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.
Regardless of your claims I never learned that lesson and I did fine right here. I am not claiming it is a bed of roses. But there are always opportunities for those that look. I already posted a ling to one local company that is hiring and hiring for a fair wage. The new hospital being built will offer some good wages. Even the new supermarket will have some decent wages for those that qualify.
What is this about "oh, poor me"? That is the last thing I would claim. I have had some hard jobs when I was younger; but I was proud of the fact that I could do those jobs. Not too many people can ever claim they used to lift 120,000 pounds a day; but I can. Every job has been easy since then. I made a good living here and that is what you cannot stand. It doesn't fit your narrative. Not everybody here is unhappy and many do not want to leave. On the other hand our forum is loaded with people from the city looking for a new home out of the city. We have some developments that are almost exclusively people from the City.
The lesson I refer to is that it's foolish to gloat about the economic instability of the NYC area, or boast about the Pocono RE market is hitting a home run, when it's still grossly lagging the overall national resale home value figures and has 3X the foreclosure rate. Should we take a bet as to how long it will be until banks are once again sidelining the "shadow inventory" of REO distressed properties in the area, to avoid collapsing the market? I'm putting my chip on 2024 or so.
Your "poor me" shtick is self explanatory. You take everything as personal attack, while claiming that you represent "we and us" as if you are the leader of the region. The fact that you worked hard at manual jobs is not a data point. I retired at 50, having made enough while living in the in the Poconos to retire to a much more vibrant and economically resilient part of the state, with enough savings to support a comfortable life for the next 35-40 years, but who cares about that fact either? Doesn't mean that moving to the Poconos will assure you will achieve financial independence as an investor, or be able to pay the bills as a dock worker.
Finally, you are lost if you think that I could give a rat's hair about your history. Statements like:
I made a good living here and that is what you cannot stand.
we discuss this stuff over on the investing forum here ...
"we" don't discuss things at the investing forum here. "You" don't decide where this thread drifts to either.
Your post on asset classes in a prime reason to avoid investment forums, and the keyboard experts who offer their alleged knowledge. To call your post bovine discharge would be charitable.
I have been hesitant to purchase long term treasury ETF due to the 10 year paying less than 1 percent. Is it still worth purchasing it in these days of such low interest rates?
not alone, as that would be a speculation . but as a comprehensive package along with gold , equities and short term t-bills they work great
it is not about the interest rate on long bonds , i is all about appreciation as fear , greed and perception rule .
TLT the long treasury bond etf is up 26% over the one year and 22% year to date .
gold up 26% over the one year and 17% ytd..short term treasuries up 4% over the one year , 2.22% ytd
total market up 6.31 over the one year and down 3.45 ytd .
a a mix of 25% in each did very well
Last edited by mathjak107; 07-01-2020 at 10:39 AM..
Well this "Too Good To Be True" thread sure has drifted from what the OP wanted....seems to need its own feed for all the bickering going on and "I know more than you" attitudes....
Last edited by DavidWebb; 07-01-2020 at 11:52 AM..
Reason: added info
The lesson I refer to is that it's foolish to gloat about the economic instability of the NYC area, or boast about the Pocono RE market is hitting a home run, when it's still grossly lagging the overall national resale home value figures and has 3X the foreclosure rate. Should we take a bet as to how long it will be until banks are once again sidelining the "shadow inventory" of REO distressed properties in the area, to avoid collapsing the market? I'm putting my chip on 2024 or so.
Your "poor me" shtick is self explanatory. You take everything as personal attack, while claiming that you represent "we and us" as if you are the leader of the region. The fact that you worked hard at manual jobs is not a data point. I retired at 50, having made enough while living in the in the Poconos to retire to a much more vibrant and economically resilient part of the state, with enough savings to support a comfortable life for the next 35-40 years, but who cares about that fact either? Doesn't mean that moving to the Poconos will assure you will achieve financial independence as an investor, or be able to pay the bills as a dock worker.
Finally, you are lost if you think that I could give a rat's hair about your history. Statements like:
I made a good living here and that is what you cannot stand.
Are absurd to the point of being delusional.
Two part timers I work with were just offered a $40 to $60K job yesterday. I know that is not a lot of money to our NYCer members; but it is not a bad starting salary for around here. One of my managers started off with a 'temp' job and is making over $80K. I know of six other temp workers that will probably be offered a position in the next week or so.
I simply see a thread that has been sidetracked by all this "smell me" I'm a big NYC investor and how dare you question me - just crawl back in your hole and be miserable! You cannot see change if you don't live here. I see people getting hired and I see construction. I have also lived through times where there was no construction; but I was never jealous of people living in the City (no matter how much they made). Plus I have never used the term: Poor me (I am happy where I am at).
Two part timers I work with were just offered a $40 to $60K job yesterday. I know that is not a lot of money to our NYCer members; but it is not a bad starting salary for around here. One of my managers started off with a 'temp' job and is making over $80K. I know of six other temp workers that will probably be offered a position in the next week or so.
I simply see a thread that has been sidetracked by all this "smell me" I'm a big NYC investor and how dare you question me - just crawl back in your hole and be miserable! You cannot see change if you don't live here. I see people getting hired and I see construction. I have also lived through times where there was no construction; but I was never jealous of people living in the City (no matter how much they made). Plus I have never used the term: Poor me (I am happy where I am at).
i have nothing more to say if you don't understand what others are trying to explain to you
i have nothing more to say if you don't understand what others are trying to explain to you
What we have here is a failure to communicate! You live in NYC; I live in Monroe County. You don't see what I see and I don't see what you see. You look at figures and I look at what is happening in our community.
