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ltokuda
Participant“There’s nothing troubling about a gradual correction of home prices.”
The key word here is “gradual”. If wages are stagnant, then this could mean a slow drop in home prices. Or if house prices are stagnant, then wage inflation could slowly makes the houses more affordable. This is a good thing.
If you’re a renter, then of course lower house prices are good for you. If you already bought a house, then price declines help you as well. It will lower your property tax, insurance, and probably lower the cost of remodeling as well.
Owners who are in a “must sell” situation would be hurt in the near term. But the good news is that they will become renters again. So in the long run, they will also benefit from lower house prices (assuming they decide to buy again).
Participant“I feel I have been able to get a great price on a 2nd home recently. It was the one I wanted in the neighborhood I wanted.”
“I was surprised to able to rent it for more than I could get by putting my money in other fixed income instruments. I was expecting only $3400/mo but got $3800/mo.. I’m sure others will be able to do the same as more and more people are being forced into the rental market.”
Hi Felix, if you were able to buy a house, rent it out, and get a better return than you would on a fixed income instrument, then you did very well. If you don’t mind sharing, I think a lot of people would be interested in learning more details about your purchase.
The basic questions are: How much did the house cost? How much is insurance? Mello-roos? If you took out a loan, was it a HELOC (where you could deduct the interest payments)? Is this house in California?
With this information, people here can work out the numbers for themselves. If it does work out favorably, I’m sure it will generate a lot of interest. Thanks!
Participant“I feel I have been able to get a great price on a 2nd home recently. It was the one I wanted in the neighborhood I wanted.”
“I was surprised to able to rent it for more than I could get by putting my money in other fixed income instruments. I was expecting only $3400/mo but got $3800/mo.. I’m sure others will be able to do the same as more and more people are being forced into the rental market.”
Hi Felix, if you were able to buy a house, rent it out, and get a better return than you would on a fixed income instrument, then you did very well. If you don’t mind sharing, I think a lot of people would be interested in learning more details about your purchase.
The basic questions are: How much did the house cost? How much is insurance? Mello-roos? If you took out a loan, was it a HELOC (where you could deduct the interest payments)? Is this house in California?
With this information, people here can work out the numbers for themselves. If it does work out favorably, I’m sure it will generate a lot of interest. Thanks!
Participant“I feel I have been able to get a great price on a 2nd home recently. It was the one I wanted in the neighborhood I wanted.”
“I was surprised to able to rent it for more than I could get by putting my money in other fixed income instruments. I was expecting only $3400/mo but got $3800/mo.. I’m sure others will be able to do the same as more and more people are being forced into the rental market.”
Hi Felix, if you were able to buy a house, rent it out, and get a better return than you would on a fixed income instrument, then you did very well. If you don’t mind sharing, I think a lot of people would be interested in learning more details about your purchase.
The basic questions are: How much did the house cost? How much is insurance? Mello-roos? If you took out a loan, was it a HELOC (where you could deduct the interest payments)? Is this house in California?
With this information, people here can work out the numbers for themselves. If it does work out favorably, I’m sure it will generate a lot of interest. Thanks!
Participant“I feel I have been able to get a great price on a 2nd home recently. It was the one I wanted in the neighborhood I wanted.”
“I was surprised to able to rent it for more than I could get by putting my money in other fixed income instruments. I was expecting only $3400/mo but got $3800/mo.. I’m sure others will be able to do the same as more and more people are being forced into the rental market.”
Hi Felix, if you were able to buy a house, rent it out, and get a better return than you would on a fixed income instrument, then you did very well. If you don’t mind sharing, I think a lot of people would be interested in learning more details about your purchase.
The basic questions are: How much did the house cost? How much is insurance? Mello-roos? If you took out a loan, was it a HELOC (where you could deduct the interest payments)? Is this house in California?
With this information, people here can work out the numbers for themselves. If it does work out favorably, I’m sure it will generate a lot of interest. Thanks!
Participant“I feel I have been able to get a great price on a 2nd home recently. It was the one I wanted in the neighborhood I wanted.”
“I was surprised to able to rent it for more than I could get by putting my money in other fixed income instruments. I was expecting only $3400/mo but got $3800/mo.. I’m sure others will be able to do the same as more and more people are being forced into the rental market.”
Hi Felix, if you were able to buy a house, rent it out, and get a better return than you would on a fixed income instrument, then you did very well. If you don’t mind sharing, I think a lot of people would be interested in learning more details about your purchase.
The basic questions are: How much did the house cost? How much is insurance? Mello-roos? If you took out a loan, was it a HELOC (where you could deduct the interest payments)? Is this house in California?
With this information, people here can work out the numbers for themselves. If it does work out favorably, I’m sure it will generate a lot of interest. Thanks!
ParticipantSD R, I agree with your advice about talking to the lender. DJNinSD should definitely do that and gather all the information she can.
My main concern is that the lender will try to get as much money back as possible (whether its in DJNinSD’s best interest or not). If that means duping her into staying in a house she should have never been in, then they’ll do it. I just wanted to give her a “heads up” so she doesn’ get suckered into paying more money.
ParticipantSD R, I agree with your advice about talking to the lender. DJNinSD should definitely do that and gather all the information she can.
My main concern is that the lender will try to get as much money back as possible (whether its in DJNinSD’s best interest or not). If that means duping her into staying in a house she should have never been in, then they’ll do it. I just wanted to give her a “heads up” so she doesn’ get suckered into paying more money.
ParticipantSD R, I agree with your advice about talking to the lender. DJNinSD should definitely do that and gather all the information she can.
My main concern is that the lender will try to get as much money back as possible (whether its in DJNinSD’s best interest or not). If that means duping her into staying in a house she should have never been in, then they’ll do it. I just wanted to give her a “heads up” so she doesn’ get suckered into paying more money.
ParticipantSD R, I agree with your advice about talking to the lender. DJNinSD should definitely do that and gather all the information she can.
My main concern is that the lender will try to get as much money back as possible (whether its in DJNinSD’s best interest or not). If that means duping her into staying in a house she should have never been in, then they’ll do it. I just wanted to give her a “heads up” so she doesn’ get suckered into paying more money.
ParticipantSD R, I agree with your advice about talking to the lender. DJNinSD should definitely do that and gather all the information she can.
My main concern is that the lender will try to get as much money back as possible (whether its in DJNinSD’s best interest or not). If that means duping her into staying in a house she should have never been in, then they’ll do it. I just wanted to give her a “heads up” so she doesn’ get suckered into paying more money.
ParticipantDJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.
My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.
ParticipantDJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.
My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.
ParticipantDJNinSD, one more thing. I would advise against trying to work out a loan adjustment with the lender. The reason is that you seem to be in way over your head. It doesn’t sound like you have the background knowledge to be able to analyze the economics of owning a home. That’s how you got into this terrible situation in the first place. So I’m afraid that if you start negotiating with the lender, you might agree to something that doesn’t make any financial sense.
My advice is that after you walk away from your home, you continue to read piggington’s and learn more about real estate. Continue to educate yourself. One day, there might be good opportunities for you to become a homeowner again. When that day comes, you’ll have the knowledge necessary to see those good values and make your move. Until then, save up and take care of your family. I wish you the very best.
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