30+ lounge

[C.R.E.A.M]

Just bought another house. Might be the smartest or stupidest thing we’ve ever done kind of remains to be seen. Being over 30 means agonizing over interest rates, ugh

View attachment 1091408

As long as you can cash flow that bad boy in a down market you'll be good. You know the trends if this isn't your first. Not sure if we'll ever see a interest rate environment like we did the last 10 years tho. Hold onto that cheap money if you got it. Lucky!

 

[nmwninjart]

But are we ever fully grown up?LOL

Nope! Especially all of us on this forum!

 

[Jems]

Just bought another house. Might be the smartest or stupidest thing we’ve ever done kind of remains to be seen. Being over 30 means agonizing over interest rates, ugh

View attachment 1091408

what kinda fuckin job gets you this amount of land on what im assuming is an extremely expensive area?????

 

[C.R.E.A.M]

what kinda fuckin job gets you this amount of land on what im assuming is an extremely expensive area?????

You want like a list?

 

[VTshredder69]

You want like a list?

Bahaha.

 

[eheath]

what kinda fuckin job gets you this amount of land on what im assuming is an extremely expensive area?????

Spoken like a true genzer

 

[SofaKingSick]

Just bought another house. Might be the smartest or stupidest thing we’ve ever done kind of remains to be seen. Being over 30 means agonizing over interest rates, ugh

View attachment 1091408

you can tell i'm in my 30s cause reading about your second house depressed the shit out of me :^)

 

[C.R.E.A.M]

you can tell i'm in my 30s cause reading about your second house depressed the shit out of me :^)

Don't worry soon all these baby boomers are gonna get too old to take care of properties like these and they're gonna sell just save your cash rn it'll come around.

 

[PartyBullshiit]

Don't worry soon all these baby boomers are gonna get too old to take care of properties like these and they're gonna sell just save your cash rn it'll come around.

The problem is the average consumer can’t afford the modern market, and most do not have anywhere near enough saving for a down payment to own a home.

the other problem is the market is still be dominated by corporations buying up every available home with cash purchases that again the average consumer cannot match because they don’t have a half mil in cash just Sitting doing nothing.

mountain towns are a perfect example of this currently.

 

[kingsskier]

The problem is the average consumer can’t afford the modern market, and most do not have anywhere near enough saving for a down payment to own a home.

the other problem is the market is still be dominated by corporations buying up every available home with cash purchases that again the average consumer cannot match because they don’t have a half mil in cash just Sitting doing nothing.

mountain towns are a perfect example of this currently.

Less than 5% of homes are owned by corporations and its not rising anymore. The market is screwed for every other factor but corporations are just the boogeyman everyone wants to blame. Banks and government are more of a problem than institutional real estate investors.

 

[PartyBullshiit]

Less than 5% of homes are owned by corporations and its not rising anymore. The market is screwed for every other factor but corporations are just the boogeyman everyone wants to blame. Banks and government are more of a problem than institutional real estate investors.

Maybe where you live its a boogeyman but here in south Florida and across literally every mountain town in the US it’s the main issues. Property being bought up by cash offers and flipped for more.

 

[PartyBullshiit]

Less than 5% of homes are owned by corporations and its not rising anymore. The market is screwed for every other factor but corporations are just the boogeyman everyone wants to blame. Banks and government are more of a problem than institutional real estate investors.

https://www.redfin.com/news/investor-home-purchases-q4-2023/

It is an issue.

second article explains why states are trying to stop it.
https://www.forbes.com/sites/darylf...housing-crisis-solution-or-a-distraction/amp/

**This post was edited on Apr 18th 2024 at 3:39:55pm

 

[eheath]

The problem is the average consumer can’t afford the modern market, and most do not have anywhere near enough saving for a down payment to own a home.

The second part of your statement is the "real" issue. Granted, you have to save far more now than say people in the 40s/50s but in general, millennials and younger are very bad at saving money, but there are tons of factors involved, but its worth mentioning that young people suck at saving too.

**This post was edited on Apr 18th 2024 at 4:01:10pm

 

[VTshredder69]

Less than 5% of homes are owned by corporations and its not rising anymore. The market is screwed for every other factor but corporations are just the boogeyman everyone wants to blame. Banks and government are more of a problem than institutional real estate investors.

