Real Men of Genius: Mortgage Broker Mike Railey

[(former)FormerSanDiegan]

I’m with you betting on fall.
I don’t know how he came up with $6100/mo carrying cost.

He said he had a 15% deposit. Assuming that’s his down payment, I come up with about a 4% payment to make it come out to 6100 per month. Assuming 1.125% prop tax and ignoring maintenance.

4% would imply that he has a neg-am option ARM or some other crap, that I thought no longer existed.

[bjensen]

I don’t feel sorry for the guy or his wife, but I do for his kids. They have to suffer for their fathers greed. It’s sortof like a dad running a meth lab. He might think he isn’t hurting the kids until he finds out he is poisoning the whole lot of them.

[bjensen]

I don’t feel sorry for the guy or his wife, but I do for his kids. They have to suffer for their fathers greed. It’s sortof like a dad running a meth lab. He might think he isn’t hurting the kids until he finds out he is poisoning the whole lot of them.

[bjensen]

I don’t feel sorry for the guy or his wife, but I do for his kids. They have to suffer for their fathers greed. It’s sortof like a dad running a meth lab. He might think he isn’t hurting the kids until he finds out he is poisoning the whole lot of them.

[JustSayYes]

I think the condo deal is a bad trade however his view on real estate is probably based on his home which has got to have gone up substantially in value since purchase in 1996.

http://www.sdlookup.com/Property-A1506607-14098_Mango_Dr_Del_Mar_CA_92014

Here’s the patent on the surfboard. At least his condo deal is getting some free PR.

http://www.uspto.gov/web/patents/patog/week23/OG/html/1319-1/US07226329-20070605.html

[JustSayYes]

I think the condo deal is a bad trade however his view on real estate is probably based on his home which has got to have gone up substantially in value since purchase in 1996.

http://www.sdlookup.com/Property-A1506607-14098_Mango_Dr_Del_Mar_CA_92014

Here’s the patent on the surfboard. At least his condo deal is getting some free PR.

http://www.uspto.gov/web/patents/patog/week23/OG/html/1319-1/US07226329-20070605.html

[JustSayYes]

I think the condo deal is a bad trade however his view on real estate is probably based on his home which has got to have gone up substantially in value since purchase in 1996.

http://www.sdlookup.com/Property-A1506607-14098_Mango_Dr_Del_Mar_CA_92014

Here’s the patent on the surfboard. At least his condo deal is getting some free PR.

http://www.uspto.gov/web/patents/patog/week23/OG/html/1319-1/US07226329-20070605.html

[patientlywaiting]

Let’s see… According to property records this guy never made any money flipping houses.

He may have made money in the mortgage business but it certainly didn’t go to pay-off his mortgage.

He refinance his Del Mar house numerous times, each time taking out more and more. It looks like the latest notes are:

1/13/2006 WAMU 731,900 first
10/6/2007 WAMU 160,000 2nd

Maybe the money went to the condo downpayment or into the “develpment” cost of the surf board. What a goofy idea. I doubt a motorized surf board will make it. If anything, it’s dangerous and will cause injuries and lawsuits.

The condo transaction is not yet available.

[patientlywaiting]

Let’s see… According to property records this guy never made any money flipping houses.

He may have made money in the mortgage business but it certainly didn’t go to pay-off his mortgage.

He refinance his Del Mar house numerous times, each time taking out more and more. It looks like the latest notes are:

1/13/2006 WAMU 731,900 first
10/6/2007 WAMU 160,000 2nd

Maybe the money went to the condo downpayment or into the “develpment” cost of the surf board. What a goofy idea. I doubt a motorized surf board will make it. If anything, it’s dangerous and will cause injuries and lawsuits.

The condo transaction is not yet available.

[patientlywaiting]

Let’s see… According to property records this guy never made any money flipping houses.

He may have made money in the mortgage business but it certainly didn’t go to pay-off his mortgage.

