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Gorman Thomas posted:I'm currently looking to rent in LA and I had this exact conversation with a landlord yesterday. She's renting out her house on a month to month lease and living in a MIL shack in the rear of the property. I wonder how underwater she has to be on her other properties to justify that. FWIW there are definitely people who do this as a lifestyle choice, and not just because they're desperately trying to make ends meet. No idea whether that's her situation but if she lives alone or with one other person it definitely could be the case.
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Jun 22, 2015 03:10
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legsarerequired posted:I can't help but wonder if the rush to invest in housing is going to result in a lot of super cheap properties that people are desperate to sell within a few years. Plus the water situation out here is getting nasty and will not improve and those costs are going to tack on a lot to a house that's already unaffordable. The California housing market is just not sized to meet any kind of audience.
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Jun 22, 2015 14:30
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Heard my first Uber commercial on the radio just now. It was the personal testimony of a guy who was just breaking even and couldn't save for a good enough engagement ring. He started driving for Uber and "within just a short time" he was making "actual money". He strongly implied the better ring he earned influenced his girlfriend's decision. A company run by manchild libertarians? you don't say
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Jun 22, 2015 15:53
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When the baby boomers want to move to Florida they're not going to be able to sell their $1.5MM 3 bedroom 2 bath homes to millenials with $100k in student loan debt making <$50k a year. Know some people in the bay area whose house went from being worth $500k to $1,000k in 3 years. That's definitely a sustainable growth rate! Bugamol fucked around with this message at 20:13 on Jun 22, 2015 |
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Jun 22, 2015 16:52
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Bugamol posted:Know some people in the bay area whose house went from being worth $500k to $1,000MM in 3 years. That's definitely a sustainable growth rate! 500k to a billion dollars? Wow.
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Jun 22, 2015 19:31
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Nail Rat posted:500k to a billion dollars? Wow. Oops? I think it's pretty obvious what I meant. Fixed it.
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Jun 22, 2015 20:15
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Bugamol posted:Oops? I think it's pretty obvious what I meant. Fixed it. Being silly; having fun. Something Awful.
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Jun 22, 2015 21:06
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pig slut lisa posted:FWIW there are definitely people who do this as a lifestyle choice, and not just because they're desperately trying to make ends meet. No idea whether that's her situation but if she lives alone or with one other person it definitely could be the case. When I buy a house I plan to live in the basement apartment. I"m a single person with somewhat simple needs. I'd rather be getting double+ the rent for the house until I get sick of living in a basement or I've paid enough of it off.
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Jun 22, 2015 21:21
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Do people who own properties but share them with renters ever pretend they're also co-tenants who are merely agents of an absentee landlord without being explicit that they are in fact the landlord themselves? As a way to shield themselves from direct criticism or hassling, I'm wondering if that is a viable strategy... pretending there's a big bad overboss who sometimes ties your hands when you don't want a drawn out conflict.
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Jun 22, 2015 22:19
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SpelledBackwards posted:Do people who own properties but share them with renters ever pretend they're also co-tenants who are merely agents of an absentee landlord without being explicit that they are in fact the landlord themselves? As a way to shield themselves from direct criticism or hassling, I'm wondering if that is a viable strategy... pretending there's a big bad overboss who sometimes ties your hands when you don't want a drawn out conflict.
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Jun 22, 2015 22:31
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SpelledBackwards posted:Do people who own properties but share them with renters ever pretend they're also co-tenants who are merely agents of an absentee landlord without being explicit that they are in fact the landlord themselves? As a way to shield themselves from direct criticism or hassling, I'm wondering if that is a viable strategy... pretending there's a big bad overboss who sometimes ties your hands when you don't want a drawn out conflict. This seems like a no-brainer and is a good strategy in almost any negotiation - woodraw wilson screwed the pooch by going to negotiate the treaty of versailles himself instead of having someone else do it so he could be the bad guy saying no behind the scenes. Seems the same.
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Jun 22, 2015 23:04
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If you have to take a tenant to court, I imagine it would get pretty awkward.
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Jun 23, 2015 00:05
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ohgodwhat posted:If you have to take a tenant to court, I imagine it would get pretty awkward.
