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(Washingtonian)   Overachievers are skipping right past buying a first home and are going straight to their second home   (washingtonian.com) divider line
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    More: Interesting, House, Real estate, Wealth, Apartment, Bedroom, Dwelling, Building, Property  
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3755 clicks; posted to Main » on 01 Feb 2023 at 12:05 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



41 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
geekbikerskum
2023-02-01 12:06:14 AM  
I've thought about buying a retirement/weekend property off in the woods in Maine while continuing to rent an apartment close to work in the Boston area.
 
sennoma [TotalFark] [OhFark]
2023-02-01 12:17:59 AM  
So... people that are having a problem with the high cost of housing are both renting a place in the city, as well as having a second home which they Airbnb on the weekends, thus contributing to both the lack of housing in DC and inflating prices in "affordable" markets?

I mean, sure, they can do that... I have more than one place myself... but to complain about housing availability and affordability while doing to exactly what contributes the the problem is pretty... well... rich.
 
Squik2 [TotalFark] [OhFark]
2023-02-01 12:22:24 AM  
As someone renting in Vancouver, this sounds like a decent idea. Any farkers have experience with this?
 
sex_and_drugs_for_ian [BareFark]
2023-02-01 12:29:06 AM  
...the couple, Church, 32, works in politics, and Appenfeller, 30, is a journalist

.

Salt of the earth.
 
sex_and_drugs_for_ian [BareFark]
2023-02-01 12:31:47 AM  

Squik2: As someone renting in Vancouver, this sounds like a decent idea. Any farkers have experience with this?


Fark user imageView Full Size
 
pjbreeze
2023-02-01 12:31:59 AM  
They must have a problem with ordinal numbers
 
SurelyShirley
2023-02-01 12:40:58 AM  
Yup, it's how we do in Bend, Oregon. We snatch that $200k Sprinter van before we close on that 7500sf (on a 7600sf lot) cabin in the woods McMansion in the Nazi fascist controlled HOA neighborhood.

Btw, have you seen my G 500 4x4² parked down at the community pool?

/I'm not really kidding
//there are ig accounts about this sorta thing
///and they're farkin' funny!
 
Snarcoleptic_Hoosier
2023-02-01 12:47:42 AM  
So it's mortgage arbitrage. You're trying to rent the place out for more money than it'll cost you to keep it, which assumes you can effectively pay double rent for 30 years with no changes in healthcare or employment. That makes you a dumber and poorer version of WeWork.
 
Burning_Sensation
2023-02-01 12:47:45 AM  
Whats next? A fifth house.
 
Monkeyfark Ridiculous
2023-02-01 12:55:17 AM  

sennoma: So... people that are having a problem with the high cost of housing are both renting a place in the city, as well as having a second home which they Airbnb on the weekends, thus contributing to both the lack of housing in DC and inflating prices in "affordable" markets?

I mean, sure, they can do that... I have more than one place myself... but to complain about housing availability and affordability while doing to exactly what contributes the the problem is pretty... well... rich.


Fark user imageView Full Size
 
buravirgil
2023-02-01 12:57:32 AM  
According to the Moscow Times in 2019, it is estimated that nearly 60 million Russians own dachas (almost half the entire population). Most contemporary dachas are owned by middle- and upper-class Russians, and they contain modern amenities such as electricity and indoor plumbing. ~ 3 Second g00gle$earch
 
pleasebelieve [TotalFark] [OhFark]
2023-02-01 1:09:29 AM  
I don't see why all these people are always complaining about the high cost of living.  If you are having money troubles, just sell some of your mutual funds.
 
Monkeyfark Ridiculous
2023-02-01 1:17:14 AM  

Snarcoleptic_Hoosier: So it's mortgage arbitrage. You're trying to rent the place out for more money than it'll cost you to keep it, which assumes you can effectively pay double rent for 30 years with no changes in healthcare or employment. That makes you a dumber and poorer version of WeWork.


They're pretty explicitly not trying to do that, as they're using it and only renting it short-term on weekends when they aren't there.

Of course they want to mitigate the costs of the "cabin", but it seems pretty clear that those costs are something they're willing to pay to enjoy certain amenities which are unavailable/unaffordable in the city in which they live (much the same as anyone else with a weekend place). And they're paying rent to stay employed where they are, not as some financial strategy to avoid living in their cabin full time.

/of course, some people do rent while buying a pure investment property, and that's a different calculus
//which it's more about capital gains than arbitrage
 
Pilikia [TotalFark]
2023-02-01 1:18:41 AM  
Nobody is doing this.
 