No it's not corporations, it's Wall Street. And you better get ready for it to get much much worse.

How Wall Street bought single-family homes and put them up for rent (cnbc.com)

 

[PartyBullshiit]

No it's not corporations, it's Wall Street. And you better get ready for it to get much much worse.

How Wall Street bought single-family homes and put them up for rent (cnbc.com)

When I say corporations I’m talking about Real estate investment firms whose entire business model is buying homes at low cost with cash offers that cannot be matched or beat by the general public, who then either sell for much higher profits in highly sought after areas ( ski towns, water front properties, high value locations etc) or turning around and renting to low income populations for much higher than would be the standard. Though I think we’re on the same page with what the issue is overall.

 

[VTshredder69]

When I say corporations I’m talking about Real estate investment firms whose entire business model is buying homes at low cost with cash offers that cannot be matched or beat by the general public, who then either sell for much higher profits in highly sought after areas ( ski towns, water front properties, high value locations etc) or turning around and renting to low income populations for much higher than would be the standard. Though I think we’re on the same page with what the issue is overall.

I'm agreeing with you. Much of it is private equity driven. BlackRock and Vanguard making cash offers. Every home seller is going to take a cash offer over going through a bank and having their asking price eroded away by mortgage banking fees.

The other bloke said less than 5%. If that number is true it won't remain at 5% for long.

 

[PartyBullshiit]

I'm agreeing with you. Much of it is private equity driven. BlackRock and Vanguard making cash offers. Every home seller is going to take a cash offer over going through a bank and having their asking price eroded away by mortgage banking fees.

The other bloke said less than 5%. If that number is true it won't remain at 5% for long.

Oh I know. I just should have used a bettwe explanation than “corporations”. People think I’m saying Walmarts out here buying up people’s houses. lol

 

[TRVP_ANGEL]

Ngl 30+ is great, not as tough as I once was in the 20s but the income and life experience makes up for it. I miss the good ole hit the bar every weekend days but you find new pleasures in life.

 

[eheath]

View attachment 1091486

shut up zoomer

 

[Casey]

what kinda fuckin job gets you this amount of land on what im assuming is an extremely expensive area?????

It’s not really our jobs that led to this. My wife and I gross about 250k a year combined which is good money but in the Seattle area most tech workers would consider that working poor sadly. We’ve just been steadily turning one investment into another and using the equity strategically to build wealth over time. It’s not particularly glamorous just 15 years of grinding. Was the plan to try and keep both houses, no. But our primary mortgage is fixed at 2.5 percent so giving that up seems like blasphemy at this point so we’re renting one or the other.

 

[Casey]

The problem is the average consumer can’t afford the modern market, and most do not have anywhere near enough saving for a down payment to own a home.

the other problem is the market is still be dominated by corporations buying up every available home with cash purchases that again the average consumer cannot match because they don’t have a half mil in cash just Sitting doing nothing.

mountain towns are a perfect example of this currently.

There’s a lot of truth in this but if you have a reliable job and a somewhat decent credit score you can qualify for an FHA loan that requires as low as 3.5% down payment. I’m not being preachy there’s a lot of problems with the housing market but I feel like a lot of people just say oh black rock 20 percent down fuckin boomers screwed us all and use that as an excuse to give up and stay poor instead of try to make it work and start benefitting from the way things are like it or not.

 

[GITGUDZILLA]

But are we ever fully grown up?LOL

Never - the toys just get bigger and more expensive

 

[Goretex_Vidal]

There’s a lot of truth in this but if you have a reliable job and a somewhat decent credit score you can qualify for an FHA loan that requires as low as 3.5% down payment. I’m not being preachy there’s a lot of problems with the housing market but I feel like a lot of people just say oh black rock 20 percent down fuckin boomers screwed us all and use that as an excuse to give up and stay poor instead of try to make it work and start benefitting from the way things are like it or not.

Another thing is to get out of the banks and use a local credit union. You'll get more favorable rates than the banking conglomerates.

 

[BradFiAusNzCoCa]

You can get even lower than 3.5% down. It varies state by state and many have first time homebuyers assistance. Most people are just unaware. Of course there are a million things that come into consideration.

