Buying A Home In San Diego?

March 17, 2024, 11:24 AM

Big Steve

I bought my first house, 1050 Sq ft, in Covina Ca in 1985, $71K, 5% down at 13% interest. About a years later when the rates dropped I refinanced it for like 6% and took $10K out and my payment was still 1/2 as much as when I bought it. Sold it in 1995 when I moved to Tx for $145K, bought a 2500 sq ft house on 15 acres with a shop/barn, huge pond with fish, white pipe fence in front with the entrance gabel all for $101K

I bet That guys $100K Wake boat value dropped $35K the minute he put it in the water, resale on boats is worse than cars.

March 17, 2024, 12:12 PM

Goob

quote:
Originally posted by Bucky:
I see posted a lot on Facebook that it it is harder for young people getting started today than it was for us
What say you?

I'll call BS on that.

When I was starting out (1975), NO ONE had ever thought of 100% mortgages, or auto loans.
12%-14% Mortgages, 16%-18% plus auto loans, both with a MINIMUM 10% cash down.

March 17, 2024, 02:53 PM

RPROGAS

I remember California home mortgages, with a 20% down at 13%. A Cal-Vet (California Vet) was in the area of 3.5%. I didn't qualify because I enlisted in Pennsylvania.

I don't know how you guys could handle 13% based on income levels in the '60's and 1970's. I would have needed 3 full time jobs.

Bob

March 17, 2024, 03:35 PM

Mike English

Bob, just an idea, are you sure your grand kids are going to stay here?

People to day have no idea what real life interest rates are. My first house back in 79 was a bargain at 11%, my current house is 30 year at 2.57 and with the current administration it’s a bargain

March 17, 2024, 05:58 PM

RPROGAS

Mike:

Two live in Palmer, Alaska
one in Falls Church, Va.
one is going to College in New York City
one lives and works in New York City
one is going to school in Switzerland.
two live in Madison, Mississippi
one is married and goes to the University of
Mississippi in Hattiesburg
two go to college at Ole' Miss in Oxford,
Mississippi
one lives in North Carolina
the rest all live in California.

Only one of the 23 grandkids can, and did qualify to buy a home.

Bob

March 17, 2024, 06:23 PM

Mike English

Wow!!! Congratulations!!!

I grew in Orange County and I knew I couldn’t and didn’t want to own a house there so my wife and I packed up and brought a house in the Murrieta Valley. Small house on 5 acres for $40,000. I’ve always said if you can’t afford to live in one place find that next promise land before everyone else does.

March 17, 2024, 07:07 PM

Bucky

One thing I see is a pretty big amount of money folks waste especially starting out.
$8 coffee daily. Almost $3k in coffee in a year.
Cable. I had damn rabbit ears. $1200 so you can waste valuable time in front of the bood tube.
Fancy phones and internet almost cannot be argued they are so commonplace today. When I was getting started I didn't go out to eat unless it was with my folks. In college maybe 1x per month we would get a pizza. Now, it's commonplace to eat out half of the week. Lunch out daily. Waste waste waste. I strung my daily driver along just like everyone else did. Hell I really still do. If someone wants to drop $800/month on new cars or more.....well thats $10k/year wasted there too. Vacations? I didn't do a vacation until my honeymoon. I KNOW many of you are the same as me. We didn't see it as sacrificing. It's what you did.

March 17, 2024, 09:58 PM

Canted Valve

quote:
One thing I see is a pretty big amount of money folks waste especially starting out.
$8 coffee daily. Almost $3k in coffee in a year.
Cable. I had damn rabbit ears. $1200 so you can waste valuable time in front of the bood tube.
Fancy phones and internet almost cannot be argued they are so commonplace today. When I was getting started I didn't go out to eat unless it was with my folks. In college maybe 1x per month we would get a pizza. Now, it's commonplace to eat out half of the week. Lunch out daily. Waste waste waste. I strung my daily driver along just like everyone else did. Hell I really still do. If someone wants to drop $800/month on new cars or more.....well thats $10k/year wasted there too. Vacations? I didn't do a vacation until my honeymoon. I KNOW many of you are the same as me. We didn't see it as sacrificing. It's what you did.

Long story short... live within your means. And if you are smart live below your means. And since I'm sooo smart I've done just that all my life. Now I'm retired, comfortable and no one has any chains on me.

