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      12-22-2019, 08:34 AM   #67
Rmtt
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Originally Posted by zx10guy View Post
My situation is I "own" my primary residence which I bought in 2001 as new construction and just before the big housing boom. I also "own" a vacation property I bought in 2012 in Delaware. The reason why I put own in quotes is I've always had this mental thing about do I truly own the home if I have a substantial mortgage on it?

Anyways, I subscribe to the other train of thought with real estate. I won't pay off the mortgages early. I'll take them out to term and in turn divert the money towards retirement and unqualified investments. One of the points in the video I posted above is that sinking money into real estate makes it harder to get that cash out when you need to sell it. Where as investments, you can just issue an order to sell and have your money within a few days. There is an argument that many people are not disciplined enough to move money they would other wise sink into real estate into investments. Well, it's the same argument about credit cards. These two things I know will grate at Dave Ramsey zealots. I've been able to be very disciplined with these two things over many years and have the balance sheets to show for it.

For my primary residence in the DC area, I've refi'd twice and am now at 3.75% fixed for 30 years. My vacation property was purchased at 3.25% fixed for 30 years. As a percentage of my monthly gross income, the primary home accounts for about 11% and my vacation property accounts for about 8%. So I'm certainly not living beyond my means. I've maxed out my 401k contributions and have been putting money away into an after tax investment account. Could I be doing better with my money? Sure.

Real estate in the DC area has been insane and even more so with Amazon moving in. While I hope for a correction, I wouldn't expect much of any crash with the Federal government and other economic factors bolstering the real estate market here.

I was on target to my retirement age goal of 55 (I'm currently 49 years old). Have been socking away money into a 529B since my daughter was born up to the max tax deduction for my state and have 5 figures already saved up. All cars and motorcycles paid off. So only mortgage debt.

Then 2 major life issues hit me. Major medical and divorce. So far the predominate responders I've seen on this thread are men. I understand how everyone would think things will always be great in your future planning. I thought so too. Married very late because I wanted to be sure I found the "one". Well that didn't pan out. I also didn't live a bad lifestyle. Have been physically active. Never smoked. Don't drink all that often. Yet, I got hit with cancer twice. The divorce is the situation that has set me back the most. The only fortunate thing for me was I filed some what early enough where I'm not on the hook for long term alimony. Nor do I have to split more of my savings to her. The fortunate thing that has saved me was both properties were purchased pre marital and a huge chunk of my retirement is also pre marital. Had all of that been marital property, I would have been devastated financially. This also leads into the whole messy topic of a prenup. There were reasons why I didn't get one drafted before marriage and I took a gamble. This is one of the decisions in my life that I regret the most. In some ways, I also regret marrying this woman but then I wouldn't have my precious daughter so I have to keep that part in perspective.

The latter part of my post is probably TMI for the topic. But I felt compelled to say it because I certainly didn't plan for any of it and here I am dealing with these never could happen situations (so I thought).
Sorry to hear man. I hope your health is better and you get clear of all this.
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      12-22-2019, 08:48 AM   #68
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Originally Posted by Rmtt View Post
Sorry to hear man. I hope your health is better and you get clear of all this.
Thank you. It's not my intent to do a woe is me post. Just felt it would bring up another aspect of life which many of us don't think of or expect. I'm glad I made certain financial decisions which did not involve the two things I spoke about. But it certainly helped that I had all my ducks in a row which has allowed me to weather both situations. Had I been more leveraged with both of my properties consuming more of my monthly pay, I would really be screwed. I'm not going to lie. The financial hit of going through this divorce stings. But it's not going to ruin me which it has for others.

For some levity, maybe I should cross post this over in that diamond ring thread.
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      12-22-2019, 11:29 AM   #69
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dont know about you guys but the RE market in Miami is borderline sham levell... 300k condos in key areas rent for 2k a month... some are sub 800 sq ft. To buy your mortgage payment would include a $500 a month HOA, taxes and upkeep... if you were to rent that for 2k, you are already upside down monthly. As far as buying out of the city, be prepared to deal with monstrous traffic to get from a 30 year old house that looks like a shack for 300-400k... timing is awful right now.