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Jun 23, 2015 00:16
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SpelledBackwards posted:Do people who own properties but share them with renters ever pretend they're also co-tenants who are merely agents of an absentee landlord without being explicit that they are in fact the landlord themselves? As a way to shield themselves from direct criticism or hassling, I'm wondering if that is a viable strategy... pretending there's a big bad overboss who sometimes ties your hands when you don't want a drawn out conflict. And use a fake name on your mail? Use a fake name with the tenants? This seems like a good way to engender even more hostility if they find out somehow.
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Jun 23, 2015 00:44
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I guess you could always hire a property manager, most places I've lived with PMs I had no idea what the landlord's name was.
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Jun 23, 2015 00:46
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Yeah, the whole fake landlord thing is pretty silly, but that's essentially what people do with HOA's. Instead of your neighbors dealing directly with you they report grievances to a management company who does all the dirty work to avoid uncomfortable scenarios. Jeffrey of YOSPOS posted:This seems like a no-brainer and is a good strategy in almost any negotiation - woodraw wilson screwed the pooch by going to negotiate the treaty of versailles himself instead of having someone else do it so he could be the bad guy saying no behind the scenes. Seems the same. Good cop, bad cop. Woodrow is all like "You thought gas was bad you loving'Kraut!" while Lloyd George is holding him back screaming, "HE'S CRAZY, I'VE NEVER SEEN HIM LIKE THIS!" and Nicolas walks in with the coffees, see's what happening, and quietly backs out of the room.
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Jun 23, 2015 00:52
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legendof posted:And use a fake name on your mail? Use a fake name with the tenants? This seems like a good way to engender even more hostility if they find out somehow. I know what I'm saying is a little nuts, but I was thinking a trust or LLC type thing for anonymizing the owner and obscuring or shielding assets. In line with the whole asset protection vs. "piercing the veil" legal strategy.
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Jun 23, 2015 02:31
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An uber driver gave my friend a copy of Orrin Woodward's The Financial Matrix and told him that he would call in a week to ask his thoughts on it.quote:If you, like Neo, have been searching for answers, the good news is: the search is over. Just as Morpheus offered Neo the chance to learn the truth, so too do I offer the reader the truth. I can't tell what the angle is on this scam, but I feel like we have an Uber driver who gets involved in bad money decisions.
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Jun 23, 2015 03:29
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legsarerequired posted:I can't tell what the angle is on this scam Whoooooaaaaa. I'm gonna go ahead and diagnose paranoid schizophrenia (despite not being a doctor). This is what we're all here to talk about.
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Jun 23, 2015 03:42
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The real key to busting out of the Financial Matrix is to first defeat the Moon Matrix controlling our minds. Only then will we have the willpower and fortitude to face the coming financial storm.
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Jun 23, 2015 04:14
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I don't think it's a good sign that there's an entire page devoted to the blog owner's previous involvement with Amway.
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Jun 23, 2015 04:34
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SpelledBackwards posted:Do people who own properties but share them with renters ever pretend they're also co-tenants who are merely agents of an absentee landlord without being explicit that they are in fact the landlord themselves? As a way to shield themselves from direct criticism or hassling, I'm wondering if that is a viable strategy... pretending there's a big bad overboss who sometimes ties your hands when you don't want a drawn out conflict. Yes, I'm a non-confrontational person who is also a landlord and I seriously considered doing this so I could get tough with tenants without actually having to be a man about it. At the end of the day I didn't do it, and my tenants do walk on me a bit. Also, for a long time I've wanted to try a scheme where I rent an apartment or house with n bedrooms, and sub-let the individual rooms for rent/(n-1) so I get a rent free room. The problem with that is, you either have to be open about the arrangement, which probably means your roommates think you're an rear end in a top hat, or you conceal it which is a whole other can of worms. I don't remember if it was discussed in this thread (I think it probably was since I heard about it on Mr. Money Mustache) but it's a thing to rent out rooms in your NYC rent controlled apartment for more than the cost of your rent. Obviously this is a violation of the lease, and probably the law too, but I imagine the sub-letters in this scenario are actually not that sore about it. Getting a rent controlled apartment in NYC is kind of seen as a jackpot, so it's probably just seen as leveraging your windfall, where my scenario would be seen as duplicitous or deceptive or something.
