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You can right now, today, get a risk-free 4.43% return for 30 years. That’s 44k free dollars, and you probably won’t pay any taxes on it if you don’t have other income. Maybe you can’t live in Malibu on the beach but you could live on A beach, somewhere I could do a lot with ~$4000 free dollars a month that I don’t pay state income tax on. jokes fucked around with this message at 01:18 on Feb 15, 2024 |
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Feb 15, 2024 01:15
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What's the average interest rate 2010-2020 tho 4% is still below owning the property as a landlord. Plus if (when) there's another inflationary event you're holding cash and not an inflation protected asset
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Feb 15, 2024 01:18
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Unlike being a landlord, where you're famously immune to risk
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Feb 15, 2024 01:27
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Also when you inherit property, the basis in that property is the FMV at that point so idk why you would be paying taxes
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Feb 15, 2024 01:29
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jokes posted:Unlike being a landlord, where you're famously immune to risk Ah yes the "running a business for profit is an inherently risky proposition, so why even bother getting out of bed" trump card. Touchè
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Feb 15, 2024 01:39
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I voted for Prop 19, which removed the Prop 13 status of inherited houses unless you inherited it from your parents and it was their primary residence and it will be your primary residence within one year. It's working as intended, the math doesn't make sense for me to keep the house I just inherited unless I were going to live there, so I'll be selling it.Hadlock posted:You'd still pay ~25% income tax so that's a cool half mil to uncle Sam. When somebody dies, the basis value resets, so no, you're not paying any income tax when you sell the house (unless it has appreciated further since the person died). Hadlock posted:I guess if you just put it in an index fund you'd get 7% which is 52k but you're paying 20% short term capital gains tax on that so it's $41k minus state taxes Average annualized return for the S&P 500 is 10%. Muir fucked around with this message at 02:58 on Feb 15, 2024 |
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Feb 15, 2024 02:55
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Henrik Zetterberg posted:Sorry I have kids? Do you not realize how purchasing 3 cars within 5 years, regardless of reason, is an incredibly privileged position. That's what makes your whining funny. Spend less on cars.
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Feb 15, 2024 03:00
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I have 3 kids and one car 
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Feb 15, 2024 03:48
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You guys have kids??
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Feb 15, 2024 03:51
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GrandpaPants posted:Spend less on cars. Thanks for the advice. None of my cars were bought new. The last car I bought was a $4000 Ford Fiesta and my 3 teenagers have to share it between school and sports, but go off and get some sick burns in I guess. I personally drive a small Subaru that I’ve had before my youngest 2 were born. My wife has the only car that can fit us all. I have no intention of buying a car for a long while unless something unfortunate happens. It’s hilarious how this thread just dogpiles anyone who ~*~owns a house~*~ or has anything more than a single 99 accord shitbox without knowing their circumstances. DMV registration prices suck regardless of how many cars you have. Also, insurance. big black turnout posted:I have 3 kids and one car I have 5 kids (3 driving age) and both my wife and I travel in opposite directions for work. Circumstances can be different! Henrik Zetterberg fucked around with this message at 04:16 on Feb 15, 2024 |
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Feb 15, 2024 03:52
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I'd wager the average goon is 36 and will have at least one kid by 2025 I'm genuinely surprised at how little traffic the parenting thread gets We have two cars but one is a 70 year old car I'm keeping on the road vs letting go in a landfill. Hadlock fucked around with this message at 04:51 on Feb 15, 2024 |
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Feb 15, 2024 04:35
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Kids are for chumps.
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Feb 15, 2024 04:40
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withak posted:Kids are for chumps. They are definitely for chumps who hate money.
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Feb 15, 2024 05:05
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I have a 90 accord which is awesome for registration and insurance costs, but an absolute pain in the rear end to get star smogged which I have to do (again) soon. Most places, even star certified, will turn you away if your car is older than a 99 because they have to drag out the old evap test or whatever it is.
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Feb 15, 2024 05:58
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Can't you get a classic car designation for a 90 car and skip the smog now old man?
