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Ricechex.
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June 26, 2010 at 8:01 AM #572740June 27, 2010 at 9:41 AM #572070
davelj
Participant[quote=stockstradr]
Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
[/quote]I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
June 27, 2010 at 9:41 AM #572165Participant[quote=stockstradr]
Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
[/quote]I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
June 27, 2010 at 9:41 AM #572678Participant[quote=stockstradr]
Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
[/quote]I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
June 27, 2010 at 9:41 AM #572784Participant[quote=stockstradr]
Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
[/quote]I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
June 27, 2010 at 9:41 AM #573075Participant[quote=stockstradr]
Think about it, and you’ll see the perverse logic and financial wisdom to this.
This is a rare (and inglorious) moment in American history when you are given a “Get out of Jail Free Card” to be incredibly financially irresponsible, and basically get away with it.
“Get out of Jail Free” comes as a benefit of the shear numbers of people now doing this.
Most financial institutions will realize they CANNOT penalize and stop doing business with say fifty million Americans who stop paying their mortgages and their credit cards.
We might as well jump on the bandwagon.
[/quote]I await the many stories of Piggs who actually execute this financial “strategy.”
Clearly, lots of folks who bought between ’03 and ’07, and other folks who HELOCed away their equity over the years, have discovered that defaulting is their best option. But I doubt for many of them this was their intention from the beginning.
Buying today, however, with the intention of living “rent-free” for a few years… personally, this sounds like a stick-it-to-The-Man fantasy that no one here will act upon. But I would love to be proven wrong. I would like to see some folks here actually *do* this instead of just *talking* about how smart it is. So, please fellow Piggs, keep us updated on the execution of the “new smart move.” Otherwise, this gets filed under: Words are plentiful; deeds are precious.
June 27, 2010 at 11:22 AM #572099Ricechex
Participant[quote=jpinpb][quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]Here you go. I just came across this and thought of your post:
3929 TexasSold 05/18/2010 for $385,000
Flip price 590k.
WTF!!!!
Where are my crazy pills?[/quote]
Wow…someone actually bought this for $385k? That is bad enough, not to mention the flip price. This is at the corner of a VERY busy intersection. Unless it is being used as a business, I can’t see living there…
June 27, 2010 at 11:22 AM #572194Participant[quote=jpinpb][quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]Here you go. I just came across this and thought of your post:
3929 TexasSold 05/18/2010 for $385,000
Flip price 590k.
WTF!!!!
Where are my crazy pills?[/quote]
Wow…someone actually bought this for $385k? That is bad enough, not to mention the flip price. This is at the corner of a VERY busy intersection. Unless it is being used as a business, I can’t see living there…
June 27, 2010 at 11:22 AM #572708Participant[quote=jpinpb][quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]Here you go. I just came across this and thought of your post:
3929 TexasSold 05/18/2010 for $385,000
Flip price 590k.
WTF!!!!
Where are my crazy pills?[/quote]
Wow…someone actually bought this for $385k? That is bad enough, not to mention the flip price. This is at the corner of a VERY busy intersection. Unless it is being used as a business, I can’t see living there…
June 27, 2010 at 11:22 AM #572814Participant[quote=jpinpb][quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]Here you go. I just came across this and thought of your post:
3929 TexasSold 05/18/2010 for $385,000
Flip price 590k.
WTF!!!!
Where are my crazy pills?[/quote]
Wow…someone actually bought this for $385k? That is bad enough, not to mention the flip price. This is at the corner of a VERY busy intersection. Unless it is being used as a business, I can’t see living there…
June 27, 2010 at 11:22 AM #573104Participant[quote=jpinpb][quote=CA renter]
I used to believe there were “strict appraisals,” but have seen enough flips lately that negate that theory. I’ve seen flippers make $100K-$150K in a couple of months with maybe $20K in “improvements.” If appraisers are valuing the **same house** $100K+ more than the what it sold for just a few months ago, the whole system is broken.
[/quote]Here you go. I just came across this and thought of your post:
3929 TexasSold 05/18/2010 for $385,000
Flip price 590k.
WTF!!!!
Where are my crazy pills?[/quote]
Wow…someone actually bought this for $385k? That is bad enough, not to mention the flip price. This is at the corner of a VERY busy intersection. Unless it is being used as a business, I can’t see living there…
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