[temeculaguy]

Bob, do you not like FHA loans because you read they were risky or that they look similar to the toxic loans of the past. I can probably help you over those fears. Buyers today are a little freightened and some people are buying properties that need considerable work, two good reasons for FHA’s newfound popularity. They have been making this exact loan for decades, it is not a toxic loan, it often has a fixed rate and payment. People with 30% down are opting for them out of fear, hoping to keep their cash reserves as large as possible and it’s not a bad strategy right now.

3X income is safe, like sdengineer pointed out, the percentage of income to housing debt is low, lower than any underwriting standard now, or in the past. people making 140k buying a 400k house is safe, skin in the game is less than optimal but that’s not the driving force in foreclosures it’s just a factor, adjustable rates, teaser loans, neg ams, stated loans, that is the culprit. Also people today that still make that kind of money are more likely to survive layoffs or pay cuts, there may be more in store but a lot of the fat has already been trimmed or the red flags are there, sure anyone can lose their income at any time in any economy, but at some point you can exhale.

The odds of a 24% income to housing debt ratio person with a solid track record of paying their bills actually has extremely good odds, if it were a game in a casino I’d bet it. Fha has been taking on some of those government assistance to fb programs and those aren’t a safe play for the taxpayer but sdengineer and the op are fine with my tax money. believe it or not, some people still pay their mortgage even if they go upside down, especially when their mortgage is the same as rent because when they look at the big picture, walking away and renting doesn’t look that good on paper for them, they will still have to pay the same amount, this is where houses near rent nuetral become low risk for foreclosure. the repos’s you are seeing happen now are mostly to people looking at entirely different numbers, if they walk away they can rent for half and their payment adjusted up to the point they couldn’t afford it, they aren’t looking at an equity hiccup, they will need a decade to get even and they have no ability to survive the year, they placed an unsustainable bet on appreciation and they were wrong. One the numbers work based on Zero appreciation ever, then it gets my stamp of approval.

BTW SDengineer, good numbers, good contingency plan, you get a gold star, well done!!

[temeculaguy]

Bob, do you not like FHA loans because you read they were risky or that they look similar to the toxic loans of the past. I can probably help you over those fears. Buyers today are a little freightened and some people are buying properties that need considerable work, two good reasons for FHA’s newfound popularity. They have been making this exact loan for decades, it is not a toxic loan, it often has a fixed rate and payment. People with 30% down are opting for them out of fear, hoping to keep their cash reserves as large as possible and it’s not a bad strategy right now.

3X income is safe, like sdengineer pointed out, the percentage of income to housing debt is low, lower than any underwriting standard now, or in the past. people making 140k buying a 400k house is safe, skin in the game is less than optimal but that’s not the driving force in foreclosures it’s just a factor, adjustable rates, teaser loans, neg ams, stated loans, that is the culprit. Also people today that still make that kind of money are more likely to survive layoffs or pay cuts, there may be more in store but a lot of the fat has already been trimmed or the red flags are there, sure anyone can lose their income at any time in any economy, but at some point you can exhale.

The odds of a 24% income to housing debt ratio person with a solid track record of paying their bills actually has extremely good odds, if it were a game in a casino I’d bet it. Fha has been taking on some of those government assistance to fb programs and those aren’t a safe play for the taxpayer but sdengineer and the op are fine with my tax money. believe it or not, some people still pay their mortgage even if they go upside down, especially when their mortgage is the same as rent because when they look at the big picture, walking away and renting doesn’t look that good on paper for them, they will still have to pay the same amount, this is where houses near rent nuetral become low risk for foreclosure. the repos’s you are seeing happen now are mostly to people looking at entirely different numbers, if they walk away they can rent for half and their payment adjusted up to the point they couldn’t afford it, they aren’t looking at an equity hiccup, they will need a decade to get even and they have no ability to survive the year, they placed an unsustainable bet on appreciation and they were wrong. One the numbers work based on Zero appreciation ever, then it gets my stamp of approval.

BTW SDengineer, good numbers, good contingency plan, you get a gold star, well done!!

[temeculaguy]

Bob, do you not like FHA loans because you read they were risky or that they look similar to the toxic loans of the past. I can probably help you over those fears. Buyers today are a little freightened and some people are buying properties that need considerable work, two good reasons for FHA’s newfound popularity. They have been making this exact loan for decades, it is not a toxic loan, it often has a fixed rate and payment. People with 30% down are opting for them out of fear, hoping to keep their cash reserves as large as possible and it’s not a bad strategy right now.

3X income is safe, like sdengineer pointed out, the percentage of income to housing debt is low, lower than any underwriting standard now, or in the past. people making 140k buying a 400k house is safe, skin in the game is less than optimal but that’s not the driving force in foreclosures it’s just a factor, adjustable rates, teaser loans, neg ams, stated loans, that is the culprit. Also people today that still make that kind of money are more likely to survive layoffs or pay cuts, there may be more in store but a lot of the fat has already been trimmed or the red flags are there, sure anyone can lose their income at any time in any economy, but at some point you can exhale.