March 17, 2024, 11:36 PM

Curly1

quote:
Originally posted by Canted Valve:
quote:
One thing I see is a pretty big amount of money folks waste especially starting out.
$8 coffee daily. Almost $3k in coffee in a year.
Cable. I had damn rabbit ears. $1200 so you can waste valuable time in front of the bood tube.
Fancy phones and internet almost cannot be argued they are so commonplace today. When I was getting started I didn't go out to eat unless it was with my folks. In college maybe 1x per month we would get a pizza. Now, it's commonplace to eat out half of the week. Lunch out daily. Waste waste waste. I strung my daily driver along just like everyone else did. Hell I really still do. If someone wants to drop $800/month on new cars or more.....well thats $10k/year wasted there too. Vacations? I didn't do a vacation until my honeymoon. I KNOW many of you are the same as me. We didn't see it as sacrificing. It's what you did.

Long story short... live within your means. And if you are smart live below your means. And since I'm sooo smart I've done just that all my life. Now I'm retired, comfortable and no one has any chains on me.

At my age I pay cash for everything and if I had to borrow and make payments on it then I do not need it. Even some high ticket items that I could buy and pay cash for I will not, my savings has to last me for as long as I live.
And I am not going back to work full time even if Bidenomics keeps "Working".

I have had the opportunity to travel the world and eat at some of nicest places in the World. Just does not impress me any more and now for most part think it is a waste of money. Sure I COULD throw away money but why? I already have a race car. Duh. Even on my race car I work on a pretty tight budget.

March 18, 2024, 05:36 AM

RPROGAS

We live well within our means.

One of the things I stopped doing was going to NHRA events. I looked at the value I was experiencing for the money I was spending and it became apparent it was a bad deal, a REALLY bad deal. Four and five days committed to attending a LODRS event (Wednesday through Sunday) and spending on average more than $1,000 in total expenses. The amount of enjoyment we got from the experience was not worth the cost. The expense over the past several years has increased beyond a reasonable level, the cost of gas for the tow vehicle now above $4.80 a gallon, the race fuel bill now near $25 a gallon, entry for the car, driver (me), crew (my wife), the NHRA Competition license and Membership fees, the tow vehicle license, Insurance, mandatory State smog inspections and Registration, the NHRA chassis inspection, safety and equipment re-certifications like safety belts transmission shield, etc.

The result is that it's an expense of time and money that had surpassed a reasonable point, so we stopped. There were too many monthly home expenses plus the increasing obligations of Family members (39). Drag Racing HAD to be confined to local events. NHRA events were eliminated from the "Entertainment" portion in our budget. We are not "Professional Racers" with obligations to Sponsors, just simple average Sportsman Racers who race for fun. A few days ago someone asked me what it was like to see a Fuel car go over 330 mph. I told him that I had not watched a Fuel car make a run in more than forty years, didn't care.

When the "fun factor experience" at NHRA events died we stopped. Actually I don't miss it, not at all.

Bob

March 18, 2024, 06:32 AM

Curly1

quote:
Originally posted by RPROGAS:
We live well within our means.

One of the things I stopped doing was going to NHRA events. I looked at the value I was experiencing for the money I was spending and it became apparent it was a bad deal, a REALLY bad deal. Four and five days committed to attending a LODRS event (Wednesday through Sunday) and spending on average more than $1,000 in total expenses. The amount of enjoyment we got from the experience was not worth the cost. The expense over the past several years has increased beyond a reasonable level, the cost of gas for the tow vehicle now above $4.80 a gallon, the race fuel bill now near $25 a gallon, entry for the car, driver (me), crew (my wife), the NHRA Competition license and Membership fees, the tow vehicle license, Insurance, mandatory State smog inspections and Registration, the NHRA chassis inspection, safety and equipment re-certifications like safety belts transmission shield, etc.

The result is that it's an expense of time and money that had surpassed a reasonable point, so we stopped. There were too many monthly home expenses plus the increasing obligations of Family members (39). Drag Racing HAD to be confined to local events. NHRA events were eliminated from the "Entertainment" portion in our budget. We are not "Professional Racers" with obligations to Sponsors, just simple average Sportsman Racers who race for fun. A few days ago someone asked me what it was like to see a Fuel car go over 330 mph. I told him that I had not watched a Fuel car make a run in more than forty years, didn't care.

