These Days Continue

These Days Continue (http://www.thesedayscontinue.org/index.php)
-   nDMBc (http://www.thesedayscontinue.org/forumdisplay.php?f=32)
-   -   Random Advice Thread (TDC+ Exclusive) (http://www.thesedayscontinue.org/showthread.php?t=206884)

Josh.0 05-31-2018 12:18 PM

Random Advice Thread (TDC+ Exclusive)
 
Category: Personal real estate and potential investment planning

Hey all, I need some advice. I suppose this could go in the STDNIOT thread, but I'm guessing that whenever a thread specifically asking for advice gets bumped moving forward, it'll catch the right eyeballs and subsequent responses as opposed to a generic catch-all thread.

Anyways, as many of you have heard many times from me, I live in Denver. I've been here for about three years and love so many things about it: the mountains, the beer scene, the young vibe, the (seemingly) constant sunshine, the various physical activities, etc. It's by far the place I've lived that I love the most and if not for one thing I'm about to mention, I'd probably live here forever.

There's one small problem, though: it's getting expensive. Like, excessively expensive, particularly when you factor in how the local job market pays.

The average "starter" home in town is right around $500,000 right now (and that price comes with competition from like 10, 20, 30+ bidders). I realize in places like NYC and SF this would be a steal, but the problem is Denver's job market is not paying anywhere close to what other major cities in the United States are paying for skilled, professional positions. For example, in the line of work I do, I could expect to make about 75% of what I would make in, say, Boston, which is where I lived previously, yet real estate prices and overall cost of living is creeping very close to places like Boston.

As such, there's a lot of talk around town right now about how unemployment is low, but salaries are not catching up to the cost of living. A friend I have that works for a prominent healthcare system here recently told me that his HR department recently met with everyone at their organization to tell them that they shouldn't expect salaries to rise any time soon because local economists think there is a real estate bubble here and the cost of living will drop within the next five years or so. I've heard similar rumbling from other organizations here as well.

This means right now there's a bit of a conundrum in town: real estate demand is absurdly high which is over-inflating home values, but many prominent local employers don't want to raise salaries because they think cost of living is eventually going to come back down.

This is leaving me at a crossroads. Right now I make plenty of money to support living in Denver. I could buy a decent place tomorrow if I wanted. The problem is that's because I work as a consultant for a company based in another state, and my job is not permanent. At best, I think I could expect to remain in my current position another 2-3 years before having to search for full time work in Denver, which would come with a HUGE paycut due to aforementioned reasons (salaries aren't as good here as they are in other places).

All of this is *starting* to make me consider leaving Denver (I'm just considering this, New England friends that read this) and moving back to my home state of New Hampshire. There, I could continue to work as a consultant, not have to pay state taxes, buy a great home with a ton of land for closer to $300,000 instead of a starter at $500,000, have the Boston job market as a backup plan if/when my contract ends (I'd move to southern New Hampshire), and still have the outdoors life I love in my backyard (albeit not nearly as "good" of a playground as Colorado).

Now, I know already that I don't love New Hampshire. Do I like it? Sure. It's pretty, I love the hiking, I love being close to VT, I have great friends there or in states not far from there, etc. I know I DO love Colorado, but I'm starting to ask myself, "At what cost?"

One more note: I've been thinking about investing in real estate over the next decade or so. Just investment properties that I can rent out and let appreciate over time. In Colorado, this would be way, WAY too expensive and risky any time soon, while in NH such investments would seem much more affordable, stable, and come with significantly smaller risk.

What would you do? Risk being housebroke or upside down on a mortgage in a place you LOVE, or move someplace you "like" and have seemingly much more financial security?

ThememanXX 05-31-2018 12:23 PM

tl;dr

Josh.0 05-31-2018 12:27 PM

Quote:

Originally Posted by ThememanXX (Post 7168043)
tl;dr

Your face is tl;dr.

I know you're busting my balls, but can we keep this thread legit please?

Wildcats82 05-31-2018 12:53 PM

Gonna throw my post from the Work Sucks thread in here.

sooooo I got a call from a Homewood Suites today about being Operations Supervisor. A little bit more money but a lot more responsibility. Which is what I want.