I don't like to chime in here too much as I'm looked at as a carpetbagger. I've done well in Monroe real estate as an investor. Short-term rentals are booming and there are longer term monthly rental requests all the time. The city kids are done with school and there are no summer programs available for them. Families just want to come out here to spend the summer. Boom! $6k a month for a property that I paid $130k including the renovations. New Yorkers are itching to take a road trip. A weekend in the Poconos? That's $1k in my pocket. You can't make these returns on real estate in NYC or in any other market.
I already made ROI on my first property and others have appreciated nicely. I'm making an offer on my 6th property this week and then I'm done. If I buy anymore, I'll need to hire a full time manager.
I don't understand why PA locals aren't doing this. That's the formula. I'm giving it away. And I didn't need any connections to do it. Yes, it's a lot of work and I also hold a full time job in NYC, but I'm young, wiling, and able. I like doing home repairs and fixing things.
I do expect prices in Monroe to trickle up in the near term. It's a shame that more locals don't see this opportunity. The ones that know seem to keep quiet about it. Some have been doing short-term rentals for years before Airbnb existed. To say Monroe is depressed for investment is incorrect. I'm getting price appreciation and generous income. Stop spreading misinformation. There's always an opportunity somewhere! [JC]
To see you folks picking on fisheye is really sad. He's respectful to all of you even when he's attacked. He's happy with where he is in life and what he has accomplished. It's obvious that he has a different view on life in the Poconos. His story happens to be positive and so is mine. Do you need to bully an elderly man to feel good about yourself? Even if you feel he's delusional, what exactly do you gain IRL by "correcting" him? The level of pettiness is extremely high.
but he wants to invalidate the experiences of others that had negative things to say about what they thought and tells me i shouldn't post my negative comments on some issues because his experiences are favorable .
that is just a view that is nonsense when you want others to not comment because you are happy..there is a big difference between a place meeting once needs vs a place that you live in because you like it .
There are lots of places we would like better than nyc but few that meet our needs ...especially because this is where our kids and 6 grandkids are .
When it comes to public transportation systems , things to do all year , choices in specialists and medical facilities, good jobs with high pay , all that stuff is right here where we live ....but that does not mean we wouldn’t be happier in a warm climate somewhere else ......so what you may need as you age can be quite different then where you actually live
Last edited by mathjak107; 07-02-2020 at 03:24 AM..
I don't like to chime in here too much as I'm looked at as a carpetbagger. I've done well in Monroe real estate as an investor. Short-term rentals are booming and there are longer term monthly rental requests all the time. The city kids are done with school and there are no summer programs available for them. Families just want to come out here to spend the summer. Boom! $6k a month for a property that I paid $130k including the renovations. New Yorkers are itching to take a road trip. A weekend in the Poconos? That's $1k in my pocket. You can't make these returns on real estate in NYC or in any other market.
I already made ROI on my first property and others have appreciated nicely. I'm making an offer on my 6th property this week and then I'm done. If I buy anymore, I'll need to hire a full time manager.
I don't understand why PA locals aren't doing this. That's the formula. I'm giving it away. And I didn't need any connections to do it. Yes, it's a lot of work and I also hold a full time job in NYC, but I'm young, wiling, and able. I like doing home repairs and fixing things.
I do expect prices in Monroe to trickle up in the near term. It's a shame that more locals don't see this opportunity. The ones that know seem to keep quiet about it. Some have been doing short-term rentals for years before Airbnb existed. To say Monroe is depressed for investment is incorrect. I'm getting price appreciation and generous income. Stop spreading misinformation. There's always an opportunity somewhere! [JC]
To see you folks picking on fisheye is really sad. He's respectful to all of you even when he's attacked. He's happy with where he is in life and what he has accomplished. It's obvious that he has a different view on life in the Poconos. His story happens to be positive and so is mine. Do you need to bully an elderly man to feel good about yourself? Even if you feel he's delusional, what exactly do you gain IRL by "correcting" him? The level of pettiness is extremely high.
I appreciate that you feel I am being picked on and you want to help. We both 'made money' here and that is what they don't understand. I made my money in commercial investment many years ago. Because of that I have enjoyed mostly a debt free life. If I was younger I would take you up on your offer of the "formula". I have worked almost all the trades at one time: carpenter, electrician's and plumber's helper. So I can do a lot of the work myself; like you are doing. Regardless of my critics I have enough to last me until the end; what else does one need?
Years ago when jobs paid far less there were those that made fortunes off the Pocono real estate. The Rubins and the Abelloffs owned hundreds of local homes (I think it was about 500 each). They had their 'formulas' for accumulating wealth. Of course it is different today. But with every generation the rules change and some will succeed and some will fail.
As far as why more locals do not take advantage of systems like your formula; many do not have the money or skill. That is why so many from the City bought real estate in our area; they had the money. Years ago many 'locals' resented those from the cities; when it came time to sell they found out that they could not live on their principles. So, slowly but surely, we sold off our land to top dollar. It is kind of like what China is doing to the US right now. It would not surprise me; but I feel that we no longer have many of our young that are a Jack of all trades. Because of the rules and regulations many general contractors are subbing out more of the work. But that I am speculating about and I really do not know. On the other had we now have YouTube to walk us through any project and that we did not have 'back in the day'. I presume that you have used YouTube a few times yourself.
Just out of curiosity; do you still live in the City or do you live here now? I have one coworker that bought four residential units up in Binghamton, NY years ago. He had family up there. He has made a good living off those units even when we had the down turn. He was thinking of selling as he got older; but is happy that he did not. I would always worry about owning property that was not close to my home. But that does not seem to be a problem today.
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.
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.
i have nothing more to say if you don't understand what others are trying to explain to you
