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  #101  
Old Posted Mar 30, 2023, 1:31 PM
jmecklenborg jmecklenborg is offline
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Originally Posted by JManc View Post
Who wants to live in a spare bedroom if you're over 25 or be forced to rent out a room to a stranger to survive in an urban area. This mere notion highlights the issue with affordability in most cities.

In recent years, the term "house hacking" has been popularized by Bigger Pockets, which simply means someone (usually a single man but sometimes a married couple - usually without kids) buys a three or four bedroom house and rents out all of the spare bedrooms to offset the cost of the house. With a year of rental data, the rent covers the cost of the house, meaning the owner is clear from the bank's perspective to go and buy another house.

The owner buys another house and repeats the process - the old roommates are still paying the mortgage at house #1 while the owner moves to house #2 and does it all over again with all-new roommates. Some people have managed to buy 3-4 houses in a 5-year time span using this strategy, in some cases with no new money because they did cash-out refinances after one year on each house and then used that cash as the down payment on the next house. That's not going to be possible right now because values aren't increasing steadily as they did in the 2010s.
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  #102  
Old Posted Mar 30, 2023, 2:28 PM
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Tom In Chicago Tom In Chicago is offline
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Originally Posted by JManc View Post
Who wants to live in a spare bedroom if you're over 25 or be forced to rent out a room to a stranger to survive in an urban area. This mere notion highlights the issue with affordability in most cities.
Uh. . . this is basically how I lived until I was 35. . . this is how it always has been in cities that people want to live in. . .

. . .
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  #103  
Old Posted Mar 30, 2023, 2:46 PM
iheartthed iheartthed is offline
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Originally Posted by JManc View Post
You said 'SF is a low-crime city with robust population and economic growth.' which is simply not true. That doesn't mean it's Detroit but crime is a serious issue here and the economy is feeling the pain of the tech industry culling tens of thousands of jobs. Not to mention, SF never fully bounced back from Covid.

The attitutide on the ground around here is pretty pessimistic but I think the Bay Area will bounce back.
Detroit would be thrilled to have San Francisco's problems lol. Every city has problems but San Francisco has rich city problems.

Call me when SF goes from this:


To this:


That's what happens when land in a city loses intrinsic value. That is a problem that San Francisco couldn't even conceive of having to deal with.

(photos pulled from: https://twitter.com/DetroitStreetVu)
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  #104  
Old Posted Mar 30, 2023, 2:58 PM
homebucket homebucket is offline
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Originally Posted by JManc View Post
Who wants to live in a spare bedroom if you're over 25 or be forced to rent out a room to a stranger to survive in an urban area. This mere notion highlights the issue with affordability in most cities.
I don't know the stats but I actually thought this was common? At least that's the impression I got from people I know personally and from watching shows like Full House and Friends.
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  #105  
Old Posted Mar 30, 2023, 5:21 PM
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Originally Posted by iheartthed View Post
Detroit would be thrilled to have San Francisco's problems lol. Every city has problems but San Francisco has rich city problems.

Call me when SF goes from this:


To this:


That's what happens when land in a city loses intrinsic value. That is a problem that San Francisco couldn't even conceive of having to deal with.

(photos pulled from: https://twitter.com/DetroitStreetVu)
Why did Detroit just raze entire city blocks for nothingness? Seems so odd to me.
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  #106  
Old Posted Mar 30, 2023, 5:27 PM
edale edale is offline
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It's really laughable to read comments here about San Francisco being some failed city because it...hasn't recovered from Covid and its police department/DA refuse to do anything about the crazy homeless people? Come on...you guys need to get out and see more of this country and get some perspective. Yes, the entire Bay Area has an affordability problem, but again, the whole reason that's a problem is because too many people want to live there. On the whole, San Francisco is a wildly successful city, and the Bay Area is a wildly successful and prosperous region.

