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ocrenter
Participant[quote=flu][quote=briansd1][quote=flu]Note to self: if I ever buy a new home, I’m going to put it into a LLC based in Wyoming so peeking inquirying piggies don’t post my personal info in this site, heh heh
[/quote]If you follow the chain of title, and look at the actual deeds, you can always find out who owns a property. The whole concept of property ownership is based on public notice with recording at the county level, and before that, proclamation on the town square for all to be notified.
You don’t need to record your deed, but if you don’t, you are not protecting your interests.
If you get a mortgage and want to deduct interest, you will most likely need to get the property in your name first, then perhaps quit claim it to a trust.[/quote]
I don’t plan on buying my next non-investment home with a mortgage (if ever) 🙂
Yes yes, I understand most everything is in public records, except if you’re a government employee with reasons… But I don’t know, I just get how this guy being a chiropractor has anything to do with how he lost $200k, or the point of posting his private practice. It’s not like this person is a media ho looking for attention, like say the octomom or the earls who blatantly don’t think it’s there fault to foreclosure. Anyway, whatever.[/quote]
agree, there was no need for the link to yelp.
ParticipantThere was another Stonebrige home that was purchased by a couple in business at the peak. The home was purchased for $1.9 million with 20% down. That’s $380k! When the value in Stonebrige dropped, these guys cut their losses and stopped paying. Afterall, the mortgage on the house was at least $1.5 mil and the house was probably valued at around $1 million. The home was foreclosed but the couple walked out of it a whole lot faster than this guy, they were still buying new Mercedes, and last I heard they purchased a nice place in La Jolla.
That is the difference between the Rich and the Business Savvy vs the Honest Professional.
ParticipantThere was another Stonebrige home that was purchased by a couple in business at the peak. The home was purchased for $1.9 million with 20% down. That’s $380k! When the value in Stonebrige dropped, these guys cut their losses and stopped paying. Afterall, the mortgage on the house was at least $1.5 mil and the house was probably valued at around $1 million. The home was foreclosed but the couple walked out of it a whole lot faster than this guy, they were still buying new Mercedes, and last I heard they purchased a nice place in La Jolla.
That is the difference between the Rich and the Business Savvy vs the Honest Professional.
ParticipantThere was another Stonebrige home that was purchased by a couple in business at the peak. The home was purchased for $1.9 million with 20% down. That’s $380k! When the value in Stonebrige dropped, these guys cut their losses and stopped paying. Afterall, the mortgage on the house was at least $1.5 mil and the house was probably valued at around $1 million. The home was foreclosed but the couple walked out of it a whole lot faster than this guy, they were still buying new Mercedes, and last I heard they purchased a nice place in La Jolla.
That is the difference between the Rich and the Business Savvy vs the Honest Professional.
ParticipantThere was another Stonebrige home that was purchased by a couple in business at the peak. The home was purchased for $1.9 million with 20% down. That’s $380k! When the value in Stonebrige dropped, these guys cut their losses and stopped paying. Afterall, the mortgage on the house was at least $1.5 mil and the house was probably valued at around $1 million. The home was foreclosed but the couple walked out of it a whole lot faster than this guy, they were still buying new Mercedes, and last I heard they purchased a nice place in La Jolla.
That is the difference between the Rich and the Business Savvy vs the Honest Professional.
ParticipantThere was another Stonebrige home that was purchased by a couple in business at the peak. The home was purchased for $1.9 million with 20% down. That’s $380k! When the value in Stonebrige dropped, these guys cut their losses and stopped paying. Afterall, the mortgage on the house was at least $1.5 mil and the house was probably valued at around $1 million. The home was foreclosed but the couple walked out of it a whole lot faster than this guy, they were still buying new Mercedes, and last I heard they purchased a nice place in La Jolla.
That is the difference between the Rich and the Business Savvy vs the Honest Professional.
Participant[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]
true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.
The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.
But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.
Participant[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]
true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.
The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.
But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.
Participant[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]
true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.
The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.
But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.
Participant[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]
true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.
The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.
But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.
Participant[quote=sdrealtor]The point of what he does for a living is that he is not a professional flipper and we cant be certain it was intended to be a flip at all. Something may have happened in his life that necessitated this.[/quote]
true. but again, I think this clearly demonstrates the most vulnerable class when it comes to RE purchases are the upper middle professional class.
The upper class are so wealthy that a wrong purchase here and there really doesn’t hurt. A lot of them are shrewd business people that are well tuned to cutting their losses early. They make a wrong move and they simply cut the cord early. On the flip side, the lower class are so poor that they can enter and exit a wrong transaction and lose nothing.
But the professional class have the ability to get loans valued so high up that losses can be crippling for years to come. And most of this class are not so business savvy that they are able to cut the cord and move on. Rather, they struggle along and try to fulfill their contracted obligation and end up losing BIG.
Participant[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]
Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]
actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.
Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.
But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.
That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).
If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.
This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.
Participant[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]
Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]
actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.
Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.
But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.
That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).
If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.
This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.
Participant[quote=jpinpb][quote=flu]Dude what is the fascination of what people do for a living? So the $200k loss on the home for the chiro… What’s that, 6 months of salary? :)[/quote]
Attention Piggs: flu now available to work for free for 6 months, not a problem ;)[/quote]
actually this is a good case study showing professionals and upper middle class folks really have the most to lose when it comes to RE purchase mistakes.
Today if the flipper was a typical renter class buyer that took adventage of loose lending standards, used a typical zero down, 80/20 loan commonly available back in the days, he/she would have walked away with no losses at all. They came into the transaction with nothing, and they leave with nothing. Actually they probably leave with couple of years of free rent and the opportunity to live in a house they would have never had an opportunity to live in before.
But as a responsible upper middle class professional, straight up non-payment and foreclosure was not an obvious choice. And so you end up with a upstanding professional losing over $400k over 3 years.
That’s at least a couple of years of income especially since chiros do get hit hard when the economy goes down. (they are more of the non-essential medical services).
If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.
This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.
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