Forum Replies Created
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AuthorPosts
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temeculaguy
ParticipantRt.66, I’m suprised it’s taken BofA since 1991 to piss you off, I’ve left them angry a few times in my life. I didn’t return on purpose, it just seemed that over the decades they would buy the bank I switched to and there I am again, too lazy to switch until they piss me off again.
I thought I was free by switching all my business to credit unions and online banks years ago but low and behold I got a letter in the mail recently informing me that BofA bought my mortgage, hooooraaaay!!! There’s not a damn thing I can do about it either, great.
Not sure if this means anything but after reading some of these posts I decided to check my available credit for the card I use the most. Like many others, i use it alot because I like the flymiles and then pay it off each month (I’m a freebie junkie). It hasn’t changed, yet, but it’s at a credit union. It’s also curiously matches (within a few hundred)the amount of a money market account that it is tied to for overdraft and that i transfer funds from to pay it off. It has a zero balance now but if I were to max it out, it matches the deposit account, I wonder if I moved 5k out of that deposit account to another institution if they would lower my available credit by the same amount? Maybe, maybe not, but it is supicious that the amount of risk they are taking is the same as the collateral I am providing. I guess it is smart on their part, but is that really “credit.” It could also be a coincidence.
I never get those cash advance checks in the mail anymore and seem to get less credit card offers. I get a hell of a lot less “refi and consolodate your bills” offers in the mail. I think there is a change afoot, there is less credit available, the tightening is real. If it has touched piggies, even mildly, with how conservative we are fiscally, I’d imagine it’s really hitting the loosey goosey spenders out there.
ParticipantRt.66, I’m suprised it’s taken BofA since 1991 to piss you off, I’ve left them angry a few times in my life. I didn’t return on purpose, it just seemed that over the decades they would buy the bank I switched to and there I am again, too lazy to switch until they piss me off again.
I thought I was free by switching all my business to credit unions and online banks years ago but low and behold I got a letter in the mail recently informing me that BofA bought my mortgage, hooooraaaay!!! There’s not a damn thing I can do about it either, great.
Not sure if this means anything but after reading some of these posts I decided to check my available credit for the card I use the most. Like many others, i use it alot because I like the flymiles and then pay it off each month (I’m a freebie junkie). It hasn’t changed, yet, but it’s at a credit union. It’s also curiously matches (within a few hundred)the amount of a money market account that it is tied to for overdraft and that i transfer funds from to pay it off. It has a zero balance now but if I were to max it out, it matches the deposit account, I wonder if I moved 5k out of that deposit account to another institution if they would lower my available credit by the same amount? Maybe, maybe not, but it is supicious that the amount of risk they are taking is the same as the collateral I am providing. I guess it is smart on their part, but is that really “credit.” It could also be a coincidence.
I never get those cash advance checks in the mail anymore and seem to get less credit card offers. I get a hell of a lot less “refi and consolodate your bills” offers in the mail. I think there is a change afoot, there is less credit available, the tightening is real. If it has touched piggies, even mildly, with how conservative we are fiscally, I’d imagine it’s really hitting the loosey goosey spenders out there.
ParticipantRt.66, I’m suprised it’s taken BofA since 1991 to piss you off, I’ve left them angry a few times in my life. I didn’t return on purpose, it just seemed that over the decades they would buy the bank I switched to and there I am again, too lazy to switch until they piss me off again.
I thought I was free by switching all my business to credit unions and online banks years ago but low and behold I got a letter in the mail recently informing me that BofA bought my mortgage, hooooraaaay!!! There’s not a damn thing I can do about it either, great.
Not sure if this means anything but after reading some of these posts I decided to check my available credit for the card I use the most. Like many others, i use it alot because I like the flymiles and then pay it off each month (I’m a freebie junkie). It hasn’t changed, yet, but it’s at a credit union. It’s also curiously matches (within a few hundred)the amount of a money market account that it is tied to for overdraft and that i transfer funds from to pay it off. It has a zero balance now but if I were to max it out, it matches the deposit account, I wonder if I moved 5k out of that deposit account to another institution if they would lower my available credit by the same amount? Maybe, maybe not, but it is supicious that the amount of risk they are taking is the same as the collateral I am providing. I guess it is smart on their part, but is that really “credit.” It could also be a coincidence.
