Home › Forums › Financial Markets/Economics › NYT: “How a financial pro lost his house”
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eavesdropper.
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November 9, 2011 at 10:09 PM #732604November 9, 2011 at 10:10 PM #732605
NotCranky
ParticipantBG, When the assessor “voluntarily” lowered your taxes, was it the result of an application? Did they just lower the assessment without you asking? I should have done something sooner, but mine is now 100k-150K too high.
November 9, 2011 at 10:15 PM #732606bearishgurl
Participant[quote=sdrealtor][quote=bearishgurl][quote=sdrealtor]Dont you pay taxes, insurance and maintenance on top of P&I like the rest of us? One question, if you had invested your 30% down and not spent money on strategic improvements would you be in a better financial position today?[/quote]
First, you answer my last question then I’ll answer this one ;=][/quote]
Obviously didnt read my answers to your last question that were already posted prior to your last winky dink post. You dont have to answer any way. Its your business and I dont really care to know the answers. They were simply rhetorical questions.[/quote]
I just saw this and the reason I didn’t answer is because I was away …
November 9, 2011 at 10:35 PM #732607Participant[quote=Jacarandoso]BG, When the assessor “voluntarily” lowered your taxes, was it the result of an application? Did they just lower the assessment without you asking? I should have done something sooner, but mine is now 100k-150K too high.[/quote]
Yes, Russell, in ’07 and ’08, it was by application. In August of ’08 (on the eve of the ’07 hg), I stipulated to an agreement to drop the hg. By the time of my ’08 application, they didn’t have the resources to go to hg, due to sheer volume of applications so I called my local appraiser at what was the (now closed) South County Assessor Branch Office and we agreed to sold comps over the phone (I myself am a former “county bureaucrat”). When that assessment was processed (in writing) to what we agreed on, I withdrew my appeal. In ’09, the assessor voluntarily lowered my taxes a little more. In ’10, “Prop 8” kicked in and they lowered them drastically across the board.
see: http://boe.ca.gov/proptaxes/faqs/caproptaxprop.htm#4
My new tax bill for F/Y 11/12 is about 27% lower than my ’08/09 tax bill (rec’d Sept ’07).
I would recommend you appeal NOW, as the deadline for appeal for the 11/12 FY is 11/30/11.
November 9, 2011 at 10:46 PM #732608ParticipantThanks BG, it is going out in the next mail drop.
November 9, 2011 at 10:51 PM #732609sdrealtor
ParticipantSure I’ll answer. I went back to grad school in the 90’s so thats where the student loans came from. There wasnt much and I could have paid them off but the rates on home equity loans were too attractive to do so. I could rent my house for 3200 to 3500 a month with no problem. Both of my mortgages combined are under 2000/month and once the HELOC is gone it will be alot less than that. Taxes+MR($800/yr) are under $500/month. Insurance is about $80 and HOA is $100. So I’d be positive $500 to 800/month plus get a real nice write off on the taxes. When I retire the MR will be gone as will be the mortgages leaving taxes+insurance+HOA of about $700. By then the rent should be well over $4,000 if I choose that.
November 9, 2011 at 11:09 PM #732612Participant[quote=sdrealtor]Sure I’ll answer. I went back to grad school in the 90’s so thats where the student loans came from. There wasnt much and I could have paid them off but the rates on home equity loans were too attractive to do so….[/quote]
Understand.
I know we’re in the middle of a “recession” and all but, I just have to ask, “Why are you working as a PT “Realtor” when you have a “graduate degree.”
Are there no jobs avail in your field? You can tell me to MYOB but I was just wondering …
November 9, 2011 at 11:09 PM #732613ParticipantBTW in case you want to challenge my assumptions. My insurance has gone up about $150/year in 13 years and my HOA has increased by $15/month over those same 13 years.
November 9, 2011 at 11:22 PM #732614Participant[quote=sdrealtor]BTW in case you want to challenge my assumptions. My insurance has gone up about $150/year in 13 years and my HOA has increased by $15/month over those same 13 years.[/quote]
No, I’m good with your “assumptions” …. all except the potential “$4000 rent.” It’s not like “Nirvana” is equivalent to Del Mar or LJ or anything like that.
Am I correct in that you are presupposing rents will skyrocket because of all the shenanigans currently successfully executed by “strategic defaulters” such as the subject of this thread??
November 9, 2011 at 11:26 PM #732615ParticipantAK, I want you to know, before I sign off tonite, that you’ve opened up a “Pandora’s Box” here :=}
November 10, 2011 at 12:06 AM #732617ParticipantIs 15 to 20% rent in 15 years skyrocketing? I dont think assuming rent will increase about 500 per month in 15 years is even slightly unreasonable. If anything its unreasonably pessimistic but thats why I am where i am and you are where you are. I always make worst case scenario decisions and you…not so much
November 10, 2011 at 12:09 AM #732619an
ParticipantIt always amazes me how judgmental and vile some people can be, especially when they don’t have all the details. All I can say is “Let he who is without sin cast the first stone”.
November 10, 2011 at 6:30 AM #732624scaredyclassic
ParticipantThe Bible doesn’t say anything about second and subsequent stones being thrown, even assuming ghe first stone was wrongfully thrown. Let he who is without sin throw the first stone, and, if the first stone is thrown contrary to this rule, let no subsequent stones be thrown.
Not sure if that covers it.
November 10, 2011 at 6:52 AM #732625pencilneck
ParticipantOr, to paraphrase Bob Dylan, everybody must get stones.
November 10, 2011 at 7:04 AM #732626
CoronitaParticipant[quote=AN]It always amazes me how judgmental and vile some people can be, especially when they don’t have all the details. All I can say is “Let he who is without sin cast the first stone”.[/quote]
I don’t have an issue with him personally. My beef is with this financial planning/advisor “business”. I guess most of us here probably can tell when so a titled “financial advisor” can’t manage finances, let alone advise, and wouldn’t be put into a mess
… But have you considered that a majority of people in this country, who have very little financial competency, depend on so called financial “advisors”, who likewise most likely have very little financial competency too? It’s pretty sad imho.
Perhaps it’s harsh thing to say. But I’m a firm believer that you definitely don’t want to “advise” or “teach” something that you can’t do yourself. AN, I think it would be like one of us releasing a piece of software to production or to a customer that won’t work because you didn’t know what you were doing…
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