My only fear is that I just quit a job, and then a month later came back to it. How do I quit a job again after I fought to get it back?

BTW just an interview, haven't been offered anything. also VERY IMPORTANT note. Management company is a large, reputable company with properties all over the country. Unlike my last debacle.

Josh.0 05-31-2018 12:56 PM

Quote:

Originally Posted by Wildcats82 (Post 7168066)
Gonna throw my post from the Work Sucks thread in here.

sooooo I got a call from a Homewood Suites today about being Operations Supervisor. A little bit more money but a lot more responsibility. Which is what I want.

My only fear is that I just quit a job, and then a month later came back to it. How do I quit a job again after I fought to get it back?

BTW just an interview, haven't been offered anything. also VERY IMPORTANT note. Management company is a large, reputable company with properties all over the country. Unlike my last debacle.

Always, ALWAYS do what's best for yourself over what's best for a company. Good managers will understand, bad managers will be upset, but you don't want to work for those managers anyways.

There are very, very few instances where being loyal to a company over your own career interests may be a good idea, but the vast majority of the time it's absolutely best to always do what's best for yourself.

Remember: no one, at the end of the day, looks out for you the way you do. NO one. Take the new job, and if you get an even better offer in two months at another, take that one. Just make sure you weigh everything (not just money) and figure out what is absolutely the best decision for yourself.

Jonas 05-31-2018 01:00 PM

It sounds like you know what to do Josh, but what to hear from others. It sounds like maybe Colorado is a place to come back to later in life, but isn’t really the best spot for you at this moment, unless you can retire lol.

Jonas 05-31-2018 01:02 PM

Quote:

Originally Posted by Wildcats82 (Post 7168066)
Gonna throw my post from the Work Sucks thread in here.

sooooo I got a call from a Homewood Suites today about being Operations Supervisor. A little bit more money but a lot more responsibility. Which is what I want.

My only fear is that I just quit a job, and then a month later came back to it. How do I quit a job again after I fought to get it back?

BTW just an interview, haven't been offered anything. also VERY IMPORTANT note. Management company is a large, reputable company with properties all over the country. Unlike my last debacle.


So you worked there, quit. They offer you another job and you might consider it but are already wondering how you should go about quitting it if you decide to do so? Donít take the job then.

Jonas 05-31-2018 01:09 PM

Wildcats, I did some back reading and agree with Josh. Look out for yourself. Explain to your boss these are interviews you had set up and you couldn’t pass them up because of the opportunity to make more money. Maybe he’ll offer you something else, maybe they’ll be pissed an fire you, who knows. Maybe you’ll be better off not having that safety cushion of that place to fall back on.

Wildcats82 05-31-2018 01:10 PM

Quote:

Originally Posted by Jonas (Post 7168074)
So you worked there, quit. They offer you another job and you might consider it but are already wondering how you should go about quitting it if you decide to do so? Donít take the job then.

It's not a matter of "OMG I just love this job". It's a matter of "if this new job doesn't work what do I do?"

For example. I have worked for Panera Bread in some capacity since 2007. I have quit 3 times. Always put in my 2 weeks notice and always worked hard until I clocked out on my last shift. I work there again (4th time). When I walked into the store I quit I was sort of embarrassed to ask for my job back. But my GM was cool and rehired me.

I just don't want to burn bridges.

But maybe I'm just a pessimist.

Jonas 05-31-2018 01:13 PM

Quote:

Originally Posted by Wildcats82 (Post 7168082)
It's not a matter of "OMG I just love this job". It's a matter of "if this new job doesn't work what do I do?"

For example. I have worked for Panera Bread in some capacity since 2007. I have quit 3 times. Always put in my 2 weeks notice and always worked hard until I clocked out on my last shift. I work there again (4th time). When I walked into the store I quit I was sort of embarrassed to ask for my job back. But my GM was cool and rehired me.

I just don't want to burn bridges.

But maybe I'm just a pessimist.

I hear that, i understand more now after backreading. Like I said above maybe itís better to not have that cushion to fall back on. It sounds like you have a lot of good opportunities so you should always take the chance at bettering yourself and career.