I never get those cash advance checks in the mail anymore and seem to get less credit card offers. I get a hell of a lot less “refi and consolodate your bills” offers in the mail. I think there is a change afoot, there is less credit available, the tightening is real. If it has touched piggies, even mildly, with how conservative we are fiscally, I’d imagine it’s really hitting the loosey goosey spenders out there.
Participant[quote=scaredycat]seems unlikely a 130k house would rent for 1500 for long. [/quote]
It would seem that way but it isn’t. I watched them build the places I referenced, sold new in 02 and 03 for 180-200 range, they rented for $1500 (give or take a hundred based on model and location). In 2006 they were going for just under 400k, still renting for $1500, some recently went for 130k, still renting for $1500, sometimes $1400 for the smallest model. Nice places, 1600 sq ft 3/3, 2 car, nothing fancy, but not shabby either.
I thought of buying one as a rental in 2003, the rent multiplier was o.k., but not great, in 2006 the rent multiplier was stupid, now that it is great, under 100x, there are 10 offers when they are priced that low. Is it because everyone is knife catcher? Or everyone is thinking they will return to 400k? No, it’s because you don’t get that many chances to buy cash flowing rentals, this year is one of those years. Or you can hem and how about how rent will go down, you wont be able to find a renter, that there is risk.
Here comes the sage advice, pay attention here. There is no way to eliminate risk with investments. You can minimize it, you can hedge against it, but you can’t eliminate it. Since you can’t win unless you play the game, any game, you goota get over the fear.
BTW SDR, I figured out Lamar, it’s the candy.
Participant[quote=scaredycat]seems unlikely a 130k house would rent for 1500 for long. [/quote]
It would seem that way but it isn’t. I watched them build the places I referenced, sold new in 02 and 03 for 180-200 range, they rented for $1500 (give or take a hundred based on model and location). In 2006 they were going for just under 400k, still renting for $1500, some recently went for 130k, still renting for $1500, sometimes $1400 for the smallest model. Nice places, 1600 sq ft 3/3, 2 car, nothing fancy, but not shabby either.
I thought of buying one as a rental in 2003, the rent multiplier was o.k., but not great, in 2006 the rent multiplier was stupid, now that it is great, under 100x, there are 10 offers when they are priced that low. Is it because everyone is knife catcher? Or everyone is thinking they will return to 400k? No, it’s because you don’t get that many chances to buy cash flowing rentals, this year is one of those years. Or you can hem and how about how rent will go down, you wont be able to find a renter, that there is risk.
Here comes the sage advice, pay attention here. There is no way to eliminate risk with investments. You can minimize it, you can hedge against it, but you can’t eliminate it. Since you can’t win unless you play the game, any game, you goota get over the fear.
BTW SDR, I figured out Lamar, it’s the candy.
Participant[quote=scaredycat]seems unlikely a 130k house would rent for 1500 for long. [/quote]
It would seem that way but it isn’t. I watched them build the places I referenced, sold new in 02 and 03 for 180-200 range, they rented for $1500 (give or take a hundred based on model and location). In 2006 they were going for just under 400k, still renting for $1500, some recently went for 130k, still renting for $1500, sometimes $1400 for the smallest model. Nice places, 1600 sq ft 3/3, 2 car, nothing fancy, but not shabby either.
I thought of buying one as a rental in 2003, the rent multiplier was o.k., but not great, in 2006 the rent multiplier was stupid, now that it is great, under 100x, there are 10 offers when they are priced that low. Is it because everyone is knife catcher? Or everyone is thinking they will return to 400k? No, it’s because you don’t get that many chances to buy cash flowing rentals, this year is one of those years. Or you can hem and how about how rent will go down, you wont be able to find a renter, that there is risk.
