Post: #1

Do any of you guys own a house? Housing stock is up 10% in the United States since last January and I'm currently thinking about purchasing one. Trouble is, my job is located way out in the suburbs (almost exurbs) where there's nothing to do. If I look for a house closer in, prices/taxes go way up beyond my means. Most stuff I like to do occurs downtown, which would be a 45 min (1.5 hours during traffic hours) from the suburbs where I'm looking at houses. The houses I'm looking at are desirable, appreciate in value, and tend to be re-sellable very fast. I'm approaching it as an investment I could make some money off of within a few years and be able sell quickly if I ever wanted to move. Still, the surrounding neighborhoods are about as bland as a cold bowl of oatmeal. I can literally go for weeks out here without seeing any attractive single girls. Living in the suburbs in my city is kind of death to your social life, a lot of people who live in the city have kind of this snobby "why do you live out in the suburbs" attitude around here if you're single.

I'm at a crossroads in life, I can't justify renting apartments anymore and I think Condos/Townhomes aren't really worth it either. Condos are just sort of glorified apartments and I rarely hear of anyone making money off of them. All of the job sites in my field of work are located way out in the suburbs/exurbs. I enjoy the convenience of the suburbs and access to the countryside, but my city is so large scale the commutes into downtown for the social life can be nightmarish. I'm not married, but feel the conflicting interests of wanting to save money, make investments, etc. Does anyone else feel this way?

I'm thinking I could just accept living in the burbs and suck up the longer commutes to the hot spots I like to frequent (bars, salsa clubs, concerts, sports events), and get myself locked into a good mortgage that will appreciate and help me to gain resources. If my social life takes a hit, I'm perhaps at an age where I'm willing to have less immediate social capital and more resources to travel more. I'm currently dating a woman from another country anyways. I'd be interested in international job opportunities, then maybe I could rent out my house in the States and get really into an immediate location/lifestyle that I'd love to live.

Thoughts??

Post: #2

Sadly, it sounds like work has done you in when it comes to logistics.

I don't think any girl will do a SNL if you attempt to drive from a bar home. Any sort of distance is a massive cock block.

This might do you in overall, though I'd just revert back to standard dating with one chick. That or travel to foreign locales instead.

Post: #3

Don't live in the suburbs, but do buy the house. Let me elaborate.

Life's too short to live in a suburban soulless urban sprawl, especially if you are sub 40 years of age and single. Go find a job overseas pronto, American birds are rotund and vacuous.

Buy the house as an investment, move overseas even if you don't have a job lined up and live off the rental income for initial period whilst you set up your life and secure a new primary income. You will be surprised how well you can live in some countries from the US dollar, and how much more joyous life is when you surrounded by beautiful feminine felines.

P.S. Buy in an area close to public transport links, and try to go for the biggest square metre block, as a general rule. I suspect you'll be a happy chappy in ten years time with said investment.

Post: #4

(11-22-2015 11:00 PM)blacknwhitespade Wrote:  I'm approaching it as an investment I could make some money off of within a few years and be able sell quickly if I ever wanted to move. Still, the surrounding neighborhoods are about as bland as a cold bowl of oatmeal. I can literally go for weeks out here without seeing any attractive single girls. Living in the suburbs in my city is kind of death to your social life, a lot of people who live in the city have kind of this snobby "why do you live out in the suburbs" attitude around here if you're single.
...
I'm at a crossroads in life, I can't justify renting apartments anymore and I think Condos/Townhomes aren't really worth it either.
...
I'm currently dating a woman from another country anyways. I'd be interested in international job opportunities, then maybe I could rent out my house in the States and get really into an immediate location/lifestyle that I'd love to live.

Thoughts??

Owning a home and then renting it out is like a new job. Imagine being in a foreign city and you have to solve a complex problem for the renter. The upkeep of a warranty of habitability could become a nightmare from 6000 miles away. That is, if you get one in the "bland" area.

