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My wife and I have lost so much fucking cash money on the SFH we bought in 2015
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Date: January 31st, 2023 11:24 AM Author: aqua fragrant weed whacker rehab It was the worst financial decision of our lives. We’ve put like $100k cash into it since 2015 on top of mortgage payments. Current mortgage is about $170k. House might sell for $330k, but we will probably get beat the fuck down on inspection because the house is total fucking shit. Home is in terrible shape, everything costs a fortune, it is in a bad neighborhood, kids destroy everything, and I have never had the cash or the ability to just move out, demo, and remodel (which is what needs to happen). Now looking to sell and get out of our god awful domestic life and unload this heap of steaming shit on some other asshole. SFHs sure are good ways to ruin your life and set money on fire. |
Date: January 31st, 2023 11:25 AM Author: geriatric base you are likely the only person in the country who bought a house in 2015 and would lose money selling it in 2023 (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867093) |
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Date: January 31st, 2023 11:29 AM Author: aqua fragrant weed whacker rehab Houses fucking suck. Granted, I don’t know what I am doing, but they suck as an asset class. We saw ZERO nominal appreciation until 2020-2021, and even then, the run up just covered some of the capital improvements. We have certainly in the red in real terms and likely in the red nominally, because I don’t see this place selling for $360k. Lol at me and my terrible decisions. Also lol at houses. |
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Date: January 31st, 2023 11:57 AM Author: Judgmental Hell (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867300) |
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Date: January 31st, 2023 12:00 PM Author: cracking metal parlour It takes a special brand of idiot to pull this off. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867321) |
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Date: January 31st, 2023 12:04 PM Author: Crimson mind-boggling dopamine (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867335) |
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Date: January 31st, 2023 12:24 PM Author: geriatric base (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867487) |
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Date: January 31st, 2023 12:24 PM Author: Lascivious Range Gaping (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867491) |
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Date: January 31st, 2023 12:20 PM Author: big mother It really is remarkable. I bought 4 houses in my life, sold 3 of them and made good money every single time. Some of them would make XO scratch their head but I still came out well ahead. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867449) |
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Date: January 31st, 2023 11:25 AM Author: ruby abnormal pisswyrm Being a fat disgusting slob doesn't help either (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867097) |
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Date: January 31st, 2023 11:27 AM Author: Supple Indian Lodge Feces if i put 100k into my home it would be worth a million bux. what the fuck are you doing (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867111) |
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Date: January 31st, 2023 11:34 AM Author: aqua fragrant weed whacker rehab Tree removal and replanting of landscape trees - $5000 New A/C units, duct work, thermostats - $19k Addition of bathroom and remodel of second bathroom - $32k Conversion of garage back into garage from weird ass rumpus room - $3,000 New roof - $6,000 (deductible only, actual roof cost was $19,000) New exterior doors (2) - $4,000 Various plumbing repairs - $5,000 Ceiling fans - $1,000 Tile work/new dishwasher installation - $2,000 Refrigerator - $2500 Washer/Dryer - $1000 Light fixture installation - $2,000 Chimney repair - $4,000 Misc. - $20,000 |
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Date: January 31st, 2023 11:38 AM Author: lavender thirsty toilet seat *spaceporn furiously scribbling “garage -> weird ass rumpus room” in Moleskine* (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867175) |
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Date: January 31st, 2023 12:27 PM Author: Rambunctious exciting ape (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867508) |
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Date: January 31st, 2023 6:28 PM Author: Dashing pit preventive strike (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869424) |
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Date: January 31st, 2023 6:04 PM Author: infuriating gay step-uncle's house Actually, this is pretty credited
I don’t think most people (including XO posters) fully factor this stuff in when thinking they made a ton on their house.
Or people just do no repairs or maintenance on their shit houses |
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Date: January 31st, 2023 6:15 PM Author: translucent school main people yea, nothing is really that crazy and I'm sure the HVAC stuff was necessary. It's fine if you're going to live in the house for decades but it's kind of dumb to make all these improvements if you're just going to sell in a few years. better off just riding it out in the shitty house and saving $ for a forever home. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869387) |
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Date: January 31st, 2023 6:24 PM Author: Supple Indian Lodge Feces > Tree removal and replanting of landscape trees - $5000
grow some nuts and cut the trees down yourself
> New A/C units, duct work, thermostats - $19k
how did this cost 19k? did u do mini splits in every room
> Addition of bathroom and remodel of second bathroom - $32k
remodel was wholly unnecessary
> Conversion of garage back into garage from weird ass rumpus room - $3,000
ok fair
> New roof - $6,000 (deductible only, actual roof cost was $19,000)
whew
> New exterior doors (2) - $4,000
could have done it yourself and saved good $ in labor
> Various plumbing repairs - $5,000
fair
> Ceiling fans - $1,000
same as doors
> Tile work/new dishwasher installation - $2,000
>Refrigerator - $2500
> Washer/Dryer - $1000
fair
> Light fixture installation - $2,000
lol
> Chimney repair - $4,000
fair
> Misc. - $20,000
this 'misc' is doing a lot of work.
