WELCOME TO RIVER DAVES PLACE

For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

TimeBandit

Well-Known Member
Joined
Sep 18, 2019
Messages
2,389
Reaction score
5,435
Bank statements provide a detailed financial picture that not even credit report will give you. I wouldn’t rent my house without seeing the last three month of a tenant bank statements. Best way - IMO to verify income, expenses, and to see how reoccurring expenses such as rent, car, credit card, and disposable income are used.
This ^^

I took a one day "landlord" class at the local community college, the instructor has many "rent houses" as he calls them.

He asks applicants how much they make, how much they have in savings AND for 3 months of statements. When he gets pushback he just moves on to the next.

I have had a great tenant in mine for 7 years, I already have the August rent check in hand.
 

rivrrts429

Arch Stanton...
Joined
Jan 4, 2008
Messages
21,314
Reaction score
45,862
There are many good renters out there for many different reasons, so this is a generalization.

But If they were perfect with finances, they would not be looking for a rental. Anyone can make money and spend it. It’s part of the picture for sure, but there are many factors to look at.


There is a lot more truth than not to what you’re saying, however, I have met a crazy amount of people who could own but choose not to.

My tenants choose not to own. Their past behavior indicates the move to a different part of the country every five years. They just enjoy new beginnings every 5-7 years. Very responsible people that don’t view home ownership as a necessity for themselves.
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
There is a lot more truth than not to what you’re saying, however, I have met a crazy amount of people who could own but choose not to.

My tenants choose not to own. There past behavior indicates the move to a different part of the country every five years. They just enjoy new beginnings every 5-7 years. Very responsible people that don’t view home ownership as a necessity for themselves.

I agree 100%. It’s a gift when you find those people.
 

Havasu blue label

Well-Known Member
Joined
Nov 30, 2018
Messages
5,316
Reaction score
3,119
There are many good renters out there for many different reasons, so this is a generalization.

But If they were perfect with finances, they would not be looking for a rental. Anyone can make money and spend it. It’s part of the picture for sure, but there are many factors to look at.
Please explain
 

PlumLoco

Vintage Jawa CZ motorcycles
Joined
Dec 20, 2007
Messages
2,232
Reaction score
3,331
In Redlands we are close to hospitals in Redlands, Loma Linda, Berdoo, Riverside, Fontana, MoVal, and not too far from a few others. We rent to traveling nurses and other healthcare workers. They essentially come pre-vetted, you know they have a job, they are hardly ever home, they usually live alone, they are responsible if things don't work out they are usually on 13 week contracts so they don't stay long. It has worked out wonderfully for us. Word of mouth and Facebook have kept it occupied non-stop for almost four years now.
 

hallett21

Well-Known Member
Joined
Nov 9, 2010
Messages
18,292
Reaction score
23,427
 

Javajoe

Well-Known Member
Joined
Jun 15, 2020
Messages
2,504
Reaction score
5,695
In Redlands we are close to hospitals in Redlands, Loma Linda, Berdoo, Riverside, Fontana, MoVal, and not too far from a few others. We rent to traveling nurses and other healthcare workers. They essentially come pre-vetted, you know they have a job, they are hardly ever home, they usually live alone, they are responsible if things don't work out they are usually on 13 week contracts so they don't stay long. It has worked out wonderfully for us. Word of mouth and Facebook have kept it occupied non-stop for almost four years now.
People list on FurnishedFinders for Traveling Nurses. Great website. They rent to other occupations also.
 

Orange Juice

Well-Known Member
Joined
Oct 2, 2017
Messages
5,211
Reaction score
6,191
How many renters have 0 debt, $50k+ cash in the bank for emergencies, a 800+ credit score, and a solid job or income?

There aren’t many of those that aren’t senior citizens. Those people usually buy houses.
$50k is not that much, if you’re looking at buying a home. Probably need $100k. 😉
 

HNL2LHC

What is right and what is wrong these days!
Joined
Jun 25, 2018
Messages
15,891
Reaction score
30,366
$50k is not that much, if you’re looking at buying a home. Probably need $100k. 😉
There are 5% down and I think that I saw a 3%. It is doable if the buyer is smart with money. But the low down will require you to have PMI. I hate when places like Hawaii make claims that the younger generation can’t buy a home. That is BS and they are setting up to have more government funding and programs. I just had this discussion with a friend from Hawaii that lives in San Diego. He is so worried about his kids adn where they will be able to afford. LOL. The wife and I didn‘t have a pot to piss in when married but we had goals and did what needed to get ahead.