The suburbs are a creation for the western woman who wants to nest, not for a man who seems to want to get away and work abroad.

But, you are free to do what you want. You can buy a cart and pray for a horse in the next county.

Post: #5

(11-23-2015 08:32 AM)BDawg Wrote:  

(11-22-2015 11:00 PM)blacknwhitespade Wrote:  I'm approaching it as an investment I could make some money off of within a few years and be able sell quickly if I ever wanted to move. Still, the surrounding neighborhoods are about as bland as a cold bowl of oatmeal. I can literally go for weeks out here without seeing any attractive single girls. Living in the suburbs in my city is kind of death to your social life, a lot of people who live in the city have kind of this snobby "why do you live out in the suburbs" attitude around here if you're single.
...
I'm at a crossroads in life, I can't justify renting apartments anymore and I think Condos/Townhomes aren't really worth it either.
...
I'm currently dating a woman from another country anyways. I'd be interested in international job opportunities, then maybe I could rent out my house in the States and get really into an immediate location/lifestyle that I'd love to live.

Thoughts??

Owning a home and then renting it out is like a new job. Imagine being in a foreign city and you have to solve a complex problem for the renter. The upkeep of a warranty of habitability could become a nightmare from 6000 miles away. That is, if you get one in the "bland" area.

The suburbs are a creation for the western woman who wants to nest, not for a man who seems to want to get away and work abroad.

But, you are free to do what you want. You can buy a cart and pray for a horse in the next county.

If things don't work out with the girl I'm currently dating, my strategy is more or less what the 2nd poster summarized. I have a declining interest in the women in my metro area anyways, hence the international LDR. If not a place to live, I'm seeing it as an investment/property/space for my stuff while I'm still tied to my job here, then maybe within a year I can find another job overseas (I'm already looking at some job postings in Mexico, etc).

The houses I'm looking at are in a fairly homogenous suburb, about a 10 minute drive from commuter trains, close to major highways, and major corporations that attract executives. The houses are attractive for families and working professionals, and tend to go fast on the market. They are also newer houses that require minimal maintenance. I have family in the area that could possibly assist me with helping tenants with rent/property issues.

Post: #6

(11-23-2015 07:33 AM)Jungle Wrote:  Don't live in the suburbs, but do buy the house. Let me elaborate.

Life's too short to live in a suburban soulless urban sprawl, especially if you are sub 40 years of age and single. Go find a job overseas pronto, American birds are rotund and vacuous.

Buy the house as an investment, move overseas even if you don't have a job lined up and live off the rental income for initial period whilst you set up your life and secure a new primary income. You will be surprised how well you can live in some countries from the US dollar, and how much more joyous life is when you surrounded by beautiful feminine felines.

P.S. Buy in an area close to public transport links, and try to go for the biggest square metre block, as a general rule. I suspect you'll be a happy chappy in ten years time with said investment.

This is my idea, I'm just concerned about how feasible successfully renting out and collecting enough money to launch myself elsewhere is. There's also the logistics factor, like another poster mentioned, should I need to return to the USA to attend to rental matters.

If I move elsewhere, I could also always sell it within a year and still make a little money off it.

Would love to hear some people chime in and share experiences and strategies of how this has been done.

Post: #7

(11-23-2015 05:58 AM)The Beast1 Wrote:  Sadly, it sounds like work has done you in when it comes to logistics.

I don't think any girl will do a SNL if you attempt to drive from a bar home. Any sort of distance is a massive cock block.

This might do you in overall, though I'd just revert back to standard dating with one chick. That or travel to foreign locales instead.

