SoCal housing unaffordable for $100k income. Other ways to secure retirement?
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Me! The crystal ball has been working fine for 5 decades, backed with some market analysis. Rent yields? How cute. Do you get them off the internet?
So I should just take your word for it that you actually made the prediction 50 years ago? If I take your word for that, then do I get to make a freebie claim that I don't need to back up?
If so, then I will just go ahead and say that I saw the housing bubble crash coming well in advance. So this validates my crystal ball? I also predict that the pace of real estate appreciation in that area will level off dramatically (in real terms) some time in the next 30 years. If you're young enough, we can simply wait and see who's right. I'll invest my way, you invest your way...
Well I can show you areas that I have invested in in each of the last 5 decades that have doubled in value in about two years. Shoot, all you need to do is look at the median prices of properties in say the Bay area, Honolulu and Vegas in the 90's.
I invest for profit and do quite well. I have no idea how you invest but it seems like you do not understand appreciation rates or rent growth but focus on "rent yield?". Don't know how you are calculating it or how you can use it but it is probably not helping you.
You think you have investor knowledge by parroting such classics as past doesn't predict future without even understanding RE cycles. Pay your gurus so you can spout the newest investor gem. I'll stick to the basics.
In my experience, most people who move to cheaper locales just never come back. Most get used to their nicer lifestyle in the cheaper place and don't want to pay a lot more for that same lifestyle in CA.
Yes I'm starting to see this point. Until bad weather comes and the lack of stuff to do. It's a tough offset.
Well I can show you areas that I have invested in in each of the last 5 decades that have doubled in value in about two years. Shoot, all you need to do is look at the median prices of properties in say the Bay area, Honolulu and Vegas in the 90's.
I invest for profit and do quite well. I have no idea how you invest but it seems like you do not understand appreciation rates or rent growth but focus on "rent yield?". Don't know how you are calculating it or how you can use it but it is probably not helping you.
You think you have investor knowledge by parroting such classics as past doesn't predict future without even understanding RE cycles. Pay your gurus so you can spout the newest investor gem. I'll stick to the basics.
You're apparently forgetting that rents can only rise so far before people can no longer pay. With a large share of renters paying 50% of their income on rent already and rising rates of eviction, there isn't much more room for rents to go up further. They aren't building enough eviction courts, and the people staffing the court buildings will have to live somewhere....
You're apparently forgetting that rents can only rise so far before people can no longer pay. With a large share of renters paying 50% of their income on rent already and rising rates of eviction, there isn't much more room for rents to go up further. They aren't building enough eviction courts, and the people staffing the court buildings will have to live somewhere....
So you are saying rents have reached their all time peak? People been saying that for decades. Geez. Are you one of those preppers thinking you're gonna come in and take what you want when the SHTF? Good luck with that.
So you are saying rents have reached their all time peak? People been saying that for decades. Geez. Are you one of those preppers thinking you're gonna come in and take what you want when the SHTF? Good luck with that.
Great way of (attempting to) dodge the actual point - tell me again how you expect these renters to pay more than 100% of their income for rent in the future?
Hi all. I've been looking at suburban L.A. housing, and I'm not finding a lot of scenarios that make me happy. I've been here 15 years so I know all the ropes of how to do things and like I said I'm just not finding something I can be comfortable with.
I actually work in the Inland Empire suburbs, but I just don't want to commit to a $2500 a month mortgage.
I used to commute to the Inland Empire from El Segundo, now I work in the Inland Empire so I don't have a commute anymore, and I make decent money, but it's still unaffordable for this area. An affordable area for me now is Beaumont or Banning, and I don't want to drive out there. That defeats the purpose of getting rid of my commute with my newer, still decent paying position.
Anyway, just kind of wondering what my options are if I cannot get a house in SoCal. My 401k going, but what else can I do if I don't have vaunted retirement equity?
Do you know where you will live in retirement?
My friend did, so he bought a home there (Oriental, NC) and rented it out until he retired. It worked well. The renters almost had it paid off by the time he got there. It needed some touching up but nothing serious.
The home in Oriental was nice and much, much cheaper than anything comparable in Dallas where he had lived. His net outlay while he worked in Dallas was about zero.
Great way of (attempting to) dodge the actual point - tell me again how you expect these renters to pay more than 100% of their income for rent in the future?
Exactly how they've done it for at least the last 5 decades. Are you a shut in in a remote rural area?
1. Get the wife out there working so she can pay her share.
2. Single guy, get a better job or a roommate.
3. Minimum wage loser, get a second loser job.
4. Push for rent control so other people can subsidize your rent.
5. Get on a govt. program so taxpayers can pay your rent.
6. Move to a lower cost of living area.
7. SRO.
8. Get a 200sf mini apartment.
9. The woods.
Immigrants can come to America and sacrifice and in a generation or two they are all living in million dollar houses that they OWN.
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