When the "fun factor experience" at NHRA events died we stopped. Actually I don't miss it, not at all.

Bob

The NHRA rip off is a whole different subject. Has been said before by my self and others here that the NHRA is doing stupid stuff to run off Racers, Spectators and Sponsors. They are the greediest "Non Profit Organization" I have ever seen.

I do not care what business you are in you need to make it a good value and experience for them to come back in numbers that will make it grow. A $20 dollar hamburger that is not even edible does not cut it.

This is just a small thing but is an indicator of how they have changed. 20 years ago when you go to a National event the spectators would be packed and most every spectators car had an NHRA sticker on them and were proud of it. Most trucks had the big 3 foot by 2 foot sticker in rear window. How many do you see now? We all remember those stickers, surely they still make them but you do not see them much any more.

Now as our world has grown NHRA really has not much if any and they certainly are not as proud to be a part of the NHRA as they were.

March 18, 2024, 09:16 AM

RPROGAS

Anyone who has a successful business knows that value and customer service are the keys to retaining their customers. Perhaps it's the new "Woke" age we live in where "just barely enough is good enough". Minimalism is a great way to go broke.

Nearly all new business is gained, then retained by word of mouth. Your reputation is what keeps the doors open and money in the till. I never rely on TV, Radio or Print Media advertising when making a decision, they are paid to miss-lead you. I actually ask people who have a business relationship with that company before I buy from them. Experience and old age taught me that lesson.

The singular exception are Utility Companies, they can treat you very poorly and you have very little recourse. It appears that NHRA is following that path. It's not like you have options, and unfortunately that seems to guide them, "Our way or the Highway". That's true in NHRA's case, especially if you are a Professional Racer.

Fortunately I'm not in that category, I have options where I spend my money. When NHRA returns to treating their grass roots Sportsman Racers MUCH better, I'll go back to racing at their events.

Bob

March 18, 2024, 10:54 AM

TD3550

The way i see it is like Bob states.We as a racer and supporter have been kicked to the curb. now it is all relative to one thing...CASH and GTM.. I gave up 3.5 years ago and decided to end racing.

There are no money trees growing in the backyard.
Sure did i want a new car? Sure. But can i afford it? No. sure i will take the sport to the grave. From my couch with a beer in hand. The sport is worse than being on drugs. We call it an obsession.

March 18, 2024, 12:06 PM

Goob

quote:
Originally posted by RPROGAS:
I remember California home mortgages, with a 20% down at 13%. A Cal-Vet (California Vet) was in the area of 3.5%. I didn't qualify because I enlisted in Pennsylvania.

I don't know how you guys could handle 13% based on income levels in the '60's and 1970's. I would have needed 3 full time jobs.

Bob

"Handled" it by renting, and working 7 days a week. 70 hrs. plus was my normal week.

Didn't own my first property until I was in my 40's, an $8,000 fixer upper in the ghetto, on contract.

March 18, 2024, 02:28 PM

Mike English

Bob, there was a great So Cal Pro Gas race this weekend

March 18, 2024, 03:15 PM

RPROGAS

Hi Mike:

The belts are at Stroud, be back in another 7 - 8 days. Dead in the water, unless they accept some bungee cords.

Have fun, see ya

Bob

March 18, 2024, 08:35 PM

Mike English

Bob, next So Cal Pro Gas race is May 18th and 19th at Bakersfield

March 22, 2024, 06:56 AM

RPROGAS

Sorry, I failed to also mention

Our monthly SDG&E bill is, on average $905 WITH solar

Bob

March 22, 2024, 07:07 AM

Curly1

quote:
Originally posted by RPROGAS:
Sorry, I failed to also mention

Our monthly SDG&E bill is, on average $905 WITH solar

Bob

Here in Texas my Home owners insurance DOUBLED this year and with mine being a Barndominium not many choices to choose from. Car insurance is way up and that will continue to rise as we already have a huge problem with illegal aliens driving, no insurance, license or anything.
Home interest has went fro 2.75% to 8%.
Eggs were $1.19 a dozen and are now $2.79, they were up over $5 a dozen for a while. Still more than double before Bidenomics. Most all food is up way more than the 17% they are trying to tell us it is.
Electric bill is almost double. This is in Texas, no telling how bad it is in Blues states.

But what really bothers me is that the Biden administration is saying they have lowered inflation, Secured the Border and putting America back to work and some people are believing it.