That's been my experience. Living in suburbs = hindered social life + crappy DSR options

I currently have the opportunity to travel, but only for 2 weeks a year from my day job. If I could get a more flexible work schedule, I'd have a lot more time to go to Mexico, South America, and Europe, places that have a much higher percentage of women that I'm at least physically attracted to. I did an experiment on Tinder and Badoo (I know, I know, it's just dating apps) and was swiping right on 40-50% of my matches in various cities in Mexico, Chile, etc. I search girls in my city and won an award for pickiest person of the week! I also looked at a few other USA cities, meh. I also like the more feminine and cultured attitudes and lifestyles of foreign women. Most of the women in my city's trendy urban core are fat, yuppie or hood. The suburbs have practically zero nightlife and few women I see are fat, hood, or plain jane. I occasionally meet decent talent at parties, social events through friends, and of course I've navigated the shit show that is online dating, overall it's pretty lame prospects. I'm beginning to lean towards just buying the house and finding whatever ways to get abroad more for dating/romance life.

It's a painful decision to make, because life is so much easier if I could just stay close to my family/roots around here and also pursue my passions and find the women I desire, but I'm just not seeing the two sides of life being compatible around here. I have to go elsewhere to pursue my passions and find interesting women. The suburbs especially suck the life out of me. They're cheap and comforting and close to my family and my job field, but offer basically nothing else.

Post: #8

Real estate is not as easy as some people make it seem. Repairs, vacancies, evictions will all take a toll. If can work but the people I know who made it work had to ride out some tough periods. And real estate is not easy to resell. It is a stock where you put in a market order and it gets sold. So many variables and you have no idea what the market will be like when you think you might sell. If you think you know the future that should be the first red flag and you shouldn't buy the house. Plenty of deals fall out at the end because the buyer couldn't qualify for a mortgage. Appraisal doesn't hit the number, etc.

Post: #9

(11-23-2015 10:36 AM)samsamsam Wrote:  Real estate is not as easy as some people make it seem. Repairs, vacancies, evictions will all take a toll. It can work but the people I know who made it work had to ride out some tough periods. And real estate is not easy to resell. It is a stock where you put in a market order and it gets sold. So many variables and you have no idea what the market will be like when you think you might sell. If you think you know the future that should be the first red flag and you shouldn't buy the house. Plenty of deals fall out at the end because the buyer couldn't qualify for a mortgage. Appraisal doesn't hit the number, etc. And while you think it is appreciating at a good clip keep in mind selling costs and depreciation recapture when you are counting your profits. You can delay the recapture part with a 1031 exchange. But then you are still stuck in an asset.

Post: #10

(11-23-2015 10:36 AM)samsamsam Wrote:  Real estate is not as easy as some people make it seem. Repairs, vacancies, evictions will all take a toll. If can work but the people I know who made it work had to ride out some tough periods. And real estate is not easy to resell. It is a stock where you put in a market order and it gets sold. So many variables and you have no idea what the market will be like when you think you might sell. If you think you know the future that should be the first red flag and you shouldn't buy the house. Plenty of deals fall out at the end because the buyer couldn't qualify for a mortgage. Appraisal doesn't hit the number, etc.

That's why I'm focusing on desirable houses with minimal maintenance, in attractive neighborhoods, close to big businesses. They are fast selling houses that I could likely sell quickly, or rent out to business professionals that get transferred to a job site in the local area. Of course, we can't predict the future, but for now it does look like houses are appreciating.

Post: #11

Why don't you invest your cash in a variety of Vanguard Trackers and let the market grow your wealth over the next decade? Meanwhile, you are free to move overseas, relocate, stack cash, live flexibly. Living in the suburbs is accepting mediocrity. Men move to the suburbs only if they want to become as boring as possible.

Post: #12

If it were me, I'd suck up the commute and live downtown and listen to podcasts in the car. Apartment or condo with great logistics, you'll be exponentially happier than kicking it at Best Buy in a minimall on the weekends. You'll be miserable living in a big house with nothing to do, everyone around you is married and/or boring.

The other option is buying a house in the burbs and getting a hotel every time you want to kick it downtown.

