WELCOME TO RIVER DAVES PLACE

For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

mbrown2

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I think you are overestimating the number of people who will be forced to sell. I could rent out two rooms and make my mortgage payment, Hell I could rent out my two homes and live off the 4k a month cash flow while couch surfing my friends houses at he river they aren't there that much anyway and I know where they hide all their spare keys.
I hope I am wrong... the average american has 60K in savings including protected retirement accounts...... that's not a lot a money when times get tough. The fact you mention you have two homes puts you into a 1% scenario....that is definitely not the majority of folks who own a single home or who are renting...
 

Runs2rch

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I hope I am wrong... the average american has 60K in savings including protected retirement accounts...... that's not a lot a money when times get tough. The fact you mention you have two homes puts you into a 1% scenario....that is definitely not the majority of folks who own a single home or who are renting...
The average American probably has 10k saved.
 

Cdog

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Yeah, my wife laughs at me because I’m so soft on him. It’s pretty easy, walk in the morning, maybe walk in the evening and its all good. It’s actually good incentive to get me off my ass. Leave him alone, put anything you really like up high and don’t be upset if it’s gone.
Our new girl Duchess goes after all the girls panties. LOL! She did get my Kuhl hat last week though.
 

Havasu blue label

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"To know, is to know nothing. That is the meaning of knowledge" - Socrates...

As we sit here in a market where mortgage companies are doing 60% less volume then same period in 2021, When we are still expecting fed's to raise another 1-2 points in the next 6 months.... The lack of affordability, decreasing equity (turning those that spent unwisely to turn to Helocs at a higher rate), along increased rates, which causes a DTI to go in the shitter...makes 2023 look worse than 2022...combine that with companies that are laying off now across the board... No one can say with certainty we WON"T see a 2008.... I worked for Countrywide/BofA in 2008 and work for a large lender today......people losing their jobs in ALL industries and homes going into foreclosure at a higher than expected rate is a complete possibility at this point...we have not reached bottom...that may be in late 2023...maybe 2024..
Thank you its coming
 

pronstar

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The average American probably has 10k saved.

Waaay worse than that methinks

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hallett21

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I was gonna say I bet the average American has 1,000. Now what does the average homeowner have in the bank? Because that’s the number we need to watch in a real estate thread.
 

LargeOrangeFont

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I have no idea what you just said.

But if you can ever again get nice garage with a house and a pool for under $500k or a nice duplex for under $300k.. I’ll be there.
 

mbrown2

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I was gonna say I bet the average American has 1,000. Now what does the average homeowner have in the bank? Because that’s the number we need to watch in a real estate thread.
Good point...my data might have been overstated...

I don't think this number includes retirement...its off bankrate..

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Havasu blue label

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The lots in Rivera should pop up soon . I have received two calls I put offers 2 months and there back
 

COCA COLA COWBOY

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At least two weeks is a measurable time period. As of this post.

Dow 33,582.91

Nasdaq 11,190.21

S&P 500 3,971.83

Let’s check it on the 30th. 👍
It started....My SQQQ, LABD and SOXS is taking off in the after hours. I have a target sell price for SQQQ at $60, SOXS at $50 and $24 for LABD.
 

hallett21

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How bad was insurance fraud after 08? Having no skin in the game (equity) I’m sure it wasn’t significant. I remember a lot of homes getting copper stolen, but that’s more vandalism.

I wonder how many homes might “burn” if the owners got into trouble. Insurance pays out and homeowner is probably sitting on a free and clear lot. Gotta build a new home but now you’ve got money in your pocket.
 

Havasu Rehab

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It started....My SQQQ, LABD and SOXS is taking off in the after hours. I have a target sell price for SQQQ at $60, SOXS at $50 and $24 for LABD.
We’re you the one who mentioned LABU a few weeks back? If so, THANK YOU! I’ve done decent buying calls/puts with it.

It consistently has been going back and forth from low $6’s to low $8’s. 👍🏻👍🏻👍🏻
 

JDKRXW

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." I think we are going to see some of the same types of behavior because many people pull equity out of their primary to buy VRBO, which might be a challenge in the changing economy.

This x2
These short term rental property #'s are staggering. And it won't take much of a slowdown to shake out those 'investors' that are currently making a profit with an occupancy rate of under 50% - when it goes to 20% ... or less.
 

Boatymcboatface

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530RL

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EmpirE231

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The king of leverage.... also a Trump fan!
 

