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Old 12-26-2015, 10:17 PM
 
28,113 posts, read 63,642,682 times
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Quote:
Originally Posted by Opus One View Post
500k
Bargain
choose 1.
If you go to anywhere in the country even 250k would get into the upper middle class.
It would be difficult for me to swing even 500k. It would require a wife and even more aggressive savings although I could muster a downpayment. I would be farther from my job and would become a slave to the mortgage however.
The genie CAN be brought back. Look at Detroit, Gary, Youngstown, Philadelphia, Baltimore, Cleveland, or Memphis. They used to be some of the most expensive metropolitan cities in the country. Now look!
Every night I pray that the Bay Area will become affordable. Then I could move out instead of living at home until I inherit. I could be like Ward Cleaver from Leave it To Beaver thanks to my govt. job.
I think you have just answered your own question...

Become a pioneer and put down roots in Detroit, Gary, Youngstown, Philadelphia, Baltimore, Cleveland, or Memphis.

Homes can be bought in Detroit for back taxes... I viewed some and was blown away... 3 story brick homes with basements.

After I graduated in Engineering at SJS I wanted to buy a home in the worst way... looked around the South Bay all the way down to Gilroy...

I ended up buying a home for cash in East Oakland for $11,500... most thought I was nuts... I could not have been happier... I grew up in East Oakland and my family and extended family lived in East Oakland.

So what that it was scheduled for condemnation... it was all mine and no 15% interest mortage payment either!

Wait for the next cataclysmic disaster and property will go begging... short of that, it always comes back stronger after a downturn...

The buy opportunity of a lifetime was 2012-13... tons of foreclosures and record low 30 year fixed rates... absolutely incredible and I'm not taking decades ago... just 3 years ago... I can understand how you would be bummed...
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Old 12-26-2015, 10:21 PM
 
85 posts, read 92,105 times
Reputation: 30
Quote:
Originally Posted by Ultrarunner View Post
I think you have just answered your own question...

Become a pioneer and put down roots in Detroit, Gary, Youngstown, Philadelphia, Baltimore, Cleveland, or Memphis.

Homes can be bought in Detroit for back taxes... I viewed some and was blown away... 3 story brick homes with basements.

After I graduated in Engineering at SJS I wanted to buy a home in the worst way... looked around the South Bay all the way down to Gilroy...

I ended up buying a home for cash in East Oakland for $11,500... most thought I was nuts... I could not have been happier... I grew up in East Oakland and my family and extended family lived in East Oakland.

So what that it was scheduled for condemnation... it was all mine and no 15% interest mortage payment either!

Wait for the next cataclysmic disaster and property will go begging... short of that, it always comes back stronger after a downturn...
The problem with buying property is the only property I can afford is too far away to manage. I'm basically trapped into stock investing.
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Old 12-26-2015, 10:24 PM
 
28,113 posts, read 63,642,682 times
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A 450k mortgage is about $2100 per month...

Stocks are something I know nothing about... no one in my family has anything to do with stocks.

Some do real well... with my luck it would not be me.
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Old 12-26-2015, 10:27 PM
 
85 posts, read 92,105 times
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Quote:
Originally Posted by Ultrarunner View Post
A 450k mortgage is about $2100 per month...

Stocks are something I know nothing about... no one in my family has anything to do with stocks.

Some do real well... with my luck it would not be me.
It's basically what I'm forced into. I do appreciate getting a distribution ever 3 months but It's not very fulfilling. I can't look at a piece of paper and say "I own that" and feel the same thing I would looking at my very own mid century modern ranch house.
My results up until recently were pretty good but it seems hollow and soulless.
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Old 12-26-2015, 10:33 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
Quote:
Originally Posted by Opus One View Post
It's basically what I'm forced into. I do appreciate getting a distribution ever 3 months but It's not very fulfilling. I can't look at a piece of paper and say "I own that" and feel the same thing I would looking at my very own mid century modern ranch house.
My results up until recently were pretty good but it seems hollow and soulless.
I recently posted the home I bought for $11,500 and many have e-mailed me to say I overpaid!

