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More real estate doom and gloom

mandown

mandown

Poopdeck Repost
Jun 1, 2004
20,238
7,767
Transylvania 90210

The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property | Internal Revenue Service

IR-2020-262, November 23, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges.
www.irs.gov www.irs.gov


About Form 8824, Like-Kind Exchanges | Internal Revenue Service

Information about Form 8824, Like-Kind Exchanges, including recent updates, related forms, and instructions on how to file. Use Parts I, II, and III of Form 8824 to report each exchange of business or investment property for property of a like kind.
www.irs.gov www.irs.gov

EF5ADD48-F09D-441B-A790-B88AC92C1789.jpegE4A35482-FB3D-4F57-A441-2AC042560C08.jpeg9D7F75EA-6284-4A9F-8D99-BC860C4B178F.jpeg
 
ALEXIS_DH

ALEXIS_DH

Tirelessly Awesome
Jan 30, 2003
6,147
796
Lima, Peru, Peru
Toshi said:
but underwriting standards exist this time around. Might some people end up underwater? Sure. But the house of cards has more glue.
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There is a magical band-aid this time.
The US monetary policy has been proven as virtually inflation-proof (short term). The US printed 1/4-1/3 of its currency last year and the dollar did not crash.

If the housing market were about to crash, the fed would just pump even more money, jack up the value of assets (houses, stocks, etc) and fire-sales could be avoided.
"Appreciation" (or under-reported inflation to be more precise) offsets mortgage interest.
 
junkyard

junkyard

You might feel a little prick.
Sep 1, 2015
2,601
2,303
San Diego
Pesqueeb said:
:stupid:

I also was under the impression that it only effected you if you were in the residence for a short-ish period of time. If you're flipping residences for instance.
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That’s different, there are write offs and breaks for personal residence. There are different rules for 1031 personal housing, that won’t be effected by this for most people

I was largely referring to everything other than houses. Think about all the property out there. Every store, gas station, commercial whatever, farm, apartment building. All of it is owned by people or corporations that are owned by people. They get bought, sold and developed all the time. 1031 exchanges are a incentive to sell. Which is good, because economic movement and old people selling and reinvesting to still get monthly money and hold onto wealth. Instead of holding onto it and letting it decay. Someone buys it and fixes it up, raises rent and then sells it

there are different investors out there. People who develop, people who buy and sell with lending strategies, long term holders, people specializing in a product(like Taco Bells).
 
Adventurous

Adventurous

Starshine Bro
Mar 19, 2014
10,318
8,875
Crawlorado
jimmydean said:
You thought existing houses were expensive?

www.cnbc.com

Soaring lumber prices add $36,000 to the cost of a new home, and a fierce land grab is only making it worse

As the housing market gets leaner, potential buyers are turning in greater numbers than ever to new construction, but builder costs are soaring.
www.cnbc.com www.cnbc.com
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Ah, so those "starting at 450K" "starter" homes will now be "starting at 500K" "starter" homes.

Seriously considering YOLOing, buying another RV, and hitting the road again for a bit. Either things will settle down and it'll work in our favor, or it won't and we'll be in the same situation we are now. I do believe I've demonstrated that I can effectively work remotely, so in theory I could do that just as effectively from anywhere. Perhaps it's be digital nomad time.
 
jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,135
13,305
Portland, OR
We have talked about that. Bob was saying the houses in the lake haven't gotten as crazy and if they would have held out until now, they would have paid cash for it. Houses are $450k here now, that's insane. Our house was $215k new 15 years ago. The idea folks are having to pay that price this far out is crazy.
 
mandown

mandown

Poopdeck Repost
Jun 1, 2004
20,238
7,767
Transylvania 90210
I’m trying to figure out where I can move and be comfortable. At this rate, I could actually see moving back into my childhood home which my mom still owns, assuming she continues to own it and I inherit it. She’s asked me about that before, and I’m beginning to think it’s less and less crazy to consider.
 
mandown

mandown

Poopdeck Repost
Jun 1, 2004
20,238
7,767
Transylvania 90210
...I’m also fascinated by all the people trapped by their equity. Bought house. Value inflated. Now what?
- Sell it and move to an equally expensive place paying more property taxes?
- Sell it and move somewhere cheaper? (That’s gone well for Californians going to Oregon and Texas)
- Move out and Air BnB or turn the place to a rental?
- Borrow against the equity from the market value gain and pay interest on that?
- Jerk off to the home value and just go on lining?
 
jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,135
13,305
Portland, OR
mandown said:
...I’m also fascinated by all the people trapped by their equity. Bought house. Value inflated. Now what?
- Sell it and move to an equally expensive place paying more property taxes?
- Sell it and move somewhere cheaper? (That’s gone well for Californians going to Oregon and Texas)
- Move out and Air BnB or turn the place to a rental?
- Borrow against the equity from the market value gain and pay interest on that?
- Jerk off to the home value and just go on lining?
Click to expand...
The folks across the street just got out of bankruptcy last year and started a major renovation this year. They have refinanced and cashed out, so now they redid the kitchen. They have not only put WAY too much money into this place, but the work they have done us so personal it might never sell.

