[jonnycsd]

California ranks among the top ten states with the highest tax burdens placed on its citizens and has been there for DECADES, even with Prop 13.

Here are the numbers to compare California taxes with other states.
http://www.taxfoundation.org/taxdata/show/443.html

The state is raising plenty of money through taxes, what needs to be cut is spending.

(BTW, the CA numbers dont include MeloRoos, which should be included as they were created by the legislature as a way to get around Prop 13s restrictions – in most every other state the things MRs pay for are funded out of taxes.)

[jonnycsd]

Condo insurance should be much less than 150 a month. I pay only 30 a month on a 3br 3ba that I rent out. My spend on advertising is ZERO – I use craigslist.com which is free, and it generates huge response. Also, they wont have MeloRoos in MA, this is a uniquely California cost, created by the CA legislature as a way to get around Prop 13 limits on property tax increases.

[jonnycsd]

Condo insurance should be much less than 150 a month. I pay only 30 a month on a 3br 3ba that I rent out. My spend on advertising is ZERO – I use craigslist.com which is free, and it generates huge response. Also, they wont have MeloRoos in MA, this is a uniquely California cost, created by the CA legislature as a way to get around Prop 13 limits on property tax increases.

[jonnycsd]

Condo insurance should be much less than 150 a month. I pay only 30 a month on a 3br 3ba that I rent out. My spend on advertising is ZERO – I use craigslist.com which is free, and it generates huge response. Also, they wont have MeloRoos in MA, this is a uniquely California cost, created by the CA legislature as a way to get around Prop 13 limits on property tax increases.

[jonnycsd]

Condo insurance should be much less than 150 a month. I pay only 30 a month on a 3br 3ba that I rent out. My spend on advertising is ZERO – I use craigslist.com which is free, and it generates huge response. Also, they wont have MeloRoos in MA, this is a uniquely California cost, created by the CA legislature as a way to get around Prop 13 limits on property tax increases.

[jonnycsd]

Condo insurance should be much less than 150 a month. I pay only 30 a month on a 3br 3ba that I rent out. My spend on advertising is ZERO – I use craigslist.com which is free, and it generates huge response. Also, they wont have MeloRoos in MA, this is a uniquely California cost, created by the CA legislature as a way to get around Prop 13 limits on property tax increases.

[jonnycsd]

The problem is not that the banks have squandered their investor’s capital. The problem is that the government is giving them taxpayer money and leaving the equity and debt holders in place. That is NOT capitalism. NO tax payer dollars should have been invested until ALL existing equity holders and debt holders were wiped out – that is what the FDIC is supposed to do – take over insolvent banks, but Washington is not following the plan that has worked for decades.

For those with short memories, the reason private ownership is better than public is so that our country doesn’t go the way of the USSR, Cuba, Venezuela and EVERY other country that experimented with socialism (including Sweden and Spain). Each of them only (re)discovered it made everyone equally poor then gave it up.

[jonnycsd]

The problem is not that the banks have squandered their investor’s capital. The problem is that the government is giving them taxpayer money and leaving the equity and debt holders in place. That is NOT capitalism. NO tax payer dollars should have been invested until ALL existing equity holders and debt holders were wiped out – that is what the FDIC is supposed to do – take over insolvent banks, but Washington is not following the plan that has worked for decades.

For those with short memories, the reason private ownership is better than public is so that our country doesn’t go the way of the USSR, Cuba, Venezuela and EVERY other country that experimented with socialism (including Sweden and Spain). Each of them only (re)discovered it made everyone equally poor then gave it up.

[jonnycsd]

The problem is not that the banks have squandered their investor’s capital. The problem is that the government is giving them taxpayer money and leaving the equity and debt holders in place. That is NOT capitalism. NO tax payer dollars should have been invested until ALL existing equity holders and debt holders were wiped out – that is what the FDIC is supposed to do – take over insolvent banks, but Washington is not following the plan that has worked for decades.

For those with short memories, the reason private ownership is better than public is so that our country doesn’t go the way of the USSR, Cuba, Venezuela and EVERY other country that experimented with socialism (including Sweden and Spain). Each of them only (re)discovered it made everyone equally poor then gave it up.

[jonnycsd]

The problem is not that the banks have squandered their investor’s capital. The problem is that the government is giving them taxpayer money and leaving the equity and debt holders in place. That is NOT capitalism. NO tax payer dollars should have been invested until ALL existing equity holders and debt holders were wiped out – that is what the FDIC is supposed to do – take over insolvent banks, but Washington is not following the plan that has worked for decades.

For those with short memories, the reason private ownership is better than public is so that our country doesn’t go the way of the USSR, Cuba, Venezuela and EVERY other country that experimented with socialism (including Sweden and Spain). Each of them only (re)discovered it made everyone equally poor then gave it up.

[jonnycsd]

The problem is not that the banks have squandered their investor’s capital. The problem is that the government is giving them taxpayer money and leaving the equity and debt holders in place. That is NOT capitalism. NO tax payer dollars should have been invested until ALL existing equity holders and debt holders were wiped out – that is what the FDIC is supposed to do – take over insolvent banks, but Washington is not following the plan that has worked for decades.

For those with short memories, the reason private ownership is better than public is so that our country doesn’t go the way of the USSR, Cuba, Venezuela and EVERY other country that experimented with socialism (including Sweden and Spain). Each of them only (re)discovered it made everyone equally poor then gave it up.

[jonnycsd]

You should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.

However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.

Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.

It is possible that you could own your properties at today’s prices.

[jonnycsd]

You should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.

However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.

Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.

It is possible that you could own your properties at today’s prices.

[jonnycsd]

You should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.

However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.

Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.

It is possible that you could own your properties at today’s prices.

[jonnycsd]

You should consider just walking away with no BK, the other posters are correct – in California if it is a purchase money loan the lender has no further recourse. If you took money out, say for a down payment on the next purchase as you built the portfolio, that is a different story – you will not be able to walk away.

However, depending on your financial situation a BK might work well. Under a Chapter 13 you may be able to “cram down” loans on the rentals to current market value. If your primary residence is a 80/20 you may be able to strip the second mortgage off entirely. There is a LOT of complexity in all this, and you may have to eat Ramen Noodles for 5 years to satisfy the trustee, but perhaps if your wife is working, she can buy the groceries. You may be able to refinance out of the 13 before it runs the full 5 year term.

Get a good BK attorney, AVOID finding a general attorney who is just advertsing BK work because its hot right now.

It is possible that you could own your properties at today’s prices.

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