overall this seems like a lot of stuff u did that was never going to increase the value of the house significantly, but would improve your living circumstances. were you planning on staying here for the rest of your life? |
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Date: January 31st, 2023 6:25 PM Author: dun kitchen community account How the fuck do you spend $20k on "Misc."? I'm not sure I have spent $20k total on maintenance on my house in the ~15 years that I have owned it. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869407) |
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Date: January 31st, 2023 11:33 AM Author: Brass adventurous parlor chad Aren't you in a NY suburb? How is your house only worth 330k? Do you live in a treehouse in Brownsville? (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867141) |
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Date: January 31st, 2023 12:21 PM Author: big mother Seems almost impossible. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867466) |
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Date: January 31st, 2023 12:28 PM Author: Ultramarine state sex offender (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867519) |
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Date: January 31st, 2023 12:29 PM Author: wonderful glassy indirect expression orchestra pit (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867530) |
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Date: January 31st, 2023 11:33 AM Author: lavender thirsty toilet seat Sounds like you just bought a piece of shit house and didn’t proactively vet the condition first.
This doesn’t happen to the vast majority of homebuyers. |
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Date: January 31st, 2023 11:37 AM Author: aqua fragrant weed whacker rehab True. I was young and my wife kept yelling at me anytime I tried to negotiate because she was friends with the realtor, we had a newborn, she was anxious, and “didn’t want to lose the house.” I never wanted to live there anyway, but she picked it out and started making it her home in her head before I ever saw the dump. We’ve been paying the price for years, but now it is all coming to a head. |
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Date: January 31st, 2023 11:39 AM Author: lavender thirsty toilet seat “my wife kept yelling at me anytime I tried to negotiate because she was friends with the realtor”
omg lmao |
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Date: January 31st, 2023 12:50 PM Author: cracking metal parlour This is your best thread in a long time (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867609) |
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Date: January 31st, 2023 11:40 AM Author: translucent school main people wtf did you spend $100K on? if the neighborhood is as bad as you say it is then often there's a ceiling to how much ppl will pay regardless of the improvements, i.e. - you don't get the upside you would spending the same cash in a nicer area. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867183) |
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Date: January 31st, 2023 11:41 AM Author: aqua fragrant weed whacker rehab See above, there is an itemized list. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867189) |
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Date: January 31st, 2023 11:42 AM Author: lavender thirsty toilet seat What year was it built? (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867200) |
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Date: January 31st, 2023 11:42 AM Author: aqua fragrant weed whacker rehab 1973 (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867205) |
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Date: January 31st, 2023 11:41 AM Author: lavender thirsty toilet seat Tbf it sounds like most or all the work wasnt done for cosmetic/investment purposes, but rather to fix shit that was falling apart (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867197) |
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Date: January 31st, 2023 11:45 AM Author: aqua fragrant weed whacker rehab I fucking hate houses. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867221) |
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Date: January 31st, 2023 11:56 AM Author: lavender thirsty toilet seat Again it’s not “houses” writ large that’s the problem
It’s the extremely shitty house you made the terrible decision to buy |
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Date: January 31st, 2023 11:45 AM Author: cheese-eating titillating market disco fries is bad with money, news at 10 (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867217) |
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Date: January 31st, 2023 11:48 AM Author: excitant submissive space I am very good with money and, like Disco Fries, also (nearly) lost money on a CA house purchased in 2015. This is very possible.
The only protection against loss, for any investment, is a value-prime investment decision process. |
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Date: January 31st, 2023 12:06 PM Author: Crimson mind-boggling dopamine people shouldn’t live where they own
purchases should be for investment only and you rent where you live
anyone who thinks “you’re wasting money on rent that could go towards a mortgage” can just read the OP 10x |
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Date: January 31st, 2023 12:19 PM Author: cheese-eating titillating market OP bought a shithole house because he's a weak pathetic excuse of a man. How do you expect a man who can't control his diet and weight to be able to control his finances or his wife? (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867444) |
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Date: January 31st, 2023 12:30 PM Author: Crimson mind-boggling dopamine I’m not arguing (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867537) |
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Date: January 31st, 2023 12:52 PM Author: big mother This is unbelievably stupid and this is why you're broke. Yes, live where you own. If you wouldn't want to live there then many other people wouldn't either. Yes, paying rent is stupid. One cushion against a bad investment is that at least you saved all the money on rent. 7-8 years of rent is probably much more than what this guy lost from this investment. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867625) |
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Date: January 31st, 2023 6:23 PM Author: dun kitchen community account (power goy alert)
If renting is actually cheaper than owning, then owning makes sense. But that is almost never the case. And money that you spend on interest/taxes/insurance/maintenance is just as much of a sunk cost as rent is. The only money you spend owning a house that isn't a sunk cost is principal, and that is close to $0 at the beginning of a 30-year mortgage.
