You refied and heloc’ed to pay off the rental properties so you still have associated debt with some asset as collateral…presumably your primary residence. So if you sold your primary residence right now, you could pay off the outstanding loans and have money left over correct?
“So if you sold your primary residence right now, you could pay off the outstanding loans and have money left over correct?”
_______________________
As I stated, I have about 15% equity in my primary and the 2 rentals are clear. So if I sold the primary I would walk with the equity plus still have the rentals clear.
“In current market conditions…really?”
_____________________
For the life of me I can’t see why you cannot grasp the basics of my situation. I really don’t know how to further simplify the equation for you. Sorry if I’m being rude, but your incessant “are you sure?” and “uh, really?” comments are beyond tiresome. Perhaps one of the kind regulars here can explain to you how I, owning 2 rental properties free and clear, and in addition having about 15% equity in my primary residence based on a comp sale last month, am well established in the black. I just don’t have the energy for you anymore.
Counselor, just move on. This is the kind of attack that ruins this blog from time to time, and why I left it for a few months. You are in a very good position, so do not bother trying to justify things to this other person. You have handled things very well, congrats on being in a position that appears to be the source of jealousy to someone in a lessor position.
“lessor position…”?? And how praytell do you know that exactly? Why, because I rent instead of own? Because I choose to invest in things other than real estate? Sorry pal, but there are other ways to make money than in real estate. Get a clue…
Actually, I only said it once. Also, if you care to notice, Counselor initiated the engagement with me. He’s the one who lost patience and began whining.
In fact, I’m noticing a lot handwringers and whiners on this site worrying about some increased traffice at foreclosure ranch, meanwhile, the subprime lenders are beginning to implode at a rate of 2 a week in addition to HSBC and NEW…which was how this thread got initiated. Yet no one seems to grasp the significance of this.
When the subprime spigot gets shut off, which is occuring right now, so does the easy credit. Prices will follow…that is a certainty even here in San Diego.
.