You can do it!!!!!
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
There are 5% down and I think that I saw a 3%. It is doable if the buyer is smart with money. But the low down will require you to have PMI. I hate when places like Hawaii make claims that the younger generation can’t buy a home. That is BS and they are setting up to have more government funding and programs. I just had this discussion with a friend from Hawaii that lives in San Diego. He is so worried about his kids adn where they will be able to afford. LOL. The wife and I didn‘t have a pot to piss in when married but we had goals and did what needed to get ahead.

You can do it!!!!!

His real worry is his kids won’t be able to afford a house near him. Raise them to think critically and they will probably realize either CA is worth it and they will experience everything that goes along with living there.. or they will realize they can have a better quality of life living elsewhere.
 

Uncle Dave

Well-Known Member
Joined
Sep 7, 2008
Messages
9,836
Reaction score
10,951
There are many good renters out there for many different reasons, so this is a generalization.

But If they were perfect with finances, they would not be looking for a rental. Anyone can make money and spend it. It’s part of the picture for sure, but there are many factors to look at.

Ive got a good one.

Ive got a high end dentist that owns his own practice in my place. G-wagen in driveway.
He's a conservative Iranian guy - supremely cool as has been my relationship with that community since I moved to so Cal.

He owns a place he rents now across town - he moved his practice to the Westside and rented my place till he could find his own, but then got boxed in with nothing in his range worth buying close to his practice an hugely raising rates.

The house he walked into was never nicer than the day I moved out - he got a new cool roof, new insulation, new windows, new AC (house never had ac only window shakers) the rent payment is less than it would costs him to buy.

Guy's totally high class. and the kind of guy id hang out with.

Did he do it "perfectly" prob not, but hes doing ok for himself for sure.
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
Ive got a good one.

Ive got a high end dentist that owns his own practice in my place. G-wagen in driveway.
He's a conservative Iranian guy - supremely cool as has been my relationship with that community since I moved to so Cal.

He owns a place he rents now across town - he moved his practice to the Westside and rented my place till he could find his own, but then got boxed in with nothing in his range worth buying close to his practice an hugely raising rates.

The house he walked into was never nicer than the day I moved out - he got a new cool roof, new insulation, new windows, new AC (house never had ac only window shakers) the rent payment is less than it would costs him to buy.

Guy's totally high class. and the kind of guy id hang out with.

Did he do it "perfectly" prob not, but hes doing ok for himself for sure.

Score UG!
 

pronstar

President, Dallas Chapter
Joined
Aug 5, 2009
Messages
34,680
Reaction score
41,508
My RE mentor’s favorite renter, his homes are all in good school districts:

Married hispanic construction worker (illegal is fine) with work history, one or two kids old enough to go to the local school.

His rationale:
They don’t have a lot of options, so if you put the family in a good home and close to school, they’ll stay. And he finds they take care of the home because they want to be there.
 

Cdog

Well-Known Member
Joined
Apr 8, 2008
Messages
8,481
Reaction score
17,924
My RE mentor’s favorite renter, his homes are all in good school districts:

Married hispanic construction worker (illegal is fine) with work history, one or two kids old enough to go to the local school.

His rationale:
They don’t have a lot of options, so if you put the family in a good home and close to school, they’ll stay. And he finds they take care of the home because they want to be there.
I call them single mom neighborhoods. Close to good schools & shopping. The good side of town next neighborhood over from the expensive neighborhood.

Cops, firefighters & teachers live in these kind of neighborhoods. Sense of pride & safe
 

c_land

Well-Known Member
Joined
Jul 14, 2016
Messages
1,867
Reaction score
4,057
My RE mentor’s favorite renter, his homes are all in good school districts:

Married hispanic construction worker (illegal is fine) with work history, one or two kids old enough to go to the local school.

His rationale:
They don’t have a lot of options, so if you put the family in a good home and close to school, they’ll stay. And he finds they take care of the home because they want to be there.


His secret is out! Take a look at this. The guy is creating a fund that only buys in top rated school districts.

 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
His secret is out! Take a look at this. The guy is creating a fund that only buys in top rated school districts.


Boom!
 