Invalid Litter Dept [TotalFark] [OhFark]
2023-02-01 1:19:23 AM  

Monkeyfark Ridiculous: sennoma: So... people that are having a problem with the high cost of housing are both renting a place in the city, as well as having a second home which they Airbnb on the weekends, thus contributing to both the lack of housing in DC and inflating prices in "affordable" markets?

I mean, sure, they can do that... I have more than one place myself... but to complain about housing availability and affordability while doing to exactly what contributes the the problem is pretty... well... rich.

[Fark user image 267x189]


To me it sounds like sennomais advocating for improvement.  I don't think what's happening in the article is a particularly great solution to housing costs outstripping wages.
 
mr0x
2023-02-01 1:23:38 AM  

Pilikia: Nobody is doing this.


Jessica Church and Dan Appenfeller did exactly that.
 
MythDragon
2023-02-01 1:27:09 AM  
I don't see how anyone who is just starting out can afford to buy a home anymore. I absolutely hate the idea of corporations getting into the home rental market.
A person buys a 2nd home to rent out, something eventually changes. They die, and they leave it to a kid who lives in it, or sells it, eventually the home gets back on the market to buy.
Corporations don't die. They will continue keeping it as a rental as long as they exist. And where a person might own an extra home or two, corporations can own 100s.
That's 100s of home that will only ever be rentals. Rentals that cost far more money than a mortgage and drive up the prices of owning homes in the area due to everything being rented instead of sold.
And a person that just has 1 extra house is far more interested in keeping it maintained. Corps will do as little as they can get away with. My neighbor is 95 houses. 3 are now owned by a corporation. Getting them to comply with what little maintenance the HOA requires is a pain in the ass. They don't respond to calls or emails, they Corp is out of state, so it's not like someone can swing by.
Stuff like a mailbox post that rotted and fell over and has just been laying on the ground for a month, or a tenant that has 2 families living in one house and parks 5 full size work vans in the middle of the cul-de-sac, taking up everyone else's parking.
The tenant can't be fined, it has to go through the home owner. But good luck getting ahold of the corporation to tell them to call the tenant and tell them to knock it off.
The market needs a serious correction
 
Monkeyfark Ridiculous
2023-02-01 1:27:49 AM  

Invalid Litter Dept: Monkeyfark Ridiculous: sennoma: So... people that are having a problem with the high cost of housing are both renting a place in the city, as well as having a second home which they Airbnb on the weekends, thus contributing to both the lack of housing in DC and inflating prices in "affordable" markets?

I mean, sure, they can do that... I have more than one place myself... but to complain about housing availability and affordability while doing to exactly what contributes the the problem is pretty... well... rich.

[Fark user image 267x189]

To me it sounds like sennomais advocating for improvement.  I don't think what's happening in the article is a particularly great solution to housing costs outstripping wages.


Of course it isn't a solution, it is a story about someone who feels the "traditional path" is not reasonably available to them and accordingly is working with the options they do have.

/saying that someone who rents in DC is "contributing to...the lack of housing in DC" and therefore has no right to complain about housing affordability is just... *chef's kiss*
 
Monkeyfark Ridiculous
2023-02-01 1:29:38 AM  

MythDragon: I absolutely hate the idea of corporations getting into the home rental market.


This, THIS is a problem.
 
Begoggle
2023-02-01 2:06:37 AM  
Is this a followup for the other article that was trying to convince us to charter private jets everywhere, for BIG SAVINGS?
 
robodog
2023-02-01 2:17:33 AM  

Squik2: As someone renting in Vancouver, this sounds like a decent idea. Any farkers have experience with this?


Being a landlord SUCKS, ask anyone who's done it. You can have a service handle the day to day but they'll understandably eat most of your profits above your note payment and maintenance.
 
Heliodorus
2023-02-01 3:14:22 AM  

SurelyShirley: Yup, it's how we do in Bend, Oregon. We snatch that $200k Sprinter van before we close on that 7500sf (on a 7600sf lot) cabin in the woods McMansion in the Nazi fascist controlled HOA neighborhood.

Btw, have you seen my G 500 4x4² parked down at the community pool?

/I'm not really kidding
//there are ig accounts about this sorta thing
///and they're farkin' funny!


The G Wagon is purposefully made heavy enough to qualify for early US tax write downs. If someone structures their taxes correctly, it's effectively cheaper to buy a G-500 than it is to buy a more 'affordable' vehicle.

