Approved…. Finally…Sort of….

[Coronita]

After a dry spell of denial after denial of short sales, looks like one was finally approved (verbally at least)..

A steal?
No.

Expensive?
Yes.

Still below current market conditions?
Yes..

Cash-cash return?…
So-so…

Future appreciation?
ha ha ha ha….Next question….

Why am I buying?
…Still better than me potentially losing money much faster in the stock market, which is exactly what is going to happen if I don’t do this And because sitting on cash (for me) just plain stinks and I wouldn’t do it for a very long time…Thinking looooooooong term……..And I’m priced out of Carmel Valley for a move me up…more or less…

What does this mean about real estate prices?
Probably means real estate prices in the given area will now move downward after I close…

Isn’t talking about it before closing going to jinx it?
Yes, probably. But I don’t care anymore…So sick and tired of waiting and waiting and waiting and waiting…If something happens. Fine. So be it…

As usual, thanks sdrealtor for putting up with me…

Sincerely,

Lizard infested, few-wall, stucco boxed, 15minutes to the ocean, Slum Piglord FLU..

[Coronita]

Oh yeah, and to hijack my own thread. Don’t forget to sign the No On SCA-5 petition if you haven’t yet…

https://petitions.whitehouse.gov/petition/californias-sca-5-against-equal-protection-clause-14th-amendment-us-constitution/TlHCfZJY

[spdrun]

Congrats! Is this to live in, flip, or rental?

[paramount]

flu: If I understand you correctly, are you bearish on the stock market right now? And if so, wouldn’t that translate into the overall economy? And then housing?

[Coronita]

[quote=spdrun]Congrats! Is this to live in, flip, or rental?[/quote]

rental.

[Coronita]

[quote=paramount]flu: If I understand you correctly, are you bearish on the stock market right now? And if so, wouldn’t that translate into the overall economy? And then housing?[/quote]

I’m neither bearish nor bullish on the stock market currently. In fact, if it was up to me, I would want the stock market to keep going up….

It’s just my way of spreading risk, trying to avoid getting slaughtered IF there is a stock market correction in the future while also trying to avoid getting slaughtered by holding it onto completely cash…

I want something that produces a consistent income, albeit not something I can live off of by itself…So in case my job or health goes south for the winter, I have something to fall back on…

Dividend income is one part of that equation, and frankly, probably the dividend income from some of the better companies is almost comparable to the rental income of this… But again, stock it counts on the stock market….

I guess one could also argue RE in SD is overheated. Maybe, maybe not… I don’t know. We’ll see…I figure I’ll dollar cost average this one with the other ones that were a much better deal… ha ha ha…

I use to be much more aggressive in my investments because I use to be young. I woke up to the sad realization that holy sh… I’m actually kinda old now….

[LAAFTERHOURS]

Flu,

Just interested to know how long it took from accepted offer to actually accepted by the bank so you could close. 5 years ago the process took a good 6 months so just wondering how long its taking these days (I know there are many different scenarios which could play into whether its quicker or longer to process).

Im also wondering how often the initial party walks away these days because its taking too long.

[an]

Congrats flu. You’re much more courageous than I. I can’t seem to find places that make good return anymore.

[spdrun]

5 years ago the process took a good 6 months so just wondering how long its taking these days (I know there are many different scenarios which could play into whether its quicker or longer to process).

Seven months from offer to close last year for me. I also have several offers on shorts that have been sitting for months.

Despite new guidelines, I don’t think the process has become much faster.

[The-Shoveler]

Congrats flu

I was beginning to think sdrealtor skipped town, have not seen much from him here (must have better things to do than hang out here LOL).

Yea I feel the same about stocks, you never know when the TPTB will decide that now is a good time to pull the rug out LOL.

[Coronita]

[quote=LAAFTERHOURS]Flu,

Just interested to know how long it took from accepted offer to actually accepted by the bank so you could close. 5 years ago the process took a good 6 months so just wondering how long its taking these days (I know there are many different scenarios which could play into whether its quicker or longer to process).

Im also wondering how often the initial party walks away these days because its taking too long.[/quote]

Well assuming I close this month, it will take a little more than 3 months. But the caveat is this property fell out of escrow one time, so it had to be re-approved..Banks aren’t stupid these days either…unfortunately…

The other one I was trying to get at the same time fell apart.. It was in much worse condition, didn’t have a personal washer/dryer hookup, and would have required me to spend a bit on remodeling. The seller wasn’t upside down on that property that much, and basically the banks told them we aren’t going to do a short sales, sell traditional.That place ended up closing escrow higher that what I have now…

Like I said, relative to current market conditions, still below market price… Cash flow… Well, it’s so-so… Could the price have been better if if I just wasn’t arguing over a few thousand on previous deals 1-2 years ago. Yup….

Anyway, I think my chances of seeing a 30% correction on my stock portfolio are far greater than me seeing a 30% correction on the price of this, so while I’m not pulling out of the stock market, I’m not putting any more cash into the stock market. And even if I see a 30% correction on this unit, the other ones ends up dollar cost averaging this one out…. ha ha ha ha…

Then again, this could still all blow up in my face, since it’s all still verbal at this point…which if it did happen, is fine by me….Then I will greenlight ditching the miata for something else… Otherwise, I can drive poor…

[Coronita]

[quote=AN]Congrats flu. You’re much more courageous than I. I can’t seem to find places that make good return anymore.[/quote]

I think I’m done in SD on the rental front….At least for now…Short of my employer getting acquired at a ridiculous price, and I fully vest at change of control. Yeah, right….

[Coronita]

[quote=The-Shoveler]Congrats flu

I was beginning to think sdrealtor skipped town, have not seen much from him here (must have better things to do than hang out here LOL).

Yea I feel the same about stocks, you never know when the TPTB will decide that now is a good time to pull the rug out LOL.[/quote]

I’m still buying and selling a few stocks here and there. But I just come to the realization that even with last year’s selling binge I did to spread the risk. I still am exposed way to much in the stock market….And crap, I’m old now…

I don’t think I plan on selling any sort of index funds, or reits, or changing my 401k contributions… And I do my regular small drip drip drip monthly contributions to passive funds in IRAs, 529, 401k,and post tax accounts…

I just don’t think I want move cash that came selling stocks…back into stocks at this point…
Basically, I’m out of ideas of what to buy…
Except *maybe*

Side note: this probably means, well see the Dow cross 20k this year, me being the contrarian indicator. ha ha…

[The-Shoveler]

I am still Maxing the 401K contributions and the wife’s IRA.

Other than that I have completely given up on stocks.

Just not my thing.

[SD Realtor]

Congrats FLU – In the long run you will look back and be glad you made the deal.

[Author]

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