Forum Replies Created
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LuckyInOC
ParticipantBreeze,
Please define ‘Household Wealth’…
Is it defined as:
1. Equity in Homes that were fraudulently inflated by Subprime and Alt-A loans.
2. Stock Market and 401K increases due to Reloc’s used purchase consumer good that have no lasting value (HDTV’s, Electronics, Cars, Clothes, Restaurants, Plasic Surgery, etc.)
I bet ‘Household Wealth’ increased at least that much in the last 2 to 7 years due to the above two items.
This is not wealth, it is only bytes on a balance sheet. It only becomes wealth when it becomes a currency that retains its value over time. Until then, it is only speculative value.
This is one big governmental ‘Mulligan’ back to 2001/2002. Except now they cannot use housing to stimulate the economy. They are using your future taxes and your kids taxes and their kids taxes to pay for this mess.
Take notice, the only thing that will not deflate in the coming years will be the State and Federal Government’s budgets or taxes…
They will give you a $1000 check today and tax you $3000 tomorrow… you watch…
California is a prime example…
Any check I get from the Fed will go straight to Sacramento in higher taxes… what kind of stimulus is this…
Lucky In OC
ParticipantBreeze,
Please define ‘Household Wealth’…
Is it defined as:
1. Equity in Homes that were fraudulently inflated by Subprime and Alt-A loans.
2. Stock Market and 401K increases due to Reloc’s used purchase consumer good that have no lasting value (HDTV’s, Electronics, Cars, Clothes, Restaurants, Plasic Surgery, etc.)
I bet ‘Household Wealth’ increased at least that much in the last 2 to 7 years due to the above two items.
This is not wealth, it is only bytes on a balance sheet. It only becomes wealth when it becomes a currency that retains its value over time. Until then, it is only speculative value.
This is one big governmental ‘Mulligan’ back to 2001/2002. Except now they cannot use housing to stimulate the economy. They are using your future taxes and your kids taxes and their kids taxes to pay for this mess.
Take notice, the only thing that will not deflate in the coming years will be the State and Federal Government’s budgets or taxes…
They will give you a $1000 check today and tax you $3000 tomorrow… you watch…
California is a prime example…
Any check I get from the Fed will go straight to Sacramento in higher taxes… what kind of stimulus is this…
Lucky In OC
ParticipantBreeze,
Please define ‘Household Wealth’…
Is it defined as:
1. Equity in Homes that were fraudulently inflated by Subprime and Alt-A loans.
2. Stock Market and 401K increases due to Reloc’s used purchase consumer good that have no lasting value (HDTV’s, Electronics, Cars, Clothes, Restaurants, Plasic Surgery, etc.)
I bet ‘Household Wealth’ increased at least that much in the last 2 to 7 years due to the above two items.
This is not wealth, it is only bytes on a balance sheet. It only becomes wealth when it becomes a currency that retains its value over time. Until then, it is only speculative value.
This is one big governmental ‘Mulligan’ back to 2001/2002. Except now they cannot use housing to stimulate the economy. They are using your future taxes and your kids taxes and their kids taxes to pay for this mess.
Take notice, the only thing that will not deflate in the coming years will be the State and Federal Government’s budgets or taxes…
They will give you a $1000 check today and tax you $3000 tomorrow… you watch…
California is a prime example…
Any check I get from the Fed will go straight to Sacramento in higher taxes… what kind of stimulus is this…
Lucky In OC
ParticipantBreeze,
Please define ‘Household Wealth’…
Is it defined as:
1. Equity in Homes that were fraudulently inflated by Subprime and Alt-A loans.
2. Stock Market and 401K increases due to Reloc’s used purchase consumer good that have no lasting value (HDTV’s, Electronics, Cars, Clothes, Restaurants, Plasic Surgery, etc.)
I bet ‘Household Wealth’ increased at least that much in the last 2 to 7 years due to the above two items.
This is not wealth, it is only bytes on a balance sheet. It only becomes wealth when it becomes a currency that retains its value over time. Until then, it is only speculative value.
