Pretty sure maths are not FF's strong suit.Quote:
Originally Posted by liv2ski
:D
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Pretty sure maths are not FF's strong suit.Quote:
Originally Posted by liv2ski
:D
I am! Which is why I don't want to be house poor!Quote:
Originally Posted by skaredshtles
What does an 8k payment in DC buy? 1,200 sq ft?
the economy IS tanking
it's just not imploding right now so we all pretending that things are ok
its a slow burn downward right now
inflation isn't being talked about and broken down so dumb people like me can see the how and why
"it's like oh darn prices are up" but in reality people are being raped by inflation which is mostly a profit grab to keep wall street propped up
do not believe anything that things are doing ok
as long as wall street keeps it together keeps hitting good numbers without a huge 1,000 pt drop we will keep being told everything is GREAT
real estate is being held together barely and high prices remain because buyers are kinda dumb or being forced into bad deals due to FOMO
never got past the basicsQuote:
Originally Posted by skaredshtles
was still working on passing 9th grade level in 12th grade
not every one is a schollar bro
You're smarter than you look.Quote:
Originally Posted by Danno
The risk isn't just being house poor. House poor means maybe taking a few less vacations and eating out less and perhaps driving a late model car. The risk is that one could end up underwater by many hundreds of thousands of dollars and be forced to sell at a loss in a recourse state, where that mistake will follow them around for years and years.Quote:
Originally Posted by Danno
I have come to the conclusion that people are at the whim of the timing of macroeconomic events outside their control. Most people do not have the luxury of sitting on the sidelines and trying to time entries into the real estate market. People who are in their mid 30s now and who are wanting to start families after doing everything right (undergrad at a good school, grad school at a good school, grinding consulting/tech/law careers into top 10% income roles while finding a similarly driven and stable partner) don't have another 5 years to wait.
When shit goes tits up the narrative will be about how irresponsible people were taking irrational and unreasonable risks in the housing market. The truth is that governmental and federal reserve policy led to wild swings in interest rates and the market, making the market itself irrational and unreasonable. People at the right place in their lives at the wrong time will get fucked, and in large part they are just a victim of being born 5 years to late to have gotten into at a reasonable time.
Welcome to life in the U.S.Quote:
Originally Posted by Kevo
:D
The risk of being underwater is ALWAYS there, so I don't see your friends as more subject to that risk than anyone who takes out a mortgage on property. And being underwater may be a bad thing, but it only becomes an issue if you can't pay your mortgage.Quote:
Originally Posted by Kevo
And while you say they made a mistake in buying, you also state that "people do not have the luxury of sitting on the sidelines and trying to time entries into the real estate market. People who are in their mid 30s now and who are wanting to start families after doing everything right (undergrad at a good school, grad school at a good school, grinding consulting/tech/law careers into top 10% income roles while finding a similarly driven and stable partner) don't have another 5 years to wait." Which is it? Did your friends make a mistake, ie they should have tried to time the market, or did they not make a mistake, because they don't have the luxury of waiting?
It really sounds like you have greater issues with our macroeconomic climate and not so much issues with your friends' decision.
1700 sq ft 4bd/2ba 1960s split level if you want to be reasonably close to DCQuote:
Originally Posted by Mazderati
That is the root of my issue, yes.Quote:
Originally Posted by Danno
I just can't fathom why anyone would want to be reasonably close to DC.Quote:
Originally Posted by dunfree
AND Canada where its much worse, 20 % of people with mortgages are facked due to variable and or short term mortgagesQuote:
Originally Posted by skaredshtles
Further out you can get more land (but not enough to matter) and home but it’s still the same megapolis shithole, just with more drivingQuote:
Originally Posted by skaredshtles
If you can tolerate the weather, and avoid the Hill-staffer scene (big ifs), DC actually is a pretty cool place. Lots of good outdoors opportunities nearby, good food, central to lots of stuff on the east coast.Quote:
Originally Posted by skaredshtles
great food, if you are interested in foreign cooking. Outdoors mostly sucks, but the drawback is the salary structure that assumes new people should be paid shit and they’ll make it up eventuallyQuote:
Originally Posted by Supermoon
I could do DC proper or maybe Court House but driving in that whole area is the pits.
DC is excellent, I would be happy to live there if we could afford a house in the city. The suburban sprawl in the surround counties is soul sucking. Great food, museums, urban parks, you can find whatever your heart desires. The cherry on top is that DC has some of the best bike commuting infrastructure in the country.Quote:
Originally Posted by skaredshtles
inside the beltway or just outside is enough. Transport is soul crushing, because racist trash in downstate va fucked upQuote:
Originally Posted by ghosthop
Hard to believe there are so many DC opinions on a skiing forum.