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Jun 23, 2015 04:53
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legsarerequired posted:I don't think it's a good sign that there's an entire page devoted to the blog owner's previous involvement with Amway. The comments with everyone circle jerking is like some sort of religious back patting. quote:We must use new organic terminology that emanates from the eternal and is consistent with how God would have us to exercise dominion and authority on this planet.
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Jun 23, 2015 05:46
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SpelledBackwards posted:The real key to busting out of the Financial Matrix is to first defeat the Moon Matrix controlling our minds. Only then will we have the willpower and fortitude to face the coming financial storm. Dude this lady is completely insane.
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Jun 23, 2015 10:00
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Blackjack2000 posted:I don't remember if it was discussed in this thread (I think it probably was since I heard about it on Mr. Money Mustache) but it's a thing to rent out rooms in your NYC rent controlled apartment for more than the cost of your rent. Obviously this is a violation of the lease, and probably the law too, but I imagine the sub-letters in this scenario are actually not that sore about it. Getting a rent controlled apartment in NYC is kind of seen as a jackpot, so it's probably just seen as leveraging your windfall, where my scenario would be seen as duplicitous or deceptive or something. People keep doing this in SF (usually with AirBnB, usually without paying the appropriate taxes) and then screaming bloody murder about greedy landlords and gentrification when they get evicted over it (it's against the lease, possibly illegal?, and depending on who you rent to, can mean there's a lot of random strangers with keys to apartment complexes, which annoys the neighbors).
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Jun 23, 2015 14:59
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Horking Delight posted:People keep doing this in SF (usually with AirBnB, usually without paying the appropriate taxes) and then screaming bloody murder about greedy landlords and gentrification when they get evicted over it (it's against the lease, possibly illegal?, and depending on who you rent to, can mean there's a lot of random strangers with keys to apartment complexes, which annoys the neighbors). I bet landlords love this because it's a pretty easy and cheap way to evict rent controlled tenants if they're way under market. The more under market they are, the more tempting it becomes!
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Jun 23, 2015 20:58
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BEHOLD: MY CAPE posted:I bet landlords love this because it's a pretty easy and cheap way to evict rent controlled tenants if they're way under market. The more under market they are, the more tempting it becomes! Sounds like selection pressure to me! Darwinism!
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Jun 23, 2015 21:07
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Devian666 posted:The comments with everyone circle jerking is like some sort of religious back patting. I was clicking around the website to try to find the scam because my friend doesn't really know much about personal finance* and I didn't want him to get suckered into something, although I'm pretty sure he knows better than to hop onto something that some random Uber driver proposed to him. I guess it's just some weird circle-jerk-y book with personal finance dressed up in sci-fi terminology. * Not that I know much either, but as an example of something he's said to me--he's a web developer, 34 years old and has next-to-nothing in his 401k because he "doesn't trust it."
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Jun 23, 2015 21:38
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My girlfriend and I are moving into a new place at the same time her sister and fiance are moving so it's quickly becoming a bad with money arms race. At least we started on the right track with an apartment that's $700 less per month than theirs.
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Jun 23, 2015 22:08
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legsarerequired posted:* Not that I know much either, but as an example of something he's said to me--he's a web developer, 34 years old and has next-to-nothing in his 401k because he "doesn't trust it." I've found this to be a pretty common excuse for deciding "actually, I'd rather spend that $18,000 now, thanks."
