Still think TITNC3: Return of the Iceberg was peak

Saw the same. Yep. Jobs errywhurr.

 

Oh...here's the scheduled market dump...

 

I don't think it's a good company, not yet at least, but i don't understand the short thesis on this one either. They have like 200 million cash on hand and the shorties are still going to war over it today instead of covering and moving on

 

I do actually feel bad for a small portion of AirBNB owners. And this is specifically Austin.

I picked a random house in Austin, in Barton Creek neighborhood, that looks like it is still "original" (hasn't been flipped into one of those white and glass McShoeboxes in the past 4 years).

2002: 165k, but the important thing is, taxes: 3750.
2022: 700k, taxes: 7500

(I did genuinely just pick a random house, so I think it's cool that Zillow had data showing a 100% gain in taxes over that time )

But that's just ONE house, there are a bunch of others where the taxes went up more than that. The point being that back in 2002, someone "normal" can afford that house, and taxes. Now? Even a normal income can't even keep up with the taxes, not just buying the house. And it's getting worse and worse every year, especially in Zilker. Another house further up the hill, 2006 was 100k, now it's a mil. Taxes are 21k, back in 2002 it was probably closer to 3k.

That's what we stayed in when we went - a homeowner who basically was forced to build part of their house into an AirBNB in order to just keep their house and not be forced out by the cost of the property taxes alone.

THOSE owners I feel bad for. The new "mommy managers" who bought because a tiktok told them to, destroying housing costs for everyone to actually, y'know, LIVE there - ZERO sympathy. I hope they go into bankruptcy.

THAT'S why it went kaput this morning. I saw it, saw half a headline and then stopped reading. Makes sense.

Hold onto your butts, J Pow gotta come out swangin' this month! (He won't)

 

This is everywhere...
Now imagine that mom and pop who bought the house in the 1980's for 150K....and now it's Worth $1.5M...Kids grew up and moved and you are retired...and die...
Kids inherit 1.5M
Taxes are 500,000K...Kids have to come up with 1/2 MIL just to keep the house...
AND THEN 25K a year for property tax...
So the house goes on the market.
They owe the 500K in tax for the inheritance and the taxes for selling the house...
They pocket about $500K on a 1.5M house AND another childless millionaire buys a vacation home and contributes nothing to the local economy...

 

I've had my eye on this one for years (it's near a park with access to a bunch of offroad/hiking) and it's finally on the market.
Cheaper than my house per sq ft, but alas, GME continues to drag its dick through the dirt.

https://www.zillow.com/homedetails/15030-N-Timberline-Dr-Reno-NV-89511/79723324_zpid/

 

Sounds like they pocketed 500k for doing nothing but selling a home their parents bought in the 80’s. Spoiled brats

 

Holy fucking white batman. Guess the designer is color blind. lol

 

Yea it’s supposed to be grey everywhere

 

Paint can fix that.

The outside/yard/land its on is goddamned gorgeous though. And you can ride out your driveway to hundreds of miles of mtn bike/hiking trails and there's a creek just off property.

I've driven by it dozens of times over the years recreating in that area and covet it like my neighbors wife every time.

 

You don't pay an income tax on inherited. When we sold my old man's house we only had to pay cap gains tax from its value when he kicked it. If old man jankins dies and the house goes to the kids, it's not a taxed transaction.

If you pay taxes on it then someone fd up.

But yeah that's exactly it. In most places it's been gradual but Austin these places went from 200k to a mil in like 6 years.

 

If you're a billionaire, you don't pay tax on anything. Have any of us considered trying that to lower our individual tax burdens?

 

Just got off the phone with jpow asking for a perpetual bailout to maintain my status quo as an F100 corp. He said:

 

GME is for wiping your ass

 

PS about inheritance taxes - I hope this website is allowed it was the first google response

https://turbotax.intuit.com/tax-tips/estates/what-are-inheritance-taxes/L93IUc3sC

However, before an inheritance tax is due, the value of the assets have to exceed certain thresholds that change each year, but generally it’s at least $1 million. Because of this threshold, only about 2% of taxpayers will ever encounter this tax.


With that said....
https://ycharts.com/indicators/us_existing_home_median_sales_price

We (the US) is rapidly approaching where a 1mil house is not unheard of for an "average joe", just 10 years ago a mil+ house was lake front, mansion, huge in the city, etc. Now it's corn farm developments in the middle of Kansas.

 

probably Reichman buying up his own shares again

 

Sewer information: Septic Tank

 

GTii and BBIG in shit stock race. Lol