2023 recession?

[BingerFang]

Is it to much to wish some dumb shits loose their home so I can buy it in the cheap and help out my retirement picture.

I’m not a doom and gloomer, I’m just an asshole wanting some opportunity.

Fixed it for ya!

 

[c_land]

You know that feeling when you eat at China Buffet and you start to cramp up before the force of 10,000 waterfalls rips you apart?

We're in the cramping phase.

 

[LargeOrangeFont]

You know that feeling when you eat at China Buffet and you start to cramp up before the force of 10,000 waterfalls rips you apart?

We're in the cramping phase.

 

[OldSchoolBoats]

Economy appears to be doing alright if there are buyers lining up for this bad boy. Must have just finished their cash out refinances........***insert sarcastic eye roll***

 

[Runs2rch]

Economy appears to be doing alright if there are buyers lining up for this bad boy. Must have just finished their cash out refinances........***insert sarcastic eye roll***

View attachment 1104812

Who knows? Maybe they did. People are pretty stupid.

 

[BingerFang]

Economy appears to be doing alright if there are buyers lining up for this bad boy. Must have just finished their cash out refinances........***insert sarcastic eye roll***

View attachment 1104812

Only $2,500/month for 30 years. What could go wrong?

 

[BHC Vic]

this is a pretty common picture with carpenters right now. All the money came from equity in the Carson home that is now for sale. It’s been pretty rough with renters both in az and Cali for him. The houses were smarter than the can am but still cashed out to it and if something goes wrong it’s a world of trouble, but if it all goes right he’s a hero.

 

[Mark G]

A few large banks are predicting a recession in 2023. What are the RDP thoughts?

I'm waiting in the shadows...

 

[BHC Vic]

The Carson home…

 

[BHC Vic]

Max is very open with his finances. He makes about 120k a year. About 30k less than me. His wife makes about 20k less than my wife. I don’t have the balls to leverage myself like that even making quite a bit more.

 

[hallett21]

Max is very open with his finances. He makes about 120k a year. About 30k less than me. His wife makes about 20k less than my wife. I don’t have the balls to leverage myself like that even making quite a bit more.

So he owns 5 doors and collects rent from 4?

 

[TCHB]

4% annual return I live nice, long as I don’t live pass 93 lol
6% annual return my kids get a nice inheritance
Everything else is gravy.
Not really sweating a thing.

Remember 2000 to 2010. Zero growth

 

[CLdrinker]

Remember 2000 to 2010. Zero growth

True but I was in the teens up until recently.

So 4% average is pretty realistic over the next 23yrs. Inflation is becoming a big problem though.

 

[Gonefishin5555]

leverage is fucking awesome when everything is appreciating. Does the guy have the brains to realize its time to take a break on the spending? Doesn't look like it from those posts

 

[Havasu blue label]

Somebody didn’t sleep last night

 

[TCHB]

True but I was in the teens up until recently.

So 4% average is pretty realistic over the next 23yrs. Inflation is becoming a big problem though.

Yep never thought I would see people financing boats and RVs for 20 years.

 

[LargeOrangeFont]

Yep never thought I would see people financing boats and RVs for 20 years.

It’s a lease at the end of the day. No one keeps them that long.

 

[BHC Vic]

So he owns 5 doors and collects rent from 4?

As of this moment collecting rent from 2 in havasu, possibly 1. Like everyone has said before it’s not easy to find long term renters in havasu the working force out there can’t afford the high rent he doesn’t do weekend rentals but he might have to I guess. 2 doors in havasu, 2 doors in Cali (one for sale) and one in Guatemala either empty or family lives in.

 

[NicPaus]

Yep never thought I would see people financing boats and RVs for 20 years.

It's been like that forever. My toyhauler was 20 years but I paid it off in 1. My first new boat at 21 was 10 years. Paid it off early. Payments were so low if times got tuff it wouldn't of mattered. $200 a month was my toyhauler payment. I was 20 years old with not enough cash on hand.

Friends just bought a new RZR 7 years at over $600 a month. That's more than the payment on my 2021 2500 truck. Those payments are rough when the economy takes a shit. I had $2400 a month in truck payments in 08. Got $2000 left on my balance on the 2500 so if economy takes a shit again not to worried.

