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I keep my down payment funds in Bitcoin. 
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Aug 16, 2018 20:08
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| # ? May 30, 2024 07:30 |
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You guys its crazy to keep your down payment invested like that, you never know when stocks might tumble. That's why I decided to keep my down payment savings in other property. As soon as my offer is accepted, I'll just need to sell some of the 34 distressed properties I own in the rust belt to produce the earnest money!
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Aug 16, 2018 20:10
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Fools. My Funko Pop investment figures can easily be liquidated at any time on ebay 
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Aug 16, 2018 20:24
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I just brought a box full of beanie babies to closing and that worked fine
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Aug 16, 2018 20:25
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I just brought a few vintage and legacy staples to closing. Good as cash baby.
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Aug 16, 2018 20:27
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“How can we be sure you can afford this $1.5m home? What assets do you have?” *pulls out a binder of Pokémon cards* “Sir we can’t take that..” *flips to holgraphic charizard* “Oh poo poo why didn’t you say so”
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Aug 16, 2018 20:28
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I bought a bunch of horses to save my down payment now I need to sell them to buy a truck and trailer to move them to closing.
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Aug 16, 2018 22:22
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I must deploy my assets - pillars of pure gold - from orbit via a railgun. Where is the nearest uninhabited 20 square mile area?
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Aug 16, 2018 22:24
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I own a home in Concord, CA - commutable distance to San Francisco on BART - worth something under $500k (and I paid half that for it 8 1/2 years ago). For people working in the south bay, the normal thing is to buy somewhere like Morgan Hill or Gilroy and take the commuter Caltrain up to SJ. Obviously having a hour+ each-way daily commute is horrible. But it is not the case that you have to spend over a million dollars in order to have something that isn't a "shitpile," even here. Basically folks are paying a half mil or so premium, in trade for not having a terrible commute. But for folks outside the Bay Area who think even $600k is outrageous: incomes here support that, and are much higher than elsewhere. Move away to buy a cheaper house, and you suddenly aren't earning anything close to as much. So to some extent it all comes out in the wash, give or take. Assuming nothing terrible happens to the Bay Area economy or house prices, lol. I'm really really glad to have over 50% equity in a house I bought less than 10 years ago! That margin is comfortable. Imagine all those people with $300k household incomes and $1.3M mortgages losing their jobs at the same time the top end of the housing market declines by 25% putting them underwater... yikes.
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Aug 16, 2018 22:42
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Actually that sounds great... for me
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Aug 16, 2018 22:45
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Leperflesh posted:Imagine all those people with $300k household incomes and $1.3M mortgages losing their jobs at the same time the top end of the housing market declines by 25% putting them underwater... yikes. No need to imagine - it looks the same as 2008, just with higher incomes/home prices. The rest is the same. It will ripple thought the economy and make things bad for a while and then we'll all move on and do it again because humans are stupid.
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Aug 16, 2018 22:47
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Can we get that housing crash going soon? I want to start shopping
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Aug 16, 2018 23:37
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Well I think a downturn is way more likely than a literal crash, because A) there's no serious indicators for sudden unemployment spikes and B) we don't have the previous situation of liar's loans, ARMs are way less common, etc. A housing slump in the bay area that affects the top of the market the most seems fairly likely to me, though. It's going to depend a lot on development vs. demand, as always. Also how high interest rates get.
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Aug 16, 2018 23:47
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I noticed near me that houses still go For over asking price but they don’t go pending a day after they’re posted anymore. I’m watching two near me that took 10-15 days to go pending and will report back on the overage of the asking price.
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Aug 17, 2018 00:48
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A house in Pasadena recently sat on the market for weeks and then sold immediately for like 60 grand over asking e this one https://www.redfin.com/CA/Pasadena/1941-Juanita-Ave-91104/home/7256957
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Aug 17, 2018 00:58
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Leperflesh posted:But for folks outside the Bay Area who think even $600k is outrageous: incomes here support that, and are much higher than elsewhere. Move away to buy a cheaper house, and you suddenly aren't earning anything close to as much. So to some extent it all comes out in the wash, give or take. Assuming nothing terrible happens to the Bay Area economy or house prices, lol.
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Aug 17, 2018 01:25
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Higgy posted:
Okay you all had a good laugh but seriously guys, a little reading comprehension: they're selling those assets at the start of the buying process, not the end. Socking away down payment money into mutual funds seems fine, as that money is only being used on a luxury expense
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Aug 17, 2018 01:53
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Dik Hz posted:I think it really depends on what you do. Incomes for what I do in the bay area are around double what I make in the semi-rural southeast, but I have a 20 minute commute, a good school district, and homes cost like 10% of what they do in the Bay area. Yeah definitely, this is more of an "on average" and by way of explaining that no, everyone buying houses in the bay area aren't just blatantly ignoring an opportunity to buy a mansion somewhere else and still pocket vast sums of money left over.
