What would you do here?

[gimmethesimplelife]

Today I've been going through the last of the boxes of our late tenant from the guesthouse behind our house (that my cousin and I co-own). Right before I was done with this project, I struck gold. Literally. One chunky ring that is 18K and another even heavier ring that is 14K.

What would you do if you were to run across such? My gut instinct is to hold onto them as I've been reading of more and more economists predicting a recession and should this occur, the national debt is so high and the GOP is in power so we can't expect much if any Obama-style humanitarian stimulus........in this situation, gold talks and may very well appreciate......or would you sell now and fund something with the proceeds?

Interesting situation to find myself in.....and funky that I did not find this until the going through the very last of her stuff (She passed two years ago at the end of August 2016). Rob

[Teacher Terry]

Since she has passed I would cash out if gold still a decent price. If she was alive I would return of course.

[iris lilies]

...drops IPAD...

Rob, you are also a landlord? This is in addition to the property you own and live in? All this, in the 85006 which has 85% of the properties worth more than my house?

Dude, you are going to have a hard time justifying the victim role if you continue to pull these rabbits out of hats.

Meanwhile, I assume the gold jewelry is legally yours and that is why you are treating it as investment potential. As for keeping this investment in gold, I suppose it wouldnt hurt to diversify your portfolio a little, assuming you have no other gold. But generally speaking, gold jewelry is NOT investment material. If you havent already, take the rings to a jeweler to get melt value on them.

[gimmethesimplelife]

...drops IPAD...

Rob, you are also a landlord? This is in addition to the property you own and live in? All this, in the 85006 which has 85% of the properties worth more than my house?

Dud, you are going to,have a hard time justifying this victim role if you continue to pull these rabbits out of hats.

Meanwhile, I assume the gold jewelry is legally yours and that is why you are treating it as investment potential. As for keeping this investment in gold, I suppose it wouldnt hurt to diversify your portfolio a little, assuming you have no other gold. But generally speaking, gold jewelry is NOT investment material. If you havent already, take the rings to a jeweler to get melt value on them.

There is a guesthouse behind the house, yes. From time to time we have rented it out at a very cheap $400 a month. My half of the rent money always has gone directly to my Mother to help her out financially but this money here from the brief time this tenant rented the guesthouse? I have squirreled it away as running money as I'm not very confident of the future in the US. It's not all that much money, realistically, though there have been times in my life when I would have said otherwise - such as my couch surfing days when I was younger.

We have not rented out the guesthouse since this tenant's passing as this tenant had numerous medical issues and ended out dying in the guesthouse while I was in Denver two years ago, at the end of August 2016, and the whole experience was what I would call "icky" - We may rent again, however, as I have found a Catholic charity called Maggie's Place that helps destitute pregnant women get back on their feet and this charity - where I buy most of my clothes and where most of the furniture in the house comes from - has expressed an interest in having one of their clients rent the guesthouse. Still $400 a month, utils included, access to the washer, and no deposits....you will not find a better deal in town but it is very very very small which is why we have priced it so cheap. Plus it's in the 85006 but to be honest rent IS going up even in the 85006 which stuns me but it's true regardless.

No Donald Trump slumlord types are my Cousin and myself. Rob

PS About what properties cost in the 85006? Just ten years ago after the real estate meltdown in Las Vegas and Phoenix among other places, you would have been hard pressed to find any property in my neighborhood listing for over 50K....seriously. It's insane what they are listing for now, I would agree with that, but we have no intention of moving at the moment anyway. Thankfully property taxes are low in Phoenix, this is something I am grateful for every day of my life. Seriously. Even in the more expensive Coronado neighborhood a bit over on the other side of the 85006 you would have been hard pressed ten years ago to find a property listed for more than 65K.....all that's changed now, true.

I would not be so bedazzled by what 85006 properties are listing for - Phoenix historically has been a very boom/bust town for real estate and I have no faith whatsoever that this has changed. We are just on the boom cycle right now, and as we have no intention of selling at this moment, what we focus on is the property tax. Should I leave the US, yes, then things change, I'll give you that. And we have also no intention of taking out loan(s) against this property. Rob

[iris lilies]

PS About what properties cost in the 85006? Just ten years ago after the real estate meltdown in Las Vegas and Phoenix among other places, you would have been hard pressed to find any property in my neighborhood listing for over 50K....seriously. It's insane what they are listing for now, I would agree with that...

Sorry, I call BS.

I sampled “Sold” data from Realtor.com for the first 5 single family properties for which I could find sales data reaching back to your ten year mark and beyond. Every one of them, 100%! sold for far more than $50,000*

So, what’s my point? This attempt to look poor seems like more faux facts from you, our resident unreliable narrator. You are the poster boy of middle class privileged America. White, college educated, home owner, landlord. Oh, and now holder of gold jewelry.

I would not be so bedazzled by what 85006 properties are listing for - Phoenix historically has been a very boom/bust town for real estate and I have no faith whatsoever that this has changed. We are just on the boom cycle right now, and as we have no intention of selling at this moment, what we focus on is the property tax. Should I leave the US, yes, then things change, I'll give you that. And we have also no intention of taking out loan(s) against this overinflated current property value. Rob

Well, I do agree that it doesnt matter a whole lot how much your real estate is worth if you are living in it and don't intend to move. But a little casita in back that generates $5,000 passive income is pretty luxe.