Here comes the sage advice, pay attention here. There is no way to eliminate risk with investments. You can minimize it, you can hedge against it, but you can’t eliminate it. Since you can’t win unless you play the game, any game, you goota get over the fear.
BTW SDR, I figured out Lamar, it’s the candy.
Participant[quote=scaredycat]seems unlikely a 130k house would rent for 1500 for long. [/quote]
It would seem that way but it isn’t. I watched them build the places I referenced, sold new in 02 and 03 for 180-200 range, they rented for $1500 (give or take a hundred based on model and location). In 2006 they were going for just under 400k, still renting for $1500, some recently went for 130k, still renting for $1500, sometimes $1400 for the smallest model. Nice places, 1600 sq ft 3/3, 2 car, nothing fancy, but not shabby either.
I thought of buying one as a rental in 2003, the rent multiplier was o.k., but not great, in 2006 the rent multiplier was stupid, now that it is great, under 100x, there are 10 offers when they are priced that low. Is it because everyone is knife catcher? Or everyone is thinking they will return to 400k? No, it’s because you don’t get that many chances to buy cash flowing rentals, this year is one of those years. Or you can hem and how about how rent will go down, you wont be able to find a renter, that there is risk.
Here comes the sage advice, pay attention here. There is no way to eliminate risk with investments. You can minimize it, you can hedge against it, but you can’t eliminate it. Since you can’t win unless you play the game, any game, you goota get over the fear.
BTW SDR, I figured out Lamar, it’s the candy.
Participant[quote=scaredycat]seems unlikely a 130k house would rent for 1500 for long. [/quote]
It would seem that way but it isn’t. I watched them build the places I referenced, sold new in 02 and 03 for 180-200 range, they rented for $1500 (give or take a hundred based on model and location). In 2006 they were going for just under 400k, still renting for $1500, some recently went for 130k, still renting for $1500, sometimes $1400 for the smallest model. Nice places, 1600 sq ft 3/3, 2 car, nothing fancy, but not shabby either.
I thought of buying one as a rental in 2003, the rent multiplier was o.k., but not great, in 2006 the rent multiplier was stupid, now that it is great, under 100x, there are 10 offers when they are priced that low. Is it because everyone is knife catcher? Or everyone is thinking they will return to 400k? No, it’s because you don’t get that many chances to buy cash flowing rentals, this year is one of those years. Or you can hem and how about how rent will go down, you wont be able to find a renter, that there is risk.
Here comes the sage advice, pay attention here. There is no way to eliminate risk with investments. You can minimize it, you can hedge against it, but you can’t eliminate it. Since you can’t win unless you play the game, any game, you goota get over the fear.
BTW SDR, I figured out Lamar, it’s the candy.
Participant[quote=wannabe2077]I visited a friend in Inland Empire. he lives in a place with a lot of foreclosures.
Rents have dropped from $2000 to $1500 for 3 bedroom home in a decent neighborhood
[/quote]
Well I rented in one of the nicest places in the I.E. for the last couple of years and paid 1500 for a 3 br 3 ba, I just checked, rents haven’t budged in my old place. My anectdotal story vs yours, was the 2k rent overpriced? Be careful of basing economic conditions on a visit to friends house.
On the investor discussion, there are many people who choose to invest in R/E with no plan to ever sell, this may shock you but they are a chunk of the mom and pop investors. It also happens to be my plan. Let’s pull a Chris berman and go “inside the numbers,” not the marco economic numbers but the micro personal finance numbers. My anectdotal friend/relative story, retired couple with cash in cd’s, frustrated with current yields, fearful of inflation, decide to plunk down 130k to pay cash for a rental that rents/is rented for $1500 with $400 carry costs (hoa, taxes, maint reserve), so their yield is $1100 a month instead of 300 or 400 that they were getting. Ignoring appreciation entirely, the ability to triple or quad their cash flow makes it a wise choice, is it speculation? maybe, but for them it’s a bottom line decision to go with a better yield, if it goes up in value in ten years, that’s just a bonus but it’s not the plan. If cd rates hit 10%, then that cash would have been better left alone, so it is a bet, but a fairly safe one for someone with cash and retired, rents track inflation fairly well. They aren’t speculating with borrowed money, they own their primary outright, have a nice balanced portfolio and income stream as retirees, they just made a decision to place their bet with some of their cash, maybe they are the only ones out there in that situation but I have suspicion they aren’t, that there are many wise, prudent and conservative folks out there going against the grain, like they always have and it will likely work like it always has before.
