U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-24-2015, 07:30 PM
 
800 posts, read 557,779 times
Reputation: 1818

Advertisements

Quote:
Originally Posted by WestGuest View Post
My home is for sale for $770,000 on the oceanfront in Rockport Texas. My car is a 2003 Miata with 70,000 miles and might be worth $10,000 runs great though.
Your house and your Miata in the garage look nice
https://www.google.com/maps/@27.9646...8i6656!6m1!1e1
Reply With Quote Quick reply to this message

 
Old 09-24-2015, 08:14 PM
 
Location: Southlake. Don't judge me.
2,810 posts, read 3,567,728 times
Reputation: 3600
Quote:
Originally Posted by EDS_ View Post
No. Take the total sales price of all cars..........that sum should equal 6 mos. salary or less. Thinking about it though, below about $150K his formula starts to break down IMO.
For a "rough rule of thumb", it's still pretty good even at lower income levels. At 100K that's 25K to 50K in cars. Average of that (37.5K) would be a new Camry and a 6 year old Camry or something like that.

At 50K, that's 12.5K to 25K in cars. 18.75K is the average. A 3 year old Accord and a 10 year old Accord, or similar, give or take.

At 25K...well, that's 6.25K to 12.5K, average of 9.375K. You're really talking one fairly cheap used car (6 year old Hyundai Sonata or whatever) and maybe one beater in addition. At 25K household income you're either single...or you're owning two pretty old cars.

It's not perfect in that you're not really taking into account how often a household is buying cars, but it kinda sorta works out, IMHO.
Reply With Quote Quick reply to this message
 
Old 09-24-2015, 08:21 PM
 
Location: Prosper
6,268 posts, read 12,114,361 times
Reputation: 9325
Quote:
Originally Posted by BLDSoon View Post
Also i doubt very much that any bank financed/leased an escalade to a person on food stamps as someone else said. Either they are not on food stamps as one assumed or something else is going on that probably involves law enforcement not banking.
I said it, and you'd be wrong.

These are the kind of people who have 4-5 kids and get government handouts to support them. Rather than buy their kids food and clothing and live in a decent home, they get 3-4 families and pack everyone into 1 apt and spend any excess money on bling.

There are a million 0% down, no credit check places to lease a car. They're getting raped on interest rates, but when you're worth nothing, you don't care about trivial stuff like that. They just want the nice car with chrome rims so they can show off and their friends will think they're a baller.

Most of them end up getting their cars repossessed, and then they go to the next "no credit check" place and the cycle begins anew.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 04:45 AM
 
Location: Grapevine, Texas
9,505 posts, read 19,515,952 times
Reputation: 6633
Quote:
Originally Posted by MckinneyOwnr View Post
I said it, and you'd be wrong.

These are the kind of people who have 4-5 kids and get government handouts to support them. Rather than buy their kids food and clothing and live in a decent home, they get 3-4 families and pack everyone into 1 apt and spend any excess money on bling.
My sister works in the repo industry, and she would agree with you. The personal property that is recovered from repo'd cars is ridiculous: gaming consoles, designer clothing/purses, etc. It's mostly luxury items, and yet they can't even afford to pay their car note. Google "culture of poverty" and you can read for days.

Both of our cars weren't even worth 1/4 of what our house is worth when they were new...and they are not new anymore!
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 06:39 AM
 
7,290 posts, read 8,123,957 times
Reputation: 5381
Quote:
Originally Posted by synchronicity View Post
For a "rough rule of thumb", it's still pretty good even at lower income levels. At 100K that's 25K to 50K in cars. Average of that (37.5K) would be a new Camry and a 6 year old Camry or something like that.

At 50K, that's 12.5K to 25K in cars. 18.75K is the average. A 3 year old Accord and a 10 year old Accord, or similar, give or take.

At 25K...well, that's 6.25K to 12.5K, average of 9.375K. You're really talking one fairly cheap used car (6 year old Hyundai Sonata or whatever) and maybe one beater in addition. At 25K household income you're either single...or you're owning two pretty old cars.

It's not perfect in that you're not really taking into account how often a household is buying cars, but it kinda sorta works out, IMHO.
I like urinalysis, wait I mean your analysis.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 07:15 AM
 
7,290 posts, read 8,123,957 times
Reputation: 5381
Quote:
Originally Posted by MckinneyOwnr View Post
I said it, and you'd be wrong.

These are the kind of people who have 4-5 kids and get government handouts to support them. Rather than buy their kids food and clothing and live in a decent home, they get 3-4 families and pack everyone into 1 apt and spend any excess money on bling.

There are a million 0% down, no credit check places to lease a car. They're getting raped on interest rates, but when you're worth nothing, you don't care about trivial stuff like that. They just want the nice car with chrome rims so they can show off and their friends will think they're a baller.

