WELCOME TO RIVER DAVES PLACE

Pretty good article on the housing craze...

DWC

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It would be awesome to have somebody to roll with. I have mats in the shop just waiting 😝 in all honesty and he wife and I are really hoping to get someone closer to our age with kids. Our neighborhood is a much older neighborhood it’s good but not the greatest for the kids. We have one neighbor across the street that’s our age. Super cool dude and kids same age as mine. Girls though 😬😬 I need to make more time to get our families more involved.
I’m available pretty much every weekend if you’re looking for someone.
 

78Southwind

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You can always buy a house and rent it & stay where you are at. You would still be in the real estate world, just different …. save for another renter and keep going!

Buy a retirement home out of state say havasu and rent it VRBO or full time rent let someone else make your payment. Home ownership has a lot if hats!

Pool some cash with family / friends as a rental make it a business…

Lots of options
This right here.../\

You guys really have to start looking out of the box and do some things that you may not be completely comfortable doing. I was literally homeless three months after graduating high school. I was doing things my own way (basically chasing girls and parting my ass off). I had just started a good blue color job but was kicked out of my parents house for throwing a rager. I didn't have any savings and my truck I was living in wasn't reliable. I won't bore you with the details of being homeless but a couple of months later I convinced my parents to let me come back and live with them. They agreed as long as I paid rent.

So for those of you that don't have families have you ever thought about moving back home or renting a room from someone?

I worked my ass off working as much overtime as I could and in a little over a year I had saved $10,000 to put down on a condo. I really wanted to buy in the area I was raised but I couldn't afford it so I bought in the next city over. I assumed someone else's loan and I paid $99,500 for the condo (this was in the late 80's and I was 19 years old). All my young friends said your crazy now you are married to a condo. All my old friends said you shouldn't buy a condo you should have bought a house. The fact is it would have probably taken me another six or seven years to save enough money to buy a house.

So for those of you that have opportunities to work overtime do you take advantage of it? For those that don't have the opportunity for overtime do you have a side hustle? Or how about taking classes at a Community College at day/night/online to increase your skill set?

A little while after I bought the condo I decided to go to college part-time while I was working full-time plus overtime. So I stayed a renter and rented out my condo. Being a Landlord at 20 wasn't the most glamorous thing but I sure did like the tax write-offs. The tax rates were much higher in the late 80's and 90's than we have today which made it pretty difficult to save.

So for those that have the money but not enough for that perfect house, have you looked in other areas to buy? You can continue to rent where you want to live and own where you can afford.

When I was going to college I rented an 1,800 sq condo for $1,100 (negotiated it down from $1,250) in the hills of the city I wanted to live in but I rented two of the rooms out to my friends for $400 each. I still owned the other condo 15 minutes away that I was renting to a family for $900. The 80's were an expensive time to borrow money (if I remember right my mortgage was around 11%). In the early 90's I refinanced down to around 8% and I was now actually making a small profit off of my rental. I put the profit back into the payment to pay the condo off faster.

So for those that are renting a house or a condo do you have a room you can rent out or can you find a place with a friend to get a two bedroom apartment?

During the early 90's California was in a recession and I watched the value of my condo go from $130,000 to $80,000. I was thinking WTF but I held on to it while everyone around me was letting their's go into foreclosure. In the late 90's I finally graduated college and moved into the condo. I rented a room to a friend for $150 less than the payment. Just before I moved into my condo, the rules changed allowing rentals to turn back into homes as long as you lived in the home for 2 of the last 5 years. In the early 2000's I sold that condo for $175,000 and today it is worth over $490,000. Looking back I probably should have taken a little more risk and kept the rental. However, from the profits and the paydown of the loan, I was able to buy my current home and a vacation condo. When I bought the vacation condo even though I didn't need the money I still rented it out like a vacation rental so it would help with the cost and be a great tax write-off.

So for those that just can't buy in or around the area you work in and you don't want to move how about buying a vacation rental that down the road you can retire to? At least you will have a place paid off when you retire.

I have had so many shitty things happen but still somehow I was able to do it...

Homeless...
Laid-off...
Injuries...
Breakups...
High Loan Interest Rates of the 80's...
High Income Taxes of the 80's and 90's...
Recessions of the 90's and 2000's...

I actually feel bad for Millennials but I tell any of them that will listen is that today you need Real Estate, Stocks and a Business or you are behind the eight ball. That's assuming you already have a good foundation of cash reserves and the basics like health and other insurance. If you do buy some real estate have a plan A, B and C incase the shit hits the fan.
 
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BHC Vic

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You never know what someone’s willing to take unless you offer it!
It went for 770k. He had 5 offers in 24 hours. One offer for 800 but he said it was sketchy. The 770k was as is and 30 day escrow. Guy that bought it work right around the corner at the prison.
 

attitude

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It went for 770k. He had 5 offers in 24 hours. One offer for 800 but he said it was sketchy. The 770k was as is and 30 day escrow. Guy that bought it work right around the corner at the prison.
Damn! I need to see if that prison is hiring!
 

BHC Vic

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Damn! I need to see if that prison is hiring!
He said the other 770k offer was a guy that worked at the naval base. I was trying to put together an offer but It wasn’t going to be 770k.
 

attitude

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He said the other 770k offer was a guy that worked at the naval base. I was trying to put together an offer but It wasn’t going to be 770k.
I can see why those guys would want that house. Nice setup up with a couple minute commute.
 
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