Sportin' Wood

Well-Known Member
Joined
Sep 24, 2007
Messages
2,559
Reaction score
7,636
How many renters have 0 debt, $50k+ cash in the bank for emergencies, a 800+ credit score, and a solid job or income?

There aren’t many of those that aren’t senior citizens. Those people usually buy houses.
I have a friend who is a unicorn. He and his wife have been married for almost 30 years, He has held a federal job as far back as I remember, and his wife makes decent coin and maintains a steady career. They keep one good running car and mostly ride bikes to work. They live in an expensive beach town and pay rent.

They don't make a lot of money, but they have steady incomes and with the exception of the small house they live in across the street from the beach, they don't live an extravagant life. I think they have rented that house for 10-plus years.

I asked him about 20 years ago why they never bought a house. He said we never will buy a house. He had a laundry list of reasons they did not want to buy, most of it made a lot of sense for the lifestyle they live. The thing that struck me was his focus on fixed monthly costs. He does not deal with maintenance or repairs, and he does not do "Home improvements" They maintain a small garden, but they don't landscape, make trips to Home Depot, or even mow the grass.

He knows what his monthly nut has been for as long as I know him. He invests long in the market, of course conservatively. They will be fine when they retire.

He is a solid renter, but he doesn't turn a single screw on the house he lives in. Homeownership was just not in his cards.
 

Paradox

Known Inmate #27012
Joined
Jul 12, 2020
Messages
1,182
Reaction score
3,264
I have a friend who is a unicorn. He and his wife have been married for almost 30 years, He has held a federal job as far back as I remember, and his wife makes decent coin and maintains a steady career. They keep one good running car and mostly ride bikes to work. They live in an expensive beach town and pay rent.

They don't make a lot of money, but they have steady incomes and with the exception of the small house they live in across the street from the beach, they don't live an extravagant life. I think they have rented that house for 10-plus years.

I asked him about 20 years ago why they never bought a house. He said we never will buy a house. He had a laundry list of reasons they did not want to buy, most of it made a lot of sense for the lifestyle they live. The thing that struck me was his focus on fixed monthly costs. He does not deal with maintenance or repairs, and he does not do "Home improvements" They maintain a small garden, but they don't landscape, make trips to Home Depot, or even mow the grass.

He knows what his monthly nut has been for as long as I know him. He invests long in the market, of course conservatively. They will be fine when they retire.

He is a solid renter, but he doesn't turn a single screw on the house he lives in. Homeownership was just not in his cards.
We sold our primary long time home 16 months ago. My wife essentially retired last October and I was intending to do likewise in early 2025. The plan was to move into the Havasu house full time. That said, I’m now rethinking it. I like working and actually look forward to going in. I may now continue on into 2027 or later.

The upshot is we’re renting for the first time since the 80s and frankly, I too am liking it. Something to be said for having a fixed cost, no maintenance and, what amounts to an entirely trouble free living arrangement.

As noted by Sportin Wood, the freedom to live wherever you want is also nice. We’re currently in Valencia but are talking about moving to the beach later this year. I‘ve recently seen decent rentals in Playa Del Rey, Marina Del Rey, Redondo and San Pedro. Perhaps we’ll try it for a year and then try something else (the mountains come to mind) the following year.
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
I have a friend who is a unicorn. He and his wife have been married for almost 30 years, He has held a federal job as far back as I remember, and his wife makes decent coin and maintains a steady career. They keep one good running car and mostly ride bikes to work. They live in an expensive beach town and pay rent.

They don't make a lot of money, but they have steady incomes and with the exception of the small house they live in across the street from the beach, they don't live an extravagant life. I think they have rented that house for 10-plus years.

I asked him about 20 years ago why they never bought a house. He said we never will buy a house. He had a laundry list of reasons they did not want to buy, most of it made a lot of sense for the lifestyle they live. The thing that struck me was his focus on fixed monthly costs. He does not deal with maintenance or repairs, and he does not do "Home improvements" They maintain a small garden, but they don't landscape, make trips to Home Depot, or even mow the grass.

He knows what his monthly nut has been for as long as I know him. He invests long in the market, of course conservatively. They will be fine when they retire.

He is a solid renter, but he doesn't turn a single screw on the house he lives in. Homeownership was just not in his cards.