 

[HNL2LHC]

When our Havasu house was rented we had great tenants. I felt bad that we did not renew the lease. They had a Hard time finding a new place. We offered to help them by 3 extra months but at the last minute the found a place. It might have been our price point.

 

[LargeOrangeFont]

When our Havasu house was rented we had great tenants. I felt bad that we did not renew the lease. They had a Hard time finding a new place. We offered to help them by 3 extra months but at the last minute the found a place. It might have been our price point.

Long term rental demand is high in Havasu. If you are in the house right, I don’t see how you couldn’t make it work through a recession.

If you NEED the house rented 3 weekends a month just to break even, that is a different story.

 

[hallett21]

As of this moment collecting rent from 2 in havasu, possibly 1. Like everyone has said before it’s not easy to find long term renters in havasu the working force out there can’t afford the high rent he doesn’t do weekend rentals but he might have to I guess. 2 doors in havasu, 2 doors in Cali (one for sale) and one in Guatemala either empty or family lives in.

I cheer for a guy like that. If it was easy to accumulate wealth everyone would. A big risk for sure l, but could pay off huge in the future.

 

[HNL2LHC]

Long term rental demand is high in Havasu. If you are in the house right, I don’t see how you couldn’t make it work through a recession.

If you NEED the house rented 3 weekends a month just to break even, that is a different story.

So true. Had a friend that just was forced to move to a new rental when the owners sold. They were having a hard time until the found someone willing to rent out their vacation home. The cost was almost double what they had moved from.

This is the reason why I keep trying to get the next generation to buy ASAP. It you do you will never have your monthly housing expense go up.

 

[BHC Vic]

I cheer for a guy like that. If it was easy to accumulate wealth everyone would. A big risk for sure l, but could pay off huge in the future.

I do too but he just dumped a bunch of money into his primary and he’s tapped out now. Like someone said he didn’t stop the spending. My job is a little more recession proof than his and I’m still nervous.

 

[BHC Vic]

Not to mention the financed boat, rv, and jet ski, gladiator, tundra, and 4 runner. I believe joe when he says not everyone is cash out refi ballin. But there’s a perfect example

 

[Havasu blue label]

And today you are know everything about renters but you sold your home in one of the hottest markets please explain I have 3 doors in havasu my son age 30 has 2 doors

 

[NicPaus]

I cheer for a guy like that. If it was easy to accumulate wealth everyone would. A big risk for sure l, but could pay off huge in the future.

The ones I know that are super wealthy now did it like that with 16-18% mortgage rates. They tell me buy all you can at 3-4% cause it's free money.

 

[Havasu blue label]

it could be done there is always side jobs

 

[Havasu blue label]

Yes but they didn’t tell you they had a little help to get started

 

[BHC Vic]

it could be done there is always side jobs

I did that for a lot of year. Everyone on RDP was 100% right though. I have more fun playing baseball with my kids than I do looking at money in my bank account.

 

[BHC Vic]

Yes but they didn’t tell you they had a little help to get started

My parents let me borrow 6k to buy my first home. I’ll be forever grateful for that. That’s the only reason I am were I am today. They set me up for success and im thankful everyday

 

[Havasu blue label]

no help here just work and side work have Fun with the kids sports camping boating shit my kids are all grown up but I have two grandsons 3 weeks and 1 year

 

[hallett21]

Max needs to share a little less on Facebook lol

 

[boatdoc55]

Max needs to share a little less on Facebook lol

Max and EVERYBODY needs to get off FB!!! It's killing society.

 

[Looking Glass]

Max needs to share a little less on Facebook lol

That goes for Many on Social Media.

 

[LargeOrangeFont]

The ones I know that are super wealthy now did it like that with 16-18% mortgage rates. They tell me buy all you can at 3-4% cause it's free money.

No don’t do that you’ll be leveraged too much .

 

[LargeOrangeFont]

And today you are know everything about renters but you sold your home in one of the hottest markets please explain I have 3 doors in havasu my son age 30 has 2 doors

Are you talking to me? I have 3 doors in Havasu too, are you looking for a pat on the back? if so, great job .