* here is the data

1639 E. Harvard sold for $160,000 in 2007

1533 E. Brill sold for $230,000 in 2006

1224 E. hubbell sold for $147,000 in 2004

1813 W. willetta sold for $190,000 in 2008

1519 E. Cambridge sold for $140,000 in 2005

[gimmethesimplelife]

Sorry, I call BS.

I sampled “Sold” data from Realtor.com for the first 5 single family properties for which I could find sales data reaching back to your ten year mark and beyond. Every one of them, 100%! sold for far more than $50,000*

So, what’s my point? This attempt to look poor seems like more faux facts from you, our resident unreliable narrator. You are the poster boy of middle class privileged America. White, college educated, home owner, landlord. Oh, and now holder of gold jewelry.




Well, I do agree that it doesnt matter a whole lot how much your real estate is worth if you are living in it and don't intend to move. But a little casita in back that generates $5,000 passive income is pretty luxe.

* here is the data

1639 E. Harvard sold for $160,000 in 2007

1533 E. Brill sold for $230,000 in 2006

1224 E. hubbell sold for $147,000 in 2004

1813 W. willetta sold for $190,000 in 2008

1519 E. Cambridge sold for $140,000 in 2005

Hi IL.....there is a problem with your stats here, IL. The real estate meltdown hit Phoenix hard at the end of 2008 - checks stats for 2009 and 2010....in mid 2011, values started very very very slowly rising again, ditto for 2012, and by 2014 Phoenix was off to the races again. Recently the average price of a house in Phoenix hit a new record high but I don't see wages rising to match and my guess is now is a good time to sell and flee if so inclined as I personally don't believe this can last much longer.

But to the point? Check out stats during the depth of the housing crisis and you'll find numbers that more closely match mine. Also, 1813 West Wiletta? That's in a very spendy area known as Willow - very close in to Central Avenue, very spendy, and a number of very well off gay men and their partners live in this neighborhood - it's your stereotypical completely restored historic neighborhood with real estate values to match. The house on Harvard? This was around the peak of real estate prices in Phoenix, and the house on Hubbell? I don't know the house but for the date you list that is overpaying a good 20% to 1/3rd. I don't know Brill Street but 2006 was the year before the pre collapse peak in Phoenix real estate. Try 2009 and 2010 as dates and see what you come up with. Rob

[iris lilies]

Hi IL.....there is a problem with your stats here, IL. The real estate meltdown hit Phoenix hard at the end of 2008 - checks stats for 2009 and 2010....in mid 2011, values started very very very slowly rising again, ditto for 2012, and by 2014 Phoenix was off to the races again. Recently the average price of a house in Phoenix hit a new record high but I don't see wages rising to match and my guess is now is a good time to sell and flee if so inclined as I personally don't believe this can last much longer.

But to the point? Check out stats during the depth of the housing crisis and you'll find numbers that more closely match mine. Also, 1813 West Wiletta? That's in a very spendy area known as Willow - very close in to Central Avenue, very spendy, and a number of very well off gay men and their partners live in this neighborhood - it's your stereotypical completely restored historic neighborhood with real estate values to match. The house on Harvard? This was around the peak of real estate prices in Phoenix, and the house on Hubbell? I don't know the house but for the date you list that is overpaying a good 20% to 1/3rd. I don't know Brill Street but 2006 was the year before the pre collapse peak in Phoenix real estate. Try 2009 and 2010 as dates and see what you come up with. Rob

Ok,I will look into this. I have been skimming articles that verify Phoenix as a volatile housing market.

[iris lilies]

Hi IL.....there is a problem with your stats here, IL. The real estate meltdown hit Phoenix hard at the end of 2008 - checks stats for 2009 and 2010....in mid 2011, values started very very very slowly rising again, ditto for 2012, and by 2014 Phoenix was off to the races again. Recently the average price of a house in Phoenix hit a new record high but I don't see wages rising to match and my guess is now is a good time to sell and flee if so inclined as I personally don't believe this can last much longer.

But to the point? Check out stats during the depth of the housing crisis and you'll find numbers that more closely match mine. Also, 1813 West Wiletta? That's in a very spendy area known as Willow - very close in to Central Avenue, very spendy, and a number of very well off gay men and their partners live in this neighborhood - it's your stereotypical completely restored historic neighborhood with real estate values to match. The house on Harvard? This was around the peak of real estate prices in Phoenix, and the house on Hubbell? I don't know the house but for the date you list that is overpaying a good 20% to 1/3rd. I don't know Brill Street but 2006 was the year before the pre collapse peak in Phoenix real estate. Try 2009 and 2010 as dates and see what you come up with. Rob

ok, you win the point that in the depths of the real estate bust, houses listed for far less than now.

While it is difficult to find list prices from the narrow year range of 2009-2010 and even harder to find sales price (I suppose because there were few sales) I did find a few examples that confirmed $40,000 - $60,000 houses then go for 3x to 4x that now.

So, maybe you should sell now and flee, while yoi have high net worth.

[Teacher Terry]

Wow Rob, I am happy for you as it appears you have a great foundation. Glad you are not poor.

[bae]

Are you buying gold right now with your spare cash?

If not, sell the rings. Maybe throw a block party with the proceeds.