ASAP, what are the annual property taxes on the $300k, 800sf condo in Miami?
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      12-22-2019, 04:47 PM   #70
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Originally Posted by ASAP View Post
dont know about you guys but the RE market in Miami is borderline sham levell... 300k condos in key areas rent for 2k a month... some are sub 800 sq ft. To buy your mortgage payment would include a $500 a month HOA, taxes and upkeep... if you were to rent that for 2k, you are already upside down monthly. As far as buying out of the city, be prepared to deal with monstrous traffic to get from a 30 year old house that looks like a shack for 300-400k... timing is awful right now.

ASAP, what are the annual property taxes on the $300k, 800sf condo in Miami?
more or less $3k
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      12-23-2019, 08:37 AM   #71
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Oh yeah, it’s all a sham. Typically like the Property Brothers, the people have already bought their house. The whole “house hunt” part is always staged.
In terms of the construction, I think Chip does actually have a crew that does stuff and he is somewhat handy himself and can do some construction projects if he wanted to, but I’m sure he just has a crew working on it. So they may be more genuine than the property brothers who literally were stand up comics or magicians or something like that before the show.
I will say though, their market prices for the houses are definitely pretty real. Waco TX is pretty inexpensive housing. It’s a cute place but not a hugely desirable place to live. it’s not a city that’s really close to anything unless your business or job is located there. It’s 1.5 hours from Austin or Dallas. However, because of that, a house built in the 90’s with an acre or two of property is totally realistic for sub-300k. But it’s not a place you could pay me to live personally...
The show however has helped the city a TON in terms of tourism.
Thanks - I kind of suspected the house hunt was a sham and wondered about the rest, but nice to hear confirmation. But I have to say, the final product looks really nice, at least I always seem to think so. Can't say the same about the property brothers (its ok).

On a different note - you should share some of the wildest stories you've come across as a realtor. I suspect the wildest stories I could ever expect to hear would come from say a pharma sales rep or a medical equip sales rep...not sure why, I just know a few doctors and I think that anyone doing those sorts of sales to doctors probably have a few wild stories to share, so not sure if the realtor stories could match that, but I always love a good story!

I do have to say with the docs I know, its funny, on the outside if you were to see them professionally, they look and act very serious and professional and seem like upstanding citizens. But you get to know them personally and hang out with them - they are pretty funny and pretty wild. I was on a brewery tour on a bus full of docs, and my neighbour (who is a doc) starts passing out these pills to us before we get on the bus, apparently these help to reduce hangover feelings the next morning. I wasn't taking it until I knew what it was, but I was the only one that asked. Probably the rest of them knew what it was. Then on a different bus ride, one of the docs had weed that he was bringing across the border (before it was legal on either side) when they were going to go down and watch a football game...also very stupid of him, but you get the picture. I always smile thinking of the dichotomy of how I know them vs how other people see them.

But yeah, medical sales rep or pharma sales rep - I'm betting they have stories. I think there is only one member on here that I know of that did pharma sales.
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      01-13-2020, 04:43 PM   #72
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Originally Posted by heatwave View Post
I think property could be a good investment for the future. I bought new house in Bulgaria recently. I like Europe and hope one day I'll move there to live. In my last trip I visited Bugaria and loved that country.
Here I saw a nice comment about Bulgaria by Ostansio that this country is beautiful but it is soaked with corruption. And that is not simply rumors. I lived there for 3 yrs. It is a good place for tourists but not for local citizens. Read local forums in order to ensure this. I agree that if you like being at the seaside you will certainly like Spain, especially the Costa Blanca area Lots of incredible apartments by the seaside for good money (incredible options https://virtoproperty.com/property-f...a/mil-palmeras). If I had say extra 100 000 euros I would live somewhere in Spain )) no doubt!

Last edited by Avilla; 01-20-2020 at 11:42 AM.. Reason: additional info
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