There’s a lot of truth in this but if you have a reliable job and a somewhat decent credit score you can qualify for an FHA loan that requires as low as 3.5% down payment. I’m not being preachy there’s a lot of problems with the housing market but I feel like a lot of people just say oh black rock 20 percent down fuckin boomers screwed us all and use that as an excuse to give up and stay poor instead of try to make it work and start benefitting from the way things are like it or not.

 

[eheath]

You can get even lower than 3.5% down. It varies state by state and many have first time homebuyers assistance. Most people are just unaware. Of course there are a million things that come into consideration.

The only thing that chaps my ass about FHA loans is the mortgage insurance, it's basically doubles your payment.

 

[GayWolf420]

I fucked up on my tax filings last year and the IRS absolutely tanked my tax return this year. Less than $300

 

[Static]

There’s a lot of truth in this but if you have a reliable job and a somewhat decent credit score you can qualify for an FHA loan that requires as low as 3.5% down payment. I’m not being preachy there’s a lot of problems with the housing market but I feel like a lot of people just say oh black rock 20 percent down fuckin boomers screwed us all and use that as an excuse to give up and stay poor instead of try to make it work and start benefitting from the way things are like it or not.

People blow money on multiple lavish ski vacays to flex like it's r/skiing, no shit they don't have any money for a downpayment.

maybe the bank will take motm clout as collateral

 

[Casey]

I fucked up on my tax filings last year and the IRS absolutely tanked my tax return this year. Less than $300

What a gut punch. Nothing beats a big fat tax return

 

[GrandThings]

I pretty consistently get a ~$1000 refund each year. My gf makes less than me and says she has to pay a couple hundred each year. Is this just because of the way we setup our withholdings?

Tbth my goal with taxes every year is to get through it as quickly as possible and I know I should probably pay more attention, but mine seem pretty simple (no house, loans, new jobs, one state) etc. and I get money every year so like why change?

 

[VTshredder69]

How do you guys get these refunds? I have max withholdings and still never get money back. Do i just make too much money?

 

[eheath]

How do you guys get these refunds? I have max withholdings and still never get money back. Do i just make too much money?

I was always under the impression that if you make more money, you get more back. But it definitely depends on your withholdings, if you are at 0 you'll get less, if you're at 1 youd get more especially if you made more money.

Only time i ever had to pay taxes was when I my earnings were all 1099s and you obviously have to pay at that point. Owning a house really helps out your return as well, tons of deductions.

 

[Static]

Aside from the primary mortgage interest being deductible, what tax benefits are you talking about?

**This post was edited on Apr 22nd 2024 at 2:48:58pm

 

[cool270out]

I live 40 minutes from the ski hill and didn’t ski once this year even though I had a pass. Still watched ski edits every day. But too mentally tired from constantly working to do the drive. And scared of getting hurt w no insurance. Thank god for beer league hockey

 

[PartyBullshiit]

I was always under the impression that if you make more money, you get more back. But it definitely depends on your withholdings, if you are at 0 you'll get less, if you're at 1 youd get more especially if you made more money.

Only time i ever had to pay taxes was when I my earnings were all 1099s and you obviously have to pay at that point. Owning a house really helps out your return as well, tons of deductions.

Incorrect. The more money you make the less you’ll get back or in many cases owe money.

what does happen is the more you make the lower % rate you’ll end up paying. Most people who make more money will use an accountant who will find every deduction and write off possible.

so while still paying out of pocket it’s at a lower rate than everyone else typically.

that’s where the old millionaire and billionaires are paying less taxes than most Americans comes from. They are paying a lower “rate” but are paying far more in taxes than the average American.

the average consumer doesn’t have enough deductions or write offs to justify using an accountant to file.

 

[eheath]

Aside from the primary mortgage interest being deductible, what tax benefits are you talking about?

**This post was edited on Apr 22nd 2024 at 2:48:58pm

well that deduction for interest is huge especially your first ~10 years of owning the house. You pay more interest than principal for awhile, that's a large deduction.

there are always random tax credits and write offs you can apply with home ownership as well, especially if you rent out a room/space or if you work at home/have a home office.

 

[Static]

that’s where the old millionaire and billionaires are paying less taxes than most Americans comes from. They are paying a lower “rate” but are paying far more in taxes than the average American.