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Aug 17, 2018 02:06
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Thanks all, I definitely deserve this. We took a huge risk prior to closing holding on like that. And it was dumb of me to say that I was being conservative. I think I just had a bit of a hectic day yesterday during the close process. So part of the reason why areas like redwood City, east San Mateo, and Sunnyvale have seen such a huge bump is that some of the larger tech companies give local moving incentives similar to relocation packages. So if you were to live 15 miles out, and then move within 10 miles of campus you'd receive a huge monetary incentive including closing costs, moving companies and a cash bonus. Shadowhand00 fucked around with this message at 05:45 on Aug 17, 2018 |
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Aug 17, 2018 05:39
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Leperflesh posted:But for folks outside the Bay Area who think even $600k is outrageous: incomes here support that, and are much higher than elsewhere. I'm glad you have $500k homes an hour away for all the janitors and waiters making $200k per year. You are right the bay area housing market is fine.
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Aug 17, 2018 13:09
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Leperflesh posted:But for folks outside the Bay Area who think even $600k is outrageous: incomes here support that, and are much higher than elsewhere. Move away to buy a cheaper house, and you suddenly aren't earning anything close to as much. So to some extent it all comes out in the wash, give or take. Having grown up in the Bay Area and now residing in the rust belt, I'll say that the wash is still pretty off-balance. You'll make way more money in the Bay Area, but you'll pay way, WAY more in hyper elevated cost of living, and/or make a ton of non-monetary quality of life sacrifices, like having to live way farther away from your work and spend hours of your day commuting, not being able to get a table at your favorite restaurant because it's so goddamn crowded (or you can't afford to go regularly because mortgage payments), even little things like never having a place to sit down on public transit or never finding street parking. Basically, if my husband and I moved to the Bay Area and tripled our income, we would take a MASSIVE hit to our quality of life because even making 300k, we'd not be able to afford what we have now (huge cool house, good neighborhood, affordable entertainment, three miles (aka one hour commute on foot) from work, in city proper), so why pay so much more money to live less well? Honestly, in my personal opinion, if we can't afford to live close in in a nice house, then we'd rather be elsewhere, where we can live in a nice house and have a quality life, even if we make substantially less money.
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Aug 17, 2018 14:23
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CANT GET A SEAT AT MY FAVORITE RESTAURANT CANT FIND A STREET TO PARK MY BOAT FOR FREE THIS IS A WASTE OF MY TIME
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Aug 17, 2018 14:52
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HEY NONG MAN posted:CANT GET A SEAT AT MY FAVORITE RESTAURANT Chill out, what about "If I can't have huge cool house, good neighborhood, affordable entertainment, three miles (aka one hour commute on foot) from work, in city proper I'd rather just move somewhere else" is so unreasonable? These are all daily life issues, some people are willing/able to pay more than others. Big city v burbs v rural v smaller city v small town. I mean, isn't cost of living a factor people should take into account?
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Aug 17, 2018 15:35
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Yeah, for the price of a down payment in the Bay area I could buy and fully furnish a nice house in the Cleveland suburbs.
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Aug 17, 2018 16:35
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And you will always be able to get a booth at Denny’s so it’s a win-win.
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Aug 17, 2018 16:50
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Good restaurants exist outside of Silicon Valley too 
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Aug 17, 2018 17:32
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One time I was visiting some friends in San Francisco and we wanted to get a drink, and so I spent half an hour being strung out trying to find a parking place within eight blocks of the place, then we got there and waited forever to get a place to sit, and then we paid $14 a piece for silly mixed drinks that barely had any alcohol in them. I mean, hanging with my friends was fun and the place was cool and the drinks were pretty good (if weak), but once you get spoiled to being able to rockstar park in front of your favorite restaurant, being seated immediately, and pay half the price for equally delicious stuff, there's no going back. I guess I don't value living in the Bay Area enough to put up with the high cost of living and all the poo poo that comes with the territory of living in a super crowded, expensive area. And that's not saying I don't value living there - I'd love to live there, because I'm from there, my family is there, it's gorgeous, tons of jobs in my industry, etc., but I also value the super high quality of life I can afford in Pittsburgh that I couldn't even get close to in the Bay Area.
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Aug 17, 2018 17:32
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HEY NONG MAN posted:And you will always be able to get a booth at Denny’s so it’s a win-win. You sound very mad about having to live in silicon valley, have you thought about moving somewhere like Cleveland to get away from it all?
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Aug 17, 2018 17:32
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The bay area is some 8 million people and includes both ultra dense urban areas, and rural areas like Rodeo and Antioch with relatively affordable homes. There will always be tradeoffs between city and suburbs or rural living like not being able to get street parking, but having a walkable neighborhood. In Alameda I don't have any of the issues you have. Certain Oakland and Berkeley neighborhoods can also meet all those requirements. It seems like there are more trade offs in the peninsula or the city.
