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Thread: Real Estate Crash thread
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08-19-2020, 02:01 PM #9826Banned
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08-19-2020, 02:31 PM #9827
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08-19-2020, 02:40 PM #9828
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08-19-2020, 02:48 PM #9829
That's a sobering chart. Too early for a drink?
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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08-19-2020, 03:41 PM #9830Banned
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08-19-2020, 03:52 PM #9831
chart came from an article on seekingalpha. i believe the deliquency stats include the forebearances as those were required to be counted as delinquencies, which they are. now what percentage of those mortgages would have actually been kept current had the forebearance not been allowed is up for debate but i think the writing is on the wall, lots of people are going to lose their houses once the can stops getting kicked down the road.
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08-19-2020, 03:54 PM #9832
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08-19-2020, 04:04 PM #9833
you can read more about the delinquency stats on the mortgage bankers association website here: https://www.mba.org/2020-press-relea...uarter-of-2020
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08-19-2020, 04:11 PM #9834
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08-19-2020, 04:37 PM #9835
Regionalized data is what matters. National aggregate? WGAF. Important piece
The five states with the largest quarterly increases in their overall delinquency rate were: New Jersey (628 basis points), Nevada (600 basis points), New York (575 basis points), Florida (569 basis points), and Hawaii (525 basis points).
Note: An estimated 4.2 million homeowners were on forbearance plans as of June 28. For the purposes of this survey, MBA asks servicers to report the loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage.
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08-19-2020, 05:08 PM #9836
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08-19-2020, 05:50 PM #9837"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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08-19-2020, 06:54 PM #9838
I decided I did not want to hassle with rent and sold. Bird in the hand and all. Now I have a friend doing pretty well on the rent places plan I think he’s up to six. It’s worth what someone is willing to pay.
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Utah?
Yeah, Utah. It's wedged in between Wyoming and Nevada. You've seen pictures of it, right?
So after 15 years we finally made it to Utah.....
Thanks BCSAR and POWMOW Ski Patrol for rescues
8, 17, 13, 18, 16, 18, 20, 19, 16, 24, 32, 35
2021/2022 (13/15)
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08-19-2020, 06:59 PM #9839Banned
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08-19-2020, 08:43 PM #9840
Real estate agents around Aspen have recently told those looking in the $3-5M range that “this is not your market to buy in.” Way too much demand and people buying sight unseen. The rich are here, as strongly and wrongly as they’ve ever been.
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08-20-2020, 07:37 AM #9841
Dirt pimp on a morning radio program out of Charlotte suggesting clients refinance. And consider taking out equity in the process.
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08-20-2020, 08:13 PM #9842
Kevo, $270k tax free is hard to beat.
Break even rental is a bad idea. Unless you truly plan to come back.
Imagine selling in 3 years, having wear and tear, and paying cap gains taxes.
Plus, this is peak covid pricing. Take the money and run. If you have to come back, will prices really be much higher?
At the very least, list it higher than your realtor says. See what bites. Might be $300k tax free. . .
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08-20-2020, 08:27 PM #9843Registered User
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08-20-2020, 09:35 PM #9844
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08-20-2020, 10:35 PM #9845
I keep going back and forth in my mind.
One of my buddies reminded me that while renting my house I'll also keep the part of the mortgage payment they goes to principal every month ~$700). So, the rent it out option will actually make me $1,100 per month if I use a property manager or $1,400 per month if I manage it own my own. This is, of course, before maintenance, etc.
My mortgage is $2,300 including taxes and insurance on a 4 bed, 3.5 bath house in a desirable part of Golden. I looked recently to see what was out there from a rental standpoint and I'd only be able to get a mediocre 2 bed, 2 bath apartment in Golden for the same price in rent.
Also after looking today I think I'd be able to rent my house for more than the $3k I was thinking it would get.
I need to make a decision in the next week or so. If I get the go ahead to be perma remote it makes it easier to take the money and run.
I'm talking to a friend who is a real estate investor this weekend to see what he says.
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08-21-2020, 08:12 AM #9846Registered User
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Even w/ a management company, it'll be more work than you think. If you are prepared for that, then it can be a good investment.
Just know that shit happens at the least opportune times and you will still have a lot of maintenance items that can go wrong with two homes. Two AC units, two dishwashers, two refrigerators, two HOAs etc etc. Even if the mgmt company takes care of it, you will still be paying for it and dealing with it in at least some capacity, if it is only financially.
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08-21-2020, 08:38 AM #9847Banned
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Gritty is a very nice way to put manhattan back in those days. Ever head to 42nd street back then? Hookers and junkies. Garbage all over. Bum problem at epic levels. Would you walk on the street in spanish harlem in 1984? Today? How about alphabet city in 1984? Nope...today? No problem. Sure there were reasturants, and cbgb's but only the brave and in city residents were enjoying those. Nyc wasn't a pretty place back then imho. Everyone sees things through their own lens though so ymmv.
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08-21-2020, 08:38 AM #9848
Across street renters did $80k in damages to property so if your ok with the house potentially getting trashed.
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08-21-2020, 08:46 AM #9849
Take the money and run. Long distance renting sucks. Or just buy the TV place as "winter home". Sure your house in Golden is empty for a while, but it's also not being trashed. Try it for one winter before committing. What if employment changes. Job is driggs, victor are slim compared to front range.
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08-21-2020, 08:47 AM #9850Banned
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Da fuq? What did they do pull all the copper? I'm guessing the 1.5months security didn't help much with repairs.
Vibes.
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