Boomers cant afford they houses. boo hoo

Discussion in 'General Discussion' started by bannedman, Jun 17, 2019.

  1. chadly82

    chadly82 Well-Known Member

    Sep 10, 2009
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    Right and the only reason in my case it's an "investment" is because I was single when I bought at 129,000. I just recently sold at 179000 minus tax proration and concessions. My net proceeds was amazing and currently live in a 2 bd townhome my wife bought before we got married. Currently holding until I can build a bigger nicer home through my company and save on the builder fee and large down payment. Worked for me but not everyone like you mentioned as a whole.
     
  2. bannedman

    bannedman Well-Known Member

    Aug 21, 2012
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    people like marc charter. that should make everyone puke there faces off
     
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  3. BillBrasky4Cy

    BillBrasky4Cy Well-Known Member

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    Charter is a grade A d-bag.
     
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  4. Cyched

    Cyched Minister of Culture
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    Go on.
     
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  5. Sigmapolis

    Sigmapolis Minister of Economy
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    Looked like a lot of fun at the time, to be fair.

     
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  6. chadly82

    chadly82 Well-Known Member

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    Honestly there are a lot of people that can win though. I have a friend that had a house purchased 5 years ago, single woman. Put about 5k into the home on updates and ended up clearing 67k last year then rented an apartment because she was still not married with kids. Shes married now and moved in with her husband in their current home. Now right now.....would I want to be a 1st time homebuyer? Nope nope nope
     
  7. Gunnerclone

    Gunnerclone Well-Known Member

    Jul 16, 2010
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    This topic comes up a lot and people don’t seem to understand the prevalence of factors 2 & 3. My grandma is 92 she can’t rid of her money fast enough right now. She wants to get as much of it out to the grand kids and great grandkids while she is here to see it put to use.

    Another one that people miss is there are a lot of people that own or operate “family” businesses and almost every major purchase they make is written off for business.
     
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  8. isufbcurt

    isufbcurt Well-Known Member

    Apr 21, 2006
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    Bingo on both points.

    1. My inlaws give us a "gift" every year because they'd rather see us enjoy it now rather than not get to see us use it when they are gone. In fact got the 2019 check yesterday.

    2. Ding Ding Ding
     
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  9. cyclonesurveyor

    cyclonesurveyor Well-Known Member

    Jan 26, 2009
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    CAP has been around for a long time too. I didn't know much about the western water rights until moving to Colorado, friend of mine recommended reading Cadillac Desert. Its a long read but very interesting, goes through the different politics with supplying water to farmers and cities in SoCal/Arizona.

    Its also a bit depressing.
     
  10. CprE84

    CprE84 Active Member

    Mar 31, 2006
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    Yes, we just sold the house we bought in 2000. We bought a new one in 2011 and kept the old one as a rental property. We just sold it for >3X what we paid in 2000. We did put some money into improvements, but no changes to the floorplan, no added sq ft, etc. I still love Austin, but it has become a bit too expensive. Nothing like California, NY, etc, but it has become one of the more expensive places not on a coast.
     
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  11. ArgentCy

    ArgentCy Well-Known Member

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    Gee I hope those are all legit business deductions... :rolleyes:
     
  12. isufbcurt

    isufbcurt Well-Known Member

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    You know they aren't but as someone told me along time ago "If are going to cheat on taxes, do it on expenses and not revenue. If you are caught doing it on revenue you go to jail, if they catch you on expenses you just have to pay it back."

    LOL
     
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  13. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
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    I found some more felonies for my everyone is a felon argument. If not a felon then at least a criminal with misdemeanors. That doesn't make much sense but I think that probably developed because it is much easier to track incomes and that can't afford the work to track your expenses. But that is changing with computers.
     
  14. isufbcurt

    isufbcurt Well-Known Member

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    His reasoning was hiding income is a way to under report income which the IRS considers tax evasion and they will attempt to prosecute. Overstating expenses, will most of the time, just get those expenses disallowed, have to recalculate taxes without those expenses and pay back any amounts with penalties and interest.
     
  15. ArgentCy

    ArgentCy Well-Known Member

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    It probably has more to do with intent. Probably easier to prove someone was hiding income on purpose as opposed to not knowing that a giant boat is not a business expense (I mean unless they claim to be fishermen).
     
  16. Sousaclone

    Sousaclone Active Member

    Apr 29, 2006
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    I think a boat gets categorized as marketing? Or client entertainment? Maybe client development? How about focus group research?
     
  17. isufbcurt

    isufbcurt Well-Known Member

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    Depends, I know someone (not a client of mine) that just puts that sort of thing in Cost of Goods Sold. He said it maybe moves his gross profit % a couple percent so nothing that is going to put it out of whack.
     
  18. SEIOWA CLONE

    SEIOWA CLONE Well-Known Member

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    #118 SEIOWA CLONE, Jun 17, 2019
    Last edited: Jun 17, 2019
    Not only this, but many of our grandparents had gardens, that allowed them to cut down their food expenses. Many grandmothers did not work fulltime, so she was home cooking the night time meal as opposed to ordering out, because she got home late from work.

    My wife's parents were like this, he worked in a factory 20 miles away, every morning her mom got up and fixed his lunch and a large breakfast, eggs, bacon the whole deal. When he got home from work, he would work in the garden, it was his hobby. Picking weeds, and such. My MIL canned a lot of stuff they grew to eat later in the year. It was a joy to eat dinner at their house, everything was homemade, lots of steak, potatoes and gravy, fresh baked bread. My MIL worked part time at the local care center. My FIL always had at least 2 hot meals a day at the dinning room table, always with a slice of homemade pie or cake for dessert.
    It was just a different America, you could actually have a nice life on a single income or a full time and the other part time job. Those days are gone.
     
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  19. BoxsterCy

    BoxsterCy Well-Known Member
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    Note to self: Add avocados, bread and cayenne pepper to shopping list.
     
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  20. cyrocksmypants

    cyrocksmypants Well-Known Member

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    It’s gotta be the fancy bread though.
     

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