Tambourine Man 05-31-2018 01:43 PM

I would look into Puerto Rico. Itís the only place you can go in the world as a US citizen and be exempt from Federal Income Tax. If you qualify ( see act 20 & act 21), your tax rate would be 4% vs 30%+ youíre paying now. And you only have to live there for half the year.

No doubt real estate is in a bubble, but nobody knows when it will pop. In my opinion, everything is at a top right now, so I would just stay in cash for a year or so and see whatís going to happen. When the next financial crisis comes, theyíll lower interest rates back down to 0 and houses will be a lot cheaper.

ThememanXX 05-31-2018 01:43 PM

Quote:

Originally Posted by Jonas (Post 7168072)
It sounds like you know what to do Josh, but what to hear from others. It sounds like maybe Colorado is a place to come back to later in life, but isnít really the best spot for you at this moment, unless you can retire lol.

Yeah, Josh....this makes the most sense financially. You've got plenty of time and can always visit colorado for a few days at a time without going broke to live there.

Tambourine Man 05-31-2018 01:50 PM

I’d say if you love Colorado you should stay there. You seem to agree that it’s a bubble...that means someday it will be a lot more affordable. That’s good for you

roshea999 05-31-2018 02:11 PM

I know what you mean, Josh.

I too would like to own, but it's not going to happen in the short term here in Denver. I don't want to leave, but we'll see what plays out over the next few years.

Josh.0 05-31-2018 02:58 PM

Quote:

Originally Posted by roshea999 (Post 7168123)
I know what you mean, Josh.

I too would like to own, but it's not going to happen in the short term here in Denver. I don't want to leave, but we'll see what plays out over the next few years.

I just went to Snooze for lunch and got an egg white omelette with and a single blueberry pancake and drip coffee.

$21, pre-tip.

It’s not even just the real estate. It’s everything; the high property/rent prices are being reflected in everything now.

TDunk 05-31-2018 03:22 PM

Quote:

Originally Posted by Josh.0 (Post 7168145)
I just went to Snooze for lunch and got an egg white omelette with and a single blueberry pancake and drip coffee.

$21, pre-tip.

Itís not even just the real estate. Itís everything; the high property/rent prices are being reflected in everything now.

that would be $19 in Austin just for comparison's sake

roshea999 05-31-2018 03:24 PM

I live about 3 blocks from Snooze (Union Station) and I'll never step foot in there :lol

Everyone says it's great and all, but I just can't justify those costs for a "breakfast/brunch." A diner? You'll find me there.

I will be enjoying the hell out of Illegal Pete's in about 8 hours.

It's amazing what I could buy in Chicagoland (a much better city experience than Denver) vs. here. But, Colorado > Illinois by every other measure.

Josh.0 05-31-2018 03:26 PM

Quote:

Originally Posted by TDunk (Post 7168160)
that would be $19 in Austin just for comparison's sake

Yeah Austin, Denver, Seattle, and Portland are all, economically speaking, the same place right now.

Josh.0 05-31-2018 03:27 PM

Quote:

Originally Posted by roshea999 (Post 7168162)
I live about 3 blocks from Snooze (Union Station) and I'll never step foot in there :lol

Everyone says it's great and all, but I just can't justify those costs for a "breakfast/brunch." A diner? You'll find me there.

I will be enjoying the hell out of Illegal Pete's in about 8 hours.

It's amazing what I could buy in Chicagoland (a much better city experience than Denver) vs. here. But, Colorado > Illinois by every other measure.

The one thing I do miss about New England are the diners. You can get breakfast anywhere for like $10.

Here, everything is prepared by some ďexecutive chef,Ē even if all youíre eating is an omelette and a blueberry pancake.

Where do you live? I live downtown above Whole Foods.

roshea999 05-31-2018 03:35 PM

Very nice. Kyle Freeland of the Rockies lives in there, too.

I'm 20th/Chestnut. If you've wandered that way I'm the building next to Whisky Tango Foxtrot.

I work on Auraria so it's a one mile walk to and from work through downtown. I definitely dig that.


All times are GMT -5. The time now is 02:29 AM.

Powered by: vBulletin
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Copyright ©2006 thesedayscontinue.org

Page generated in 0.05334 seconds with 19 queries