COCA COLA COWBOY

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We’re you the one who mentioned LABU a few weeks back? If so, THANK YOU! I’ve done decent buying calls/puts with it.

It consistently has been going back and forth from low $6’s to low $8’s. 👍🏻👍🏻👍🏻

Yeah, that one has been my money maker! It's almost back to $6! I actually usually switch back and forth from LABU and LABD which is the inverse. Glad it's working for you! SOXL and SOXS are really good too!
 

retaocleg

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Especially the last 2 years. With the increase on normal day to day goods/living saving is non existent for most I bet.
this county has been low for decades, thus manufacturing coming here...........but inflation is hitting and they are like WTF?.........a come to jesus moment is coming for all, to be blamed on labor..........tough deal for all, but the actual prob will never be addressed............inflating the money supply
 

pronstar

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A week ago, searching “AirBnBroke” turned up tons of articles about the challenges people were having and the potential coming bloodbath for vacation rentals.

Evidently it’s been scrubbed, and searching for “airbnbroke” now turns up “airbnb Rome”
 

Sportin' Wood

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A week ago, searching “AirBnBroke” turned up tons of articles about the challenges people were having and the potential coming bloodbath for vacation rentals.

Evidently it’s been scrubbed, and searching for “airbnbroke” now turns up “airbnb Rome”
Try "AirBnBust" Plenty of articles with the search term.......For now.
 

Gonefishin5555

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The house 2 doors down has a Superhost with 15 properties and she has literally no bookings on the calendar. Most are bhc maybe a couple in havasu. Winter is here.
 

Havasu Rehab

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I’ve only had two Airbnb bookings in the last two months. I expected this though. I’d imagine most people who run an Airbnb in Havasu expected this. It’s no secret it’s a seasonal town.
 

Havasu Rehab

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Yeah, that one has been my money maker! It's almost back to $6! I actually usually switch back and forth from LABU and LABD which is the inverse. Glad it's working for you! SOXL and SOXS are really good too!
Thank you! I’ll look into those too! Maybe I can do well enough to not have to hold onto my hat 😂
 

Joker

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I really don’t think our kid is worried about buying a house in Peoria at 3.5 pct and she’s paying less than rent would be. If the value goes down , it is what it is. At least she owns some land. Most kids are happy paying a landlord
 

jet496

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The problem in San Diego is there's literally nothing worth crap available. Just a few years ago you could at least find a property that you liked but would just pay the price but now there's not shit worth buying. It's all run down, worn out places that need so much work, the cost to make them what you want is prohibitable due to inflated material & labor costs.

I think it's investors immediately buying up anything worthwhile leaving the lowly wannabe homeowner in the dust. Something's bound to change, but what, who knows.
 

Go-Fly

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I was gonna say I bet the average American has 1,000. Now what does the average homeowner have in the bank? Because that’s the number we need to watch in a real estate thread.
I think you would be shocked by how many people live Paycheck to Paycheck. The marketing for the last 40 years has been, you are what you buy and the stuff that you have. I run out of fingers fast when I count how many people I know that have houses that they can't afford to do a new roof on, motorhomes they can't afford to put tires on and boats that they can't afford to run. All have payments for next 10-30 years that they can't afford. The question is why won't people cut their losses and move forward. No matter where I have lived, I've had a neighbor who could not make ends meet and I live in nice neighborhoods. I've said this before on this forum, there was a point in my life that I had $42 in the bank. There was a point in my life that I owned 10% of that bank. When you decide to stop doing what's not working, things change fast.
 

530RL

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Orange County appears to be fairly strong with this project starting at 2,420,000 and demand exceeding available lots?

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OldSchoolBoats

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I’ve only had two Airbnb bookings in the last two months. I expected this though. I’d imagine most people who run an Airbnb in Havasu expected this. It’s no secret it’s a seasonal town.

We have been doing OK, but it is all organic stuff through our Sphere. Absolutely ZERO bookings or requests on AirBNB. Didn't even have anyone hit us up for Thanksgiving this year, which is crazy!! we are going out this year for Thanksgiving to try something new so it works out. Bird comes in for 60 days starting 2/1 and their rent is a solid earner for us.

We only owe $250k at 2.99% so I am not at all stressed. If it sits empty......oh well. If we ever face a hardship I can rent it out and make money each month.

Some people will lose their asses on AirBNB out in Havasu though. I know some people who have $4k - $6k / month nuts out there.
 

