Owning rental property is a speculative investment. It can go good, bad, or not at all. The latter two suck.
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RENT IS DUE
- Thread starter Eunice
- Start date
Agreed. My employer pays my car payment because I drive so much, but if they didn't, I'd still be driving the paid off car I already owned when they hired me.
The pension obligations are ballooning and now that the DJIA has lost a third, the pension funds are insolvent. Combine that with a loss of tax revenue from everyone being out of work. The taxes funding their pensions allow them to retire comfortably at 55. They're not going to give up on tax revenue until we're bled white. CA's financial reckoning might finally be upon it, like Illinois:
have you looked into mortgage forbearance programs? I know for FHA loans they are taking the next 3 months and saying you don't have to pay, we'll just tack that onto the end of the loan term - pretty sure they are doing that without an interest penalty
I’ve been meaning to look into that stuff but don’t think I’ll need to.
I’m working still and both my places are filled at the moment. The floor below me the husband is on the front lines at the hospital and wife works from home (has always been that way) so they are financially secure. The other spot got filled at the 11th hour; lease signed the day the stay in place for non essentials went into place, I was shitting bricks they’d back out. The second place is paid for in a guarantee by some multi billion dollar company that employs the tenant so I would feel no remorse putting the full pressure on them to pay up each month.
i think people spend more than they can or should spend in big driving areas like coastal California and Florida, places where vanity is stronger than average. not to say we don't have our flashy rides up heeyah. i got a low mileage 13 year old German sports convertible that my wife mostly drives and i sometimes go 135 down Ocean Pkwy, and i lease a new JGC every 3 years, and i LOVE those vehicles. Don't need a Range Rover for the label. Modest on a relative to income ratio. i have colleagues with similar books like mine in LA. they all drive 6-figure cars
I think I heard Gov Newson today say that property tax payments due the state are not due right now. Double check but I think that's what I heard.
My landlord said he'd work with me, and he brought it up. I don't need it this month.
My landlord said he'd work with me, and he brought it up. I don't need it this month.
Yeah that BMW is a bad idea for someone who just lost their server gig. For you, not so much. I drove a JGC in LA once. 405 in the rain 6pm weekday. I couldn't see sh!t behind those rear pillars, and let me tell you how much fun that was going from Potty to Santa Monica.
Florida, everyone drives slow as f--k, inconsiderate as f--k, and the roads are straight and boring. They have a $40k F-150 they drive around slow because they can barely afford gas for it. They have a $70k M/S/AMG krautmobile with turbos and variable valve gizmos out the wazoo; it takes them half an hour to accelerate to 35. In the passing lane.
San Francisco's hills + traffic look no fun for a clutch, especially a nice car's heavy clutch, and while I love LA driving when moving, rush hour or accidents can be a drag on the fun.
But population + climate + terrain...right there are amazing canyon roads, some gravel/rock after a rain, but that gets cleared out, and there is very little leaves/pollen issues with grip, and it tends to be dry. Main drawbacks are kooks, and in SB/windward side of Santa Lucias, fog.
Tail of the Dragon is crowded. Tree sh!t, and rain. Middle of nowhere. Same thing the week it's summer in upstate NY, New England, even Southeast Ohio and the Appalachians. Tree sh!t, especially in braking zone/apex, bad weather. Tail of the Pig. Middle of nowhere.
The business I work for stopped being able to pay employees two weeks ago. I've been coming in to help keep the doors open. The owners are saying we will pay you when we can, but they are buried.
My landlord came and asked me for the rent four days before the first of April and said "I still have a mortgage to pay so I need you to pay." The idea of possibly not being able to on time was met with "you should have a savings for emergencies like this."
Clearly they do not have that savings themselves.
My landlord came and asked me for the rent four days before the first of April and said "I still have a mortgage to pay so I need you to pay." The idea of possibly not being able to on time was met with "you should have a savings for emergencies like this."
Clearly they do not have that savings themselves.
The tide is going out. Looks like he's not wearing any pants.
This is why I don't like leverage and have never invested that way. Expenses are already crazy high in this state and I can't imagine paying another mortgage during a downturn.
i like newsom's sales tax hold cum bridge loan idea. business can keep all their collected sales tax up to 50k for 12 months.
so then you are in retail and you are an essential business and you are not shut down...
which pretty much means you're probably doing okay to begin with (unless you are selling fuel) and probably don't need much help. thanks gav. good thinking.
so then you are in retail and you are an essential business and you are not shut down...
which pretty much means you're probably doing okay to begin with (unless you are selling fuel) and probably don't need much help. thanks gav. good thinking.
RIght track, not enough. Of course, he has the power to change the rules of the mitigation. I don't think he's ever run a business or had to meet a payroll. Clock is ticking on how long we can keep this up....
actually pretty ineffectual. who does it help? costco? walmart? most small and medium sized retailers are shut down. not much in the way of lost tax revenue for the state there. businesses scrambling online? hate to tell you but its a dog eat dog world in internet retail and with millions out of work the bone just got a lot smaller. check your promo/spam box. companies holding retail inventory are fuked. nobody's buying it if they don't absolutely need it regardless of price.
course, i only sorted needed, wanted actually, that new bonzing deck i just scored tax free...
I was happy that he was at least doing something having had no experience in the private sector. Generally, I agree. After this, only big business and bureaucracy will be left. That's probably who he's helping.
Were I him, I'd lobby the Feds for small business relief. There's going to be about $200-$300 billion but not enough. State government, UI and pensions are enormously expensive so he'd better figure it out quick.
Were I him, I'd lobby the Feds for small business relief. There's going to be about $200-$300 billion but not enough. State government, UI and pensions are enormously expensive so he'd better figure it out quick.
I think I had a few or too many drinks at one of his bars in the Marina. Bartender was a friend and stoked us out.