[paramount]

Commentary on this crap legislation (public employee bill of rights):

The people need to put an end to this nonsense. Write your legislatures and tell them to decertify all public unions in California and throw this garbage legislation out.

Enough of enabling the codependency of public employees. We’ve put them on a pedestal and paid their enormous egos and bills for too long. Time to end the artificial reality we’ve allowed them to create.

They can work in the real world like the rest of us. And let’s bring back the part-time legislature too so these overpaid politicians don’t have time to sit around and dream up new ways to stick it to us: the people.

and…

Dickinson’s bill should be voted down. The rights of the public unionized worker should not be put above the rights of the taxpayer….that is, the person whose wages are garnished to pay the salary of an unproductive public worker.

and this one is great:

The proposed public employees’ bill of rights does not go near far enough — public workers should enjoy guaranteed salary equity with the earnings of moviestars and professional atheletes — the current gap between public worker pay and Hollywood film stars is scandalous — everyone in California knows that public worker pay lags far behind that of professional basketball, football, and baseball stars — guarantees for pay parity between state workers, moviestars, and professional atheletes should be explicitly provided for in the California state employees’ “bill of rights” — the future of California is dependent on this outcome…

[paramount]

[quote=svelte][quote=paramount][quote=svelte]

Interesting to note a 350Z driver died on I-15 last month, racing another car down an onramp to the freeway at Lake Hodges.[/quote]

I was wondering what had happened, I saw that accident going home; it looked like the car struck a pole but I didn’t see a pole nearby.[/quote]

He was entering I-15 southbound from via rancho, was racing a black pickup, lost control and hit the pole on the right edge of the roadway. That sent him careening into the center divide. Died on the spot. Young guy, early 20s as I recall.[/quote]

Most unfortunate, I found the video here:

http://www.nbcsandiego.com/news/local/Crash-Street-Racing-Escondido-Derek-Millsap–138066378.html

[paramount]

I used this company, I was not that satisfied. Mainly b/c the main problem with the house was not photographed.

http://www.socalhomeinspection.com/

[paramount]

[quote=svelte]

Interesting to note a 350Z driver died on I-15 last month, racing another car down an onramp to the freeway at Lake Hodges.[/quote]

I was wondering what had happened, I saw that accident going home; it looked like the car struck a pole but I didn’t see a pole nearby.

[paramount]

[quote=sdrealtor]Paramount
Just got back to town. These well employed people arent the primary reason you are underwater. The market collapsed because liar loans were made to people that had no business buying homes. They didnt have the income to pay back their loans at 0% interest and were relaint on continued appreciation.

When the market stopped going up these were the first people to bail and I saw it all over the more affordable communities in SoCal. This pulled the values down sharply to a point that well employed folks found themselves underwater a few hundred thousand dollars that they didnt have or knew they had non-recourse loans. These people arent pea brains they are making educated business decisions to avail themselves of their legal options in the contracts they signed. One of those options is I dont want the house so you can have it back.

When they go to rent a house they want something nice and have the income to pay for it. They are not getting handouts.

For these folks it has nothing to do with entitlement. They want a nice place to live and can afford to pay for one. If they made stupid mistakes it was buying into an overpriced market. If you are going to call them that I have no problem there. Just make sure to look in the mirror and call that guy stupid too.[/quote]

Wait, what?

Who was doing the lying? Many of these well employed people were doing just that I’m sure, or buying a house I’m sure they knew they couldn’t afford in the 1st place.

When I originally bought I did so well within my means, including looking forward as best I could.

What drives these pea brains is materialism, inferiority complexes and little else.

Their wants go far beyond a ‘nice’ place to live; and a 1500 sq ft house can be perfectly nice.

They can afford to rent ‘nice’ places as you put it b/c they screwed the system, period. Including me…

Let’s not bestow the ‘well employed’ a level of dignity they do not deserve.

[paramount]

[quote=temeculaguy]paramount, you are already taking advantage of the pea brains. You are probably living in their house, renting them your old house and driving their car that they leased. All things they just had to have new and couldn’t afford. We need these people, now we need to figure out what they are going to do next, then figure out how to get that too. I’m particularly fond of the wives they couldnt afford any more.[/quote]

TG your a genius and so damn right! LMAO!!

BTW, the one thing that’s keeping me sane is something you said a few months ago: Today’s neutral cash flows are tomorrows cash cows…

[paramount]

[quote=sdrealtor]In a market like Temecula there should be a very good pool of tenants as long as you have a nice newer home. There are lots of well employed folks up there that had to walk away from deeply underwater homes. I know firefighters, teachers, doctors, nurses, policeman, retirees on good pensions and yes Realtors who have done so. With the exception of the realtors they all have great recession proof incomes. What they dont have any more is good enough credit to buy homes so they will be renters for many years to come. If they could buy they would be buying some of the nicest homes up there but they cant. Thats why they dont want paramount’s smallish old house. They want nice newer homes in places like Wolf Creek and Harveston as rentals.[/quote]

The paragraph above illustrates perfectly the pandemic disease of materialism that exists in southern California.

