Brand New 1% down payment purchase loans

[spdrun]

Then here’s to a serious recession that will throw a monkey wrench in our government’s plans for a few years. We’re paying taxes for too many thugs (police, military, etc) with nothing better to do than harass the public and harass countries abroad. Time to put some of them out to pasture. America needs to be cut down to size.

As far as FNMA, it’s being run by that twit Mel “the Skell” Watt at the moment. His goal seems to be to give as many loans to as many trailer-trash as possible without pissing off Congress — De Marco was a hard-headed accountant type and a better steward than the Old Skell. Let’s hope the head of FHFA under the next President will be less of a bleeding-heart.

[HLS]

A rising tide lifts all boats has helped FNMA,
ultimately tax payers
https://www.americanprogress.org/issues/housing/report/2012/09/06/36736/7-things-you-need-to-know-about-fannie-mae-and-freddie-mac/

[HLS]

Ever heard of Daniel Mudd ? (Son of TV anchor Roger Mudd) another guy who cleaned up at the helm of FNMA, and got away with it…..
You can’t make this stuff up

http://www.bloomberg.com/news/articles/2013-05-30/daniel-mudd-fannie-maes-former-ceo-is-doing-awesome

[spdrun]

I prefer to see all boats sinking, other than mine. More life jackets for me in case mine sinks.

[scaredyclassic]

[quote=spdrun]I prefer to see all boats sinking, other than mine. More life jackets for me in case mine sinks.[/quote]

i think no ones on boats, we are all on jet skis.

[HLS]

[quote=spdrun]I prefer to see all boats sinking, other than mine. If their life vests come loose, more life vests for me to rent out.

Here’s my goal. Buy more property. Hopefully cheaply. Get an income equal to 2x prevailing min wage from property rentals. Kick back. Live inexpensively. Laugh at all the rubes who are still breaking their backs doing actual work.

That’s the extent of my ambition in life. Not to do good. Not to build a career. Just to live with the minimum of interference from other humans as possible.[/quote]

I’ve helped people who have done exactly this, but no longer possibe around here. Their goal was cash flow.

It made no sense to them to hang on to inflated So Cal real estate with low cap rates and the belief that it will go up forever SO they went elsewhere and created monthly income with triple the cap rate around here.

It still makes no sense to me to collect $3K+/- monthly rent on a $500K-$800K house, regardless of equity position.

[spdrun]

I’m on a sailboat, laughing at all of the jet skis as they run out of gas 🙂

[spdrun]

I’ve helped people who have done exactly this, but no longer possibe around here.

Correct, not presently possible in San Diego, but possible in Northern NJ, other suburbs of NYC.

[HLS]

[quote=spdrun]

I’ve helped people who have done exactly this, but no longer possible around here.

Correct, not presently possible in San Diego, but possible in Northern NJ, other suburbs of NYC.[/quote]

It’s still possible in thousands of areas in at least 48 states, including CA.

Many people could retire on the income that they could create from the equity they have in their So Cal/Bay area homes if they were willing to relocate.

When I was a kid, rentals were basic 2-3 bedroom starter homes. Having higher end homes as rentals were rare.
There are many more these days.

The opportunity to sell a primary within a few years of moving and taking the tax free gain (and investing elsewhere) in most cases makes more sense to me than converting to a long term rental and losing the tax benefit

[Author]

Posts