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Posted on 4/10/24 at 1:11 pm to fareplay
The Scottsdale housing market is still hot despite interest rates. I purchased my home in 2005 and going by comps in my neighborhood it has more than doubled what I paid for it and has increased in value by $400-500K in the past five years alone. The catch is if I sell I will overpay wherever I decide to buy. Close to retirement so seriously contemplating the RV or sprinter van life for a year or so until I decide what to do if I do sell. If I do sell the net proceeds will be massive but obviously with some huge tax implications.
This post was edited on 4/10/24 at 1:54 pm
Posted on 4/10/24 at 1:12 pm to Dadren
quote:
Private investment firms buy real estate property with combo of equity and debt. They rent said properties to individuals/families as housing, earning income.
These private investment firms must've bought Carlton Sheets No Money Down program. Profit!
Posted on 4/10/24 at 1:14 pm to fareplay
quote:To be clear, you own a house which you're renting out as an investment but you want to our government to confiscate competing properties from other owners who want to do the same thing you're doing?
We’re renting it out rn, schools in that area are pretty great so think we will keep it for investment purposes.
Alrighty, then...I think I see your motivation now...
Posted on 4/10/24 at 1:15 pm to LSURussian
I’m American and the government takes my tax dollars legitimately. These Chinese bankers do not
Posted on 4/10/24 at 1:16 pm to AZBadgerFan
If you’re close to retiring idk if you should ever sell it. Van life makes sense if you’re young or going to live only 5 years not like 20 which is current projections. Just live out 10 then reverse mortgage rent out your own house for rest
Posted on 4/10/24 at 1:17 pm to fareplay
quote:WTF are you talking about?!? Are you on the spectrum??
I’m American and the government takes my tax dollars legitimately. These Chinese bankers do not
Posted on 4/10/24 at 1:18 pm to LSURussian
The income I’m using to buy these houses were taxed by the us government. These cash buyers from the east are using illicit funds
My money stays here. There money is parked here
My money stays here. There money is parked here
This post was edited on 4/10/24 at 1:19 pm
Posted on 4/10/24 at 1:18 pm to AZBadgerFan
quote:
The catch is if I sell I will overpay wherever I decide to buy.
That's one thing I was always laughing about when people were bragging about selling their homes so east during the last run. Cool, now go take your profits and overpay elsewhere
Posted on 4/10/24 at 1:19 pm to LSURussian
quote:
LSURussian
quote:
Are you on the spectrum??
Russian, don't bother. This guy is all over the place with his financial threads
Posted on 4/10/24 at 1:24 pm to fareplay
quote:By your own admission in your OP you don't even know if Chinese are buying houses. You said you "fear" that may be happening. And IF it's happening you don't know where the money originates from but, by gawd, it's "illicit funds! And I'm an American!!!"
These cash buyers from the east are using illicit funds
"I don't know if it's happening but it has to stop, dammit!!!"
So you're just paranoid. It must be miserable to go through life knowing everyone is out to get YOU.
This post was edited on 4/10/24 at 1:25 pm
Posted on 4/10/24 at 1:25 pm to Deactived
quote:Thanks. I'm starting to realize that.
Russian, don't bother. This guy is all over the place with his financial threads
Posted on 4/10/24 at 1:29 pm to LSURussian
So you’re Chinese or Russian
Posted on 4/10/24 at 1:29 pm to fareplay
quote:
I’m American
Who gives a shite?
Did they legally purchase those properties or not? Advocating for the government to take those properties is the most un-American thing any American can say. You’re simply an American when it suits you.
Posted on 4/10/24 at 1:31 pm to Dadren
So you’re good with foreign government buying American homes?
Posted on 4/10/24 at 1:34 pm to fareplay
quote:"I'm American by birth and Southern by the grace of God!" - Lewis Grizzard
So you’re Chinese or Russian
Posted on 4/10/24 at 1:36 pm to fareplay
quote:
So you’re good with foreign government buying American homes?
I thought Russian was being mean when he asked if you were on the spectrum. That was my bad.
Dude. Put whatever law in place to prevent the future purchase of real estate by foreign nationals. That is fine. I have never said otherwise.
What is not fine is sizing property that has already been legally purchased. Americans or non Americans. It doesn’t matter. They bought it legally. It’s theirs. Not the flipping US government’s. Saying otherwise is immoral, unethical and illegal and makes one a shitty American.
This post was edited on 4/10/24 at 1:43 pm
Posted on 4/10/24 at 1:49 pm to sqerty
Aside from the fact that they already have access to billions, if not trillions, of capital, I doubt the banks care about downpayments, this isn't your average mortgage. The instruments are indexed to the underlying collateral and I'm sure they have a piece of the action on the derivatives, I'd even wager the loans are likely convertible to get an even bigger piece
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