Most of them end up getting their cars repossessed, and then they go to the next "no credit check" place and the cycle begins anew.
I used to invest in apartments and low end homes..........I'll simply say that you've outline this issue nicely.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 07:58 AM
 
Location: Prosper
6,268 posts, read 12,114,361 times
Reputation: 9325
Quote:
Originally Posted by EDS_ View Post
I used to invest in apartments and low end homes..........I'll simply say that you've outline this issue nicely.
It's the main reason why I've never pulled the trigger and bought any rental property... I've seen how these people live and I wouldn't want to deal with the hassle of having someone like that rent from me. Dunno how you dealt with it.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 09:10 AM
 
7,290 posts, read 8,123,957 times
Reputation: 5381
Quote:
Originally Posted by MckinneyOwnr View Post
It's the main reason why I've never pulled the trigger and bought any rental property... I've seen how these people live and I wouldn't want to deal with the hassle of having someone like that rent from me. Dunno how you dealt with it.
Well eventually it became too much. We still have a few homes that we own and rent out but they are not low end.



My renting experience boils down to this.

The good we have two rentals one in Chicago and one in Denver and we used to have a place in NYC. These are/were upper middle class or better type rentals. Over the years owning these places we've had no serious issues.

One young Latina woman with a little kid and no husband rented a home from us in Garland. Her family was/is an assortment of creeps, drug addicts, drug runners and thieves. However, over the course of about five years she transformed herself from a kid with a kid and little going for her to an X-ray tech of some kind. Currently, she's planning her next move up the medical food chain. She did all that with no help from her family and very little public help. On my list of most respected people I've met she's in the top five.


The bad. Of the dozens of other people I met renting low end places................well let's just say most people who are broke and stay broke have earned it and due to serial financial irrationality they have no chance to improve their lot.

Out of a full profusion of stupidity on my part I agreed to a rent to own deal with a guy. The first payment was late, LOL, a few day later I caught wind he was loading up his truck.........so I sprinted over to try to collect something/anything. The long and the short of it is this mental giant had bought what had to have been $3-5K in wheels and tires for his ancient crapped out Chevy pickup. The deal was so good he had to pay for the wheels with the money he had saved to cover the fist several house payments. At least he left without any grief.

I've had people steal toilets, plumbing fixtures, light fixtures, ceiling fans, disposals etc. The ender for me was two fold seeing grown arse-adults abdicate their parental responsibilities over dope and stupid money decisions is really hard to take. That and one guy destroyed all of the cabinets in "his" house on the way out - took an axe or similar to every single cabinet face in the house.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 09:31 AM
 
Location: Prosper
6,268 posts, read 12,114,361 times
Reputation: 9325
Quote:
Originally Posted by EDS_ View Post
Well eventually it became too much. We still have a few homes that we own and rent out but they are not low end.

My renting experience boils down to this....
That's exactly what I'm afraid of.

Hell, even on the high end these days, there's no guarantees you're going to get good renters. My parents have a $600k house in Stonebridge Ranch. The house next door is worth about $425-450k. It has been rented out periodically for the past 3 years, rent is ~$2500-3k per month. I would consider that pretty steep for rent for most people.

There's currently 3 generations living in this SFH. They never do any yard maintenance, even though according to the owner the tenant is supposed to. They went out and bought a Walmart special 20'x20' above ground pool (not allowed by the HOA!) and plopped it down in the middle of the backyard. Obviously it will have killed a huge patch of the grass in the backyard whenever they take it down, but they'll probably just leave it for the owner/next tenant to deal with. No drainage for it either, so my parents are concerned that if it breaks, it will flood their yard/patio.

The house has a three car garage but they park two cars on the street and one in the driveway because the garage is full of their junk.

The HOA can only do so much, they've already fined the owner for a couple things, but as long as he keeps getting rent, he doesn't care.
Reply With Quote Quick reply to this message
 
Old 09-25-2015, 10:16 AM
 
7,290 posts, read 8,123,957 times
Reputation: 5381
Quote:
Originally Posted by MckinneyOwnr View Post
That's exactly what I'm afraid of.

Hell, even on the high end these days, there's no guarantees you're going to get good renters. My parents have a $600k house in Stonebridge Ranch. The house next door is worth about $425-450k. It has been rented out periodically for the past 3 years, rent is ~$2500-3k per month. I would consider that pretty steep for rent for most people.

There's currently 3 generations living in this SFH. They never do any yard maintenance, even though according to the owner the tenant is supposed to. They went out and bought a Walmart special 20'x20' above ground pool (not allowed by the HOA!) and plopped it down in the middle of the backyard. Obviously it will have killed a huge patch of the grass in the backyard whenever they take it down, but they'll probably just leave it for the owner/next tenant to deal with. No drainage for it either, so my parents are concerned that if it breaks, it will flood their yard/patio.

The house has a three car garage but they park two cars on the street and one in the driveway because the garage is full of their junk.

The HOA can only do so much, they've already fined the owner for a couple things, but as long as he keeps getting rent, he doesn't care.
Man that kind of thing sucks.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top