[lindismith]

That’s interesting about using the home equity to get the businesses going. I’m in manufacturing, and had a client that did that last year. He has not re-ordered. I need to follow up with him….

I know that many very small businesses (like pizza places) can go out of biz if they get hit with a huge energy bill. (Saw it happen when Enron was creating “the energy crisis” in Ca a few years ago.) An extra $1000 on a bill can easily shut down a small biz.

Does anyone else know of examples of people who refinanced homes to start businesses? I have read of a few stories of people starting up like this in the past, so this seems like a pretty common thing to do.

[lindismith]

I’ll give a dollar. VCJim/Speeding, are you taking up a collection?

How about this house? It’s only $475K, in trying-to-be-a-little-more-gentrified (but not really) North Park.

I was meeting a friend at Claire Du Lune (sp?) the coffee shop the other night. I parked outside a house for sale. The banner is permanently up, and the notice says the open house is happening every Sunday. I had to take a pic. [img_assist|nid=1260|title=North Park House|desc=”Open House Every Sunday 10-11″|link=node|align=left|width=400|height=300]

If I were a buyer, and saw a banner that basically said the house was open every sunday, I don’t think I’d be very motivated to put in an offer.

[lindismith]

Unreal.

My bro-in-law is about to start work as a bankruptcy attorney. He was flat out told by the practice, “we have a lot of people coming in saying, I’m going to foreclose.”

They are expecting a huge increase in biz, and are expanding now to handle the onslaught.

[lindismith]

Speeding, I love your posts, so just continue to log in with us everyday.

LA/SD/OC, it’s all one big metropolis anyway.

[lindismith]

Yes, the whole industry is ripe for some regulation.

I hope we get those predatory loans outlawed.

California needs someone like Eliot Spitzer.

[lindismith]

Yes, when I scratch out the numbers with that 30-year figure, it makes sense to me too, BUT
1. I know there’s no way I’m going to stay in the same place for 30 years. I know I’ll want to move from a ‘starter’ and trade up. How can I trade up, if house values are going down?
2. If I buy now, I’m sure to lose money as the market is headed south. Do I really want to lose $10, $20K, $30K in the next 1-5 years, just for the sake of owning a home?

This is why I stay put.

It’s hard to not get emotional about the purchase. Everyone wants a home. It’s natural.

[lindismith]

dead – I’m not sure you’re right about that. There are plenty of areas all over the county that are less than desirable. Every pocket has them – San Marcos, Rancho Penasquitos, Mira Mesa, Poway, Oceanside, – no area is immune to poverty. Heck, right across the street from some million dollar condos in Solana Beach are some houses I would have thought would have been torn down by this building boom. I’ve seen the same in Encinitas.

Plus, when was the last time any of us drove through these so-called “ghetto” areas? My factory used to be located off Market St, right in the heart of Encanto. Did you know there’s a huge Starbucks in the heart of the ghetto?

Our factory is now located in Chula Vista. We’ve got all the massive chains down here – Costco, Target etc.

It remains to be seen how they’ll do in this downturn, but I can tell you there are very wealthy Mexicans living here, helping to keep prices high, and no one is driving beat up cars. I see more Hummers and massive SUVs than I do in N. county. Not saying they didn’t all do Helocs, just trying to point out that the standard of living you’re bashing isn’t as low as you think, and the neighborhoods are clean, and have really come along way since a lot of us last saw them, (on our way to buy a cheap mattress apparently.)

[lindismith]

oh, ok. sorry.

[lindismith]

ok, I have to jump in here. Mt. Helix and Kensington are dumps? South of downtown scarred someone for life? And the South Bay isn’t good enough to be part of SD????

What on earth? Are you people all in North County? Do you all carry that anti-bacterial gel in your pockets in case you have to drive south of the 8?

For the record, amongst native San Diegans:
– Not everyone wants to live in a McMansion in North County, that looks exactly the same as your neighbor.
– Mission Hills is considered very prestigious, as is Mt. Helix (at the top) and Kensington
– Part of Chula Vista are very beautiful, and there are many very wealthy people living here in South Bay.
– We all know old money is south of the 8, and new money and transplants live in N. county. Unless you’re coastal – then you could be old money, and you could be very cool.

Sometimes the attitudes of people about what makes a good neighborhood just make me laugh. I’d take a one-of-a-kind canyon home in Hillcrest and walk to some of San Diego’s best restaurants over living in the tract development of Carmel Valley where the best you can get is a mini-van drive to the Vons parking lot for overpriced chain food any day!

[lindismith]

I love reading Piggington first thing in the morning.

Rank, are you coming to our next meet-up?

[lindismith]

There is a general death of common sense in our society today.
It extends way beyond just house buying. It seems to permeate everything people do. It’s as if our whole society is on auto-pilot.

What you’re talking about is how emotional a home purchase is. It seems emotions and rational thinking are at odds in the human condition.

That voice in your head saying, “are you nuts?” is great, qwerty, because it means you’re still alive and kicking! You haven’t succumbed to the sheeple mentality.

[lindismith]

this is a good listing in SD:

http://www.socalmtb.com/trails/trails.cgi?sd_,socal,n,n

or for other areas in So Cal:
http://www.socalmtb.com/socal/trails/

[lindismith]

Yes, that or Buying and Selling. I don’t think it makes much difference in this case.

[lindismith]

Hi PS,
I only got to ask the 4 people I was with. Naturally after I asked them, we got into an RE discussion. I was surprised at how much they all knew about the market. They were even using phrases like, “atm housing machine”! They were very aware. They said they got all their info from friends, and some news reports.

These people are all immigrants like me though, and all in business for themselves. In some ways I think we are more prone to seek out information, and think more critically than regular folks, because we all came here for opportunity. I would not classify them as sheeple.

Anyway, all 4 said RE was not a good buy in 1 year, but may be a good buy in 5 years.

VCJim said to post the survey results in that thread. I’m waiting until I have my 10 responses before posting.

BTW, one had just closed escrow on a condo in Phoenix. He said he got a good deal, and felt comfortable with the investment because the rent was covering his mortgage, and he had no problem renting it. He did not use any type of risky loan either. He said he wanted to hold onto it for 10-15 years, perhaps retire to it.

[lindismith]

VCJim,
how do you want the answers? Just posted here online?
I think this might take me a week or so to get.

[Author]

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