You must be dellusional thinking that accepting relocation will guarantee job security for at least next 12 months.
I am surprised that there are people who think that relocation offers some kind of job security. How can someone even think that?
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Atlanta and Dallas are mini New Yorks. Not clean, safe or desirable. More peace found in the country and never big cities.
Truth is safe affordable housing will be more important than any other issues.
I think the saddest ones are the people that flooded into the offices in these maybe “hub” locations. They think this will somehow show their loyalty and save them. That’s delusional.
Fact is, our boss told us we may be able to stay in these hub or field locations and just to report to whatever office we had designated before covid (but no official word yet), but long term the vision is Atlanta and Dallas is where the job is. Folks just heard I’m safe where I am. Nope. Even if you somehow squeak by right now, that’s going to change in a few months. Best be job searching.
Even MORE delusional are the people thinking they’re going to get severance if they don’t comply with the RTO mandate. If you’re given the RTO directive and choose to not move, that’s on the employee. No severance. You’re de facto quitting. Cagey on the part of T, but in no way ageism or illegal as some would like to think.
Thats a question for an attorney to answer but likely might be easier to sell for 200,000 and buy new relocation house for the same 200,000. Keep it simple. Or only buy for whatever cash you have on hand-- 25,000 cash on hand + 1031 exchange value 200,000= only spend 225,000 on new relocation home and no loan at all. Only a guess.
How would llpas work for 1031 exchange house sale? Ex: before moving the current house that was purchased under a 1031 exchange(rental) years ago, sells today for 200,000.00 and is still under 1031 exchange. Owner wishes to move with T to another state for employment. Owner has to identify 3 potential like kind houses to buy in 6weeks and make closing of one in 6 months. But ... new house purchase is more, was 250,000.00 and 50,000.00 will have to be borrowed by a new loan. Does that 50,000.00 loan fall under the new L.L.P.A rules ? And how much would be wasted paying someone elses loan?
- L.P.A.'s will be the downfall of real estate home sales for some average T relocators. But Blackrock rentals will step in, raise the roof on rental prices with a " Ya'll Come!" welcome mat with banana peels under it. And "Jumbo Loan" T exec's ? . A "Jumbo Loan" and junkbo price only a real estate agent could dream up. We'll be Rich!
Figure the amount lost with interest on L.L.P.A. until loan matures. Then subtract this amount from offer on new loan for house. Have in hand a copy of new May 1,2023 L.L.P.A. rules when making offer. Do not be intimated by commission driven realtor. Study how L.L.P.A. rule could rob you of thousands of dollars by the end home loans maturity. Get some advice before signing anything. This information should be put in all relocation packets but likely will not be. All these changes by T could make one upset and not as cautious. Prayers to all for wisdom and careful planning.
Realtors and gouging Landlords will be the highest winners once they find out the exact big cities and exact numbers of desperate employees moving. Rent or Buy? Either way expect to pay 30-40% higher than normal. They will call it "short supply of housing" due to influx. Only move to areas where the family already plans to quit T later anyway and change to other employment at contracts end. Use T to your own benefit.
I will explain like to a 4 year old:
If you move after 12 months you will go bye bye..
Stop smoking, buy a treadmill, and lose some weight. We're all getting tired of hearing about union pukes who smoke like chimneys, drink like fish, and eat like elephants wanting us to subsidize their poor lifestyle choices. If it really mattered, you would have made these changes years ago.
"being potentially saddled with 250k in medical costs over the next 2yrs for my serious condition"
Even the most expensive, non-subsidized "Gold" level plans are <$600 a month on healthcare.gov
10k in moving costs vs being potentially saddled with 250k in medical costs over the next 2yrs for my serious condition. Many folks have very hard choices. Two more yrs of medical coverage would be very valuable to me.
Hope is never a good business strategy…..
Those who are planning to accept relocation are taking a gamble and hoping for RTO to be abandoned after sometime. T never delivers so waive 2 will became waive 3 and eventually will be forgotten. Ecomomy and job market will be different in 18-24 months or CEO may be pushed out by BOA. Or maybe they will be able to find better job. The strategy is to outsmart the system.
Calm down. Other people’s decisions don’t affect you.
It's called desperation and audacious hope.
People in a job get inertia, and once settled in and comfortable with routine, the prospect of change can be a bit intimidating. Especially if that change isn't one's own choice.
And so, for most people, it's more comforting to just acquiesce to whatever new mandate the company puts out - even moving across the country - because they have to hope that their bending the knee to the whims of someone like Stink will then make them safe in their job.
It's too bad, because life after T is not only a real thing, but it's glorious. I have compared it to a junkie who manages to get clean -- they realize just how horrible their time as an addict was only after they are sober and clear-headed.
It's just getting to the point of recovery sometimes takes a push.
I work in Chicago. Chicago is closing. A few I work with are seriously considering l moving. I think they are nuts. Layoffs will continue and likely to get worse. They will get stranded high and dry.
I'm not sure if anyone actually does, haven't seen anyone claim that for sure.