When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
In this forum, there are Porsches in the wild, at gas stations, at racetracks, etc. but I do not see them in front of houses. My first passion is a 911, 2nd is real estate. So here's a GTS with a house behind it. Feel free to post yours.
As someone that cares about security and privacy, I won’t be posting a picture of my house with my car. So, here’s a picture of my 992C4S parked outside of a bungalow that I rented on AirBNB.
I seriously don’t recommend posting pictures of where your car actually lives, especially on a public forum.
What's crazy is that $5 million dollar shack in Palo Alto, if transferred to a new owner at that price point, obligates the new home "owner" to pay at least $55,000 per year on property taxes alone. That is before any maintenance, mortgage principal & interest, and HOA fees. I don't consider that a home ownership. The county and the state own the home, and you are paying them $55K in rent every year, plus 2%+ increases per year. If you don't pay it, they will take over your house via tax lien.
In three years, the property tax on that $5 million dollar house alone pays for a brand-new Carrera T in cash. This is why I think buying a house in the Bay Area is plain stupid from financial standpoint, unless you lived in it for 30+ years and the property tax is not re-adjusted to the current transaction levels.
Last edited by double-o-seven; 04-16-2024 at 02:36 AM.
What's crazy is that $5 million dollar shack in Palo Alto, if transferred to a new owner at that price point, obligates the new home "owner" to pay at least $55,000 per year on property taxes alone. That is before any maintenance, mortgage principal & interest, and HOA fees. I don't consider that a home ownership. The county and the state own the home, and you are paying $55K in rent to them every year, plus 2%+ increases per year. If you don't pay it, they will take over your house via tax lien.
In three years, the property tax on that $5 million dollar house alone pays for a brand-new Carrera T in cash. This is why I think buying a house in the Bay Area is plain stupid from financial standpoint, unless you lived in it for 30+ years and the property tax is not re-adjusted to the current transaction levels.
That's a conversation my partner and I are having if it's worthwhile buying in the bay area (certainly not Palo Alto) vs buying an investment property instead, considering the taxes I pay as a non resident alien here!
That's a conversation my partner and I are having if it's worthwhile buying in the bay area (certainly not Palo Alto) vs buying an investment property instead, considering the taxes I pay as a non resident alien here!
In my case, I have rental properties for decades, including one in good parts of the Bay Area. Luckily for me, my tenants have not caused problems even through the COVID period.
As long as the tenant's rent covers all expenses comfortably, including property tax, maintenance, and HOA fees, there's nothing wrong with having investment properties in the Bay Area, if one is okay with earthquake risks. However, I think the math is getting much harder for new "mom & pop" type rental property buyers in the SF Bay Area.
04-15-2024, 09:49 PM
Porsche & Real Estate
