yupididit said:So for those of us who has to move every 3 or 4 years, what do y'all suggest? Lol
BOQ? 
yupididit said:So for those of us who has to move every 3 or 4 years, what do y'all suggest? Lol
BOQ?
Relevant article I ran across:
https://www.cnn.com/2020/11/18/success/vaccine-real-estate-new-york-city/index.html
If people not being able to afford a first home because other people living far away are buying too many second homes isn't an alarm bell for a massive systemic failure, I don't know what is.
I live in a relatively small Ohio town. Generally a rural area. In just the past 2 weeks I have met 3 people that just recently moved here. Two from San Diego County, one from Los Angeles County.
One was transfer with Border Patrol (who has a big office here on the shore of Lake Erie.) One was wife of Marine Recruiter. One was a single mom who was born in LA but she told me her Ex husband and his family live here. She strangely mentioned that she was currently living with ex husband's parents (which would be her kid's grandparent.) The reason she gave for the move was she just couldn't afford to remain in LA.
That's it. No other wisdom other than it has hit me odd to see this many people from warm climates move to this rust belt climate. I don't know if the work relate transfers were a conscious choice to move here or if they were a conscious choice to even move out of CA.
I'm actually hoping they stay crazy around here. We admittedly overpaid a bit for our house, but looking at the current listings we did well for a 3 bed 2 bath in a good district.
But I stand a chance to profit soon, which means something bad will happen and the market will plummet. We'll be putting my mom's house for sale probably before Xmas, that's a positive cash injection for both of us.
A smaller house, on a lot half the size, but that was recently remodeled just sold for $200k in 5 days down the street from my old house. With almost 2 acres and the better school district on the street, even needing renovations, it makes me feel confident that we can ask an otherwise ridiculous amount and stand a chance of getting it.
John Welsh (Moderate Supporter) said:I live in a relatively small Ohio town. Generally a rural area. In just the past 2 weeks I have met 3 people that just recently moved here. Two from San Diego County, one from Los Angeles County.
One was transfer with Border Patrol (who has a big office here on the shore of Lake Erie.) One was wife of Marine Recruiter. One was a single mom who was born in LA but she told me her Ex husband and his family live here. She strangely mentioned that she was currently living with ex husband's parents (which would be her kid's grandparent.) The reason she gave for the move was she just couldn't afford to remain in LA.
That's it. No other wisdom other than it has hit me odd to see this many people from warm climates move to this rust belt climate. I don't know if the work relate transfers were a conscious choice to move here or if they were a conscious choice to even move out of CA.
It's money. If you don't have a high paying job and you didn't inherit a house you can't afford to live there. There are homeless people who hold down two jobs and still have to live in a tent or RV. Some people live with ten roommates or sleep on a couch. Some just put up with it because they are born there and don't realize there is an entire world out there with cheaper rents. More and more seem to be getting tired of it and bailing out. I bailed out on California many years ago. It's a nice place to visit...
John Welsh (Moderate Supporter) said:I live in a relatively small Ohio town. Generally a rural area. In just the past 2 weeks I have met 3 people that just recently moved here. Two from San Diego County, one from Los Angeles County.
One was transfer with Border Patrol (who has a big office here on the shore of Lake Erie.) One was wife of Marine Recruiter. One was a single mom who was born in LA but she told me her Ex husband and his family live here. She strangely mentioned that she was currently living with ex husband's parents (which would be her kid's grandparent.) The reason she gave for the move was she just couldn't afford to remain in LA.
That's it. No other wisdom other than it has hit me odd to see this many people from warm climates move to this rust belt climate. I don't know if the work relate transfers were a conscious choice to move here or if they were a conscious choice to even move out of CA.
Very common occurrence to the exodus from CA for years. Heck all of my friends, who aren't in Silicon Valley or Hollywood, can't afford to live in CA - have all moved to Austin/Atlanta/Raleigh.
My brother lives in Cuyohoga Falls, Ohio - so we visit there. Nice place to visit.
