Housing - here's what a $$$ million gets you here

[Runethecursed]

One of my superiors has like 1.5 million in debt (im gonna air quotes that)

But the debt is the cumulative mortgage of all his houses throughout the west coast (washington and california)

He says the taxes arent really an issue in comparison to the income gathered from the 6 houses. His best story is buying a short sale house in washington and turning around and selling it 2 years later at a 30k profit (actual was like 22 after everything)

that said I got a bad feeling in my knee that the economy is gonna rupture something like 08 again.

Ive been talking to my dad about buying a few properties in new areas in Tennessee. 220k for a 3 bedroom place and garage in a good neighborhood.

I figure buying places in California, you have to go in the mindset that you wont pay it off and pray to whatever gods you believe in that the value will be higher than what you owe come time to sell

[ern-diz]

Originally Posted by Runethecursed

that said I got a bad feeling in my knee that the economy is gonna rupture something like 08 again.

This.

I listen/read a lot of libertarian stuff and there does seem to be several bubbles waiting to burst. Credit card debt, auto loan debt, school loan debt and several other sub prime bubbles. Some think it's going to be worse than '08. Because of that, I've been lobbying my wife on considering cashing out of our current house. We bought it 5 yrs ago when prices were still fairly low. We have about $100k in equity in it right now and I'm afraid that's going to evaporate in a couple years if SHTF. We're looking at new homes in Arizona and other neighboring states, trying to see if it would make sense to cash out of this California home and use it to pay off over half of something even nicer in a state next door. With things like interest rates starting to creep up, the window of opportunity might already be starting to close...

[Runethecursed]

Originally Posted by ern-diz

This.

I listen/read a lot of libertarian stuff and there does seem to be several bubbles waiting to burst. Credit card debt, auto loan debt, school loan debt and several other sub prime bubbles. Some think it's going to be worse than '08. Because of that, I've been lobbying my wife on considering cashing out of our current house. We bought it 5 yrs ago when prices were still fairly low. We have about $100k in equity in it right now and I'm afraid that's going to evaporate in a couple years if SHTF. We're looking at new homes in Arizona and other neighboring states, trying to see if it would make sense to cash out of this California home and use it to pay off over half of something even nicer in a state next door. With things like interest rates starting to creep up, the window of opportunity might already be starting to close...

For now, on the backside of that crash would be prime to pick up something too.
I am renting now with a fixed rate and if this thing goes sideways in 2020 or something Ill be at the point of having some side cash and the VA loan to get something.

Alot of people are moving outta California so that will mess with housing costs too.... I think. California Gov might ignore that and keep raising taxes....

2021 cannot come soon enough XD

My house is rated for 593k today and that is up from last years 578k.... next years forcast says itll be worth over 600k so if I bought it I could ride it out. that said I believe its closer to 540k in value. the estate itself is shoddy at best