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June 3, 2010 at 11:43 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #560019June 3, 2010 at 11:43 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #560122
bearishgurl
ParticipantI meant . . . “conveying the property to the lessee” . . . lol!
jpinpb, your idea is legal. One can adopt and then leave their Prop. 13 eligible property to their “adopted” heir 🙂
June 3, 2010 at 11:43 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #560402bearishgurl
ParticipantI meant . . . “conveying the property to the lessee” . . . lol!
jpinpb, your idea is legal. One can adopt and then leave their Prop. 13 eligible property to their “adopted” heir 🙂
bearishgurl
ParticipantExcerpts from the VOSD article:
“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
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I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
bearishgurl
ParticipantExcerpts from the VOSD article:
“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
**************************************************
I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
bearishgurl
ParticipantExcerpts from the VOSD article:
“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
**************************************************
I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
bearishgurl
ParticipantExcerpts from the VOSD article:
“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
**************************************************
I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
bearishgurl
ParticipantExcerpts from the VOSD article:
“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
**************************************************
I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
June 3, 2010 at 10:03 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #559396bearishgurl
ParticipantYes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
June 3, 2010 at 10:03 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #559498bearishgurl
ParticipantYes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
June 3, 2010 at 10:03 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #559995bearishgurl
ParticipantYes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
June 3, 2010 at 10:03 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #560098bearishgurl
ParticipantYes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
June 3, 2010 at 10:03 PM in reply to: Is it possible to assume a properties old prop 13 tax rate? #560378bearishgurl
ParticipantYes, this is true, patb, but in a “lease-option,” the property would remain in the name of the lessor. When/if the lessee exercised his/her option, the lessor would have to file a Change of Ownership Stmt. with the Co. Assessor, along with the Grant Deed to conveying the property to the lessor. And that is the time the lessee would lose the Prop. 13 entitlement, unless he was a qualified relative of the lessor.
bearishgurl
Participant[quote=davelj]If you can afford your mortgage (or don’t have one) and don’t need to move, the value of your house is largely irrelevant other than as some figure in a mental account.[/quote]
Yes, if your mental date to sell is down the road a few years or more, your mindset might be, “Let’s get this party started, the pain over with, the blood all washed out into the ocean.” Then when you are ready to sell, it will (hopefully) be a “normal” market.
That’s MY mindset.
Oh, and from what I can see, the buyers of these REOs are 10x the owner/neighbor than the previous ones who lost the property to foreclosure. With all the $$ and time these new owners are putting into their newly-acquired “bargains,” it can only HELP MY (future) BOTTOM LINE, by upgrading the ‘hood, one by one . . . It doesn’t bother me a bit that someone else got a great deal (I’m not actually in danger of going “underwater,” tho).
bearishgurl
Participant[quote=davelj]If you can afford your mortgage (or don’t have one) and don’t need to move, the value of your house is largely irrelevant other than as some figure in a mental account.[/quote]
Yes, if your mental date to sell is down the road a few years or more, your mindset might be, “Let’s get this party started, the pain over with, the blood all washed out into the ocean.” Then when you are ready to sell, it will (hopefully) be a “normal” market.
That’s MY mindset.
Oh, and from what I can see, the buyers of these REOs are 10x the owner/neighbor than the previous ones who lost the property to foreclosure. With all the $$ and time these new owners are putting into their newly-acquired “bargains,” it can only HELP MY (future) BOTTOM LINE, by upgrading the ‘hood, one by one . . . It doesn’t bother me a bit that someone else got a great deal (I’m not actually in danger of going “underwater,” tho).
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