In terms of building net worth, almost everyone would be better off renting and instead investing their down payment and the difference between a mortgage payment and a rent payment in the stock market. The only reason to buy is if you plan to live in a place for a very long time, in which case a fixed mortgage payment might be cheaper than rent after 10-15 years of rent increases. But for most people, home ownership is a goy move that is forcememed by banks and realtors, who are the ones who actually profit from home ownership. |
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Date: January 31st, 2023 11:49 AM Author: cheese-eating titillating market disco fries is my least favorite poaster (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867253) |
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Date: January 31st, 2023 12:05 PM Author: Crimson mind-boggling dopamine how much did you buy it for?
seems like you way, way overpaid |
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Date: January 31st, 2023 12:09 PM Author: Spruce Trailer Park You must be enjoying the new ceiling fans you had installed. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867359) |
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Date: January 31st, 2023 12:16 PM Author: aqua fragrant weed whacker rehab Those ceiling fans mostly broke. The one in our bedroom has 4 blades instead of 5 now, and it wobbles if you turn it on. I actually hit the blade stretching or something one day (my house has 8’ ceilings). (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867428) |
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Date: January 31st, 2023 12:13 PM Author: milky school cafeteria Haven’t you confirmed in various other threads that you make $500k+?
Why do you have a $330k house? Also why does it matter if it sells for something like $10-50k under asking? That’s tiny in relation to the $1,000,000 to $1,500,000 house that makes sense for your income and large family. It’s rounding error. |
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Date: January 31st, 2023 12:16 PM Author: Autistic Misunderstood Chapel Yeah, this seems like total flame. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867425) |
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Date: January 31st, 2023 12:19 PM Author: aqua fragrant weed whacker rehab I agree that this is something that shouldn’t stop me from moving. The path ahead is to get out of there and move on to the next thing. I am just pointing out that I have been a terrible novice with houses and I just don’t understand some people’s enthusiasm. I do appreciated Trump Did Nothing Wrong’s comment above that houses aren’t really investments and you shouldn’t get upset about them not performing because that’s the place you live, not an actual invested asset. That is very true. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867443) |
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Date: January 31st, 2023 12:22 PM Author: topaz garrison why did you ignore the income question (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867472) |
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Date: January 31st, 2023 12:22 PM Author: cheese-eating titillating market because he's flame (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867477) |
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Date: January 31st, 2023 12:23 PM Author: aqua fragrant weed whacker rehab I don’t make $500k. Nowhere close. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867483) |
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Date: January 31st, 2023 12:24 PM Author: Crimson mind-boggling dopamine well that’s not the main point..
main point is that real estate is a great asset class, but you need to be being properties that are investment grade based on the numbers and other relevant factors. buying them cuz your wife wants to nest somewhere is very often a disaster, not to mention that your housing needs over 30 years will swing wildly so most of that time you will have either too little or too much house |
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Date: January 31st, 2023 12:27 PM Author: big mother It is total BS. Wife and I and our families and friends all are significantly wealthier because of real estate investments. Many of these people absolutely suck at this too. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867514) |
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Date: January 31st, 2023 12:20 PM Author: Crimson mind-boggling dopamine he’s posted at length about how and why his finances are a mess
one of the reasons is that his wife makes him rent her a hotel room in neighboring towns a few times a month |
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Date: January 31st, 2023 12:21 PM Author: big mother "his wife makes him rent her a hotel room in neighboring towns a few times a month"
what |
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Date: January 31st, 2023 12:24 PM Author: Crimson mind-boggling dopamine ask him to explain, I’m just relaying (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867493) |
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Date: January 31st, 2023 12:28 PM Author: big mother That's total flame. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867516) |
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Date: January 31st, 2023 12:23 PM Author: Autistic Misunderstood Chapel long play flame is still flame (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867485) |
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Date: January 31st, 2023 12:29 PM Author: wonderful glassy indirect expression orchestra pit his finances are not a mess, he has a million bucks to his name, he just enjoys the woe is me schtick (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867526) |
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Date: January 31st, 2023 12:57 PM Author: cheese-eating titillating market cr. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867650) |
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Date: January 31st, 2023 12:27 PM Author: Maize jet-lagged wagecucks casino You could’ve been renting this whole time and lost even more money (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867512) |
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Date: January 31st, 2023 6:30 PM Author: dun kitchen community account JFC xoxo is dumb when it comes to real estate. "Instead of spending $1,200 per month on rent, you should pay $3,000 per month to buy. Even though you are losing the $2,900 per month that you spend on interest, taxes, insurance, and maintenance, you're not losing the $100 in principal that is now stuck in an illiquid asset earning 0% interest." (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869433) |
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Date: January 31st, 2023 1:01 PM Author: concupiscible disrespectful address Instantly knew who op would be. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45867679) |
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Date: January 31st, 2023 5:03 PM Author: cheese-eating titillating market How? (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869027) |
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Date: January 31st, 2023 6:25 PM Author: cerise people who are hurt doesnt surprise me a retard like disco fries somehow got fucked buying cheap real estate. he couldn't even do that right. (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869406) |
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Date: January 31st, 2023 6:26 PM Author: Motley corn cake i feel better about not understanding RE in my mid-30's after this thread (http://www.autoadmit.com/thread.php?thread_id=5281411&forum_id=2#45869414) |