Post: #13

(11-23-2015 03:18 PM)Drazen Wrote:  If it were me, I'd suck up the commute and live downtown and listen to podcasts in the car. Apartment or condo with great logistics, you'll be exponentially happier than kicking it at Best Buy in a minimall on the weekends. You'll be miserable living in a big house with nothing to do, everyone around you is married and/or boring.

The other option is buying a house in the burbs and getting a hotel every time you want to kick it downtown.

I agree. Bullet points

A) You'll be going against the flow of traffic
B) Inner City real estate will always be more valuable per SQM and appreciates more also
C) Your next career move has a higher chance of being in the inner city, unless you're a farmer or something

With that being said, there is nothing saying you need to live in your house permanently. Buy a house with a solid build thats 20 or so years old, find a stable tenant and wait for your rental income to exceed mortgage.

What city is it btw?

Post: #14

(11-23-2015 06:13 PM)CodyB Wrote:  

(11-23-2015 03:18 PM)Drazen Wrote:  If it were me, I'd suck up the commute and live downtown and listen to podcasts in the car. Apartment or condo with great logistics, you'll be exponentially happier than kicking it at Best Buy in a minimall on the weekends. You'll be miserable living in a big house with nothing to do, everyone around you is married and/or boring.

The other option is buying a house in the burbs and getting a hotel every time you want to kick it downtown.

I agree. Bullet points

A) You'll be going against the flow of traffic
B) Inner City real estate will always be more valuable per SQM and appreciates more also
C) Your next career move has a higher chance of being in the inner city, unless you're a farmer or something

With that being said, there is nothing saying you need to live in your house permanently. Buy a house with a solid build thats 20 or so years old, find a stable tenant and wait for your rental income to exceed mortgage.

What city is it btw?

I'm in Chicago suburbs. My friends and stuff I like (dive bars, salsa clubs, live music gigs, sports events) are all downtown. I also have some old friends up in Wisconsin, I'm working/looking in the north suburbs, but still that would put me in a no-man's land half way between downtown Chi and Milwaukee. Chicago has a pretty cool urban core, good bar/salsa scene, the women are okay. There are practically no women in the burbs as far as I can see. Milwaukee is also cool, smaller scale, but that has it's advantages.


To your points:

A) True, reverse commute, but it's still a long haul.

B) That's true also, Chicago is gentrifying. It's risky, but I've considered buying a house in the city where I predict there'll be gentrification and appreciation in value. My parents and other friends think its a risky, stupid idea though, and that the bigger, newer houses in the burbs are the safer and more attractive investment. I can't blame them too much, Chicago does have a lot of yucky row houses, it's not exactly my dream to buy one of those either. Traffic is also horrendous in the city, which would consume time and affect my mood.

C) Not true, unfortunately. I work in the Medical Device Engineering field, all these companies are located way out in the north/northwest Chicago exurbs. Pretty much all other Engineering firms have relocated their factories out to far-flung burbs as well. I occasionally see a job posting for an engineering gig in the city proper, but it's a sure bet my career prospects are tied to the suburbs. It's the same way across America. All engineering factories are located in boring suburbs, whether it's Illinois, Florida, California, New York/New Jersey, etc. It's a big draw back to being an engineer, a big one.

Post: #15

(11-23-2015 10:13 AM)blacknwhitespade Wrote:  If things don't work out with the girl I'm currently dating, my strategy is more or less what the 2nd poster summarized. I have a declining interest in the women in my metro area anyways, hence the international LDR. If not a place to live, I'm seeing it as an investment/property/space for my stuff while I'm still tied to my job here, then maybe within a year I can find another job overseas (I'm already looking at some job postings in Mexico, etc).

The houses I'm looking at are in a fairly homogenous suburb, about a 10 minute drive from commuter trains, close to major highways, and major corporations that attract executives. The houses are attractive for families and working professionals, and tend to go fast on the market. They are also newer houses that require minimal maintenance. I have family in the area that could possibly assist me with helping tenants with rent/property issues.

It sounds like you can afford it and have things planned out. Being a homeowner in the US may also make you more attractive to foreign women.