This is one big governmental ‘Mulligan’ back to 2001/2002. Except now they cannot use housing to stimulate the economy. They are using your future taxes and your kids taxes and their kids taxes to pay for this mess.
Take notice, the only thing that will not deflate in the coming years will be the State and Federal Government’s budgets or taxes…
They will give you a $1000 check today and tax you $3000 tomorrow… you watch…
California is a prime example…
Any check I get from the Fed will go straight to Sacramento in higher taxes… what kind of stimulus is this…
Lucky In OC
January 20, 2009 at 10:53 PM in reply to: Help for young couple buying a first-time condo with FHA? #332199ParticipantBalboa Bride,
Please read this previous thread on HOA’s.
http://piggington.com/checking_hoas_finances
Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
Good luck…
Lucky In OC
January 20, 2009 at 10:53 PM in reply to: Help for young couple buying a first-time condo with FHA? #332532ParticipantBalboa Bride,
Please read this previous thread on HOA’s.
http://piggington.com/checking_hoas_finances
Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
Good luck…
Lucky In OC
January 20, 2009 at 10:53 PM in reply to: Help for young couple buying a first-time condo with FHA? #332612ParticipantBalboa Bride,
Please read this previous thread on HOA’s.
http://piggington.com/checking_hoas_finances
Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
Good luck…
Lucky In OC
January 20, 2009 at 10:53 PM in reply to: Help for young couple buying a first-time condo with FHA? #332640ParticipantBalboa Bride,
Please read this previous thread on HOA’s.
http://piggington.com/checking_hoas_finances
Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
Good luck…
Lucky In OC
January 20, 2009 at 10:53 PM in reply to: Help for young couple buying a first-time condo with FHA? #332725ParticipantBalboa Bride,
Please read this previous thread on HOA’s.
http://piggington.com/checking_hoas_finances
Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
Good luck…
Lucky In OC
ParticipantUR,
“Some people don’t do their homework b/c they rely on realtors since they’re the “experts” and many people place a lot of trust in realtors.” – JPinPB
“…someone who is looking out for your best interest..” – NAR radio spot
Isn’t it what NAR advertises on the radio that someone can go about their regular business and the agent will take care of it for you.
Do you think it is or should be normal practice for the agent to inform the buyer of all recent past listings for a property before submitting an offer?
Lucky in OC
ParticipantUR,
“Some people don’t do their homework b/c they rely on realtors since they’re the “experts” and many people place a lot of trust in realtors.” – JPinPB
“…someone who is looking out for your best interest..” – NAR radio spot
Isn’t it what NAR advertises on the radio that someone can go about their regular business and the agent will take care of it for you.
Do you think it is or should be normal practice for the agent to inform the buyer of all recent past listings for a property before submitting an offer?
Lucky in OC
ParticipantUR,
“Some people don’t do their homework b/c they rely on realtors since they’re the “experts” and many people place a lot of trust in realtors.” – JPinPB
“…someone who is looking out for your best interest..” – NAR radio spot
Isn’t it what NAR advertises on the radio that someone can go about their regular business and the agent will take care of it for you.
Do you think it is or should be normal practice for the agent to inform the buyer of all recent past listings for a property before submitting an offer?
Lucky in OC
ParticipantUR,
“Some people don’t do their homework b/c they rely on realtors since they’re the “experts” and many people place a lot of trust in realtors.” – JPinPB
“…someone who is looking out for your best interest..” – NAR radio spot
Isn’t it what NAR advertises on the radio that someone can go about their regular business and the agent will take care of it for you.
Do you think it is or should be normal practice for the agent to inform the buyer of all recent past listings for a property before submitting an offer?
Lucky in OC
ParticipantUR,
“Some people don’t do their homework b/c they rely on realtors since they’re the “experts” and many people place a lot of trust in realtors.” – JPinPB
“…someone who is looking out for your best interest..” – NAR radio spot
Isn’t it what NAR advertises on the radio that someone can go about their regular business and the agent will take care of it for you.
Do you think it is or should be normal practice for the agent to inform the buyer of all recent past listings for a property before submitting an offer?
Lucky in OC
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