Dallas DA says he will allow theft

[Smitty-48]

Clatsop county, not even near Astoria, has a property for sale which is $2.4 million for 20 acres.

And that's just woodland, no development.

[DBTrek]

I'm just looking at prices, and even middle of nowhere wilderness Oregon is selling for $100,000 an acre.

Well ... back in the 80s ol’ grandma sold all 100 acres, plus the huge farmhouse, for $100,000.

Her kids even asked her to wait. To parcel some out and let them buy a few acres to build their own homes. Nope. She took the first cash-flashing offer and hit the cruise circuit.

So .... ouch.

But, to be fair, it was her property, not theirs. Here’s the twist tho ... she’s still alive. Yep. She’s 95 years old, in an Oregon nursing home right now. And all those kids with zero family property ... they’re the ones she has to rely on now.



Life, man.
Silly.

[Smitty-48]

I'm just looking at prices, and even middle of nowhere wilderness Oregon is selling for $100,000 an acre.

Well ... back in the 80s ol’ grandma sold all 100 acres, plus the huge farmhouse, for $100,000.

Her kids even asked her to wait. To parcel some out and let them buy a few acres to build their own homes. Nope. She took the first cash-flashing offer and hit the cruise circuit.

So .... ouch.

But, to be fair, it was her property, not theirs. Here’s the twist tho ... she’s still alive. Yep. She’s 95 years old, in an Oregon nursing home right now. And all those kids with zero family property ... they’re the ones she has to rely on now.



Life, man.
Silly.

I was never into property speculation until I met my wife.

She's the one who pushed me to buy some property right away.

Even in just the first decade, it paid off several times over.

But again, you need a stake. A foot in the door.

[DBTrek]

Anyone in America qualified for a home loan (aka employed people) can buy a property with a rental. Start there. Get a house with a mother-in-law shack, or an upstairs/downstairs rental space.

Have your renters pay most or all of that mortgage. When sufficient equity is accrued, buy property #2, and rent it.

“But dude, I don’t want to co-habituate with strangers and do landlord shit for a decade or two just to become a millionaire”

Fair enough. But don’t pretend that shit is impossible, or even difficult.
/shrug

[Smitty-48]

I didn't find it difficult, other than finding the right locations and taking the plunge.

But I also had enough capital to take risks while still being able to sleep at night.

Makes a big difference, if your capital is surplus, money to play around with essentially.

[DBTrek]

I was saying that for the young bucks.
You know - generation WOE IS ME.

They gotta live somewhere, right? In the Seattle area rent is as expensive as a mortgage, sometimes more. So don’t rent, generation woe. Find a crappy house with a rental space, buy it. Now rent the rental space for the amount of your mortgage.

AWWW SNAP - now even if you lose your job your housing costs are mostly covered. Go find another job. All that money you’re *not paying* on housing, bankroll it. Pay down your existing mortgage and stick some away for 10% down on your next house.

It’s gonna take a few years, probably over a decade - but you gonna be rich. Real rich.

[Smitty-48]

It's like my house here has doubled in value because people are doing what I did and moving further out of Toronto.

But it wasn't cheap when I bought it and we had another Toronto couple in a bidding war with us.

But I was like, whatever, I want it, throw another brick of cash on the pile.

If I had been tight for money I probably would have let this location slide, and not everything around here has doubled in price.

I was in the bidding war with these clowns, because like them, I knew this was undervalued property which was actually a steal.

[Smitty-48]

But again, credit goes to my wife.

She's the one who insisted we get out ahead of the waves of Torontonians who would be moving to the boonies.

And she was exactly right, we beat them to the punch by about three and a half years.

It was in our fourth year here that prices starting going sharply up as the first wave of Torontonians arrived.

[DBTrek]

I hear you.

I didn’t buy my first home till 2011. It was a PoS house built in 1940. Sold it in 2013 and made $28,000 profit after doing *nothing*. I lived in that thing like it was a rental for two years, sold it, and made almost $30k? The fuck?

So like you, I went smart on the second house. Picked an area I could afford in a killer school district, low crime. Hard to do on my small income of about $50k at the time, but I had the VA Loan helping me with zero down. Since buying this place in 2013 the value has gone up about $121k.

More if I sink money into refurbishing it.

Now ... that’s peanuts in the realty game, but look at it from an income perspective. One good house buy, with a $50k job, can net you over $100k in value in a half decade. Almost $200k because I’d also recover everything I’ve already sunk into the mortgage.

I didn’t have any slush fund. I didn’t have any capital.
Just a job.
/shrug

It took me waaay to long to see how the real estate game works, man. If I was younger I’d make a killing. So all you younger cats, in generation WOE IS ME - learn from my missed opportunity.

[Smitty-48]

The most important thing is pick somewhere you could happily live the rest of your life if you had to.

You won't realize any losses if you don't have to sell.