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Feb 15, 2024 06:04
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I moved here from Colorado a decade ago and sold my car after moving, but my wife has needed to get one since MUNI cut back their schedule so much a few years back, and I just don't understand California smog test laws. In Colorado they set up these trucks along freeway entrance ramps with rubber tubes going across at a four points to make sure you're accelerating enough, shine a laser and do a UV-Vis absorption spectrum analysis across to a reflector on the other side of the road and back and send you a bill or a notice that you failed smog check. For the vast majority of people, you don't have to go in anywhere, no appointment, you just need to accelerate fast getting onto a freeway once a year and they'll even mail you dates they will be near you in rural areas so you don't have to go get smogged yourself.
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Feb 15, 2024 06:06
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Hadlock posted:You'd still pay ~25% income tax so that's a cool half mil to uncle Sam. So now you can buy a 2 bedroom condo ten miles from the beach, and 2% interest on $750k is like $15k, 4%* is only $30k which is barely going to cover your PG&E bill by the end of the decade. Plus you've got HOA dues on top of that Nah, you pay nothing on that house sale except county fees + realtor commission. The inheritance resets the "base" value so that you're selling the asset kind of at-cost. If you inherited more than the estate tax limit (lol) you'd have something then, but the majority of people inheriting those CA houses will not pay a dime beyond the standard real estate transaction fees and realtor fees. Oh, and if you're old enough, you can take grandma's old taxable value (which is yours now) and transfer it to another house in California. (Might be just your county? There was an attempt to make it "anywhere in CA" but I don't know if that passed.) Property laws in this state are hosed up. fermun posted:I moved here from Colorado a decade ago and sold my car after moving, but my wife has needed to get one since MUNI cut back their schedule so much a few years back, and I just don't understand California smog test laws. In Colorado they set up these trucks along freeway entrance ramps with rubber tubes going across at a four points to make sure you're accelerating enough, shine a laser and do a UV-Vis absorption spectrum analysis across to a reflector on the other side of the road and back and send you a bill or a notice that you failed smog check. For the vast majority of people, you don't have to go in anywhere, no appointment, you just need to accelerate fast getting onto a freeway once a year and they'll even mail you dates they will be near you in rural areas so you don't have to go get smogged yourself. I haven't done one in Colorado, but every other state I've had smog/engine test requirements did the whole "hook you up to a bunch of random poo poo and rev your engine in a garage" things. That sounds remarkably easy; we should make it illegal.
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Feb 15, 2024 06:15
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Sundae posted:That sounds remarkably easy; we should make it illegal. New thread title
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Feb 15, 2024 06:22
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Sundae posted:I haven't done one in Colorado, but every other state I've had smog/engine test requirements did the whole "hook you up to a bunch of random poo poo and rev your engine in a garage" things. That sounds remarkably easy; we should make it illegal. Something a bit over 90% of gasoline engine smog tests in Colorado are done that way, and are done by THE GOVERNMENT. Diesel engines cant be done that way and some people just don't live in areas dense enough that they bother to set up the trucks near their freeway onramps very often, but it's about 1/3 the price to get smog tested by the government trucks than it is to get one at an auto shop.
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Feb 15, 2024 06:37
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Highbrow Slick posted:I have a 90 accord which is awesome for registration and insurance costs, but an absolute pain in the rear end to get star smogged which I have to do (again) soon. Most places, even star certified, will turn you away if your car is older than a 99 because they have to drag out the old evap test or whatever it is. Nobody's ever turned away my '79 pickup 
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Feb 15, 2024 07:03
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Dr. Fraiser Chain posted:Can't you get a classic car designation for a 90 car and skip the smog now old man? I was 4 years old when it was made and yes that still makes me old, so now I’m grumpy. e: but a gas car has to be like 1975 or older to be exempt from smog.
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Feb 15, 2024 07:25
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Or less than 8 years old for gasoline cars (used to be 6 but they pushed it back a couple years ago). Diesels however get no grace period and are smogged starting at age 2.