However, can you picture yourself, if worst came to worst, dying there as your last home?

Post: #16

(11-23-2015 06:52 PM)blacknwhitespade Wrote:  

(11-23-2015 06:13 PM)CodyB Wrote:  

(11-23-2015 03:18 PM)Drazen Wrote:  If it were me, I'd suck up the commute and live downtown and listen to podcasts in the car. Apartment or condo with great logistics, you'll be exponentially happier than kicking it at Best Buy in a minimall on the weekends. You'll be miserable living in a big house with nothing to do, everyone around you is married and/or boring.

The other option is buying a house in the burbs and getting a hotel every time you want to kick it downtown.

I agree. Bullet points

A) You'll be going against the flow of traffic
B) Inner City real estate will always be more valuable per SQM and appreciates more also
C) Your next career move has a higher chance of being in the inner city, unless you're a farmer or something

With that being said, there is nothing saying you need to live in your house permanently. Buy a house with a solid build thats 20 or so years old, find a stable tenant and wait for your rental income to exceed mortgage.

What city is it btw?

I'm in Chicago suburbs. My friends and stuff I like (dive bars, salsa clubs, live music gigs, sports events) are all downtown. I also have some old friends up in Wisconsin, I'm working/looking in the north suburbs, but still that would put me in a no-man's land half way between downtown Chi and Milwaukee. Chicago has a pretty cool urban core, good bar/salsa scene, the women are okay. There are practically no women in the burbs as far as I can see. Milwaukee is also cool, smaller scale, but that has it's advantages.


To your points:

A) True, reverse commute, but it's still a long haul.

B) That's true also, Chicago is gentrifying. It's risky, but I've considered buying a house in the city where I predict there'll be gentrification and appreciation in value. My parents and other friends think its a risky, stupid idea though, and that the bigger, newer houses in the burbs are the safer and more attractive investment. I can't blame them too much, Chicago does have a lot of yucky row houses, it's not exactly my dream to buy one of those either. Traffic is also horrendous in the city, which would consume time and affect my mood.

C) Not true, unfortunately. I work in the Medical Device Engineering field, all these companies are located way out in the north/northwest Chicago exurbs. Pretty much all other Engineering firms have relocated their factories out to far-flung burbs as well. I occasionally see a job posting for an engineering gig in the city proper, but it's a sure bet my career prospects are tied to the suburbs. It's the same way across America. All engineering factories are located in boring suburbs, whether it's Illinois, Florida, California, New York/New Jersey, etc. It's a big draw back to being an engineer, a big one.

Out of all the world's largest cities, Chicago is the most undervalued.

Take a bet on a property in Chicago's outer suburbs, look for somewhere trendy, close to an L station but close enough to your work. Is it possible to find a place 25 minutes from the city and 20 minutes from work?

Chicago missed the boat on the previous global RE spike but should outperform inflation and may even become an investment hotspot should punters deem NYC, LA and SF to no longer be a sensible investment.

Post: #17

I've been to the further Chicago suburbs extensively as i have family there. For a single guy its gotta be hell. I couldn't stand all the mini malls, super long roads with nothing but crappy grocery stores then a spattering of tract housing and a severe lack of things to do. Chicago itself is freaking awesome. I would live there with no hestiation. Dont listen to your parents and friends they are trying to hold you back.

The traffic is hellish though getting back into the city. No commuter train options? Car pool?

Post: #18

The L trains only run in the city. It's the Metra that runs into the suburbs. The houses I've been looking at are about 10 minutes from a Metra Station.

Post: #19

For game purposes, you must like giving yourself a challenge. The issue isn't so much on the pulling, but your desire to regularly hit the city.

For investment purposes, I'd only consider the deal if it cash flows. And personally, I'd look for a triplex or a quad plex.

