Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantKewp undortunately you missed my point entirely. Not only did I not have any intent to imply real estate investment, I don’t believe I mentioned it at all in my post. The people I know all made money by varying means from taking risks and opening businesses, forming investment syndicates, purchasing mobile home parks, starting private practices, tax lien investments, selling freeking hot dogs are fairs, all kinds of stuff. Some of these people did it on their own, some did it with investors, some took out equity to do it, most all of them didn’t pump a 30-40% downpayment into the home they live in. All of them took risk. Some failed, many did not. I am quite envious of all of them for taking the risk.
I guess I should have spelled it out more clearly.
Show me where I said anything about real estate. Sorry you didn’t really get what I was trying to say.
SD Realtor
ParticipantKewp undortunately you missed my point entirely. Not only did I not have any intent to imply real estate investment, I don’t believe I mentioned it at all in my post. The people I know all made money by varying means from taking risks and opening businesses, forming investment syndicates, purchasing mobile home parks, starting private practices, tax lien investments, selling freeking hot dogs are fairs, all kinds of stuff. Some of these people did it on their own, some did it with investors, some took out equity to do it, most all of them didn’t pump a 30-40% downpayment into the home they live in. All of them took risk. Some failed, many did not. I am quite envious of all of them for taking the risk.
I guess I should have spelled it out more clearly.
Show me where I said anything about real estate. Sorry you didn’t really get what I was trying to say.
SD Realtor
ParticipantKewp undortunately you missed my point entirely. Not only did I not have any intent to imply real estate investment, I don’t believe I mentioned it at all in my post. The people I know all made money by varying means from taking risks and opening businesses, forming investment syndicates, purchasing mobile home parks, starting private practices, tax lien investments, selling freeking hot dogs are fairs, all kinds of stuff. Some of these people did it on their own, some did it with investors, some took out equity to do it, most all of them didn’t pump a 30-40% downpayment into the home they live in. All of them took risk. Some failed, many did not. I am quite envious of all of them for taking the risk.
I guess I should have spelled it out more clearly.
Show me where I said anything about real estate. Sorry you didn’t really get what I was trying to say.
SD Realtor
ParticipantAbsolutely agree with you guys there. Any loan workout or mechanism offered by the lenders is simply a stay of execution to protect the investors, nothing more. The base mistake of purchasing an asset that the buyer could not afford cannot be remedied unless the principal is reduced significantly.
SD Realtor
ParticipantAbsolutely agree with you guys there. Any loan workout or mechanism offered by the lenders is simply a stay of execution to protect the investors, nothing more. The base mistake of purchasing an asset that the buyer could not afford cannot be remedied unless the principal is reduced significantly.
SD Realtor
ParticipantAbsolutely agree with you guys there. Any loan workout or mechanism offered by the lenders is simply a stay of execution to protect the investors, nothing more. The base mistake of purchasing an asset that the buyer could not afford cannot be remedied unless the principal is reduced significantly.
SD Realtor
ParticipantAbsolutely agree with you guys there. Any loan workout or mechanism offered by the lenders is simply a stay of execution to protect the investors, nothing more. The base mistake of purchasing an asset that the buyer could not afford cannot be remedied unless the principal is reduced significantly.
SD Realtor
ParticipantAbsolutely agree with you guys there. Any loan workout or mechanism offered by the lenders is simply a stay of execution to protect the investors, nothing more. The base mistake of purchasing an asset that the buyer could not afford cannot be remedied unless the principal is reduced significantly.
SD Realtor
ParticipantPretty much everyone I know who has money, in fact has used leverage in one form or another to get there. The other method beyond leverage has been to get other investors. Mind you, this is not I have a million dollar home and work as an engineer money. This is more like, I don’t really need to work anymore sort of money. I would not argue your facts in a minute Ray because they make perfect sense.
Alternately I am kind of a shmuck… I make good money but work a 9 to 5 job and have a brokerage AND my wife works her business as well. Any person of wealth looks at me and laughs because to work that hard is pretty stupid considering what I make. At the end of the day when I do buy my home, every grain of financial sense would say not to use the pile of coin I have saved up for that. It would make much more sense to use maybe half of it and then use the rest for other investments etc… Yet I am a and will always be one of those types who just sleeps better at night with as little leverage as possible. I think it is buried within our personalities.
Those who are willing to take more risk will always always always be more successful then those of us who are not. In all paths of life. Yet that comet of risky people also has a tail of flotsam of those that didn’t make it. Still, deep down I do agree with your premise.
I will say that with that risky behavior and chutzpah, intelligence is needed. Therein lies the problem. By far, by very very far, that intelligence just is not present in the vast majority of the population. Basically they are idiots and leverage to the hilt simply to spend more, not to make more.
SD Realtor
ParticipantPretty much everyone I know who has money, in fact has used leverage in one form or another to get there. The other method beyond leverage has been to get other investors. Mind you, this is not I have a million dollar home and work as an engineer money. This is more like, I don’t really need to work anymore sort of money. I would not argue your facts in a minute Ray because they make perfect sense.
Alternately I am kind of a shmuck… I make good money but work a 9 to 5 job and have a brokerage AND my wife works her business as well. Any person of wealth looks at me and laughs because to work that hard is pretty stupid considering what I make. At the end of the day when I do buy my home, every grain of financial sense would say not to use the pile of coin I have saved up for that. It would make much more sense to use maybe half of it and then use the rest for other investments etc… Yet I am a and will always be one of those types who just sleeps better at night with as little leverage as possible. I think it is buried within our personalities.
