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re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/24/23 at 4:59 pm to JohnnyKilroy
Posted on 5/24/23 at 4:59 pm to JohnnyKilroy
quote:
Assuming you are in Gwinnett and being very generous with the numbers there is no way in hell your property tax is the highest line item on your monthly mortgage payment.
re-fi on the remainder of the note over 20-30 years? Not sure the GA tax rate so not sure if it'll get you there. Could definitely see that in TX. My tax bill looks like a second mortgage.
1
Posted on 5/24/23 at 4:59 pm to H2O Tiger
quote:
Nobody was rezoning parts of Highland Park or Bellaire to Section 8
I don't know where either of those are but there's a nice neighborhood in Tupelo, MS bordering a golf course that had some housing rezoned into section 8.
I can't remember but I do think they ended up rezoning it back after enough people lost their shite. This came from my golf buddy at the time who worked in RE and property management. He pointed out them out as we drove past.
Posted on 5/24/23 at 5:01 pm to pankReb
Nicer parts of Houston and Dallas. Relatively big.
Don't know what geographies I'm working with here
Don't know what geographies I'm working with here
Posted on 5/24/23 at 5:01 pm to SEClint
quote:
I didnt give a shite about any of that as a kid in the 80s
I didn't either so it's a good thing we keep a log of events that happened in the past for people to read about in the future and try to avoid the same mistakes.
Posted on 5/24/23 at 5:02 pm to pankReb
quote:Wanngh, sniff, sniff...'Its so hard for me, it's never been tougher, boo-hoo."
Once again…..thanks boomers. Just finding new and eventful ways to frick things up even worse.
Posted on 5/24/23 at 5:04 pm to H2O Tiger
quote:
re-fi on the remainder of the note over 20-30 years?
Even assuming he refi’d at 2.5% he’s not even coming close. His P+I would still be almost double his monthly property tax bill.
Gwinnett county GA property taxes are about 1% of fmv. At a 380k value, according to him, he’d be paying a little less than 320 a month.
This post was edited on 5/24/23 at 5:09 pm
Posted on 5/24/23 at 5:05 pm to stout
quote:
and try to avoid the same mistakes.
by making all new and worse onesPosted on 5/24/23 at 5:05 pm to SEClint
quote:
by making all new and worse ones
Yes sadly past mistakes means nothing to progressives
Posted on 5/24/23 at 5:08 pm to JohnnyKilroy
Could he have just re-fi'd the remainder of the loan during covid? Gotta assume there isn't much left on it
Also, which poster in this thread is this?
Also, which poster in this thread is this?
Posted on 5/24/23 at 5:09 pm to H2O Tiger
quote:
Gotta assume there isn't much left on it
He bought in 2017 and says he put hardly anything down.
Posted on 5/24/23 at 5:10 pm to JohnnyKilroy
Oh yeah, no way.
Posted on 5/24/23 at 5:14 pm to Jake88
This is my all-time favorite boomer mentality.
*Inflation is out of control in almost every aspect.
“Stop crying about it crybaby”.
it really is astonishing.
*Inflation is out of control in almost every aspect.
“Stop crying about it crybaby”.
it really is astonishing. Posted on 5/24/23 at 5:15 pm to H2O Tiger
Not even discussed here today is that there is an upcoming commercial RE crash. Not sure if it will cause concerns for residential but we will see.
This post was edited on 5/24/23 at 5:21 pm
Posted on 5/24/23 at 5:16 pm to stout
Just sad knowing if we bought a 300k house today it would cost the same monthly as a 500k house when we got ours in 2020. Should have went bigger. Instead will be keeping my 2.5% interest for eternity
Posted on 5/24/23 at 5:18 pm to stout
There has got to be a massive one looming in office real estate. I don't see it coming at all for storefronts.
A couple of my firms office leases are coming up for renewal and I expect that we are going to drastically reduce our space with so many of us working from home/at the client site.
A couple of my firms office leases are coming up for renewal and I expect that we are going to drastically reduce our space with so many of us working from home/at the client site.
Posted on 5/24/23 at 5:19 pm to H2O Tiger
quote:
I don't see it coming at all for storefronts.
They are in trouble too. Billions worth of them are on balloon loans coming up for renewal within the next two years.
Posted on 5/24/23 at 5:20 pm to H2O Tiger
Someone brought a RE investment company called Fundrise to my attention a few weeks ago.
It’s basically a crowdfunded investment company that holds a number of rental and commercial properties. They made a huge return in 2021(over 22% on investments) but around 1.5% last year.
It’s basically a crowdfunded investment company that holds a number of rental and commercial properties. They made a huge return in 2021(over 22% on investments) but around 1.5% last year.
Posted on 5/24/23 at 5:21 pm to stout
I thought you were talking from a demand perspective. Commercial RE isn't my specialty
Posted on 5/24/23 at 5:21 pm to H2O Tiger
quote:
There has got to be a massive one looming in office real estate. I don't see it coming at all for storefronts.
Office isn’t even a bubble anymore. It’s just that no one can transact because valuations aren’t high enough to recapitalize the current loans.
This post was edited on 5/24/23 at 5:22 pm
Posted on 5/24/23 at 5:23 pm to H2O Tiger
quote:
I thought you were talking from a demand perspective
It's a combination of demand and balloon loans for the entire commercial sector but you are correct office space is going to be the hardest hit but many firms hold both and a lot of those firms will be defaulting on loans.
The largest commercial RE holder in L.A. already defaulted on a few billion worth of loans.
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