 

[Havasu blue label]

You should be watching the masters

 

[grumpy88]

person making 125k year shouldn't be buying a 650k house unless they have 250k to put down.....

I agree with your statement but the house we sold in canoga park . Ghetto adjacent . 1326 square feet . Built in 57 . Sold for 630k . Zillow says 900k ! Today . It is canoga park ! Where is somebody suppose to live ? Its nuts

 

[HNL2LHC]

Are you talking to me? I have 3 doors in Havasu too, are you looking for a pat on the back? if so, great job .

Not talking to me cause I have 11 doors in havasu. Unfortunately that are all in ONE home.

 

[LargeOrangeFont]

Not talking to me cause I have 11 doors in havasu. Unfortunately that are all in ONE home.

Sounds like a cash cow if you rent each one out

 

[HNL2LHC]

Sounds like a cash cow if you rent each one out

Some are to bathrooms. With all the China Buffett and other stories not sure I want to rent anything of our rooms out. uke:








LOL

 

[LargeOrangeFont]

Some are to bathrooms. With all the China Buffett and other stories not sure I want to rent anything of our rooms out. uke:








LOL

China Buffet is a Starbucks now. No need to worry.

 

[Done-it-again]

I agree with your statement but the house we sold in canoga park . Ghetto adjacent . 1326 square feet . Built in 57 . Sold for 630k . Zillow says 900k ! Today . It is canoga park ! Where is somebody suppose to live ? Its nuts

I agree it’s nuts. I can’t afford certain locations so I live where I can. Maybe move out of CA? The hardest part for most new/young buyers is the down. They just can’t save it, even though some make damn good money. (250-350k combined).

I cannot afford CA commercial property so I’m looking in TX. I’m finding out that it’s moving sooo fast I can be left out again (unless I go to a different area in TX)

Damn I cannot offord a decent looking house in Havasu right now unless I want it to look like a 70’s palm desert home.

So I guess I’m saying you got to move to areas where it’s affordable to you. You might not like it at that time. But you move up in 5-10 yrs. Then do it again.

 

[NicPaus]

Yes but they didn’t tell you they had a little help to get started

I know a few that started with nothing and risked everything. And I know some that got some money early on that they used to get rich.

I have been broke and been well off. 7 days a week 12-15 hours a day as needed. No 9-5 here and the super wealthy I know never stop working.

I have been lazy lately my GF won't let me work like I used to. And fortunately my business is established now.

 

[LargeOrangeFont]

I know a few that started with nothing and risked everything. And I know some that got some money early on that they used to get rich.

I have been broke and been well off. 7 days a week 12-15 hours a day as needed. No 9-5 here and the super wealthy I know never stop working.

I have been lazy lately my GF won't let me work like I used to. And fortunately my business is established now.

Good for you man. You have to have a balance.

 

[2Driver]

You know that feeling when you eat at China Buffet and you start to cramp up before the force of 10,000 waterfalls rips you apart?

We're in the cramping phase.

LOL and in traditional fashion many are still going back for second helpings

 

[LargeOrangeFont]

I agree it’s nuts. I can’t afford certain locations so I live where I can. Maybe move out of CA? The hardest part for most new/young buyers is the down. They just can’t save it, even though some make damn good money. (250-350k combined).

I cannot afford CA commercial property so I’m looking in TX. I’m finding out that it’s moving sooo fast I can be left out again (unless I go to a different area in TX)

Damn I cannot offord a decent looking house in Havasu right now unless I want it to look like a 70’s palm desert home.

So I guess I’m saying you got to move to areas where it’s affordable to you. You might not like it at that time. But you move up in 5-10 yrs. Then do it again.

People talk about there being no workforce housing in Havasu... there is no workforce housing in all of So Cal.

 

[LargeOrangeFont]

LOL and in traditional fashion many are still going back for second helpings

If the orange chicken is good... it’s good.

 

[2Driver]

If the orange chicken is good... it’s good.

LOL 1 teaspoon of seasoning for each day it’s past the sell date.