Participant[quote=wannabe2077]I visited a friend in Inland Empire. he lives in a place with a lot of foreclosures.
Rents have dropped from $2000 to $1500 for 3 bedroom home in a decent neighborhood
[/quote]
Well I rented in one of the nicest places in the I.E. for the last couple of years and paid 1500 for a 3 br 3 ba, I just checked, rents haven’t budged in my old place. My anectdotal story vs yours, was the 2k rent overpriced? Be careful of basing economic conditions on a visit to friends house.
On the investor discussion, there are many people who choose to invest in R/E with no plan to ever sell, this may shock you but they are a chunk of the mom and pop investors. It also happens to be my plan. Let’s pull a Chris berman and go “inside the numbers,” not the marco economic numbers but the micro personal finance numbers. My anectdotal friend/relative story, retired couple with cash in cd’s, frustrated with current yields, fearful of inflation, decide to plunk down 130k to pay cash for a rental that rents/is rented for $1500 with $400 carry costs (hoa, taxes, maint reserve), so their yield is $1100 a month instead of 300 or 400 that they were getting. Ignoring appreciation entirely, the ability to triple or quad their cash flow makes it a wise choice, is it speculation? maybe, but for them it’s a bottom line decision to go with a better yield, if it goes up in value in ten years, that’s just a bonus but it’s not the plan. If cd rates hit 10%, then that cash would have been better left alone, so it is a bet, but a fairly safe one for someone with cash and retired, rents track inflation fairly well. They aren’t speculating with borrowed money, they own their primary outright, have a nice balanced portfolio and income stream as retirees, they just made a decision to place their bet with some of their cash, maybe they are the only ones out there in that situation but I have suspicion they aren’t, that there are many wise, prudent and conservative folks out there going against the grain, like they always have and it will likely work like it always has before.
Participant[quote=wannabe2077]I visited a friend in Inland Empire. he lives in a place with a lot of foreclosures.
Rents have dropped from $2000 to $1500 for 3 bedroom home in a decent neighborhood
[/quote]
Well I rented in one of the nicest places in the I.E. for the last couple of years and paid 1500 for a 3 br 3 ba, I just checked, rents haven’t budged in my old place. My anectdotal story vs yours, was the 2k rent overpriced? Be careful of basing economic conditions on a visit to friends house.
On the investor discussion, there are many people who choose to invest in R/E with no plan to ever sell, this may shock you but they are a chunk of the mom and pop investors. It also happens to be my plan. Let’s pull a Chris berman and go “inside the numbers,” not the marco economic numbers but the micro personal finance numbers. My anectdotal friend/relative story, retired couple with cash in cd’s, frustrated with current yields, fearful of inflation, decide to plunk down 130k to pay cash for a rental that rents/is rented for $1500 with $400 carry costs (hoa, taxes, maint reserve), so their yield is $1100 a month instead of 300 or 400 that they were getting. Ignoring appreciation entirely, the ability to triple or quad their cash flow makes it a wise choice, is it speculation? maybe, but for them it’s a bottom line decision to go with a better yield, if it goes up in value in ten years, that’s just a bonus but it’s not the plan. If cd rates hit 10%, then that cash would have been better left alone, so it is a bet, but a fairly safe one for someone with cash and retired, rents track inflation fairly well. They aren’t speculating with borrowed money, they own their primary outright, have a nice balanced portfolio and income stream as retirees, they just made a decision to place their bet with some of their cash, maybe they are the only ones out there in that situation but I have suspicion they aren’t, that there are many wise, prudent and conservative folks out there going against the grain, like they always have and it will likely work like it always has before.