Other full sized SUVs like a Range Rover, Escalade, X5 etc should also qualify for the same write off.
 
Abe Vigoda's Ghost
2023-02-01 4:31:01 AM  

buravirgil: According to the Moscow Times in 2019, it is estimated that nearly 60 million Russians own dachas (almost half the entire population). Most contemporary dachas are owned by middle- and upper-class Russians, and they contain modern amenities such as electricity and indoor plumbing. ~ 3 Second g00gle$earch


Fark user imageView Full Size
 
Cajnik [OhFark]
2023-02-01 4:32:05 AM  

buravirgil: According to the Moscow Times in 2019, it is estimated that nearly 60 million Russians own dachas (almost half the entire population). Most contemporary dachas are owned by middle- and upper-class Russians, and they contain modern amenities such as electricity and indoor plumbing. ~ 3 Second g00gle$earch


It's quite common in central Europe as well. When you travel by train you see garden colonies next to the tracks (because nobody wants to live year round next to train tracks).

Little plots of land for city people in apartments to escape to on the weekend (and grow a few vegetables as a bonus)
 
loser0 [BareFark]
2023-02-01 6:51:30 AM  

MythDragon: The tenant can't be fined, it has to go through the home owner. But good luck getting ahold of the corporation to tell them to call the tenant and tell them to knock it off.


So what you're saying is I can get all the benefits of living in an HOA neighborhood, and ignore the HOA tyrants, by renting from a corporation?

/I assume there are benefits
//so many people are doing it after all
///I'm gonna rent an HOA house and paint it purple! The HOA can sue the landlord corp out of existence!
 
cowsaregoodeating
2023-02-01 7:01:54 AM  
Is everyone but me making $250k a year? Ya'll out here acting like having a high rent and a mortgage on a $450k home like it's pocket change,
 
Turbo Cojones
2023-02-01 7:15:15 AM  
Journalist?  Pol?  Sounds like Bank o Mom is at work here.
 
NathanAllen
2023-02-01 7:25:20 AM  
So their brilliant plan is to graduate to scum-sucking landlords right out of the gate?
 
Unsung_Hero
2023-02-01 7:26:13 AM  
I was considering buying a condo townhouse or apartment in the city for a while.  The commute was not great and it seemed like having a place to stay without the drive for a few nights a week might be nice, and it would have been an investment property I could sell at any time... but I hate commuting so I found a better job closer to home instead.

On a large scale, this just makes the housing market worse for people trying to get into it.
 
McRat
2023-02-01 8:22:34 AM  

Pilikia: Nobody is doing this.


I am somewhat of a Nobody, so you are technically correct...

Mrs. McRat and I bought a house in Western Mass, currently working in Boston area.  Renting as well to save time/gas on commute and to help care for elderly parents.  Cost of my mortgage and rent is cheaper than any mortgage I could get within the I-495 belt - short of buying a total wreck.

Within a few months, I'll have moved almost all my stuff to the new place - probably will downsize to renting a room for the three nights a week I sleep in the metro-Boston area.
 
LedLawless
2023-02-01 8:24:59 AM  

Burning_Sensation: Whats next? A fifth house.


Three, sir, three!
 
steklo [TotalFark]
2023-02-01 8:32:30 AM  
A second house? No, it's all about the second shed.

Fark user imageView Full Size
 
cowsaregoodeating
2023-02-01 8:59:30 AM  

McRat: Pilikia: Nobody is doing this.

I am somewhat of a Nobody, so you are technically correct...

Mrs. McRat and I bought a house in Western Mass, currently working in Boston area.  Renting as well to save time/gas on commute and to help care for elderly parents.  Cost of my mortgage and rent is cheaper than any mortgage I could get within the I-495 belt - short of buying a total wreck.

Within a few months, I'll have moved almost all my stuff to the new place - probably will downsize to renting a room for the three nights a week I sleep in the metro-Boston area.


If you don't mind me asking, even if you do mind because I'm going to ask anyway, care to share how you can afford two houses in this market and still eat, post on fark?
 
MythDragon
2023-02-01 9:08:38 AM  

loser0: MythDragon: The tenant can't be fined, it has to go through the home owner. But good luck getting ahold of the corporation to tell them to call the tenant and tell them to knock it off.

So what you're saying is I can get all the benefits of living in an HOA neighborhood, and ignore the HOA tyrants, by renting from a corporation?

/I assume there are benefits
//so many people are doing it after all
///I'm gonna rent an HOA house and paint it purple! The HOA can sue the landlord corp out of existence!