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Feb 15, 2024 07:48
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fermun posted:I just don't understand California smog test laws. Pretty sure I posted that my mom had a 2004 GMC Yukon to replace her previous one after she got hit by a drunk driver. Got it smogged once, went to the official aftermarket catalytic converter list, and there was no converter for her make/model/year, on top of it being a Federal vehicle. California hadn't tested one. The smog person thought that means that YOU MUST GET A DEALER UNIT, which is insane because that's a bunch of money. Called the referee and they point to a set of rules that most smog places don't read and allows them to use the next closest make/model/year. Worked, though the referee had to call the smog place twice to convince the guy that this wasn't some secret gotcha to get the guy in trouble. Then next gold star smog we went to a different shop, told us our catalytic converter was illegal, this time California now had a test for that make/model/year. I explained that the PDF certificate for that test with the Governor's signature (all tests are approved by Executive Order) was signed after the car was smogged, but shop didn't want anything to do with it, had to go to referee against. Next gold star smog we went back to the old shop that had the records that they did it that way initially.
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Feb 15, 2024 08:24
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This is about 30% of the reason why my next car is going to be a 1948
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Feb 15, 2024 09:35
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Henrik Zetterberg posted:Thanks for the advice. None of my cars were bought new. The last car I bought was a $4000 Ford Fiesta and my 3 teenagers have to share it between school and sports, but go off and get some sick burns in I guess. here's a list of all the challenges made easier and safer by having money, how can you call me privileged?!? privilege isn't an insult dude, i'm glad your kids are growing up with stability and safety. what i teased you about was whining about taxes you are manifestly capable of paying without compromising that stability and safety. Congratulations on being safe and secure enough that "a bill i can pay" is a problem in your context.
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Feb 15, 2024 14:14
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Pain of Mind posted:I had a late 20's coworker who was constantly complaining about democrats from the left. The topic of Prop 13 came up and I said something negative about it, thinking he would agree. Surprisingly he liked prop 13, because apparently his parents are landlords. I wonder what his account name is. Taintrunner, but he got banned
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Feb 15, 2024 15:10
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BeAuMaN posted:California loves setting overly complicated tests with expansive bureaucracies and seizing them on the public. It's.... California's style? For smog if we accept that the California approved Catalytic Converters are necessary to somehow save the environment, they probably don't need the complicated system that they have to make sure that you're not one of the few who are trying to trick the system and pull one over on California. The smog test is an especially egregious example because you can’t just pass the smog test, you need to have your vehicle “check engine” light clear the whole time as well. The last time I had to get one I sunk over a thousand dollars in repairs to resolve a stuck valve and ran three smog tests before the last one finally stuck, none of which had anything to do with my car’s emission levels. If anything could be more of a kickback to the auto industry…
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Feb 15, 2024 15:55
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Henrik Zetterberg posted:Thanks for the advice. None of my cars were bought new. The last car I bought was a $4000 Ford Fiesta and my 3 teenagers have to share it between school and sports, but go off and get some sick burns in I guess. You could have just typed "I don't understand the concept of privilege" and saved yourself a bunch of words.
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Feb 15, 2024 16:17
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The petit bourgeois have always been a joke
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Feb 15, 2024 16:21
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Hadlock posted:Seems like only about 1/3 of NIMBY kids don't sell their parents house. I'm genuinely impressed how many people flush their inheritance down the drain for a one time payout. Are we still doing 'gently caress off hadlock'? I haven't been following the forums for a while.
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Feb 16, 2024 21:25
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Hadlock posted:Seems like only about 1/3 of NIMBY kids don't sell their parents house. I'm genuinely impressed how many people flush their inheritance down the drain for a one time payout. Most paid off SFH can rent after taxes and maintenance (lol) here for like $40k in profit annually, easily double that on the peninsula. About 80% of the homes we looked at were "my parents died during covid, so we're selling the house" flips How is it flushing it down the drain? Sell a thing that is worth money for it's value. Now you have that money. If I decide it's better to invest it in something besides Bay Area real estate what is being lost?