LargeOrangeFont

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We have been doing OK, but it is all organic stuff through our Sphere. Absolutely ZERO bookings or requests on AirBNB. Didn't even have anyone hit us up for Thanksgiving this year, which is crazy!! we are going out this year for Thanksgiving to try something new so it works out. Bird comes in for 60 days starting 2/1 and their rent is a solid earner for us.

We only owe $250k at 2.99% so I am not at all stressed. If it sits empty......oh well. If we ever face a hardship I can rent it out and make money each month.

Some people will lose their asses on AirBNB out in Havasu though. I know some people who have $4k - $6k / month nuts out there.

No!! You are over leveraged and will simply walk away from $200k in equity.

Just wait until the market drops!!! All rentals will be foreclosed on!!
 

Bpracing1127

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We have been doing OK, but it is all organic stuff through our Sphere. Absolutely ZERO bookings or requests on AirBNB. Didn't even have anyone hit us up for Thanksgiving this year, which is crazy!! we are going out this year for Thanksgiving to try something new so it works out. Bird comes in for 60 days starting 2/1 and their rent is a solid earner for us.

We only owe $250k at 2.99% so I am not at all stressed. If it sits empty......oh well. If we ever face a hardship I can rent it out and make money each month.

Some people will lose their asses on AirBNB out in Havasu though. I know some people who have $4k - $6k / month nuts out there.
i would have rented it if i knew it was empty lol
 

OldSchoolBoats

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i would have rented it if i knew it was empty lol

We are actually really looking forward to going out. Kinda a drag without the RZR but weather looks good and we are going to boat and possibly mob the SUV to Bunker Bar. Hit me up if you guys are out and want to try and do dinner again with 30 people at Shogun....lol
 

CarolynandBob

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I think you would be shocked by how many people live Paycheck to Paycheck. The marketing for the last 40 years has been, you are what you buy and the stuff that you have. I run out of fingers fast when I count how many people I know that have houses that they can't afford to do a new roof on, motorhomes they can't afford to put tires on and boats that they can't afford to run. All have payments for next 10-30 years that they can't afford. The question is why won't people cut their losses and move forward. No matter where I have lived, I've had a neighbor who could not make ends meet and I live in nice neighborhoods. I've said this before on this forum, there was a point in my life that I had $42 in the bank. There was a point in my life that I owned 10% of that bank. When you decide to stop doing what's not working, things change fast.

This. I had to sleep in my car for 3 days in my early 20's because I was broke. Had a lot of time to think in that car. Retired about 26 years later at 49.
 

Go-Fly

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This. I had to sleep in my car for 3 days in my early 20's because I was broke. Had a lot of time to think in that car. Retired about 26 years later at 49.
You have to be willing to move and change. Sleeping in your car drives that home. Good for you on the early retirement. I kicked out at 55 because my wife told me to. A good friend of mine will never be able to retire. He makes big money and somehow spends all of it by the end of the year. He saw what I did. I showed him how to invest. He chose not to invest in his retirement. So here we both are, in our 60's and he wishes he'd done it different. Wishes, it was a choice. For every 100 of hims, there's one person that wants to invest in real estate and the market. That's why it works the way it does people.
 

Paradox

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I definitely fall into the category of spending too much money and not saving enough to retire early.

That said, I have no regrets whatsoever as we traveled extensively with the kids (when they were young), had 100s of boating and desert trips and, in general, really enjoyed ourselves. Can’t even count the number of times we’ve been to HawaII, New York, Florida, the Caribbean, etc. (cumulatively) on family trips. The memories are priceless.

Up shot is I now have to wait a couple of years until I‘m 65 to retire. In the mean time, I really like what I do for work (it’s both challenging and rewarding) so I am not bumming it.

You never know when your time is up and each day is a blessing. I like to think we have made the best of it.
 

Go-Fly

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I definitely fall into the category of spending too much money and not saving enough to retire early.

That said, I have no regrets whatsoever as we traveled extensively with the kids (when they were young), had 100s of boating and desert trips and, in general, really enjoyed ourselves. Can’t even count the number of times we’ve been to HawaII, New York, Florida, the Caribbean, etc. (cumulatively) on family trips. The memories are priceless.

Up shot is I now have to wait a couple of years until I‘m 65 to retire. In the mean time, I really like what I do for work (it’s both challenging and rewarding) so I am not bumming it.

You never know when your time is up and each day is a blessing. I like to think we have made the best of it.
And as it should be. There is nothing wrong with retiring at 65-67 and having a little less and spend more on the kids at the front end. The problem is when you can retire or eat but, not both.
 
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