Technically?  If the corp never bothers to respond, or go back after you for the fines. Then yeah. Though that would also apply if you were just renting from some guy, if he had the same apathy.  The HOA could lein the fark out of the house, and you skip town worry free.
 
p51d007
2023-02-01 9:33:15 AM  
armstrongeconomics.comView Full Size
 
McRat
2023-02-01 9:40:58 AM  

cowsaregoodeating: McRat: Pilikia: Nobody is doing this.

I am somewhat of a Nobody, so you are technically correct...

Mrs. McRat and I bought a house in Western Mass, currently working in Boston area.  Renting as well to save time/gas on commute and to help care for elderly parents.  Cost of my mortgage and rent is cheaper than any mortgage I could get within the I-495 belt - short of buying a total wreck.

Within a few months, I'll have moved almost all my stuff to the new place - probably will downsize to renting a room for the three nights a week I sleep in the metro-Boston area.

If you don't mind me asking, even if you do mind because I'm going to ask anyway, care to share how you can afford two houses in this market and still eat, post on fark?


A combination of decent wages, a cheaper than typical apartment ($1500/mo), and a mortgage based on much cheaper housing two hours west of Boston.  After the kids moved out of the house, we dumped the savings into the down payment.  The combined rent and mortgage is cheaper than the last 1BR 'luxury apartment' I looked at.   The luxury is getting to live essentially above a mall with easy access to the train - convenient if you can no longer afford a car.

New house is on the small side, by today's standards, but all systems and fixtures are new - and I look forward to retiring and living there every day.... but for the next year or two - caring for the folks and the lure of Boston wages with Western Mass expenses are too tempting to pass up.
 
cowsaregoodeating
2023-02-01 10:05:59 AM  

McRat: cowsaregoodeating: McRat: Pilikia: Nobody is doing this.

I am somewhat of a Nobody, so you are technically correct...

Mrs. McRat and I bought a house in Western Mass, currently working in Boston area.  Renting as well to save time/gas on commute and to help care for elderly parents.  Cost of my mortgage and rent is cheaper than any mortgage I could get within the I-495 belt - short of buying a total wreck.

Within a few months, I'll have moved almost all my stuff to the new place - probably will downsize to renting a room for the three nights a week I sleep in the metro-Boston area.

If you don't mind me asking, even if you do mind because I'm going to ask anyway, care to share how you can afford two houses in this market and still eat, post on fark?

A combination of decent wages, a cheaper than typical apartment ($1500/mo), and a mortgage based on much cheaper housing two hours west of Boston.  After the kids moved out of the house, we dumped the savings into the down payment.  The combined rent and mortgage is cheaper than the last 1BR 'luxury apartment' I looked at.   The luxury is getting to live essentially above a mall with easy access to the train - convenient if you can no longer afford a car.

New house is on the small side, by today's standards, but all systems and fixtures are new - and I look forward to retiring and living there every day.... but for the next year or two - caring for the folks and the lure of Boston wages with Western Mass expenses are too tempting to pass up.


Thanks for your candid answer. In a similar position as you but in Maryland with a cheap mortgage payment $950 and no second house. We've considered a second house but whenever I run the numbers I don't like the cushion we have left. We take a lot of vacations and I'd hate to give that up.
 
talkyournonsense
2023-02-01 11:42:07 AM  

Squik2: As someone renting in Vancouver, this sounds like a decent idea. Any farkers have experience with this?


Yeah
The people I know who do this: buy cheap property in either Calgary or out east like Nova Scotia/ New Brunswick. They rent out that property to afford rent in Vancouver. Some plan to move there when they retire other plan to move when they want kids.
 
BrerRobot
2023-02-01 2:19:23 PM  
We don't have a problem with NOVA folk out here....
Just as long as they stay on their side of the mountain.
 
whitroth
2023-02-01 3:46:25 PM  
On the other hand, a) house flippers need to be defenestrated. Over Niagara Falls, with no barrels, for making housing unaffordable, and b) have you *seen* some of the houses in the metro area? I live in MoCo, in a split level that's the second smallest house I've ever owned (the smallest was an immobile home), but there are houses around here that are probably going for over $185k that look like four-room shotgun shacks.

I want to be in front of someone saying "location, location, loc" (that ends as I show them what I think of that, with my boots).
 
midmodan
2023-02-01 8:31:03 PM  
FTA: cabin in Stanardsville, Virginia. They got four bedrooms, two and a half baths, 3,000 square feet, and five and a half acres

That's a cabin?
 
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