Along those lines, it'd be nice to see what kind of gross and expenses you might be looking at

Post: #20

(11-24-2015 11:24 AM)WestIndianArchie Wrote:  For game purposes, you must like giving yourself a challenge. The issue isn't so much on the pulling, but your desire to regularly hit the city.

For investment purposes, I'd only consider the deal if it cash flows. And personally, I'd look for a triplex or a quad plex.

Along those lines, it'd be nice to see what kind of gross and expenses you might be looking at

I think I'm at a point where game wise, I'm looking abroad anyways, be it for short-term vacations or perhaps looking for a corporate engineering job that could get me to Latin America. Living in a mundane, far-out suburb no doubt crushes any day/night game opportunities, however if the shit hits the fan, I can still resort to online.

My parents are actually offering to help pitch in some $$$ to help me with the down payment and taxes for the first year while I'm getting settled in. My family are suburban dwellers and definitely have different lifestyle tastes and priorities from me, so at the same time I'm not gonna let them dictate this. I guess it's not such a bad prospect if I evolve my mindset towards frequenting the city just on weekends. My mood is pretty bad having to live in the suburbs, but I wonder if it would be any much better if I lived in the city with the hassels which that would bring. I have friends in the city and stuff to do, but I'm actually not terribly impressed with the city chicks.

I gonna talk to the RE agent some more about what neighborhoods are anticipated to appreciate the most, and weigh my options. If I can get into something that's a killer investment, I'll just adapt my game accordingly and learn to make it work.

Post: #21

You have a great profile to get a home loan right now. If you decide to move to Mexico or whatever in the medium term, it can become harder to get finance.

That could be an argument in favor of making your purchase now. Your family isn't going anywhere. You will always have roots in the area. So it's not a bad place to locate a chunk of your capital.

What if you signed up to rent a room in a fun part of the city and only used it two or three nights a week? If you could find a place with like minded room mates, maybe it could work?

Does your company have any work from home options? Like maybe work from home every Friday and spend Thursday, Friday and Saturday nights in the city.

Post: #22

(11-23-2015 10:17 AM)blacknwhitespade Wrote:  This is my idea, I'm just concerned about how feasible successfully renting out and collecting enough money to launch myself elsewhere is. There's also the logistics factor, like another poster mentioned, should I need to return to the USA to attend to rental matters.

If I move elsewhere, I could also always sell it within a year and still make a little money off it.

Would love to hear some people chime in and share experiences and strategies of how this has been done.

Real estate is what I'm doing and I get to be overseas enjoying the good life for half the year, it's wunderbar.

Re: feasibility of renting out = Don't manage it yourself, research for a trustworthy real estate agent and let them take care of that, the rental income will be in your designated account each month. Yes they take a cut/commission, but it's worth it, especially if you're overseas.

Re: selling it for a quick buck = In my experience, better to buy and hold long-term. Not sure about taxes when selling in the US but they're a factor here in Aus. Real estate is often a game of patience.

Post: #23

My friend at 28 bought a house in the suburbs for himself, logically it was a great decision because he could build equity and wealth, so to speak.

the reality is he was bored out of his fucking mind going home to the suburbs every night. Only families with children lived around him, and it's like he crossed into middle age in his 20s. After 2 1/2 years he is already looking to sell it. the fact that it was a great investment doesn't really matter anymore.

but it depends on what you want in your life right now

Post: #24

It's really up to what you want.

I have a friend who lives with college grad students in the house he owns, and it makes him seem "younger", while also making him financially stable l. You may want that, you may not.

I would actually argue against buying a home if you're not renting a part or the whole if it out- the cost between a mortgage and rent in suburbs is generally drastic (In my area a 2bd 2bath apartment is 1500, but a mortgage is 3500+ for a 4bd. The per bedroom cost is roughly the same, but that only matters if you can or want to actually fill the rooms)

Post: #25

Well with the emergence of Uber taxi's you can still pull of a one night stand. If you hustle and convince a SNL girl that you are not that far by taxi and keep her distracted while you go back to your house. A little more work but its been done.