IT people get paid - the contracting opportunities are outstandingQuote:
Originally Posted by dunfree
Danno has never seen people drop $$k for their Colorado ski tripQuote:
Originally Posted by Danno
and it’s funny cuz flying out of dc once I was seated next to random mag voyeur
Attachment 450179Quote:
Originally Posted by dunfree
It varies a lot by jurisdiction around DC. Virginia is pretty much Red and property rights uber alles, so there's suburban sprawl as far as the eye can see. Maryland leans Blue, generally believes in regulation, and varies a lot by county and within the counties.
I lived 23 miles from the White House in Montgomery County, Maryland on 10 acres at the end of a dead-end road, couldn't see a neighbor from my house and had 3500 acres of wooded parkland out the back door with the Potomac a mile away. As long as you didn't need to commute to DC it was pretty damn nice. Easy to get down to DC at other times.
It was always my plan to leave but it wasn't bad at all being there. Definitely had to pick your spot, though. Kinda wish we had kept that place another year, we left some real money on the table in the last run-up but we still made out fine.
Quote:
Originally Posted by Danno
sos east coast skiing
whitetail, roundtop, massanothing, WV shitholes
I used to have a dirt-cheap Whitetail weekday pass for years, it's like 900 feet of vertical, 100% snowmaking, with a couple high-speed quads, 1:15 from my door. I'd go up and spin fast laps by myself for a couple hours and split around 11:00 when the schoolbuses started rolling in to the lots. It was aight. Afternoons and weekends were a hard no, though.
It’s an interesting dilemma, with this kind of business nothing is ever easy, there is no “cheat code” for the younger generation.
Rates are up, value is down, so you really need to maximize that market factor, ideally buy distressed, buy a fixer, buy something that was overpriced and stigmatized.
By the time rates drop, it will be an issue if owners have equity. Dropping into the need for private mortgage insurance can definitely offset savings due to lower rates. I think it’s reasonable to be concerned about corrections when you’ve bought at high valuation and high rates. Absofuckinglutely.
Most accountants will push for it as you can 1031 exchange proceeds from a rental, so in most cases it seems to make sense to depreciate. I could be wrong, but I don't think the IRS is going to complain you didn't take all the write offs available to you.Quote:
Originally Posted by liv2ski
I also tend to agree that if the payment works you shouldn't forgo buying just because interest rates might drop in the future. Maybe they do maybe they don't but housing is a lot more than just an investment to most people but that is often not thought about, at least in most discussions.
I'm glad to see so many who wouldn't mind living in DC.
FTS.
:D
Well the bottom line is to many people get caught up in the whole career family have to have nice things and look good as soon as you do that bullshit you end up w your own foot in your ass trying to give yourself a blow job every kid should just move to breckenridge at 19 and live in a tent worked out well for some kids will eat you alive women will steal from you then life is nothing but anti depressants and alcohol
it’s got more culture than DenverQuote:
Originally Posted by skaredshtles
Well, duh. That's not a very high bar, though, now is it? :rolleyes2Quote:
Originally Posted by dunfree
I don't expect you'll get an argument from him -- or pretty much anyone who lives in Denver metro -- on that one!Quote:
Originally Posted by dunfree
except for LA it’s a trade offQuote:
Originally Posted by Danno
I used to have a similar pessimistic view of the housing market. But at least around here, there are not many who didn't make a boat load of money owning a home long term. A few minor bumps in the road. My friend who didn't go to college was underwater in his house for awhile and stressed out. But he kept it and now everything is rosey. As long as you are confident you can make your payments, confident you can find a new job if laid off, and don't think you will need to move from the region anytime soon, I don't see a problem with jumping in despite the high rates, at least in the more desirable, stable locations (DC is one of most recession proof metros). The statistical odds of rates going down enough to make refinancing attractive in the next 5 to 10 years is very high (presidential elections tend to correspond with lower rates). The second rates go down, prices will start going up and there will be bidding wars again. We just don't have enough housing in this country and we still aren't building enough today. The old people who didn't take risks in the housing market are the ones who are really kicking themselves right now.Quote:
Originally Posted by Kevo
Ya, I meant to say three years not two years. So if you rent your home more than three years in a row you don't get capital gains exclusion.Quote:
Originally Posted by AdironRider
You don't have to depreciate your rental property, but I can't think of a reason you would not want to do that. As liv2ski mentioned, even if you have to pay depreciation recapture tax, that amount is trivial. The tax would never be greater than the benefit you received from taking the depreciation. The important part is to not fuck up that primary residence for 2 of 5 year rule end your ability to take that capital gains exemption.
yawn
What did you expect for depreciation recapture? Pay attention because one day you will be STRing that million dollar pad of yours.Quote:
Originally Posted by fastfred
Skid down any icy groomers at Breck today? Here's what Crystal looked like. Going to a burlesque metal show tonight.
Attachment 450223
Bidding wars have not ended in desirable places.Quote:
Originally Posted by altasnob
mouths salivate as tension forms in the air
process, a study in policy