rent nuetral, not just advertised rent of one or two but the going rent measured against nearby apartments as well.
I like zip code 92592 for rentals, something in the temecula parkway corridor. There is only one apartment complex and three condo complexes in an area with 40k people. It also has one of the largest employers in the county (pechanga, one if not the largest casino) and a very large hospital on the way. Rental demographic workers are commuting into the immediate area, not many live close, that always bodes well for an area’s future and South Temecula is almost built out with no future apartments coming.
The only problem is you are not the only one with a calculator, the well priced ones can yield a dozen offers in a week, if not a day. Being unfamiliar with the area you might have to act too hastily and end up getting screwed because you are in love with the numbers. There are good and bad choices, take time visiting before you buy. As time goes on this should slow down, other areas are coming down and we should stop seeing the influx of buyers at some point.
As a cash buyer, you may want to wait for rates to rise a little, then you will have the listings to yourself.
ParticipantTemecula currently pencils out for what you are looking for but the 250k range doesn’t have the rental return that the cheaper places do. It’s an inverted market as far as housing stock goes, condos and apartments are the minority, large houses are the majority. Large rentals don’t have the return that say, two smaller ones for the same money would. Murrieta and Temecula are probably the only places in the IE I would steer you towards unless you like the desert and want to go with palm springs.
In Temecula/Murrieta you can easily buy a 2000-3000 sq ft house for 250k depending on location and condition, but $100 a square is the average, they will rent easily for the $1500 to $1800 range. A townhouse can be had (something with a garage and nobody above or below) for about half but the rent isn’t half, it is closer to 25% less, probably $1300-$1500. When you evaluate a potential future rental, pretend you don’t have cash and run the numbers as if you had to borrow 100%, then see if it is rent nuetral, not just advertised rent of one or two but the going rent measured against nearby apartments as well.
I like zip code 92592 for rentals, something in the temecula parkway corridor. There is only one apartment complex and three condo complexes in an area with 40k people. It also has one of the largest employers in the county (pechanga, one if not the largest casino) and a very large hospital on the way. Rental demographic workers are commuting into the immediate area, not many live close, that always bodes well for an area’s future and South Temecula is almost built out with no future apartments coming.
The only problem is you are not the only one with a calculator, the well priced ones can yield a dozen offers in a week, if not a day. Being unfamiliar with the area you might have to act too hastily and end up getting screwed because you are in love with the numbers. There are good and bad choices, take time visiting before you buy. As time goes on this should slow down, other areas are coming down and we should stop seeing the influx of buyers at some point.
As a cash buyer, you may want to wait for rates to rise a little, then you will have the listings to yourself.
ParticipantWell, good thing I held back and did more research, otherwise I would have made too much money and had to pay taxes. Let’s see how my picks fared in one week.
HOV up about 12%
GE damn near doubled
HOG up 30%
F up 15%
Cost up 4%
Pm up 3%So my hesitation cost me somewhere between 1k and 1.5k thus far, Oh well if I didn’t have bad luck I’d have no luck at all. This wasn’t the first time nor will it be the last that I wussed out on something and later regretted it. I’m gonna be pissed if the dow never tests the 6500 level again, I will have felt it was near bottom, failed to act thinking it would go lower and be telling the story every time I get drunk.
-
AuthorPosts
