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otf said:Retired with 5k a month from the city of Newport Beach for the rest of my life after
33 years of service. Now work as a shuttle driver full time to stay
busy in life. Sort of double dipping. I'll get killed in taxes. But well
worth the money.
Stay busy, stay happy.
Next year is the last year I'll get to writelaidback said:otf said:Retired with 5k a month from the city of Newport Beach for the rest of my life after
33 years of service. Now work as a shuttle driver full time to stay
busy in life. Sort of double dipping. I'll get killed in taxes. But well
worth the money.
Stay busy, stay happy.
That's the way to do it
Moved in with my girlfriend, who was already living with her parents. Hey folks, the unemployed boyfriend is here to stay!GromsDad said:The best advice my father ever gave me was to buy a house as soon as possible when I got married. We bought a fixer upper and put a lot of sweat equity into it. We rented a hole in the wall 1 bedroom apartment for two years while we both busted our asses and saved up for a down payment and paid off my wife's student loan. We never ate out or did anything extravagant those two years. We had scraped together $13,000 by the time we bought our house. Our combined income at the time was probably about $52,000. This was in 1994 and two years after graduating college.Boneroni said:Bob said:" Buy a house where you'll like to live long term early and gain equity. "
Isn't this the problem? :rock:
Place you like to live equals expensive to begin with
Early means you don't make a sh1tload of money
for a downpayment which you will need to make the mortgage.
great sounding advice though :jam_on:
Ugh, too true.
For me, a comfortable salary is what I get, which is only about $50K
But, it's only as comfortable for as long as the rent stays the same.
Comfortable enough to afford a house here? More like $400K per yer.
So true.Racer1 said:It's not what you buy that feels different, it's what you save that feels significant.
What trades start at $50 per hour?xxx said:Then your starting wage is 100K, plus benefits.
Basically a builder has to be able to buy the property, and build a new house with a much larger square footage which will yield a sale price equal to the neighborhood's going price per square foot. Construction lenders want builders to be able to buy properties selling for less than about 35% of the planned new house. It leaves enough of the new house proceeds to pay for materials, labor, profit and loan fees. This formula varies by region mostly due to variations in labor cost and construction codes.casa_mugrienta said:GromsDad said:Just hit Zillow and the lowest priced 3 bedroom single family in my town is listed for $289,900. Its a fixer upper similar to how mine was when I bought it. In my town these days its unlikely someone will buy it and fix it up though. A developer will probably buy it and tear it down and build a house they can sell for $650,000 to $1,000,000. Here is a picture from the listing. Take note of the monstrosity next to it. That's the norm now in my town. Given the nice corner lot this house sits on there is no doubt a developer will grab it and tear it down for the lot.bird. said:How much do fixer uppers cost in your neighborhood now?GromsDad said:Bought mine for under $70K in 1994. My housing costs are very very low. Having housing costs (including mortgage, taxes and insurance) under $1k per month is largely what makes the rest of my lifestyle possible. Buying a fixer upper beach house at 25 was the best financial move I ever made.rice said:To me, it's all about your mortgage. You buy your house for $150K? Or $750K?
Bold added for emphasis.
How do you figure out the value of a teardown property?