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[quote=no_such_reality]Yes, if they hadn’t spent part, not all, I thought I heard the bank was eating like $90K on the short sale, which means they had something like $650K financed. That’s on a home valued at one point at $1.1M, and pretty consistently two year plus run at million+.

His situation was pretty simple, he worked in a industry that vaporized. Vaporized basically overnight and stayed vaporized for 3+ years.

You can talk trash about buying investment properties, but frankly, you’re talking out of your *ss. As inexperienced landlords, there wasn’t anything they were buying around here, or phoenix, or any other market at that time. And I know plenty of people that did just that, in Phoenix, Vegas, Detroit, etc, all lost their backside.

The only thing they could have done was not tap basically $800K in equity. And most of you are already on record for how stupid you think that is when ‘investment’ properties are around.

In the end, the problem they had was very simple, he lost a job, in an industry that he had 20 years of experience in and wasn’t hiring anyone for 3+ years.

So yea, the world falls apart on you, you don’t have a job, you’re burning up your savings, and the house you’ve raised your family in for the last 11 years, has lost $500K of equity and you’ve only got a $100K of equity left.

You’ve got omnipotent hindsight balls, I’m sure you’d pull the trigger and sell, knowing without a job you can’t find a rental, can’t get another loan for a new place and ‘give it away’.

The denial is strong in this thread with the posters.[/quote]

well, he couldve paid down his mortagge, been left with a little tiny mortgage, and gotten some super lower paying w2 job and refinance and gottena payment probably cheaper than the 1 br… there’s some comments on some internet articles on them from posters who say they know/worked with the dude and he was a sharp dealer who didn’t pay people, even in good times…

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the motorcycle accident is telling. he drove off angry at his wife on a bike he was hiding from his wife on unfamiliar roads. It doesn’t mention but i tend to doubt he had safety gear on, from the way he described his accident.

if he’d had these boots on, would he still have a foot?

http://www.aerostich.com/aerostich-combat-touring-boots-20.html

I’m guessing it wouldnt have been severed entirely with proper safety gear …

ATGATT all the gear all the time….

it sounds like he steered directly into the oncoming car. this is not uncommon among inexperienced motorbike and even bicycle riders under pressure. “countersteering” is required to execute a turn and while counterintuituve you steer in the opposite direction you wish to go to initiate the turn. it sounds like he did the opposite under pressure. lack of training, riding hotheaded, in the dark, unfamiliar area. it was a crack up waiting to happen.

kind of like the short sale…

the grubby mterialism of it all is sad.

even the kids, describing a small gift as “tiding him over”….until he could get larger gifts. yeeeesh…

i guess it is all ordinary, but ordinary can be creepy, if you look at it from the right angle under certain lighting…

Pay down your mortgage

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They do creep me out though. Only watched half. They seem to lack insight ….

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It was peer pressure, a collective delusion.

It could not have unfolded any other way but as it did.

He did have inside info in a sense from seeing his own business fall off steeply and might even thought sell based on that.

But that was not the fate the sadowski s were meant to follow.

[scaredyclassic]

NJ used to be like a punchline when I was a kid

[scaredyclassic]

You don’t have to be a weatherman to know which way the wind blows.

I played tangled up in blue 30 x in a row in my car.song kinda spoke to me recently.

I still think people are getting happier. I can feel it coming. I feel euphoric about 30 percent of my waking hours.

Maybe it’s just me.

[scaredyclassic]

I want one!

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I want one!

[scaredyclassic]

[quote=flu][quote=Blogstar]I worry about my kids housing/shelter prospects for the the future as much as college . How about a double whammy , an expensive investment of time and money into college and then poor job prospects, leading to very limited choices on where to live?

Sometimes, I think if it is a matter of having to choose between helping them with college or housing, the more prudent choice is housing. Having established shelter with low carrying costs early on could be more valuable. There are more avenues for accessing college than for accessing housing.

This doesn’t really apply to me because I had zero support, but generally speaking our parents generation didn’t have to worry about job prospects or housing variables to near the degree. I think it would be wise to consider making adjustments.[/quote]

I think it’s gonna be much worse then that.

Here’s what I’m thinking…

1. Housing will be unaffordable for most people.
2. Student loan debt will be up the creek.
3. Job prospects will be fierce with tighter global competition for top paying jobs
4. Taxes will be extremely high for those still working
5. The wealth gap between the people with assets (have’s) versus most that don’t (have not’s) will be even larger.
6. Healthcare will be a huge problem…

Me thinks without a silver spoon from parents, our kids are going to be, well, screwed…..For me, the way I’m looking at it, it’s not just screwing up and screwing myself… That would be too easy. It’s also screwing it up for my kid…

I’m already factoring out of any financial aid that my kid will get.. No way…. So with that out of the way, as soon as my kid is responsible enough, you betcha I’m going to start wealth transferring sooner versus later….

Take care of your own, my friend. No one else is going to…Everyone else is going to be in it for themselves…[/quote]

In the future, happiness will be higher.

[scaredyclassic]

[quote=paramount]Kev, while you don’t mention where you live ( or I missed it) I have a solution for you: Temecula.

Yes, Temecula.

You can probably buy up here.

San Diego is a bad value, and as scaredy has mentioned San Diego and San Francisco are great if you’re rich or bought a long time ago. Temecula is great for the 99%ers.

Low crime
Great schools
Clean air
Affordable housing
Temecula is a well run city
New hospital
Wine country is growing and gets better every year
Nice old town area

Come on up, take a look and fall in love with Temevula.[/quote]

we were at the outdoor mall in Carlsbad buying insanely overpriced women’s clothing at free people and anthropologie. This local young pretty clerk said her favorite place to go party on weekends was…old town temecula!!!! My wife and I were in shock.

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I’m joicing. I don’t know.

I think it’s best to not be happy if things are going well not be too sad if things go poorly. It’s all very fragile and temporary and fleeting.

Things are in flux. Don’t get too attached to paper gains paper losses or any gain or loss.

move forward fearlessly.

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Younger orangutans prefer the term “molly”.

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Lifting odd objects is the new trendy way to be fit–I may just carry that water heater down to the mailbox and bbak.

Weird world.

Hoa would probably frown on me walking around the development with a broken appliance or a boulder or even just carrying my wife around.

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I think my wife also forbade me from making sweet love to other primates.

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i feel euphoric, simply from pullups and Kirkland brand bourbon. which is indicdentally really good. i was trying to persuade my son that kirkland bourbon is so incredibly depressingly suburban that it was actually hip, like, ironic or full circle or something? he assured me it did not work that way. i dont recall ever feeling this amazing in my entire life! i also bought a lot of dried seaweed and an otter case for my new phone. at costco. my dad didn’t buy seaweed or otter cases or off brand bourbon for that matter. how will consumer life be different for my boy? will he be purchasing kelp diapers and dried mealworm nuggets? who knows?! will he be buying food units with bitcoins/ i hope he has fun

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