I may have mentioned previously in this thread. 10 people from school that we know are all leaving. Montana, Alabama, Atlanta (most due to hollywood), and Austin are where they are all moving. None are job forced. All are voluntary moves. These people are caucasians. All these houses are bought by Korean/Chinese cash money. Heck 2 schools in our district did Korean and Japanese immersion programs 5 years ago. Best thing for property value. Overnight values shot up, even more than normal, and all the old white retireees moved to Oregon and Idaho at that time.
Snowdoggie said:Some just put up with it because they are born there and don't realize there is an entire world out there with cheaper rents. More and more seem to be getting tired of it and bailing out. I bailed out on California many years ago. It's a nice place to visit...
Born and raised here. However, unlike most people in CA, I realize there is an entire world out there. I have lived long term in Dubai, London, Hong Kong, Johannesburg, Singapore, St Louis, Boston, Providence, and Raleigh. In CA, I have lived in SF/SD/LA.
Job brought us back, 12 years ago. If I could - I would move to Austin tomorrow. But the older I get, with parents and family local, and my inlaws (Raleigh) - who will be moving to CA next year - makes it seem like I am here for long haul (maybe) to take care of both sets of parents. Kids being able to see grandparents (both sets) all the time, is a huge benefit to our nuclear family.
Would I be significantly wealthier if I lived in Austin/Raleigh? Absolutely!
mr2s2000elise said:Snowdoggie said:Some just put up with it because they are born there and don't realize there is an entire world out there with cheaper rents. More and more seem to be getting tired of it and bailing out. I bailed out on California many years ago. It's a nice place to visit...Born and raised here. However, unlike most people in CA, I realize there is an entire world out there. I have lived long term in Dubai, London, Hong Kong, Johannesburg, Singapore, St Louis, Boston, Providence, and Raleigh. In CA, I have lived in SF/SD/LA.
Job brought us back, 12 years ago. If I could - I would move to Austin tomorrow. But the older I get, with parents and family local, and my inlaws (Raleigh) - who will be moving to CA next year - makes it seem like I am here for long haul (maybe) to take care of both sets of parents. Kids being able to see grandparents (both sets) all the time, is a huge benefit to our nuclear family.
Would I be significantly wealthier if I lived in Austin/Raleigh? Absolutely!
I always see these homeless people in San Francisco being interviewed on TV. They are always working minimum wage jobs, usually two are three of them and they are always living in a tent. Unlike homeless in other areas, they don't have drug and alcohol problems and seem quite coherent. When asked why they don't move, they always scratch their heads and say "I dunno. I grew up here. Went to High School here. All my friends are here. Don't know anyplace else." It's crazy.
My Mother is the only parent I have left. She is in a nursing home near where I work. Every day somebody else there gets infected with Covid. I have no idea where else I can put her. Mrs. Snowdoggie's parents are all gone and her brother and his family just moved from Thousand Oaks, California to Spain and they were glad to get out. His wife had dual citizenship and they had plenty of money to retire on which is the only way they managed that. They feel sorry for us being stuck in the US.
Still crazy here. My house would still be worth more if it burned to the ground. My brother just put in an offer on a house, in a farther and more "rural" suburb (not rural, but moreso than my suburb). During the inspection they found that the foundation was cracked, in a bad way. The listing on Zillow now lists that, but the price hasn't changed.
Snowdoggie said:I always see these homeless people in San Francisco being interviewed on TV. They are always working minimum wage jobs, usually two are three of them and they are always living in a tent. Unlike homeless in other areas, they don't have drug and alcohol problems and seem quite coherent. When asked why they don't move, they always scratch their heads and say "I dunno. I grew up here. Went to High School here. All my friends are here. Don't know anyplace else." It's crazy.My Mother is the only parent I have left. She is in a nursing home near where I work. Every day somebody else there gets infected with Covid. I have no idea where else I can put her. Mrs. Snowdoggie's parents are all gone and her brother and his family just moved from Thousand Oaks, California to Spain and they were glad to get out. His wife had dual citizenship and they had plenty of money to retire on which is the only way they managed that. They feel sorry for us being stuck in the US.
When I lived in SF, Willie Brown had an idea, to let the homeless all sleep in ships docked at the Pier. Didn't fly.
If I was homless, as you describe above, and worked a minimum wage job, I would move to FL. I wouldn't live in SF.
