Second, what is your level of concern for making ends meet for 6mo to 1yr with one income lost, on a scale from 1 to 10 (not concerned at all to extremely concerned)?
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Hey other Q landlords... Some of my condos downtown already returned close to 100% since the crash. Are any of you considering cashing in and selling? I love downtown and the rents are decent. But wlot of these were new construction with underfunded hoas. So in about 10 years time, I think the hoa is going to either go up or will have special assessments. I don't see how prices can move up further unless banks start offering subprime loans again to dumb people who will overspend again (which could happen).
Honestly I would be 2-3 concerned if I lost my QCOM job out of a scale of 10. I realized that climbing the corporate ladder is a recipe for sacrificing home and married life about 10 years ago (I know, I should have realized that earlier), so I stepped away from more responsibilities and time commitments twice in the past. Instead, I used my remaining time and capital (by selling QCOM) to invest heavily in real estate since 2009. I too made the mistake of getting a big house and a big mortgage. So it took quite a bit of work to have my rental income finally covering the main house mortgage. Wife stays home to try to raise happy and well-adjusted kids. Getting out of the rat race is my next goal, not the next title. I want to get it done within the next 5 years. I consider myself very fortunate, but I sincerely hope that my story is a typical Qualcomm employee story as one progresses in his/her work life.
Used single income, b/c wife's income varied. (Bought over 10 years ago.) Bought on small side 3BR/2.5BA, in areas that command good rental returns. Bought other property with savings. Wouldn't have bought in Carmel Valley--even in 2008-2009.
Anonymous112460, Kinda of hard to lose when you bought in 2009 right after the crash, when prices pretty much were floored back to year 2000, when interest rates were at an all time low. Those properties cashflow remarkably well. Once in a lifetime opportunity, long gone...Unfortunately. Foreign buyers are all about cash buys in SoCal now. Great if you own now. Terrible if you haven't purchased yet.
i plan to live in my tesla.
Never forget socal real estate is boom n bust
Sad to see my slave friends who lives in the biggest house possible n drives biggest car they can afford
I didn't use any income to qualify. I am a trust fund kid that freeloads off my parents. My parents bought me a house in La Jolla right before I graduated from UCSD and they paid cash.
Well hopefully if there are any big layoffs it might force some people to sell, and hopefully that would put pressure on prices that have gotten out of hand. I doubt it since the SD market diverse, but one can dream
I used 1 income to qualify for my 15year. I have about $200k left on it that I could pay off, but with rates so low why bother. More disappointed, there's roughly $800k of equity that is just sitting there doing nothing. Out of the remaining rentals, most of them are free and clear, except one that is on a 30year with about $100k left. My rental incomes covers my primary homes mortgage, prop taxes, insurance, his and also the rental with a loan. In case of emergencies, I have a heloc I can pull from on all my properties. I was considering moving to a bigger home, but looks like the housing market took off in North county faster than I expected. Oh well, i kind of like having manageable housing expense that is independent of my salaried income
I m single income home
Kids happy to have mim at home which is a luxury in socal
Used Single income to qualify for a smaller loan because we absolutely didn't want to be house poor. 1