Los Angeles is quickly becoming a place exclusively for the white and rich

[DlAMONDZ]

What part of LA you in?

Highland park

 

[Cynic]

Gonna get worse with the Olympics coming to LA in 2028

Atlanta and Rio should be strong warning signs

 

[Reece]

my nikka, 1300 sq ft homes on main thoroughfares near the hood in oakland are selling for $800k - $1M


4711 West St, Oakland, CA 94608 - 4 beds/2 baths

No way a normal family brought that bruh

That's a wealthy speculative US buyer holding long term or renting out or it's a chinacac laundering his dirty cash from overseas. No normal family paying almost 900k for a 150k house.

 

[Reece]

Woooooowww a mill for a house in oakland. I'm done. This is getting ridiculous. How much money do you have to make to justify paying that amount

Your house should cost 2-3x your salary...I think that crib was $800,000, so you need to be pulling down $250,000 to $380,000 to afford that basic ugly ass house.

 

[Cadillac]

It's a double edged sword. The real problem imo, is the breakdown of the black middle class. So in LA, a lot of educated black people make pretty good money, but in general they tend not to live around each other. There's not a strong enough sense of black community to live in a certain area like Koreans in Ktown, Jewish people in Hancock Park, etc. It's like black people get put on then run to white daddy and live in white neighborhoods. When there should be more middle class / to affluent black communities. So there's Baldwin Hills, that's not enough. To put it simply blacks in LA don't really fukk with each other like that, there's a lot of tokenism.

I heard about this. its similar to how it is here in Phoenix(or the maricopa county as a whole)

black people in the west in general seem to operate like this.

plus you add the IR dating of blacks, black flight from CA, etc in LA and well

numbers decreasing for us there which makes it harder to build

 

[Serious]

I heard about this. its similar to how it is here in Phoenix(or the maricopa county as a whole)

black people in the west in general seem to operate like this.

plus you add the IR dating of blacks, black flight from CA, etc in LA and well

numbers decreasing for us there which makes it harder to build

Yeah I mean, in some ways I don't blame people for ir dating, because at the end of the day, people date what their surroundings are composed of. And if blacks are only like 6% of the population or less in certain areas, then that's not a lot of options.....

Just wish peeps would see the bigger picture.....
If someone treats you right that's all that should matter, but I couldn't live my life, especially in private settings dealing with attitudes....

The black "community" is fragmented out here...

 

[Aba_juggin]

Your house should cost 2-3x your salary...I think that crib was $800,000, so you need to be pulling down $250,000 to $380,000 to afford that basic ugly ass house.

fukk that how can you make that much money and have such shytty living options. Oakland fine, but 1 mill to live in oakland is exploitation no way

 

[Aba_juggin]

Yeah I mean, in some ways I don't blame people for ir dating, because at the end of the day, people date what their surroundings are composed of. And if blacks are only like 6% of the population or less in certain areas, then that's not a lot of options.....

Just wish peeps would see the bigger picture.....
If someone treats you right that's all that should matter, but I couldn't live my life, especially in private settings dealing with attitudes....

The black "community" is fragmented out here...

I guess but why does it have to be that way. if you worked hard too afford to live in such a neighborhood why the attitude.

 

[Aba_juggin]

But the jobs are exclusively white. In the Bay, you at least have a shot to compete.

I guess tech levels the playing field. If you have the skills you're in. But still.....LA seems like the place to be

 

[Aba_juggin]

no what i described is the opposite of selling. if it's appraised by a bank at $1.5m and you owe $200k then you have 1.5m minus 200k available in HELOC or if you refinance 80% of $1.5m minus $200k about a million in equity, $1.2m if it's paid off.

and yes people are paying $1.25m for a 3BR in SF, the median sales price for a 3BR in SF is $1.6m.

also like i said in my previous post prop 13 protects someone who has been in their house long enough for them to have bought it for a low enough price that they could see it climb to 1.5m and owe little or nothing. so their property taxes wouldn't be going up with the market, they would be paying taxes today on the amount they bought it back then. that bit about increased taxes was in reference to a side discussion on DC.

If you have a mill in equity should you even touch it because if you refinance and borrow that amount against your house does it make paying the mortgage longer

 

[hashmander]

If you have a mill in equity should you even touch it because if you refinance and borrow that amount against your house does it make paying the mortgage longer

yes a refinance is a new mortgage so if you refinance your house that you owe only $200k on and it's appraised at $1.5m your new mortgage will be roughly $1.2m and roughly 1m in cash will be wired to you and you now have a 30yr mortgage at about 3.9% interest that's $5,600 a month. that's only a bad move if decided to buy cars and go on expensive vacations with it. but let's say you instead bought a condo in a cheaper area (e.g., arizona for that retired living) for cash and rent out your current home that's worth $1.5m which means the area is hot so rent is extremely high ... about $5500-6000 a month for a 3 BR house. and you're not finished yet because you didn't spend close to a mil on the condo, so you buy another house in say oakland, fix it up and rent it out. so now you have a $5600 a month mortgage, the condo you live in and 2 rental homes bringing in about $8k a month in rental income. you die and leave 3 properties to your kids, hopefully they take the baton and keep it moving.

 

[Aba_juggin]

yes a refinance is a new mortgage so if you refinance your house that you owe only $200k on and it's appraised at $1.5m your new mortgage will be roughly $1.2m and roughly 1m in cash will be wired to you and you now have a 30yr mortgage at about 3.9% interest that's $5,600 a month. that's only a bad move if decided to buy cars and go on expensive vacations with it. but let's say you instead bought a condo in a cheaper area (e.g., arizona for that retired living) for cash and rent out your current home that's worth $1.5m which means the area is hot so rent is extremely high ... about $5500-6000 a month for a 3 BR house. and you're not finished yet because you didn't spend close to a mil on the condo, so you buy another house in say oakland, fix it up and rent it out. so now you have a $5600 a month mortgage, the condo you live in and 2 rental homes bringing in about $8k a month in rental income. you die and leave 3 properties to your kids, hopefully they take the baton and keep it moving.

wow that's smart I never ever thought like that

 

[hashmander]

wow that's smart I never ever thought like that

that's just a basic one while trying to keep it west coast and i'm not that familiar with the lay of the land and where to get the truly best real estate deals that will print money for you. if you're a east coast owner with a valuable home in a hot area and a mil in available equity you could buy multifamily units in places like alabama where the costs are low and have like 10 units to rent out. having access to money in the first place is usually the biggest hurdle to getting in on money making deals like that. that old it takes money to make money saying.

 

[theworldismine13]

When Your Renderings Suggest the Black Population Has Been Abducted by Aliens, It May Be the Least of Your Problems When Your Renderings Suggest the Black Population Has Been Abducted by Aliens, It May Be the Least of Your Problems

 

[88m3]

@Mowgli @Serious @theworldismine13 @DEAD7 other cali folks