Sorry to hear of your mother. I wrote in another thread, that my uncle had passed away earlier this year - was a Physician in a nursing home - patients and him had Covid. I worry about my dad - he is a director of a 3 nursing homes. Luckily, he is only going there once a month and so far only 2 patients in the 3 homes, have covid, and they were isolated.
Scary times. Best to your family.
GameboyRMH said:Relevant article I ran across:
https://www.cnn.com/2020/11/18/success/vaccine-real-estate-new-york-city/index.html
If people not being able to afford a first home because other people living far away are buying too many second homes isn't an alarm bell for a massive systemic failure, I don't know what is.
Its people in California buying second or third homes to rent out. It just makes sense if you have been here for a long time. The ROI on a rental in say San Diego does not make sense. For the down payment on a shack here in La Jolla I can straight up buy a home in Arizona.
For what I put down on my place at a 30% down rental loan I could buy close to 6 homes near a college in Arizona. I am doing the math now with some stock sales where it makes sense to do just that then use it to pay my current morgage down another 250k.
mr2s2000elise said:...and Austin are where they are all moving.
A few weeks ago, I watched a segment on one of those financial cable programs where the reporter conducted a very interesting experiment.
He called a major moving company and got a quote for moving a four bedroom house worth of stuff from Los Angeles to Austin ($4,000). Hung up, called back, exact same request but this time it was from Austin to Los Angeles ($800).
Our overall population level is pretty flat but dig down a little and you find that the median household income of those leaving is $127,000 and is only $59,000 for those coming. Given our progressive tax structure, that doesn't mean a 59% reduction in tax revenue, it's wildly, wildly worse than that.
I'm a 56 y/o California lifer and I only owe 60K on a 950K house so I don't anticipate being forced to leave but a few more squeezes (probable) and I'll be looking to get my equity out of the state before it's trashed.
mr2s2000elise said:
When I lived in SF, Willie Brown had an idea, to let the homeless all sleep in ships docked at the Pier. Didn't fly.
That's strange. Back when I lived there I really wanted to live on a houseboat in Sausalito with all the cool people. I thought I would actually like living on a boat. Now I hear that boat slips are expensive and hard to get.
In reply to RX Reven' :
Worry if the population totals go down. Not as long as they continue to grow.
frenchyd said:In reply to RX Reven' :
Worry if the population totals go down. Not as long as they continue to grow.
California native born people are leaving for other states in the US. They are being replaced by immigrants from other countries. Not sure if this is bad or good, but it is different.
The last time I was in the neighborhood where I grew up a few years ago I heard Spanish, Vietnamese and Chinese spoken at the soccer fields at the local park. English not so much. Back when I lived there, there were no soccer fields in that park and we did not play soccer. They were all baseball fields.
wearymicrobe said:Its people in California buying second or third homes to rent out. It just makes sense if you have been here for a long time. The ROI on a rental in say San Diego does not make sense. For the down payment on a shack here in La Jolla I can straight up buy a home in Arizona.
For what I put down on my place at a 30% down rental loan I could buy close to 6 homes near a college in Arizona. I am doing the math now with some stock sales where it makes sense to do just that then use it to pay my current morgage down another 250k.
bold is mine... not sure "college town" real estate is going to hold as much value as it used to - with the transition to online learning, I think that's going to drop, just not as quickly as the cliff for commercial real estate.
Not sure there's anywhere in the country where you can afford to buy a house on a minimum wage job. I love San Diego and would move back if I could. All my wife's family live ten minutes from us, so we're not leaving Denver anytime soon.
Yes, it's a shame that real estate in California is so expensive, but it always has. I wouldn't demonize people who can afford to purchase it, not their fault someone can't afford to buy their first house in California. Prices are going up everywhere.
John, I am curious to see how those transplanted Californian's enjoy Ohio. The 4 years I spent in Cleveland are more than enough for the rest of my life.
docwyte said:Not sure there's anywhere in the country where you can afford to buy a house on a minimum wage job.
There are plenty of really cheap houses for sale in places where there are no jobs at all. But people who can actually bring their jobs with them aren't really attracted to those kind of places.
Here in Dallas it is hard to afford a studio apartment on minimum wage.