I think some of you guys take growth for granted. Look at places where the growth machine ended long ago. This area was, at one time, a vibrant and prosperous neighborhood in Cincinnati before the city started shrinking and declining for ~60 years. Can you imagine a street in the Mission or any other SF neighborhood looking like this? That's what happens when cities actually decline. And Detroit is not some outlier, as has been claimed in this thread. The level of destruction and decline might be most extreme there, but you can find similar scenes in Cleveland, Chicago, St. Louis, Baltimore, Pittsburgh, Cincinnati....many, many cities. We're not talking about *gasp* the horrors of needing to live with roommates or a crazed junky smashing out BMW windows. We're talking real poverty and real decline. As Iheartthed said, SF has rich city problems.
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  #107  
Old Posted Mar 30, 2023, 5:50 PM
Crawford Crawford is offline
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Originally Posted by destroycreate View Post
Why did Detroit just raze entire city blocks for nothingness? Seems so odd to me.
Because the blocks were largely abandoned. The few remaining residents didn't want to live next to fire traps or drug dens.

Detroit, for all its problems, was largely intact until the late 1980's or so. Since then, there has been an orgy of mass demolition. This would be inconceivable in the Bay Area. You have shitty bungalows going for $2 million in Sunnyvale.
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  #108  
Old Posted Mar 30, 2023, 6:31 PM
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Quote:
Originally Posted by jmecklenborg View Post
In recent years, the term "house hacking" has been popularized by Bigger Pockets, which simply means someone (usually a single man but sometimes a married couple - usually without kids) buys a three or four bedroom house and rents out all of the spare bedrooms to offset the cost of the house. With a year of rental data, the rent covers the cost of the house, meaning the owner is clear from the bank's perspective to go and buy another house.
I knew someone who did just that. He bought a modest house in his 20's, rented the other two bedrooms which covered the mortgage and then some. Then went on to buy another, nicer house and continued to rent the first one out.

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Originally Posted by Crawford View Post
This is typical throughout the world. One of the reasons the U.S. has a housing crisis is bc we have such odd housing preferences. Renting is for losers, anything less than 3,000 sq. ft. SFH with yard and 2-3 car attached garage means you're poor, you have to leave the family house at 18, and all kinds of other weird crap. In rich countries like Germany and Switzerland, it's very normal to rent a room in someone else's house, or to live with parents forever.
Who said anything about having to have a big house or that renting was for losers? I rent my place here in the Bay Area. I said renting a room in someone else's house is not ideal. I've done it and hated it. This is not the same as having roomates where their place is as much as yours. If I rented out one of my spare bedrooms in my house in Houston, they would not be roomates with equal say in the household but what people used to refer as boarders.

Quote:
Originally Posted by Tom In Chicago View Post
Uh. . . this is basically how I lived until I was 35. . . this is how it always has been in cities that people want to live in. . .

. . .
Roomates or renting a room?
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  #109  
Old Posted Mar 30, 2023, 6:40 PM
homebucket homebucket is offline
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^ Renting out a spare room or ADU for extra income, and vice versa, renting a spare room or ADU in someone else's home, with a family member or a stranger is pretty common here in California. If they're a stranger or a friend, we usually call them housemates. Is that not common elsewhere?
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  #110  
Old Posted Mar 30, 2023, 8:25 PM
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Originally Posted by homebucket View Post
^ Renting out a spare room or ADU for extra income, and vice versa, renting a spare room or ADU in someone else's home, with a family member or a stranger is pretty common here in California. If they're a stranger or a friend, we usually call them housemates. Is that not common elsewhere?
California is expensive so you see more strangers living together than elsewhere. My coworker shares a nice huge townhouse with 3 other couples in San Jose and they save a load of money but they're all in their 20's.

I actually rent an ADU (in-law apartment) but it's self contained as if it was a normal apartment but cheaper and much nicer. When I was looking, there were a lot of homeowners looking to rent out a room in their houses but with a lot of stipulations and restrictions. That I could not do.
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  #111  
Old Posted Mar 30, 2023, 9:39 PM
Chisouthside Chisouthside is offline
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Originally Posted by JManc View Post
California is expensive so you see more strangers living together than elsewhere. My coworker shares a nice huge townhouse with 3 other couples in San Jose and they save a load of money but they're all in their 20's.

I actually rent an ADU (in-law apartment) but it's self contained as if it was a normal apartment but cheaper and much nicer. When I was looking, there were a lot of homeowners looking to rent out a room in their houses but with a lot of stipulations and restrictions. That I could not do.
Especially in Fremont and the lower east bay from what I remember when I was looking for apartments.
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