Those who are willing to take more risk will always always always be more successful then those of us who are not. In all paths of life. Yet that comet of risky people also has a tail of flotsam of those that didn’t make it. Still, deep down I do agree with your premise.
I will say that with that risky behavior and chutzpah, intelligence is needed. Therein lies the problem. By far, by very very far, that intelligence just is not present in the vast majority of the population. Basically they are idiots and leverage to the hilt simply to spend more, not to make more.
SD Realtor
ParticipantPretty much everyone I know who has money, in fact has used leverage in one form or another to get there. The other method beyond leverage has been to get other investors. Mind you, this is not I have a million dollar home and work as an engineer money. This is more like, I don’t really need to work anymore sort of money. I would not argue your facts in a minute Ray because they make perfect sense.
Alternately I am kind of a shmuck… I make good money but work a 9 to 5 job and have a brokerage AND my wife works her business as well. Any person of wealth looks at me and laughs because to work that hard is pretty stupid considering what I make. At the end of the day when I do buy my home, every grain of financial sense would say not to use the pile of coin I have saved up for that. It would make much more sense to use maybe half of it and then use the rest for other investments etc… Yet I am a and will always be one of those types who just sleeps better at night with as little leverage as possible. I think it is buried within our personalities.
Those who are willing to take more risk will always always always be more successful then those of us who are not. In all paths of life. Yet that comet of risky people also has a tail of flotsam of those that didn’t make it. Still, deep down I do agree with your premise.
I will say that with that risky behavior and chutzpah, intelligence is needed. Therein lies the problem. By far, by very very far, that intelligence just is not present in the vast majority of the population. Basically they are idiots and leverage to the hilt simply to spend more, not to make more.
SD Realtor
ParticipantPretty much everyone I know who has money, in fact has used leverage in one form or another to get there. The other method beyond leverage has been to get other investors. Mind you, this is not I have a million dollar home and work as an engineer money. This is more like, I don’t really need to work anymore sort of money. I would not argue your facts in a minute Ray because they make perfect sense.
Alternately I am kind of a shmuck… I make good money but work a 9 to 5 job and have a brokerage AND my wife works her business as well. Any person of wealth looks at me and laughs because to work that hard is pretty stupid considering what I make. At the end of the day when I do buy my home, every grain of financial sense would say not to use the pile of coin I have saved up for that. It would make much more sense to use maybe half of it and then use the rest for other investments etc… Yet I am a and will always be one of those types who just sleeps better at night with as little leverage as possible. I think it is buried within our personalities.
Those who are willing to take more risk will always always always be more successful then those of us who are not. In all paths of life. Yet that comet of risky people also has a tail of flotsam of those that didn’t make it. Still, deep down I do agree with your premise.
I will say that with that risky behavior and chutzpah, intelligence is needed. Therein lies the problem. By far, by very very far, that intelligence just is not present in the vast majority of the population. Basically they are idiots and leverage to the hilt simply to spend more, not to make more.
SD Realtor
ParticipantPretty much everyone I know who has money, in fact has used leverage in one form or another to get there. The other method beyond leverage has been to get other investors. Mind you, this is not I have a million dollar home and work as an engineer money. This is more like, I don’t really need to work anymore sort of money. I would not argue your facts in a minute Ray because they make perfect sense.
Alternately I am kind of a shmuck… I make good money but work a 9 to 5 job and have a brokerage AND my wife works her business as well. Any person of wealth looks at me and laughs because to work that hard is pretty stupid considering what I make. At the end of the day when I do buy my home, every grain of financial sense would say not to use the pile of coin I have saved up for that. It would make much more sense to use maybe half of it and then use the rest for other investments etc… Yet I am a and will always be one of those types who just sleeps better at night with as little leverage as possible. I think it is buried within our personalities.
Those who are willing to take more risk will always always always be more successful then those of us who are not. In all paths of life. Yet that comet of risky people also has a tail of flotsam of those that didn’t make it. Still, deep down I do agree with your premise.
I will say that with that risky behavior and chutzpah, intelligence is needed. Therein lies the problem. By far, by very very far, that intelligence just is not present in the vast majority of the population. Basically they are idiots and leverage to the hilt simply to spend more, not to make more.
SD Realtor
ParticipantItokuda my advice is certainly not to work out a deal to refinance your home or workout a deal with the lender. I would agree that the original poster did not have a well thought out strategy when purchasing the home and like most everyone else placed all the eggs in the my house will appreciate bucket because it HAS to!
My advice is to talk to the lender to learn about the short sale requirements and the consequences or shall I say differentiations of consequences in the reporting to the credit agencies by the lender in a short sale verses a foreclosure or deed in lieu of a foreclosure. You can talk to every attorney, cpa, or other agency in the world and you can read piggington and every other blog 24 hours a day. In the end the lender is who makes the report to the agency. Hiding from them and not finding out as much information as you can is not the right way to deal with this problem.
More often then not, even they will not know. Make no mistake this person will deal with many different groups at the lender as she goes through this process.
Getting used to it is the first thing to do.
SD Realtor
-
AuthorPosts
