13348 Shadetree Ct

[jpinpb]

[quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem 😉

[ocrenter]

[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]

actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.

Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.

But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.

That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).

If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.

This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.

[ocrenter]

[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]

actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.

Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.

But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.

That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).

If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.

This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.

[ocrenter]

[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]

actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.

Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.

But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.

That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).

If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.

This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.

[ocrenter]

[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]

actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.

Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.

But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.

That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).

If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.

This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.

[ocrenter]

[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]

Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]

actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.

Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.

But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.

That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).

If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.

This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.

[sdrealtor]

The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.

[sdrealtor]

The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.

[sdrealtor]

The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.

[sdrealtor]

The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.

[sdrealtor]

The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.

[ocrenter]

[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]

true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.

The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.

But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.

[ocrenter]

[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]

true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.

The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.

But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.

[ocrenter]

[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]

true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.

The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.

But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.

[ocrenter]

[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]

true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.

The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.

But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.

[Author]

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