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Posted: 6/30/2015 10:07:17 PM EDT
Im watching a house flipping show. 1400 square feet 2 bed 1 bath house in Orange, CA sold for $519,000.

Thats 5x what my house cost. How do people afford that? Are they paying 5x what i am, longer term, a combination????
Link Posted: 6/30/2015 10:09:28 PM EDT
Make lots of money and  be broke....

Link Posted: 6/30/2015 10:11:30 PM EDT
House poor x 3
Link Posted: 6/30/2015 10:13:31 PM EDT
Math works differently in California.
Link Posted: 6/30/2015 10:13:41 PM EDT
that's a cheap house for Orange Co

median home price = $620k
Link Posted: 6/30/2015 10:14:48 PM EDT
My wife watches all those flipping, home buying shows.  Blows my mind what comparable houses to ours go for in different regions of the country.
Link Posted: 6/30/2015 10:15:18 PM EDT
Link Posted: 6/30/2015 10:16:39 PM EDT
Link Posted: 6/30/2015 10:18:45 PM EDT
Even here in nowhere, OH $100k doesn't get you very much. Maybe a fixer upper on a 1/4 acre lot or a trailer on a couple acres.

In order to get a nice house on some real acreage I had to spend over $300k. I'm not sure what you're asking, but there are plenty of online mortgage calculators that will help you out.
Link Posted: 6/30/2015 10:20:29 PM EDT
It only works on the "Bigger Fool" principal.
Link Posted: 6/30/2015 10:22:20 PM EDT
They use Obama Bucks.
Link Posted: 6/30/2015 10:22:52 PM EDT
Lol.....that's pretty good where I live.   Check out 22314.

My neighbor has a $5,000,000 home - four bedrooms and 2 car garage.  A block away, they sell 525sq ft junior apartments for $300k.   With A/C hanging off the windows.  lol

Then see what a 3 bedroom apt goes for .....yeah, you read right  $4,000,000.  That's an apartment!  
Link Posted: 6/30/2015 10:24:05 PM EDT
Location, Location, Location
Link Posted: 6/30/2015 10:25:57 PM EDT
He 'was' a real estate agent and made big bucks before the crash, hence the cash. And they make $100 k on some of the flips.
Link Posted: 6/30/2015 10:26:08 PM EDT
They make 5x as much money than you would be my guess
Link Posted: 6/30/2015 10:29:46 PM EDT
Quoted:
Im watching a house flipping show. 1400 square feet 2 bed 1 bath house in Orange, CA sold for $519,000.
Thats 5x what my house cost. How do people afford that? Are they paying 5x what i am, longer term, a combination????
View Quote

there are 250 sq ft studio apartments in Hoboken NJ that rent for $4000/month.
take the ferry 6 minutes across the Hudson river into Manhattan and you can make $400K/yr trading bonds sitting at a desk.

ar-jedi

Link Posted: 6/30/2015 10:31:12 PM EDT
A 2bed-1bath?  That's 50-90K here, considering something that small is going to be old and probably not in the best neighborhood, unless it's out in the country.





Although 1400sqft is a little larger than average for a 2/1.
I see those shows too, and I can only assume a lot of people are insane.  $500K will get you a mansion here.



If you showed me a little house and said it was $500K, I would laugh in your face.
 
Link Posted: 6/30/2015 10:32:13 PM EDT
I've been told that a lot of people in California never plan to actually pay a mortgage off.  50 year mortgages.

I can't imagine not being able to own my own home.  I'm almost 40 and mine will be paid off in a few years.  If I hadn't gone back to college again, it'd be paid off next year.

Link Posted: 6/30/2015 10:35:31 PM EDT
That's the cost of a townhouse where I live.

Folks tend to earn more in areas where housing is expensive.  And they sit in traffic more.
Link Posted: 6/30/2015 10:35:43 PM EDT
Real estate taxes are lower outside of Texas and so are IQs.



I keed.  




Taxes be lower, income is higher, but it's still insane.  I'm closing a mortgage for a client tomorrow morning.  This is a four bedroom house in gated community for 229,000.  His payment is about 1700 a month.  The taxes are about a third of that.  229,000 in California might get you an efficiency.
Link Posted: 6/30/2015 10:37:00 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Real estate taxes are lower outside of Texas and so are IQs.

I keed.  


Taxes be lower, income is higher, but it's still insane.  I'm closing a mortgage for a client tomorrow morning.  This is a four bedroom house in gated community for 229,000.  His payment is about 1700 a month.  The taxes are about a third of that.  229,000 in California might get you an efficiency.
View Quote


Is that 30 years?
Link Posted: 6/30/2015 10:42:19 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Quoted:
My wife watches all those flipping, home buying shows.  Blows my mind what comparable houses to ours go for in different regions of the country.
View Quote


Oh yeah. I live in the Dallas area. Best housing market in the country. Prices everywhere else are just stupid.

1950 sq ft, 124k      890 a month  20 year. We make 6 extra full payments a year, all to principal. Bought 2 years ago, my first buy.

Eta. 0 down VA loan, no pmi.
Link Posted: 6/30/2015 10:42:37 PM EDT
many people have had family living there for years, bought houses in the 50's, sold in the 90's.  I have an aunt and uncle who's first house was at the end of the long beach airport, planes flying overhead all day, they bought the house after wwII for 14,000 bucks, 2 bed 1 bath, sold it in the 90's for 243.000, moved to lake elsinore in a 400,000 house.
Link Posted: 6/30/2015 10:48:31 PM EDT

Discussion ForumsJump to Quoted PostQuote History
Quoted:
Is that 30 years?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:



Quoted:

Real estate taxes are lower outside of Texas and so are IQs.



I keed.  





Taxes be lower, income is higher, but it's still insane.  I'm closing a mortgage for a client tomorrow morning.  This is a four bedroom house in gated community for 229,000.  His payment is about 1700 a month.  The taxes are about a third of that.  229,000 in California might get you an efficiency.





Is that 30 years?
Yes, but with escrows and MI.  This an FHA loan that requires mortgage insurance.

 
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