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October 22, 2007 at 11:09 AM in reply to: “The Subprime Blame Game: Where Were the Realtors?” #90557October 22, 2007 at 11:09 AM in reply to: “The Subprime Blame Game: Where Were the Realtors?” #90568
JWM in SD
ParticipantAh yes, the underserved market of aging boomer surfers who want a motor so they don’t have to paddle out to the surf right?
Look, I don’t have a problem with practical ideas. The biggest issue I have is the thought that someone like this idiot is going to get venture capital for this idea and yet he is foolish enough to buy this condo right now. Yeah, I want him running my company alright…..
ParticipantSorry, but I don’t wish him any luck at all. Idiots like him need to be washed out of the system completely so that it can normalize again and have a modicum of rationality once more. Yes, it’s harsh, but business is like war, you have to play to win and you have to play smart. Survival at times is as important as gaining market share…if you don’t survive, then you cannot win later on.
ParticipantSorry, but I don’t wish him any luck at all. Idiots like him need to be washed out of the system completely so that it can normalize again and have a modicum of rationality once more. Yes, it’s harsh, but business is like war, you have to play to win and you have to play smart. Survival at times is as important as gaining market share…if you don’t survive, then you cannot win later on.
ParticipantGuys,
I work for a “real” start up company here in SD ( I cannot name it because it is well known in the entrepreneurial circles of SD: Connect, SD Venture Group, Tech Coast Angels, etc.). I know all about risk as I am living it right now as we’ve hit some road bumps as a result of “growing pains” and in fact, the decling RE market has impacted our business with a major concrete company. I can assure you, none of the VPs, or C-Level have run out and bought a 1.4M condo as of yet and we are a hell of a lot closer to going IPO or being bought out than some stupid motored surf board. Give me a break. Please do not presume to put this clown in the same company as those of us with a real viable product and market.
ParticipantGuys,
I work for a “real” start up company here in SD ( I cannot name it because it is well known in the entrepreneurial circles of SD: Connect, SD Venture Group, Tech Coast Angels, etc.). I know all about risk as I am living it right now as we’ve hit some road bumps as a result of “growing pains” and in fact, the decling RE market has impacted our business with a major concrete company. I can assure you, none of the VPs, or C-Level have run out and bought a 1.4M condo as of yet and we are a hell of a lot closer to going IPO or being bought out than some stupid motored surf board. Give me a break. Please do not presume to put this clown in the same company as those of us with a real viable product and market.
ParticipantClownifornian Personified.
ParticipantClownifornian Personified.
ParticipantOh, you mean like Mike Railey the motorized surf board, buy a $1.4M condo entrepreneur? Yeah, Okay.
ParticipantOh, you mean like Mike Railey the motorized surf board, buy a $1.4M condo entrepreneur? Yeah, Okay.
ParticipantRustico,
Don’t misunderstand what I’m saying. I don’t necessarily blame the FBs per se. However, I’m torn on this issue and I’ll explain why. I fully believe that most people do not understand the Time Value of Money principles. I’m fortunated that I was formally trained on it due to my backgrounding in accounting and finance. However, you don’t have to understand TMV thoroughly, to realize that if you are only paying for the interest on a loan or that your loan is equivalent to 10x your annual income, that you might have a problem handling the payments. The only reason that people were taking those risks was speculation…whether they realized it or not. Speculation that the home prices would continue to increase indefinitely. It’s difficult for me to have a sympathy for the typical FB who’s making probably half the HHI that my wife and I do, but runs out and gets an escalade or MB with his Heloc money because he fully expects that I’m going to buy his house at price sufficient to cover those expenditures.
Sorry…not going to do it. I am the CEO of my family and will not do that nor will I have regret or sorrow over that position. Empathy for those who truly duped, sure. Sympathy in the form of my tax dollars? No F*cking Way. There was no sympathy for me when I was in my late twenties and watched what I had built in my 401K get wiped out in the tech bubble…no bail out for me in that case.
I will not fund the retirement of some Californian who has been here longer than me and thinks they are entitled to it. Not going to do it.
ParticipantRustico,
Don’t misunderstand what I’m saying. I don’t necessarily blame the FBs per se. However, I’m torn on this issue and I’ll explain why. I fully believe that most people do not understand the Time Value of Money principles. I’m fortunated that I was formally trained on it due to my backgrounding in accounting and finance. However, you don’t have to understand TMV thoroughly, to realize that if you are only paying for the interest on a loan or that your loan is equivalent to 10x your annual income, that you might have a problem handling the payments. The only reason that people were taking those risks was speculation…whether they realized it or not. Speculation that the home prices would continue to increase indefinitely. It’s difficult for me to have a sympathy for the typical FB who’s making probably half the HHI that my wife and I do, but runs out and gets an escalade or MB with his Heloc money because he fully expects that I’m going to buy his house at price sufficient to cover those expenditures.
Sorry…not going to do it. I am the CEO of my family and will not do that nor will I have regret or sorrow over that position. Empathy for those who truly duped, sure. Sympathy in the form of my tax dollars? No F*cking Way. There was no sympathy for me when I was in my late twenties and watched what I had built in my 401K get wiped out in the tech bubble…no bail out for me in that case.
I will not fund the retirement of some Californian who has been here longer than me and thinks they are entitled to it. Not going to do it.
Participant“”well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.”
No, you believed him, most of the people posting here would not have believed him. Therein lies the difference and the primary reason why we were virtual heretics 2 years ago. This example is emblematic of how dangerous things have gotten in the realm buying a house. Relative to income and resources, it is a huge decision and not to be taken lightly. Rustico, you mention getting ripped off on a car. That is several orders of magnitude less than what FBs are going through now. Remember, you are talking about leveraging your future income….FUTURE INCOME. Money you haven’t even made yet when one decides to get into a mortgage. Sometimes, I think people don’t understand intuitively until they get laid off and they realize that that income stream is not a guarantee in most cases…certainly not in the private sector.
Participant“”well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.”
No, you believed him, most of the people posting here would not have believed him. Therein lies the difference and the primary reason why we were virtual heretics 2 years ago. This example is emblematic of how dangerous things have gotten in the realm buying a house. Relative to income and resources, it is a huge decision and not to be taken lightly. Rustico, you mention getting ripped off on a car. That is several orders of magnitude less than what FBs are going through now. Remember, you are talking about leveraging your future income….FUTURE INCOME. Money you haven’t even made yet when one decides to get into a mortgage. Sometimes, I think people don’t understand intuitively until they get laid off and they realize that that income stream is not a guarantee in most cases…certainly not in the private sector.
Participant“He told me that I should not listen to the news, it’s crap and this blog here… people do not know what they are talking about.”
Abbey, did he specifically say that this site is crap??? I ask because there have been a number of trolls posting here over the past six months. I honestly think this site is closely monitored by realtors and the like.
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