95% of all Wealth
Comments
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*And real estate is a fantastic hedge against inflation.
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Oh, when I sold my chateau in Normandy.
Made a couple mil’ on that deal.
The key is making the necessary renovations when you’re getting ready to sell: caretaker’s house, outdoor pool, the moat...they all really added to the “curb appeal”.
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Did you have trained gators in the moat?
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Naturally.doogie said:Did you have trained gators in the moat?
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TDoog_de_Jour said:
Naturally.doogie said:Did you have trained gators in the moat?
Did you throw in your piss boy or did the new owners need to BYOPB?
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7 years into our current house, which we purchased as a short sale, ~75K
below its appraised value at the time and way below what any single family has sold for in my hood since. Got it because a neighbor told us it was going back on the market, mentioned it to our realtor quickly, he got in touch with the seller agent, who said it was a short sale and he didn't really feel like putting it through the MLS and listing it, so if we would write a contract that night it would be ours. Done.
Needed that to counterbalance the previous house purchase at close to the height of the bubble -
Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.
Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.
Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.
Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.
On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left. -
It may be too late but your house sounds like a tear down. Sometimes it is cheaper to start over if the whole thing was built by retards.1to392831weretaken said:Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.
Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.
Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.
Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.
On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left. -
This is actually my dream, and if a pile of money fell into my lap, I would do just that. The property/location/shop are too amazing to leave, but the house has been a disaster. Complete tear-down would be too expensive, but re-side and repair what's behind in the process is doable, especially at going interest rates.RaceBannon said:
It may be too late but your house sounds like a tear down. Sometimes it is cheaper to start over if the whole thing was built by retards.1to392831weretaken said:Buy high/sell low, that's my motto, hence buying my current palatial estate in May of 2008, two months after Bear Sterns went TU. We bought anyway, though, after a year-plus housing hunt that had left us frustrated and pissed off. The house we bought was the first to fit our needs and was only slightly out of our price range, so even though I could already see the economy crashing, I pulled the trigger anyway. I am ratard.
Ever seen the movie The Money Pit? It's a documentary about the happenings since 2008 with my primary investment vehicle. Since our house lost something like 30% of its value in the first year, we were stuck at a somewhat high interest rate and with no ability to sell or refinance. On top of this, almost immediately, this 1925-built house started showing signs that it had had some lipstick slapped on it before being foisted upon the suckers that were myself and Mrs. 1to345466. In the first half dozen years of homeownership, we dumped about $125K cash into the property. The kitchen remodel was optional (in my opinion...), the rest was all just repairs and maintenance: Mandatory city sewer hookup; two re-roofs; replacement of the living room wall because the chimney had no footing under it and was sinking and pulling away from the house, allowing water in; basement bonus room flooded, requiring a complete rebuild after digging and installing a functioning footing drain; foot-through-porch rot situation requiring new porch; and plenty more.
Then, just as we caught up, were in a good place financially, had refinanced to a far lower interest rate, the market had turned, and our investment was looking like an investment again, the garage burned down. Five years later, I have a new garagemahal/man cave, but we're back in debt. So what happens? A simple master bedroom carpet replacement turns into a forensic "how not to build a house" mystery, ending in our bedroom floor being ripped out right down to the crawlspace, the roof being temporarily supported, and the wall of our bedroom laying in a pile in the yard. Luckily, I framed it back in and got it covered a day before this rain hit, but now my back is fucked up and I can't finish the job.
Knowing what I now know about what's in our walls (hint: not any window or door headers, I can tell you that!...) and under the siding, it's easily a six-figure project to get our house where it needs to be, so we're in the process now of yet again borrowing against equity (of which there is plenty for now) to get further into debt. While all of my coworkers (at least the ones who haven't lost half their shit to divorce) are buying second or third properties for investments, I'm about to be broke again from being over $600K into a house I bought for $330K at the peak of a bubble.
On the bright side, it's looking increasingly like our house will be totally badass and desirable in a few years, just in time for the bottom to fall out of the market. I'm available for financial advice at any time, guysm. The line forms on the left.
And when we're done, we'll still be paying less than we would to move somewhere else equivalent. Which is sad. I don't know how it's even possible to be a first time buyer these days unless you're born into a trust fund. Half a million gets you a two-bedroom with an outdoor bathroom in my neighborhood... -
BYOPB, of course. Mine received special training at the Sorbonne and good help is so hard to find these days.PurpleThrobber said:T
Doog_de_Jour said:
Naturally.doogie said:Did you have trained gators in the moat?
Did you throw in your piss boy or did the new owners need to BYOPB?