A nice newer home? What is a newer home? If a home is 10 years old, should it be torn down and replaced with a new home? Are homes like cars now, after 5 years/100k time to get rid of it? This mentality makes no sense to me. Older homes often have better locations; perfect examples of this are Wolf Creek and particularly Harveston (both newer homes/communities in less desirable locations).

And these so-called well employed people are the primary reason I’m so underwater, not to mention the considerable damage they’ve done to the economy.

They should never be allowed to own a house again, but we all know it’s just about as easy to get a mortgage now as it was 7 years ago. They win, I lose. Well not quite, because I have no intention of letting those fools take me down with them.

What these so-called well employed fools need is a reality check. But they feel entitled to a McMansion.

Yah, I want a house in Morgan Hill looking down on the proletariat – but of course I live within my means so I don’t.

Pea Brains (these ‘well employed’ people).

Did I just say that out loud?

[paramount]

[quote=flu]

Looking at what you posted, I’m not so much worried about your initial $5500 “loss” because well shit happens.. I’m thinking more over time…My concern is you mention rent not covering cost… If you don’t mind me poking and proding, how bad is this deficit? And what exactly is your cost structure right now on the rental (any change of a refi or something to make you whole?) I’m asking because trying to learn what has happened. If you’d rather do it via PM, that’s fine too…
Thanks in advance.[/quote]

In 2011 Wells Fargo offered me a free refi even though I was underwater. I took advantage of that even though all it really did was reset my loan back to 30 years and slightly lower my rate to 4.75 from 5.1.

With this refi I thought I would be in a position to move to a larger house (which I did) and then at least break even on renting my old house.

The break down is approx. as follows:

1100 P/I
225 Tax
58 Insurance
100 HOA
93 for management fees
15 for evict insurance

I do my own landscaping on the property.

Later today I’ll post some details on my recent conversations with Wells Fargo about this stinker.

[paramount]

[quote=temeculaguy]paramount, how are values still sinking? [/quote]

TG: I’m not cherry picking data, and to be honest I’m relying on zillow for most of my data.

Take a look at this chart:

[img_assist|nid=15901|title=92592 Trending|desc=|link=node|align=left|width=1055|height=600]

As far as monstertruckville, I think that pretty much describes most of Temecula; but yes there are parts of Paloma with smaller houses, but we do have a fairly strict HOA so no trailers, etc…. When I was talking with potential tenants last summer, most of the feedback I got was that 1500 sq ft wasn’t enough space. Mind you most if not all of these potential tenants were going through a foreclosure. That’s a different subject that deserves it’s own thread.

There are cheaper communities for rentals than Paloma del Sol for sure around Temecula.

[paramount]

[quote=flu]

How has your rental turned into a nightmare if you don’t mind me asking? Thanks for sharing[/quote]

I’m glad you asked.

1st of all I put my house on the rental market in early August, and it wasn’t occupied until almost November.

The house was pristine, carpet was very new; but I still had to spend $500 for ‘professional’ cleaning.

So at this point I’m down a good $3500 (roughly).

By January the furnace was fried – 2k.

At 1st I had arranged for the tenants to call me when there was a problem – and believe me it felt like my phone never stopped ringing.

The gas company then red-tagged my house for various code violations as another example.

The rent doesn’t quite cover my costs – close but not quite.

Oh, and why did I get red-tagged: one issue was that the fireplace flu was still in place. That was code when the house was built, but not now.

On top of that I’m 50k underwater (including selling costs) and still sinking (even though I bought nearly 10 years ago).

[paramount]

By the way I’m getting about $1.07/sq ft.

[paramount]

I own a rental in what I would call a ‘premium’ location in Central Temecula (Paloma del Sol), and I had a hard time getting the house rented out even though it is in pristine condition and in a community with lot’s of amenities.

Were talking a 1500 sq ft house about 200 yards from a 9 ranked elementary school (API well over 900).

I went through a management company and priced it slightly below market based on other local/comparable rentals.

1st of all housing prices in Temecula are still falling, maybe not as steep as 3 years ago, but they are still falling.

The problem I found is that there is a high inventory of rentals available, meaning it’s a renters market.

I suspect rents are falling as well.

On the other hand a lot of Marines rent in Temecula which is good.

On a side note my rental has turned into a nightmare IMO – there’s got to be a better way!

[paramount]

Just for the record, when speaking of public employees and their thug unions, I also throw utility workers in the same boat. In fact, utility workers probably have it better than public employees (I know, that’s hard to imagine); well at least based on my utility bills that’s my hypothesis.

[paramount]

[quote=sdrealtor]I can only speak for SD real estate but if you look at the low and mid tier markets it is quiet hot right now. If you look at the high tier its a bit of ablood bath IMO.

One thing it does in discredit the old time Bugs Butterfly theory. The low end is recovering, the mid is stable to recovering and the high is getting smacked. They couldnt be more disconnected.[/quote]

The ‘last’ recession started in December of 2007, I wonder what housing sales were January/February 2008 (for San Diego)?

[paramount]

[quote=briansd1]3% GDP growth. Pretty good for the economy as a whole.
[/quote]

But still below WS expectations.

[Author]

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