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Jun 23, 2015 22:23
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at the date posted:I've found this to be a pretty common excuse for deciding "actually, I'd rather spend that $18,000 now, thanks."  Aside from private school loans, he actually has a very low cost of living and keeps five digits in cash savings in case of an emergency. It isn't any of my business so I don't nag him about it but it is confounding.For more BWM, I was on the other end of the extreme--when I was 25, I had double digits in my emergency savings and checking account combined with $15k in my 401k because I just couldn't control myself with money that I had easy access to. I worked at a company that announced new rounds of lay-offs roughly every quarter, sometimes in departments that were the same as my own except located in a different office (but one that was still in a nearby part of the country). I remember traveling during PTO in Las Vegas and realizing I had no money to my name and a maxed credit and I remember walking miles to various areas. It wasn't even lost to alcohol or gambling--I just would spend really incredibly impulsively on food and airplane tickets if I had an extra few hundred dollars in my checking account. At least I was putting money in my 401k, but if someone had decided to reduce my department, it would have all been withdrawn at a penalty because I couldn't just cut up my debit card and force myself to pay cash for everything that wasn't a bill or something. EDIT: Actual quote that my friend read in the book: "If you haven't seen The Matrix, I highly encourage you to do so." legsarerequired fucked around with this message at 02:36 on Jun 24, 2015 |
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Jun 23, 2015 22:34
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well at least we'll know its a scam if they recommend matrix 2
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Jun 24, 2015 03:44
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legsarerequired posted:
I actually did this for quite a few years while having too much work to deal with to worry about anything else. I also needed a proportion of the cash as a buffer for business cash flows. Some people won't have the energy or time to deal with it. Others can't be bothered or have been scared off from the markets due to some experience in their life. The difference with my cash hoarding is that for a long time savings accounts were paying 7-9% and that helped get my house deposit together. gently caress holding money in a savings account as long term savings in any other country.
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Jun 24, 2015 03:56
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Were those deposits insured under something similar to FDIC?
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Jun 24, 2015 04:45
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Aliquid posted:Were those deposits insured under something similar to FDIC? For part of the time yes. However the rules changed with the aftermath of a high profile finance company collapse here. Now no bank deposits have protection. If a bank collapses here you're poo poo out of luck with no Government bailouts. That is causing me some issues as I've been thinking about building up savings again but I'm looking at splitting the money across several banks in the hope they all won't go bust at the same time.
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Jun 24, 2015 04:54
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Jesus, you'd think a government would install even a low guaranteed deposit threshold just to provide confidence in the system and prevent mattress-stuffing. Even something tiny like $1000 would be a massive boon to stability imo
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Jun 24, 2015 05:14
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We don't have a lot of mattress stuffers and silver stackers over here. In fact I'd forgotten about the lack of protection and only remembered when I was searching a bunch of old articles. The majority of people probably don't even realise so there's no stability issue unless the poo poo hits the fan. The confidence here is more about the regulations imposed by the Reserve Bank. Bank regulations are good for stability/with money (even the Government played ball by ordering IRD restrictions on speculative foreign investment).
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Jun 24, 2015 06:15
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Aliquid posted:Jesus, you'd think a government would install even a low guaranteed deposit threshold just to provide confidence in the system and prevent mattress-stuffing. Even something tiny like $1000 would be a massive boon to stability imo Sure but in the digital age you could just split your savings across a variety of locations and more or less get the same effect and if it's enough to match the confidence, higher returns.
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Jun 24, 2015 06:16
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MJBuddy posted:Sure but in the digital age you could just split your savings across a variety of locations and more or less get the same effect and if it's enough to match the confidence, higher returns. I'm looking at HSBC, an Australian owned bank and a rural bank which provides 4%+ interest in a tax advantaged account. That gives some spread on the credit ratings and interest rates. The only frustrating thing is all the paperwork to set up an account these days if you aren't an existing customer. e: bonus bad with money is owing $2b in back taxes http://dfw.cbslocal.com/2015/04/16/irs-says-prominent-texas-billionaire-late-brother-owe-3b/ Devian666 fucked around with this message at 06:24 on Jun 24, 2015 |
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Jun 24, 2015 06:21
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Devian666 posted:I'm looking at HSBC, an Australian owned bank and a rural bank which provides 4%+ interest in a tax advantaged account. That gives some spread on the credit ratings and interest rates. The only frustrating thing is all the paperwork to set up an account these days if you aren't an existing customer. Yeah I was going to mention Australia. The government guarantees your savings up to $250k per account and most people I know with that much money have multiple accounts. It's not a problem and the government doesnt worry because it targets average people with savings below that amount anyway. So MJBuddy, nah you're wrong.
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Jun 24, 2015 07:18
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