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DaCounselor
Participant“The home that closed for 703.5k was originally sold for (drum roll please) 285k back on 9/20/99. Yeah I would say that the seller did okay. Looks like he pulled out some cash along the way but it seems he still did okay.”
___________________________Nice pull on the purchase price SDR. Helocs/refi’s aside and playing the assumption game, with 10% down in ’99, the owners turned a $28.5K investment into about $400K in less than 8 years. Tax free if it’s a couple. Nice. Imagine if they would have opted to buy into and ride the tech stock craze instead…
Participant“what about 11294 on the same street?”
_______________________sale is pending.
don’t worry, w-a-d, we will eventually find a property in this neighborhood that sells for less than the previous purchase price. the prior two properties you referenced, however, are excellent examples of people making a killing in the RE market…
Participant“what about 11294 on the same street?”
_______________________sale is pending.
don’t worry, w-a-d, we will eventually find a property in this neighborhood that sells for less than the previous purchase price. the prior two properties you referenced, however, are excellent examples of people making a killing in the RE market…
ParticipantFirst off, I would say no one should judge their income in relation to the “median”. I think most on this site are educated regarding the dangers associated with reliance on medians. In particular reference to income, I believe the census calculates median income by including kids as young as 15 yrs old who have income. I would imagine this skews the figures something terrible.
Regardless, the choices to shop at Whole Foods, pay off student loans at an accelerated pace, tithe, etc, are just that – choices – in my opinion. Someone who makes different choices may put an extra $1,000/month in their pockets – which would change the economic picture substantially. We all make choices and we live with the consequences of our choices.
As a young homeowner in SD 16 years ago, I suffered through the recession, pinched pennies, scraped by, took in a roomate, then bought at second property and took in two roomates just to get by. Sacrifice. A word that is paid lip service too often and not lived nearly enough. Now I’m just preaching in general and not criticizing the author of this thread in any way so please don’t take this mini-rant as such.
Finally, over lunch in SF with an old friend, he began to whine about domestic and life expenses and trying to get ahead, yada yada. This from an attorney, whose wife is a working attorney, two kids, live-in nanny, million dollar house, $300K+ household income. Talk about failing to learn to be content. On that note, some would say that being content is almost un-American – we Americans always strive for bigger and better things, higher achievement, etc. etc. It’s the culture that we live in. It’s tough to resist those dangling carrots, isn’t it?
ParticipantFirst off, I would say no one should judge their income in relation to the “median”. I think most on this site are educated regarding the dangers associated with reliance on medians. In particular reference to income, I believe the census calculates median income by including kids as young as 15 yrs old who have income. I would imagine this skews the figures something terrible.
Regardless, the choices to shop at Whole Foods, pay off student loans at an accelerated pace, tithe, etc, are just that – choices – in my opinion. Someone who makes different choices may put an extra $1,000/month in their pockets – which would change the economic picture substantially. We all make choices and we live with the consequences of our choices.
As a young homeowner in SD 16 years ago, I suffered through the recession, pinched pennies, scraped by, took in a roomate, then bought at second property and took in two roomates just to get by. Sacrifice. A word that is paid lip service too often and not lived nearly enough. Now I’m just preaching in general and not criticizing the author of this thread in any way so please don’t take this mini-rant as such.
Finally, over lunch in SF with an old friend, he began to whine about domestic and life expenses and trying to get ahead, yada yada. This from an attorney, whose wife is a working attorney, two kids, live-in nanny, million dollar house, $300K+ household income. Talk about failing to learn to be content. On that note, some would say that being content is almost un-American – we Americans always strive for bigger and better things, higher achievement, etc. etc. It’s the culture that we live in. It’s tough to resist those dangling carrots, isn’t it?
Participant“What about 11294,11246 etc?”
________________________11246 closed on 5/29 for $703.5K. It is a smaller house than 11238. I didn’t see any other sale between it’s ’98 construction and this sale – if that is true and the seller was the original owner, they really cleaned up with this investment. Anyone know what these places were selling for in ’98?
Participant“What about 11294,11246 etc?”
________________________11246 closed on 5/29 for $703.5K. It is a smaller house than 11238. I didn’t see any other sale between it’s ’98 construction and this sale – if that is true and the seller was the original owner, they really cleaned up with this investment. Anyone know what these places were selling for in ’98?
Participant“Stop whining and get back to work!”
_______________________Best advice so far.
Participant“Stop whining and get back to work!”
_______________________Best advice so far.
Participant“This is serious. Very serious.”
___________________________Oh yeah. There is some serious scrambling going on. The tension is palpable. The initial position taken, that this thing was going to be compartmentalized, was at best wishful thinking and at worst a bald-faced lie (or delusional).
Participant“This is serious. Very serious.”
___________________________Oh yeah. There is some serious scrambling going on. The tension is palpable. The initial position taken, that this thing was going to be compartmentalized, was at best wishful thinking and at worst a bald-faced lie (or delusional).
ParticipantThe interesting thing here is that the owner has no skin in the game other than their credit (assuming we are looking at original purchase $$ loans on the property), so the real loser is the lender/servicer/bondholder/etc. The owner will suffer the consequences of the credit ding, but avoiding going in the hole $60-100K and taking the credit hit probably works out in their favor.
ParticipantThe interesting thing here is that the owner has no skin in the game other than their credit (assuming we are looking at original purchase $$ loans on the property), so the real loser is the lender/servicer/bondholder/etc. The owner will suffer the consequences of the credit ding, but avoiding going in the hole $60-100K and taking the credit hit probably works out in their favor.
Participant“There isn’t anyone who can say what interest rates and employment are going to look like 5 years from now, let alone farther on down the line.”
_______________________This is the key point. If we can’t predict 5 years out, then there’s surely no way to know what will be going on in 20 years. I think most folks understand this and don’t dwell on the vast future unknown, but instead focus on now and things they can control.
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