6 ms·

We are in that boat now, Wife has an offer to move to San Diego area. We are homeowners in a 30 year fixed at 3.75% and moving back there is almost impossible d

We are in that boat now, Wife has an offer to move to San Diego area. We are homeowners in a 30 year fixed at 3.75% and moving back there is almost impossible due to rates being at > 6% and barely any houses on the market and prices which are close to what they were in 2022(we moved from that area in 2022). We are very close to saying F - it with her rescinding her offer, this economy and housing market is beyond bad.

givemeethekeys 3y ago
Counter offer. Ask for a sufficiently large consternation and a 2 year severance should it not work out. Just like executives. They get a lot more.
- ironmagma 3y ago
  What is "a consternation"? I've never heard this term and can't find it referenced anywhere.
  - olddustytrail 3y ago
    I think it's autocorrect for compensation.
    - neilv 3y ago
      I'm ready for some FAANG total consternation.
    - givemeethekeys 3y ago
      Thank you! Yes, I meant compensation :).
  - givemeethekeys 3y ago
    Sorry about that. Typo. I meant, "compensation".
- tfehring 3y ago
  If their 3.75% mortgage was originally for $1M and has 25 years left, just the cost of giving that up is about $250k. I don't think anyone's giving out a $250k sign-on bonus for a non-executive.
  - givemeethekeys 3y ago
    As the great one said, "You miss 100% of the shots you don't take".
squokko 3y ago
considered renting down there and renting out your owned home?
- giaour 3y ago
  Signing a lease is a new, expensive obligation, and being a landlord is a second job. That approach might be right for some people, but it's definitely not the same as just selling your old house and buying a new one somewhere else.
  - JohnFen 3y ago
    Letting a property management company take care of things mitigates a lot (but not all) of that. They'll take a huge cut of the income, of course.
    - chiph 3y ago
      Obviously this depends on the location and the management company. Mine takes 50% of the first month's rent for finding & qualifying a new tenant, then 8% of the following rent payments. So far they have done a decent enough job - I just have to prod them on repairs to not use the absolute cheapest approach (my theory is a nicer house can justify a higher rent, vs. all the ones in the market that are run by corporate landlords and look like it)
      - JohnFen 3y ago
        > to not use the absolute cheapest approach Can I just say -- you rock. I've been a renter my whole life (I prefer it that way), and I appreciate when the property owner steps in to keep property management companies from being total cheapskates with repairs. It makes sense -- it's the owner's investment, after all, and I don't mind paying a bit of a premium for a place that is well maintained.
      - nradov 3y ago
        It's common for property management companies to arrange for kickbacks with certain repair contractors. I'm not claiming that any particular management company is corrupt but I know of cases where this has happened and it's tough for absentee landlords to detect.

givemeethekeys 3y ago

Counter offer. Ask for a sufficiently large consternation and a 2 year severance should it not work out. Just like executives. They get a lot more.

ironmagma 3y ago
What is "a consternation"? I've never heard this term and can't find it referenced anywhere.
- olddustytrail 3y ago
  I think it's autocorrect for compensation.
  - neilv 3y ago
    I'm ready for some FAANG total consternation.
  - givemeethekeys 3y ago
    Thank you! Yes, I meant compensation :).
- givemeethekeys 3y ago
  Sorry about that. Typo. I meant, "compensation".
tfehring 3y ago
If their 3.75% mortgage was originally for $1M and has 25 years left, just the cost of giving that up is about $250k. I don't think anyone's giving out a $250k sign-on bonus for a non-executive.
- givemeethekeys 3y ago
  As the great one said, "You miss 100% of the shots you don't take".

squokko 3y ago

considered renting down there and renting out your owned home?

giaour 3y ago
Signing a lease is a new, expensive obligation, and being a landlord is a second job. That approach might be right for some people, but it's definitely not the same as just selling your old house and buying a new one somewhere else.
- JohnFen 3y ago
  Letting a property management company take care of things mitigates a lot (but not all) of that. They'll take a huge cut of the income, of course.
  - chiph 3y ago
    Obviously this depends on the location and the management company. Mine takes 50% of the first month's rent for finding & qualifying a new tenant, then 8% of the following rent payments. So far they have done a decent enough job - I just have to prod them on repairs to not use the absolute cheapest approach (my theory is a nicer house can justify a higher rent, vs. all the ones in the market that are run by corporate landlords and look like it)
    - JohnFen 3y ago
      > to not use the absolute cheapest approach Can I just say -- you rock. I've been a renter my whole life (I prefer it that way), and I appreciate when the property owner steps in to keep property management companies from being total cheapskates with repairs. It makes sense -- it's the owner's investment, after all, and I don't mind paying a bit of a premium for a place that is well maintained.
    - nradov 3y ago
      It's common for property management companies to arrange for kickbacks with certain repair contractors. I'm not claiming that any particular management company is corrupt but I know of cases where this has happened and it's tough for absentee landlords to detect.