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Aug 17, 2018 17:37
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Jose Valasquez posted:Good restaurants exist outside of Silicon Valley too Sure in New York, LA, and Alinea. But seriously, nobody lives in a HCOL of living area who doesn't want to live there. I'm sure you can find an exception or two, but it's not hard to just pack it up and move to a cheaper place unless you're in the entertainment business in LA or something. Just how people choose to spend their money. And everyone here is getting all defensive about their choices because they're insecure about them.
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Aug 17, 2018 17:37
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After not following my wire instructions and having the wire returned the first time, ETrade has finally gotten the funds into the escrow account. Do never use ETrade. I'm on track for being in debt for the next 30 years on Monday.
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Aug 17, 2018 18:00
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potatoducks posted:But seriously, nobody lives in a HCOL of living area who doesn't want to live there. I'm sure you can find an exception or two, but it's not hard to just pack it up and move to a cheaper place unless you're in the entertainment business in LA or something. Just how people choose to spend their money. Yep, all those poor people not making 6 figure tech salaries in Silicon Valley should just move with all of their disposable income
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Aug 17, 2018 18:17
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Motronic posted:After not following my wire instructions and having the wire returned the first time, ETrade has finally gotten the funds into the escrow account. Do never use ETrade. gently caress that noise. That is truly scary that they could have fat fingered your money into limbo. I played the wire game yesterday, after getting to the end the person says 2-3 business days.  "Well sir just because your account shows up on that website doesn't mean that information is relevant to your account." thankfully it did batch out same day and I had the funds in 2 hours. Not that I needed them, but if I'm paying extra for a wire maybe don't make it seem like it's no better than ACH. (Never stop being lovely BofA.)
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Aug 17, 2018 18:23
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A house popped up in my preferred neighborhood that looks to have everything I want plus some upgrades. We're not planning to move for another year but this is the best house I've seen in the neighborhood so far so I'm tempted to start shopping realtors just so I can take a peek at it. The Dallas market seems to have slowed down a bit. It looks like there are a couple of recent sales in this area that have gone for 2-5% under asking using conventional loans. Redfin's little graph shows a mostly flat price over the last 8 months as well.
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Aug 17, 2018 18:25
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H110Hawk posted:gently caress that noise. That is truly scary that they could have fat fingered your money into limbo. Fortunately it went to the correct bank, they just screwed up the FBO so the receiving bank bounced it. They totally knew where it was supposed to go and what was intended but were like "sorry, but NOPE we're not taking responsibility for this - it's gonna have to be sent to us with proper information". And I think that's totally fair on their part. But it was rear end puckering to have 6 figures hanging out in the banking system, invisible to both me and the escrow company, for over an hour. I was told by the owner of the escrow/closing company that in almost every case where he has a problem with an incoming wire it's from a brokerage firm, and the ETrade has been one of the worst offenders. I just don't understand how wires can be so much more of a hassle compared to ACH, and how in TYOOL 2018 we still don't have a better way to do this in 'murica.
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Aug 17, 2018 18:29
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School is starting/has started. Generally real estate slows down around the time school starts, and picks up a lot towards the end of the school year. YMarketMV of course.
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Aug 17, 2018 18:30
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Our home builder has notified us today that our walk-thru will be on the 31st of Aug, with closing set for the 7th of Sept. Last time we walked the house, we had kitchen cabinets, bathroom floors and vanities... and that was it. We're walking through again tonight, so we'll see what kind of progress they've made in a week! Hopefully they've also corrected all the errors from our last walk, so we can send them a fresh list of corrections again tonight. Now if our mortgage person can correct all the random errors on our paperwork (everything from current address to employment length seems to be wrong or just a WAG, but at least the numbers are all correct!) we might actually be moving in on time!
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Aug 17, 2018 18:35
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skipdogg posted:School is starting/has started. Generally real estate slows down around the time school starts, and picks up a lot towards the end of the school year. YMarketMV of course. Yeah, prime season here is like February-July now. I kinda wish I could’ve waited for offseason just to not deal with the ridiculousness of the market, but less inventory then too of course.
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Aug 17, 2018 18:35
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Motronic posted:I just don't understand how wires can be so much more of a hassle compared to ACH, and how in TYOOL 2018 we still don't have a better way to do this in 'murica. Last month I just walked a bank draft over to my lawyer. Worked ok.
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Aug 17, 2018 18:35
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skipdogg posted:School is starting/has started. Generally real estate slows down around the time school starts, and picks up a lot towards the end of the school year. YMarketMV of course. Definitely true around here for 3+ bedroom homes.
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Aug 17, 2018 18:35
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