Participant[quote=wannabe2077]I visited a friend in Inland Empire. he lives in a place with a lot of foreclosures.
Rents have dropped from $2000 to $1500 for 3 bedroom home in a decent neighborhood
[/quote]
Well I rented in one of the nicest places in the I.E. for the last couple of years and paid 1500 for a 3 br 3 ba, I just checked, rents haven’t budged in my old place. My anectdotal story vs yours, was the 2k rent overpriced? Be careful of basing economic conditions on a visit to friends house.
On the investor discussion, there are many people who choose to invest in R/E with no plan to ever sell, this may shock you but they are a chunk of the mom and pop investors. It also happens to be my plan. Let’s pull a Chris berman and go “inside the numbers,” not the marco economic numbers but the micro personal finance numbers. My anectdotal friend/relative story, retired couple with cash in cd’s, frustrated with current yields, fearful of inflation, decide to plunk down 130k to pay cash for a rental that rents/is rented for $1500 with $400 carry costs (hoa, taxes, maint reserve), so their yield is $1100 a month instead of 300 or 400 that they were getting. Ignoring appreciation entirely, the ability to triple or quad their cash flow makes it a wise choice, is it speculation? maybe, but for them it’s a bottom line decision to go with a better yield, if it goes up in value in ten years, that’s just a bonus but it’s not the plan. If cd rates hit 10%, then that cash would have been better left alone, so it is a bet, but a fairly safe one for someone with cash and retired, rents track inflation fairly well. They aren’t speculating with borrowed money, they own their primary outright, have a nice balanced portfolio and income stream as retirees, they just made a decision to place their bet with some of their cash, maybe they are the only ones out there in that situation but I have suspicion they aren’t, that there are many wise, prudent and conservative folks out there going against the grain, like they always have and it will likely work like it always has before.
Participant[quote=wannabe2077]I visited a friend in Inland Empire. he lives in a place with a lot of foreclosures.
Rents have dropped from $2000 to $1500 for 3 bedroom home in a decent neighborhood
[/quote]
Well I rented in one of the nicest places in the I.E. for the last couple of years and paid 1500 for a 3 br 3 ba, I just checked, rents haven’t budged in my old place. My anectdotal story vs yours, was the 2k rent overpriced? Be careful of basing economic conditions on a visit to friends house.
On the investor discussion, there are many people who choose to invest in R/E with no plan to ever sell, this may shock you but they are a chunk of the mom and pop investors. It also happens to be my plan. Let’s pull a Chris berman and go “inside the numbers,” not the marco economic numbers but the micro personal finance numbers. My anectdotal friend/relative story, retired couple with cash in cd’s, frustrated with current yields, fearful of inflation, decide to plunk down 130k to pay cash for a rental that rents/is rented for $1500 with $400 carry costs (hoa, taxes, maint reserve), so their yield is $1100 a month instead of 300 or 400 that they were getting. Ignoring appreciation entirely, the ability to triple or quad their cash flow makes it a wise choice, is it speculation? maybe, but for them it’s a bottom line decision to go with a better yield, if it goes up in value in ten years, that’s just a bonus but it’s not the plan. If cd rates hit 10%, then that cash would have been better left alone, so it is a bet, but a fairly safe one for someone with cash and retired, rents track inflation fairly well. They aren’t speculating with borrowed money, they own their primary outright, have a nice balanced portfolio and income stream as retirees, they just made a decision to place their bet with some of their cash, maybe they are the only ones out there in that situation but I have suspicion they aren’t, that there are many wise, prudent and conservative folks out there going against the grain, like they always have and it will likely work like it always has before.
ParticipantThe point of driving a porsche is not to drive fast, but to get certain types of women to sleep with you on occassion. Have I taught you nothing, why do I slave over a hot keyboard?
Feeling you have the right to do something isn’t always enough justification when you share that road with others. If you can prove that nobody driving fast in a sports car on an open highway or in the desert has ever killed another person, then I will support your right to selectively follow laws.
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