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Feb 18, 2024 03:06
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DeadlyMuffin posted:How is it flushing it down the drain? It's not, these numbers don't pan out. Have an example: small SFH in Berkeley, $4000/month rental price, $48,000/year income. Now take off $10,000 for property taxes, a couple thousand for insurance, at least a few thousand for maintenance, lawyers, maybe you're net $30,000 pre-tax. So that's a 2.5% return, and it's income instead of capital gains, so it's taxed at a higher rate. Now maybe you hope to make more of a long-term return on appreciation of the property itself. In the past five years, Berkeley's median price has been flat. Compare that to the S&P 500, which has an average annual return of 10%, and if you hold for a year that'll be long-term capital gains, so only taxed at 15% instead of as ordinary income.
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Feb 18, 2024 07:04
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DeadlyMuffin posted:How is it flushing it down the drain? He thinks it's cool and good to be a landlord so selling land, ever, is considered a waste of money because it's free money if you're a piece of poo poo
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Feb 18, 2024 07:09
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This is an important point; the high water mark for property value in the central bay area was near October 2015, maybe that summer. Property values have been pretty flat (by bay area standards) for both SF/Berkeley/Oakland in the intermediate years
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Feb 18, 2024 07:14
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jokes posted:He thinks it's cool and good to be a landlord Oh yeah? Link me to the post  Financially beneficial? Probably. Ethically? Good luck finding anything I've ever written to support this wild allegation. I'll wait.
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Feb 18, 2024 07:16
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CopperHound posted:Are we still doing 'gently caress off hadlock'? I haven't been following the forums for a while. He hasn't, so yes.
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Feb 18, 2024 07:27
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Hadlock posted:I have a daughter so I can't ever move back to Texas unless they roll back about 15 years worth of hostile laws She'll appreciate it. So will you. BeAuMaN posted:Everyone loves bashing California; however those who live there bash it much differently than those who don't. Cali native (that isn't a state of Jefferson loon): Yeah it sucks that I can't afford a home anywhere near work. I wish the state was 1/10 as liberal as the media says, then we might get proper healthcare/mental care/housing. gently caress Diane Feinstein. Cali transplant (that will gently caress off as soon as their 401k vests): It's remarkable how many of the young don't want to be landlords. I almost feel bad taking this $2M home from their parents, who failed to teach them the finer principles of extracting money from any source. Why, don't they know that they can realize over $200 of taxable gains per month if they just hang on to this property? Thank God my kids already have a diverse money market portfolio. FilthyImp fucked around with this message at 18:44 on Feb 18, 2024 |
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Feb 18, 2024 18:36
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Rafedless of the qualities of being a landlord, a lot of old people houses have serious problems from being neglected due to the resident being unable to physically perform many acts of maintenance. Houses that house elderly people awaiting death are usually a competition between the building and the resident to see which is unable to stand first. Edit: The SF League of Pissed Off Voters, which tends to produce the most progressively written/justified voter guides I've seen, is yes on 1: quote:Dear readers, we do want you to know that this one is a little tricky. While a majority of our members ultimately voted to endorse Prop 1, our discussion was more nuanced. Of course, we worried about endorsing anything with this much money backed by the supremely slippery Gavin Newsom, whose Prop 1 catchphrase “treatment not tents” (ugh eyeroll) recalls his notorious “Care Not Cash” initiative from way back when he was SF mayor, which helped cause the problem he now decries. Craptacular! fucked around with this message at 00:58 on Feb 19, 2024 |
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Feb 18, 2024 22:51
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Highbrow Slick posted:I have a 90 accord which is awesome for registration and insurance costs, but an absolute pain in the rear end to get star smogged which I have to do (again) soon. Most places, even star certified, will turn you away if your car is older than a 99 because they have to drag out the old evap test or whatever it is. We have a 93 that my wife has owned for 20 years, and this has never once happened to either of us getting it smogged.
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Feb 19, 2024 19:05
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Steve French posted:We have a 93 that my wife has owned for 20 years, and this has never once happened to either of us getting it smogged.
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Feb 19, 2024 20:38
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