Greg Smith (Forum Supporter) said:wearymicrobe said:Its people in California buying second or third homes to rent out. It just makes sense if you have been here for a long time. The ROI on a rental in say San Diego does not make sense. For the down payment on a shack here in La Jolla I can straight up buy a home in Arizona.
For what I put down on my place at a 30% down rental loan I could buy close to 6 homes near a college in Arizona. I am doing the math now with some stock sales where it makes sense to do just that then use it to pay my current morgage down another 250k.
bold is mine... not sure "college town" real estate is going to hold as much value as it used to - with the transition to online learning, I think that's going to drop, just not as quickly as the cliff for commercial real estate.
I disagree. If there is one thing that will hold true for eternity, it is parents and kids wanting to get the berkeley away from each other once the kid is 18.
Minimum wage in most states, you might be able to afford a $900 apartment. In some places, especially places with actual jobs. A $900 apartment might only have 1 bedroom and be in the hood.
In Texas, minimum wage is $7.25 per hour. Average mortgage is $1500 a month. Even if you made twice the minimum wage, a mortgage here would be real tight on one income.
In reply to yupididit :
In order to get a mortgage these days you have to have a fairly high credit score and a substantial down payment. Have a few late pays and you probably won't get a mortgage. It is that tight. You are also competing with cash buyers who are looking to flip or turn houses into rentals. They are waiving cash at the seller while you are waiting for a mortgage approval. Guess who gets the house? Here in Dallas a lot of them get picked off by realtor/investors before they ever hit the MLS. Want an apartment? The landlord is going to want a credit report and also run a criminal record search. They also want a deposit. If you are really tight on money you might have a few marks on your credit report and you probably don't have a lot of cash lying around. It's a lot harder to get housing today than it used to be.
In reply to Snowdoggie :
I know! Even my very middle class-ass could barely buy a house in a good portion of Dallas and Austin.
I've been looking to buy some land just outside of San Antonio. But I don't have the cash or connections to buy anything 100% with cash. Investors are beating us normal folks to the punch. Like you said they're in before E36 M3 hits the market.
yupididit said:In reply to Snowdoggie :
I know! Even my very middle class-ass could barely buy a house in a good portion of Dallas and Austin.
I've been looking to buy some land just outside of San Antonio. But I don't have the cash or connections to buy anything 100% with cash. Investors are beating us normal folks to the punch. Like you said they're in before E36 M3 hits the market.
I don't think I could qualify to buy a house in the neighborhood where I live today. My only advantage is that I am old enough to have bought the place 27 years ago when you could pick up a house for less than $50,000. My dad bought his first house for $25 down under the GI Bill and a total price of $12,000 and this was in California! There is a reason that the old folks own all the houses right now and younger people can't get into the market. We really do have to do something about that. I can see why younger people are pissed.
My stepbrother just bought his first house at the age of 22. No college education, was an apprentice electrician on and off again but left that job to work for a homebuilder at a low level. He's not really the most motivated person I know but even he managed to save and pull together to buy a brand new house, he must have some amount of good credit because he got a kickass interest rate too. Granted, I assume he got a discount on the house, but I got the same discount from the same builder and I'm estimating the model he bought was still $250-$275,000.
It can be done. Hell, when I bought my first house in 2016 from this builder, my wife was still in school and I was making precisely $15.50 per hour as our only income, and the banks were still more than happy to give us a mortgage.
newrider3 said:My stepbrother just bought his first house at the age of 22. No college education, was an apprentice electrician on and off again but left that job to work for a homebuilder at a low level. He's not really the most motivated person I know but even he managed to save and pull together to buy a brand new house, he must have some amount of good credit because he got a kickass interest rate too. Granted, I assume he got a discount on the house, but I got the same discount from the same builder and I'm estimating the model he bought was still $250-$275,000.
It can be done. Hell, when I bought my first house in 2016 from this builder, my wife was still in school and I was making precisely $15.50 per hour as our only income, and the banks were still more than happy to give us a mortgage.
I don't know what the market is like in Denver right now, but houses where I live get multiple offers within days of being listed. There is no room to build more and nobody is discounting anything. I am 8 miles from downtown in an older established area where there are a lot of flips and teardowns. If you are out in a newer suburban area where commutes are longer, your mileage may vary.
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