Renting is the ultimate subscription in your life. It works for some people. I have a few friends that never want to own a house for those reasons.
 

badgas

Well-Known Member
Joined
Jul 30, 2020
Messages
1,737
Reaction score
3,475
Post the mls and let’s compare

Was 3/3


And a 3/2 with no RV



none are $350K btw
 

Havasu blue label

Well-Known Member
Joined
Nov 30, 2018
Messages
5,316
Reaction score
3,119

Was 3/3


And a 3/2 with no RV



none are $350K btw
Very cool someone made money
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178

Was 3/3


And a 3/2 with no RV



none are $350K btw

Those are the reason I’ll just buy another house and not bother building a RV garage and add a pool to mine.
 

billt

Well-Known Member
Joined
Jul 1, 2023
Messages
47
Reaction score
116
I think today's mortgage rates are killing off A LOT of new buyers, and / or people who want to upgrade their standard of living. It's one thing to borrow well into 6 figures to purchase a home at 2.6%. It's quite another to pay almost 7% for the same amount of money.

Their payments end up too high, and they get knocked out of the box, and wind up not getting the loan. There are some lending institutions that are still remembering the pain from the 2008 housing fiasco. When banks were throwing money at just about anyone with 2 arms and 2 legs, who had a heartbeat.
 

badgas

Well-Known Member
Joined
Jul 30, 2020
Messages
1,737
Reaction score
3,475
Those are the reason I’ll just buy another house and not bother building a RV garage and add a pool to mine.
That is what I did, found one with the RV garage and a blank slate in back.

It was WAY less money to add a pool and I also wanted an up to date pool and Jacuzzi fire pit etc. I could not pay an extra 100K for a 35 year old pool that needed love or was some odd design that I didn't like with old cracked decking etc.

Still took a year to build the pool and walls but worth it in the end.
 

Orange Juice

Well-Known Member
Joined
Oct 2, 2017
Messages
5,211
Reaction score
6,191
I still have a hard time understanding how Zillow comes up with $4100 mo for a 2100sqft home, with no pool, or better yet, how do renters come up with nut. 😉
 

shintoooo

I'm Blessed
Joined
Oct 22, 2009
Messages
27,464
Reaction score
62,093
Take a look at the stock market. Most stocks are recovering and some are making ALL TIME records highs. People's retirement and investment accounts are at an all time high. There's a lot of money out there sitting in savings collecting interest. The housing market isn't going to crash until people start to lose their jobs and have to go through their savings in order to live. Then when that happens, they will stop paying their mortgage and shit will hit the fan.

Powell and the FOMC have so far failed to crash the stock market because at the same time that they are tightening and increasing interest rates, the fed is still handing out huge amounts of cash to employers in the form of the Employment Retention Credit . I've had clients that have received anywhere from $10K up to $3million back in the past week to a year ago. That money is now circling the market and causing more inflation and keeping housing prices propped up.

I think Powell is going to increase the interest rates again this time around and that is going to send the markets down bigly. Inflation is still very high, specially with gas prices going back to all time highs.

This is just my opinion of course and if you don't agree with it you'll be banned. 😆
 

ChumpChange

Commercial Banker
Joined
Dec 19, 2007
Messages
10,426
Reaction score
12,795
Take a look at the stock market. Most stocks are recovering and some are making ALL TIME records highs. People's retirement and investment accounts are at an all time high. There's a lot of money out there sitting in savings collecting interest. The housing market isn't going to crash until people start to lose their jobs and have to go through their savings in order to live. Then when that happens, they will stop paying their mortgage and shit will hit the fan.

Powell and the FOMC have so far failed to crash the stock market because at the same time that they are tightening and increasing interest rates, the fed is still handing out huge amounts of cash to employers in the form of the Employment Retention Credit . I've had clients that have received anywhere from $10K up to $3million back in the past week to a year ago. That money is now circling the market and causing more inflation and keeping housing prices propped up.

I think Powell is going to increase the interest rates again this time around and that is going to send the markets down bigly. Inflation is still very high, specially with gas prices going back to all time highs.

This is just my opinion of course and if you don't agree with it you'll be banned. 😆
Bigly. Noted.

And great post. Accurate from my perspective.
 