He refinance his Del Mar house numerous times, each time taking out more and more. It looks like the latest notes are:

1/13/2006 WAMU 731,900 first
10/6/2007 WAMU 160,000 2nd

Maybe the money went to the condo downpayment or into the “develpment” cost of the surf board. What a goofy idea. I doubt a motorized surf board will make it. If anything, it’s dangerous and will cause injuries and lawsuits.

The condo transaction is not yet available.

[briansd1]

Here’s and update on the condo. About a $1/2 million loss in value.

http://www.sdlookup.com/Property-ED0C04C1-325_7th_2103_San_Diego_CA_92101#93769

Something is strange here:
The property was transferred by the owner to Boardwalk Development, Inc. which then listed the property.

Would be interesting to know who took a bath on this deal here.

Was there some kind of “engineered” transaction whereby someone’s buddy got a deal?

I’ll pull the transactions records when I have time. But perhaps someone will beat me to it.

Data from the listing:
Selling brokerage Prudential California Realty
Listing provided courtesy of Boardwalk Development Inc.

http://www.boardwalkdevelopment.com/Boardwalk_Development/Home.html

[briansd1]

Here’s and update on the condo. About a $1/2 million loss in value.

http://www.sdlookup.com/Property-ED0C04C1-325_7th_2103_San_Diego_CA_92101#93769

Something is strange here:
The property was transferred by the owner to Boardwalk Development, Inc. which then listed the property.

Would be interesting to know who took a bath on this deal here.

Was there some kind of “engineered” transaction whereby someone’s buddy got a deal?

I’ll pull the transactions records when I have time. But perhaps someone will beat me to it.

Data from the listing:
Selling brokerage Prudential California Realty
Listing provided courtesy of Boardwalk Development Inc.

http://www.boardwalkdevelopment.com/Boardwalk_Development/Home.html

[briansd1]

Here’s and update on the condo. About a $1/2 million loss in value.

http://www.sdlookup.com/Property-ED0C04C1-325_7th_2103_San_Diego_CA_92101#93769

Something is strange here:
The property was transferred by the owner to Boardwalk Development, Inc. which then listed the property.

Would be interesting to know who took a bath on this deal here.

Was there some kind of “engineered” transaction whereby someone’s buddy got a deal?

I’ll pull the transactions records when I have time. But perhaps someone will beat me to it.

Data from the listing:
Selling brokerage Prudential California Realty
Listing provided courtesy of Boardwalk Development Inc.

http://www.boardwalkdevelopment.com/Boardwalk_Development/Home.html

[briansd1]

Here’s and update on the condo. About a $1/2 million loss in value.

http://www.sdlookup.com/Property-ED0C04C1-325_7th_2103_San_Diego_CA_92101#93769

Something is strange here:
The property was transferred by the owner to Boardwalk Development, Inc. which then listed the property.

Would be interesting to know who took a bath on this deal here.

Was there some kind of “engineered” transaction whereby someone’s buddy got a deal?

I’ll pull the transactions records when I have time. But perhaps someone will beat me to it.

Data from the listing:
Selling brokerage Prudential California Realty
Listing provided courtesy of Boardwalk Development Inc.

http://www.boardwalkdevelopment.com/Boardwalk_Development/Home.html

[briansd1]

Here’s and update on the condo. About a $1/2 million loss in value.

http://www.sdlookup.com/Property-ED0C04C1-325_7th_2103_San_Diego_CA_92101#93769

Something is strange here:
The property was transferred by the owner to Boardwalk Development, Inc. which then listed the property.

Would be interesting to know who took a bath on this deal here.

Was there some kind of “engineered” transaction whereby someone’s buddy got a deal?

I’ll pull the transactions records when I have time. But perhaps someone will beat me to it.

Data from the listing:
Selling brokerage Prudential California Realty
Listing provided courtesy of Boardwalk Development Inc.

http://www.boardwalkdevelopment.com/Boardwalk_Development/Home.html

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