They pay less because they have little to no taxable income on paper, not because they make so much what they actually pay is a smaller percentage, which isn't true at all because tax rates increase with each threshold. Multi millionaires and beyond live off loans that are repaid from investment income.

 

[eheath]

Incorrect. The more money you make the less you’ll get back or in many cases owe money.

I mean this completely depends on how you earn the income, right? If you're still on a w2 and set your withholdings to 1, you will get more money back as you make more money? but at what point is 1/4th of your earnings potential a bonus? then maybe they didn't withhold tax from that, so then you'd own for that portion, etc. is that what you're saying? maybe i missing something.

Obviously when you're making more money, you're likely investing/making money in different ways so of course you'd pay taxes on that. Making more than 600k+ a year im sure gets tricky regardless, but if you're just working a normal job you should get money back even if you're making 300k a year.

 

[VTshredder69]

They pay less because they have little to no taxable income on paper, not because they make so much what they actually pay is a smaller percentage, which isn't true at all because tax rates increase with each threshold. Multi millionaires and beyond live off loans that are repaid from investment income.

I can't fucking stand this argument.

the top 10% of wealthiest people in America pay 90% of the income tax. They still pay a capital gains tax that has jumped up from 15% to 20%. They don't pay less.

 

[Static]

I can't fucking stand this argument.

the top 10% of wealthiest people in America pay 90% of the income tax. They still pay a capital gains tax that has jumped up from 15% to 20%. They don't pay less.

Wealthiest by what metric?

 

[PartyBullshiit]

They pay less because they have little to no taxable income on paper, not because they make so much what they actually pay is a smaller percentage, which isn't true at all because tax rates increase with each threshold. Multi millionaires and beyond live off loans that are repaid from investment income.

Sorry when I meant a lower rate I mean % compared to overall income. Not what the IRS rate is for their personal income.

 

[VTshredder69]

Wealthiest by what metric?

by income lmfao... how the hell else would you measure it?

 

[Static]

by income lmfao... how the hell else would you measure it?

Income, assets, life experiences...

No shit the people with the highest reported income pay the most income tax.

 

[GayWolf420]

I need to stop being in my head so much about working paycheck-to-paycheck while old friends are owning homes, have stable well-paying careers, wives, kids on the way, etc.

 

[VTshredder69]

Income, assets, life experiences...

No shit the people with the highest reported income pay the most income tax.

stop crying that the wealthy don't pay their fair share of taxes then please.

 

[Static]

stop crying that the wealthy don't pay their fair share of taxes then please.

Never said that at all, I said they minimize their taxable income and bank roll their lives with loans. Then you came white knighting about how the people that pay the most income tax pay the most income tax, way to set the record straight, lol.

 

[Casey]

How do you guys get these refunds? I have max withholdings and still never get money back. Do i just make too much money?

The first years I was working a real full time job 365 days a year as a construction laborer and banking a whole bunch of weekend OT is the first year I remember getting fucked and owing money. I think my overtime bumped me into a higher bracket which had me livid because I was 25 and didn’t understand anything about anything I was like why work at all it just goes to the god damn government.

 

[skierman]

I can't fucking stand this argument.

the top 10% of wealthiest people in America pay 90% of the income tax. They still pay a capital gains tax that has jumped up from 15% to 20%. They don't pay less.

I can't fucking stand this argument.

Overall contribution has no relation on percentage contribution. Yeah bro, you're such a victim for having to fork over 1% of your income. Fuck off, you ignorant entitled piece of shit.

 

[VTshredder69]

OMG SUCCESSFULL PEOPLE PAY LESS IN TAXES. Yea because your 50K income isn't a livable wage because you chose to major in basket weaving. No wonder you're always miserable.

I can't fucking stand this argument.

Overall contribution has no relation on percentage contribution. Yeah bro, you're such a victim for having to fork over 1% of your income. Fuck off, you ignorant entitled piece of shit.

 

[VTshredder69]

I can't fucking stand this argument.

Overall contribution has no relation on percentage contribution. Yeah bro, you're such a victim for having to fork over 1% of your income. Fuck off, you ignorant entitled piece of shit.

1% of income? lol yea you're a stupid basket weaving waiter.

 

[Stainr]

1% of income? lol yea you're a stupid basket weaving waiter.

Skiierman must be on welfare... this scrub says the silliest shit.