What I did do was search the Multiple Listing Services for the least expensive single family home in each area and I had to keep narrowing my field to what I could afford.

When I look back I can see just how bad it was... at the time nothing would have dampened my enthusiasm and I still own the home today and have my second renter since I moved out...

You may just land a windfall in the market... it does happen.

I did buy one stock early in life... it was Apple since my God Sister was working there... she urged me to buy... so I did and later sold it making about $800 that I used to buy my first house...
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Old 12-26-2015, 10:36 PM
 
Location: Oakland, CA USA
337 posts, read 733,034 times
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Quote:
Originally Posted by Dave Coe View Post
China Passes Mexico as #1 Source of California Immigrants - Breitbart


This is probably already the case in the Bay Area. When I was in SF I noticed less Mexicans than in Southern California. I think the high housing prices are slowing are discouraging Mexicans from moving there. A lot of Mexicans in California are moving to Nevada and Texas.
The era of mass migration from Latin America to the United States is over. However, immigration numbers from Asia aren't spiking per se (although it may feel like it in the Bay Area). I was listening to Forum on KQED last month and they had a researcher from the Pew Research Center on the program and he said that the migration levels from Asia are holding steady and haven't increased.

I actually wonder what the current migration levels are by country for Asia. A good friend of mine is Taiwanese-American and he told me that immigration from Taiwan, Hong Kong and South Korea is really low. He also told me that many Taiwanese and Hong Kongese are actually are moving back and that there's even a word for them (something that translates into "sea turtles"). I know of at least three people I graduated from high school with in the East Bay that moved back to Hong Kong. I think a lot of the growth in the Asian population is coming from the South Asians (Indians) and probably mainland China?? I'm not sure.

Also, the gentleman who cuts my hair is from Vietnam. He told me that many young people in Vietnam don't want to come to the United States and one can have a good life in Vietnam. He also told me that Vietnam feels exciting and is 24/7 whereas in the U.S. you just "work and then go home and sleep." He told me that his brother has returned to Vietnam and that he himself plans on returning as well. I was sort of surprised to hear this - I've always thought of Vietnam as impoverished.

Anyhow, I'm a little bit confused on immigration from Asia. The Bay Area definitely feels more Asian than say ten years ago. OTOH, I have people telling me that nobody wants to come here anymore and people are moving back. Anybody have some good insight on Asian immigration?
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Old 12-26-2015, 10:36 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
OK... I found the picture.

Warning... this is what I spent my life savings on and no one could talk me out of it...

Remember it was the least expensive home on the Oakland MLS when I bought it and paid way less than it was listed for.

http://www.city-data.com/forum/attac...s-scan0008.jpg
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Old 12-26-2015, 10:40 PM
 
85 posts, read 92,105 times
Reputation: 30
Quote:
Originally Posted by Ultrarunner View Post
OK... I found the picture.

Warning... this is what I spent my life savings on and no one could talk me out of it...

Remember it was the least expensive home on the Oakland MLS when I bought it and paid way less than it was listed for.

http://www.city-data.com/forum/attac...s-scan0008.jpg
What decade was this?
Was leader of the pack still playing on the radio?
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Old 12-26-2015, 11:22 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
Quote:
Originally Posted by Opus One View Post
What decade was this?
Was leader of the pack still playing on the radio?
Mid 1980's...

Madonna-Like a Virgin or Starship-We Built this City

How much would you be willing to pay for the same home in 2015 dollars?

Last edited by Ultrarunner; 12-27-2015 at 12:25 AM..
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Old 12-26-2015, 11:28 PM
 
85 posts, read 92,105 times
Reputation: 30
Quote:
Originally Posted by Ultrarunner View Post
Mid 1980's...

How much would you be willing to pay for the same home in 2015 dollars?
With inflation thats about 30,000
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