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Old 12-01-2016, 11:27 AM
29,764 posts, read 34,848,700 times
Reputation: 11675


Originally Posted by StealthRabbit View Post
works for some, but I will NEVER be debt free, nor plan to be.

With a reasonable pension, $500k might be MORE than enough for retirement.
Bada Bing!
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Old 12-01-2016, 04:22 PM
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Originally Posted by Larry Siegel View Post
How does this happen? The market was down 57% in the crash, then recovered quickly and was back to the old high by 2013. It is now almost 50% above the 2007 high.

Did you spend out of a declining portfolio? Hold a few stocks that went down more than the market? I also have a retirement portfolio, as do millions of other people, but after losing money in 2008 it went up and is now well above the pre-crash level. I mostly own index funds.
We consolidated our apartment complexes down to only one property, located between two 'upcoming' casinos [Foxwoods and Mohegan Sun/Moon]. After the crash they both went through major lay-offs. Our apartments went empty for 2 years. Regardless of how low you set rent there were no renters in that area for a few years.

We carried the mortgage on our savings for 2 years, then we tried to give it back to the bank.
The bank refused to take a quit claim deed, and they could not foreclose properly [because they had been involved in a scam where they had skipped doing a bunch of the paperwork establishing the mortgage. The bank sued us, eventually we went through bankruptcy.
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Old 12-01-2016, 09:08 PM
Location: Haiku
4,056 posts, read 2,566,050 times
Reputation: 5975
Originally Posted by FloridaBeachBum View Post
BTW low cost places also have no earning opportunities. For instance I have a condo near the beach I rent. Common charges are like $500 a month taxes around $400 a month and insurance is around $1,000 a month. However, in summer you can rent it by the month. One widow in one unit rents it every July/August for $12,000. She stays with daughter who lives nearby and visits friends or does the vacation. The two months pays 100% of carrying cost of units. So she lives for free.

Even better we have a retired couple nearby who has a ski and a beach house. They live the off season in their houses. Summer at ski house, winter at beach house. This is up in New York. The live for free and clear around 40K profit each year.
Don't expect that to continue. There is a wide-spread backlash against short term vacation rentals that impact local communities. Investors buy up property for the sole purpose of renting it out short term. It drives house prices up and makes neighborhoods not very neighborly. Short term renters do not really make good neighbors.

Personally, I am very much in favor of cracking down on short term vacation rentals. I live on Maui and it is a real problem here. However, I do think that long term home owners should be able to capitalize on their investment, within reason. From what I am hearing, here on Maui but also in Seattle and San Francisco, is that laws are being passed that will limit short term rentals but favor true long term residents who rent occasionally.
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Old 12-02-2016, 02:35 AM
71,460 posts, read 71,629,249 times
Reputation: 49026
airbnb already got the boot in nyc
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Old 12-02-2016, 08:56 AM
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,526 posts, read 39,903,732 times
Reputation: 23629
Originally Posted by mathjak107 View Post
airbnb already got the boot in nyc
my limited experience says "good riddance'

8 airbnb stays on our one yr RTW, (fewer hotels than that)
ALL (our) airbnb's had a 'profit motive', with no oversight. Usually to make rent or house payments for someone who was unemployed or bankrupt.

In thousands of 'homestays' in the last 28 yrs we have not had a BAD one,
all but one of our airbnbs were worth leaving, all were VERY expensive for guest room accommodations (hotels and B&B were only slightly more, but we prefer to stay with locals, just no more Airbnb. (YMMV)

If you retire without millions, you may need to be creative on travel / extra expenses.
(roofs, cars, vacation homes). not at all hard to do, and can be a fun adventure seeking solutions.

We are still able to travel at least 1/2 the time, and NEVER made $75k / yr, or had a million $,
or ever had a double income.
One measly hourly paycheck, and 32 yrs in the trenches. Out at age 49. (working night shift helped a LOT... No BOSS.. so working nights kept me from getting fired)

Never will have a new car, never will need one.

Next roof? Do myself, or go to the prison work release program, same as the roofing contractors do.

Vacation house? who needs one at $10 / night for wonderful stays with plenty of food and fun.
We keep 3 CHEAP USA view residences and probably add an international one in a country with Healthcare. Each are rented out with FREE cottage for us.
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Old 12-02-2016, 11:19 AM
Location: equator
3,410 posts, read 1,523,023 times
Reputation: 8443
Originally Posted by mathjak107 View Post
airbnb already got the boot in nyc

No kidding!? The entire STATE? Wow.

Not being very real estate savvy, I had not realized how rental units impact value. In my former condo building, I heard that banks don't want to lend where the proportion of rentals is too high.

In my condo now, we are all retirement age. The absentee owners do rent out short-term once in awhile and it is quite disconcerting to see several children playing in the pool. Down the line we will probably vote to restrict rentals to one-month minimums. I used to rent a beach condo for a couple months each year and had to fill out 16-pages of an application as if I was a really long-term renter....
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Old 12-02-2016, 11:21 AM
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yep , it was a state thing . the state senate banned them . folks do not want to live next to what amounts to boarding houses
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Old 12-02-2016, 12:01 PM
2,455 posts, read 859,545 times
Reputation: 1714
Originally Posted by Submariner View Post
I agree that a person should not 'count' on an inheritance for their future subsistence.

Hopefully you have some form of healthcare package.

When I retired we had accumulated a large net-worth, we spent some on land and built a house so we could live mortgage-free. Then the crash of '08 took the remainder of our portfolio, so by the end of '09 we were broke.

My tiny pension and healthcare package has held us up nicely since then. If we had to pay for housing, we would have problems. My pension is roughly equivalent to flipping burgers. Living debt-free is a huge piece of the picture.

When I retired the Navy offered to ship us anywhere in the world. We could have returned to my native California. We already owned a home there. But we knew that living on a Minimum-Wage level pension would be hard in California. The same could have been said of Washington or Connecticut. We could have returned stateside to live in any of our homes. We had no reason to think that our investment income was ever going to fail us. Instead of settling in a high-cost / high-tax region, we wanted to settle somewhere the is low cost/taxed. Somewhere that my pension would carry us if need be.

This is my 15th year on pension and we are very glad that we decided to seek out a low cost area to settle in.

You can do just fine if you can find a low cost area and live debt-free.

My mortgage won't be paid off until I am 73. I could pay it off now, but since the interest rate is only 3.3%, versus 5-7% I can make on investments, it is logical for me to keep the mortgage.

Sounds like you own multiple homes, which is probably as good an investment as any.
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Old 12-02-2016, 12:05 PM
2,455 posts, read 859,545 times
Reputation: 1714
Originally Posted by jlawrence01 View Post
I was on our company's 401(k) committee and handled most of the questions regarding performance.

MOST of the largest complainers were people who converted to "Stable Value" at the bottom of the market in 2009 and remained out of the market until 2014.

As painful as it was in 2008-09, I remained in the market and as my income increased, I was able to recover in 2-3 years.
Right, it's called Buy Low, Sell High, the oldest advice in the book
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Old 12-02-2016, 12:45 PM
71,460 posts, read 71,629,249 times
Reputation: 49026
the oldest way to lose money too .

trying to buying low and sell high has lost more money for investors than any other mantra .

low in 2008 was when we fell 2000 points . who knew we had 4,000 more to go . so many investors bailed and ran getting burned .

buy high sell higher is the best odds of making money . the trend is your friend . when stocks are falling next stop is a loss . when stocks are rising next stop is gain .

you have to be the unlucky person at the end of the chain not to make money buying high and selling higher
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