FB turned landlord

[Anonymous]

Tavo, no, I’m not going to say anything so arrogant as I wouldn’t put myself into the same situation. We all makes mistakes.

How much equity have you lost in your current resident? As far as the condo goes, you’re already losing 1k a month, who knows when the market will turn around to the point where you are not losing that kind of money. Can you really afford it like you say? If you can’t, you need to dump it yesterday.

What I would do? If it were me, I would dump the condo (don’t know how much you paid for it though). As far as the house, if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it. If you can’t answer yes to the above, you could find another primary residence just as nice for a cheaper price and dump your primary (along with the condo) after you close on the cheaper house. Your credit will be wrecked, but you’ll be freer.

Now, I can only tell you what you CAN do, I’m not advocating the above plan. Afterall, that would be unethical. 😉

P.S. If it’s non-recourse, I don’t know how you will get out of it. Someone on here posted that you could. I would run that by a lawyer.

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Anonymous]

Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?

Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.

Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.

About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.

P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.

[Anonymous]

Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?

Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.

Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.

About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.

P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.

[Anonymous]

Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?

Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.

Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.

About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.

P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.

[Anonymous]

Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?

Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.

Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.

About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.

P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.

[Anonymous]

Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?

Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.

Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.

About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.

P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.

[Anonymous]

You’re already at a 70K loss on the condo. If you can, get out now.

[Anonymous]

You’re already at a 70K loss on the condo. If you can, get out now.

[Anonymous]

You’re already at a 70K loss on the condo. If you can, get out now.

[Anonymous]

You’re already at a 70K loss on the condo. If you can, get out now.

[Author]

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