But with inventory as it is, you never know.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,293
16,727
Riding the baggage carousel.
mandown said:
...I’m also fascinated by all the people trapped by their equity. Bought house. Value inflated. Now what?
- Sell it and move to an equally expensive place paying more property taxes?
- Sell it and move somewhere cheaper? (That’s gone well for Californians going to Oregon and Texas)
- Jerk off to the home value and just go on lining?
Click to expand...
:wave:
 
Westy

Westy

the teste
Nov 22, 2002
54,391
20,183
Sleazattle
mandown said:
...I’m also fascinated by all the people trapped by their equity. Bought house. Value inflated. Now what?
- Sell it and move to an equally expensive place paying more property taxes?
- Sell it and move somewhere cheaper? (That’s gone well for Californians going to Oregon and Texas)
- Move out and Air BnB or turn the place to a rental?
- Borrow against the equity from the market value gain and pay interest on that?
- Jerk off to the home value and just go on lining?
Click to expand...

I sleep in my equity. Not only do I store my bikes in my equity, it keeps me warm and dry and offers a sanitary place to poop. The only time I ever think about it is when I look at this thread.
 
jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,135
13,305
Portland, OR
mandown said:
In CA that's no problem. Every home is a remodel/teardown so it can be flipped with cub appeal, and then the new owners remodel it anyway.
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They tiled the front porch. In the winter, it is slick as all hell and is hilarious. It worked out so well, they did it down the side of the house. They are both from Southern California. I'm surprised they haven't tried to stucco the outside yet
 
Toshi

Toshi

Harbinger of Doom
Oct 23, 2001
38,239
7,687
Westy said:
I sleep in my equity. Not only do I store my bikes in my equity, it keeps me warm and dry and offers a sanitary place to poop. The only time I ever think about it is when I look at this thread.
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and when you update your Personal Capital nightly
 
junkyard

junkyard

You might feel a little prick.
Sep 1, 2015
2,601
2,303
San Diego
jimmydean said:
They tiled the front porch. In the winter, it is slick as all hell and is hilarious. It worked out so well, they did it down the side of the house. They are both from Southern California. I'm surprised they haven't tried to stucco the outside yet
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stucco cracks in the cold or what?
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
42,146
13,340
Squirtin ketchup n' mustard on charred flesh
Jm_

Jm_

sled dog's bollocks
Jan 14, 2002
18,960
9,630
AK
kidwoo said:
Kind of a shit article without at least one pic of the bike trails. It's actually pretty impressive what they've built out there. I would guess 80% of "new" mtb enthusiasts would think that place is heaven.
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Without knowing how oppressive the weather is in the summer. It's straight up brutal. Plus, I hate ticks.
 
junkyard

junkyard

You might feel a little prick.
Sep 1, 2015
2,601
2,303
San Diego
Avocado farms are mostly run by the cartels of Mexico. Which I cant think of anything more American, basing our daily value and eating a yummy fruit at the expense of our neighbors.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,293
16,727
Riding the baggage carousel.
When I lived on the Central Coast, our admin lady at work would bring in grocery bags full of them from her "ranch" and I would take them home. I put avacado on damn near everything, and would throw away unused portions. Closest I've ever been to "Fuck you money". :fancy:
 
Montana rider

Montana rider

Turbo Monkey
Mar 14, 2005
1,747
2,186
Pesqueeb said:
Closest I've ever been to "Fuck you PRODUCE...". :fancy:
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Similarly we were staying at some random B&B on the Big Island with a 100 year old Avocado tree in the yard.

We took a dozen or two when we checked out but leaving behind pounds of (forlorn) fruit on the ground seemed wasteful...

Nomming a variety of (non-Hass) avocado strains was pretty neat too -- akin to the multitude of apple varieties grown in old orchards but with moar FAT.

1620081173650.png




1620081367503.png
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
42,146
13,340
Squirtin ketchup n' mustard on charred flesh
Pesqueeb said:
Click to expand...

He got out of the car and walked around the outside of the house. He didn’t dare to knock, because the tenant had accused him of harassment and police had warned him about tenants’ rights and trespassing on his own property. Through the front window he could see a big-screen TV and two space heaters with wires running in every direction. The yard was littered with a few empty cigarette packs, wrappers and beer cans. He suspected the tenant not only was living free but also was damaging his home in the process.


“So much disrespect,” Budhoo said.



Haha

Good lord. Sell the property. Employ a tenant. And fuck the post for once again doing a good job of making sure you know who the ignert, lazy freeloader trope is in this story.

That's why giving money to an airline and not people when this started is stupid. I got a payment I didn't need because I was employed the whole time.


Anybody else read Evicted? The slumlord situation in poor neighborhoods is rarely what you think it is. If only we had some kind of system we could pay into during booms that would pay out during emergencies........
 
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mandown

mandown

Poopdeck Repost
Jun 1, 2004
20,238
7,767
Transylvania 90210
kidwoo said:
And fuck the post for once again doing a good job of making sure you know who the ignert, lazy freeloader trope is in this story.
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Did you not keep reading to the part where they described him as not-lazy, but unfortunate? Or did your virtue signal go off mid-article requiring you to jump into action on the Internet?

He’d been paying rent on time for several months before the pandemic, living at 1042 Cutler with his 13-year-old daughter and his girlfriend and cooking at a Brick House Tavern for $700 a week until New York Gov. Andrew M. Cuomo banned indoor dining on March 16, 2020. Hill had lost his job the next day, and then, a few months later, he’d lost his girlfriend after arguments about the bills they couldn’t pay. He’d worked a job ever since he turned 14 — dog walking, cooking, cleaning, roofing, landscaping, demolition — and somehow he’d found work again in the middle of the pandemic at another restaurant, but most of his paycheck went to a babysitter for his daughter, and eventually that restaurant closed down, too.
 
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