Cdog

Well-Known Member
Joined
Apr 8, 2008
Messages
8,481
Reaction score
17,924
Take a look at the stock market. Most stocks are recovering and some are making ALL TIME records highs. People's retirement and investment accounts are at an all time high. There's a lot of money out there sitting in savings collecting interest. The housing market isn't going to crash until people start to lose their jobs and have to go through their savings in order to live. Then when that happens, they will stop paying their mortgage and shit will hit the fan.

Powell and the FOMC have so far failed to crash the stock market because at the same time that they are tightening and increasing interest rates, the fed is still handing out huge amounts of cash to employers in the form of the Employment Retention Credit . I've had clients that have received anywhere from $10K up to $3million back in the past week to a year ago. That money is now circling the market and causing more inflation and keeping housing prices propped up.

I think Powell is going to increase the interest rates again this time around and that is going to send the markets down bigly. Inflation is still very high, specially with gas prices going back to all time highs.

This is just my opinion of course and if you don't agree with it you'll be banned. 😆
Quite the conundrum when 60+% of the nation’s wealth is wrapped up in retirement accounts that make more money when big companies lay off and profits increase. Then In turn that generation spends some of those profits creating the inflation the fed is trying to combat.

Huge disconnect between the haves & the trying to haves.
 

bonesfab

Well-Known Member
Joined
Jun 20, 2008
Messages
6,121
Reaction score
27,037
If the used car market is a leading indicator, no time soon. The predictions of Carmageddon don't seem to be playing out.
From what I see the car market is in a world of trouble. Repo's are racheting up, car lots have cars, and people are not buying for the most part. It is going to be like the housing crisis of 2008. Buy another car and walk away from the one you are 20-40k upsdie down in.
 

Looking Glass

1 = Well = Known = Member
Joined
Jan 6, 2020
Messages
9,685
Reaction score
16,825
From what I see the car market is in a world of trouble. Repo's are racheting up, car lots have cars, and people are not buying for the most part. It is going to be like the housing crisis of 2008. Buy another car and walk away from the one you are 20-40k up

From what I see the car market is in a world of trouble. Repo's are racheting up, car lots have cars, and people are not buying for the most part. It is going to be like the housing crisis of 2008. Buy another car and walk away from the one you are 20-40k upsdie down in.


Buying from a Dealer and paying Sales Tax, adds to the cost issue, vs from a Private Party and avoiding them.
 

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,689
Reaction score
76,178
From what I see the car market is in a world of trouble. Repo's are racheting up, car lots have cars, and people are not buying for the most part. It is going to be like the housing crisis of 2008. Buy another car and walk away from the one you are 20-40k upsdie down in.

But used cars aren’t going to take down the economy.


This article from March says repos are mostly flat and they expect them to spike when (surprise) people start loosing their jobs.
 

Done-it-again

Well-Known Member
Joined
Apr 3, 2016
Messages
9,715
Reaction score
12,301
From what I see the car market is in a world of trouble. Repo's are racheting up, car lots have cars, and people are not buying for the most part. It is going to be like the housing crisis of 2008. Buy another car and walk away from the one you are 20-40k upsdie down in.
From what I can tell, dears are still making out. Granted maybe not the 10-15k premium on popular models, but now 5k-8k.
 

OldSchoolBoats

No Bad Days
Joined
May 8, 2014
Messages
16,813
Reaction score
25,272
Take a look at the stock market. Most stocks are recovering and some are making ALL TIME records highs. People's retirement and investment accounts are at an all time high. There's a lot of money out there sitting in savings collecting interest. The housing market isn't going to crash until people start to lose their jobs and have to go through their savings in order to live. Then when that happens, they will stop paying their mortgage and shit will hit the fan.

Powell and the FOMC have so far failed to crash the stock market because at the same time that they are tightening and increasing interest rates, the fed is still handing out huge amounts of cash to employers in the form of the Employment Retention Credit . I've had clients that have received anywhere from $10K up to $3million back in the past week to a year ago. That money is now circling the market and causing more inflation and keeping housing prices propped up.

I think Powell is going to increase the interest rates again this time around and that is going to send the markets down bigly. Inflation is still very high, specially with gas prices going back to all time highs.

This is just my opinion of course and if you don't agree with it you'll be banned. 😆

We had a litte break in gas prices for a few weeks, but it is starting to creep up again too. What we really noticed in the last couple weeks is groceries are getting sneaky high. 8 pack of juice boxes were $1.99 at Grocery Outlet a couple weeks ago. Same juice boxes today are $3.29.
 
Top