The odds of a 24% income to housing debt ratio person with a solid track record of paying their bills actually has extremely good odds, if it were a game in a casino I’d bet it. Fha has been taking on some of those government assistance to fb programs and those aren’t a safe play for the taxpayer but sdengineer and the op are fine with my tax money. believe it or not, some people still pay their mortgage even if they go upside down, especially when their mortgage is the same as rent because when they look at the big picture, walking away and renting doesn’t look that good on paper for them, they will still have to pay the same amount, this is where houses near rent nuetral become low risk for foreclosure. the repos’s you are seeing happen now are mostly to people looking at entirely different numbers, if they walk away they can rent for half and their payment adjusted up to the point they couldn’t afford it, they aren’t looking at an equity hiccup, they will need a decade to get even and they have no ability to survive the year, they placed an unsustainable bet on appreciation and they were wrong. One the numbers work based on Zero appreciation ever, then it gets my stamp of approval.

BTW SDengineer, good numbers, good contingency plan, you get a gold star, well done!!

[temeculaguy]

Bob, do you not like FHA loans because you read they were risky or that they look similar to the toxic loans of the past. I can probably help you over those fears. Buyers today are a little freightened and some people are buying properties that need considerable work, two good reasons for FHA’s newfound popularity. They have been making this exact loan for decades, it is not a toxic loan, it often has a fixed rate and payment. People with 30% down are opting for them out of fear, hoping to keep their cash reserves as large as possible and it’s not a bad strategy right now.

3X income is safe, like sdengineer pointed out, the percentage of income to housing debt is low, lower than any underwriting standard now, or in the past. people making 140k buying a 400k house is safe, skin in the game is less than optimal but that’s not the driving force in foreclosures it’s just a factor, adjustable rates, teaser loans, neg ams, stated loans, that is the culprit. Also people today that still make that kind of money are more likely to survive layoffs or pay cuts, there may be more in store but a lot of the fat has already been trimmed or the red flags are there, sure anyone can lose their income at any time in any economy, but at some point you can exhale.

The odds of a 24% income to housing debt ratio person with a solid track record of paying their bills actually has extremely good odds, if it were a game in a casino I’d bet it. Fha has been taking on some of those government assistance to fb programs and those aren’t a safe play for the taxpayer but sdengineer and the op are fine with my tax money. believe it or not, some people still pay their mortgage even if they go upside down, especially when their mortgage is the same as rent because when they look at the big picture, walking away and renting doesn’t look that good on paper for them, they will still have to pay the same amount, this is where houses near rent nuetral become low risk for foreclosure. the repos’s you are seeing happen now are mostly to people looking at entirely different numbers, if they walk away they can rent for half and their payment adjusted up to the point they couldn’t afford it, they aren’t looking at an equity hiccup, they will need a decade to get even and they have no ability to survive the year, they placed an unsustainable bet on appreciation and they were wrong. One the numbers work based on Zero appreciation ever, then it gets my stamp of approval.

BTW SDengineer, good numbers, good contingency plan, you get a gold star, well done!!

[temeculaguy]

2 years 7 weeks, guess that makes me middle aged in the realm. I lurked for a long time because the reality is I didn’t know squat about real estate, I didn’t understand the terminology or the abbreviations. I owned a few houses in my time on the planet but I went about it like most people do, I had a realtor show me houses or went to some models, picked one that I liked, asked how much, signed papers and sent a check every month where they told me to.

In about 05/06, through the joys of community property laws, I found myself shopping for a house. I was kind of blown away. I was in my late 30’s, I was making more money than I ever had and I had a larger downpayment than I ever had before, yet I couldn’t comfortably afford something equivalent to the house I owned when I was 22. Something stunk in denmark, so the research began.

I think I read about ten sites weekly, never posting, as time went on I followed more data sites and fewer blogs. Over time I pretty much only read this site (and ocrenter’s, but it had more O.C. stuff, I was a big fan just didn’t like the mood of most posters). I encountered a lot of authors in my journey, watched and listened to countless “experts.” There’s a lot of crap out there and in time it became easier to spot. Perhaps the one author (that was not a poster), who I never lost respect for, was Rich.

Somewhere around 3 or 4 years of reading every article written by Rich on this site and at the Voice, I have never been able to dispute or punch a hole in his opinions and research. He’s never asked me for money and like a lot of you I’ve met him in person, he’s sincere, he’s real and he’s real smart. It’s rare that you find such intelligent, unbiased articles without some angle or motive, plus he moderates the forums in a very mild way, never steering the conversations (unlike myself).

So that is why I kept reading, eventually became a regular poster, I start by reading Rich’s main article, then wander into the boards. Regardless when this real estate cycle ends, I’ll probably always read Rich’s analysis on this site or wherever his writing takes him. I go in phases as far as posting goes, but I never miss an article. I think of it like college, after listening to the professor, we students end up bullshitting in the dorms later. Just like college, you learn a little from both places.

[temeculaguy]

2 years 7 weeks, guess that makes me middle aged in the realm. I lurked for a long time because the reality is I didn’t know squat about real estate, I didn’t understand the terminology or the abbreviations. I owned a few houses in my time on the planet but I went about it like most people do, I had a realtor show me houses or went to some models, picked one that I liked, asked how much, signed papers and sent a check every month where they told me to.

In about 05/06, through the joys of community property laws, I found myself shopping for a house. I was kind of blown away. I was in my late 30’s, I was making more money than I ever had and I had a larger downpayment than I ever had before, yet I couldn’t comfortably afford something equivalent to the house I owned when I was 22. Something stunk in denmark, so the research began.

I think I read about ten sites weekly, never posting, as time went on I followed more data sites and fewer blogs. Over time I pretty much only read this site (and ocrenter’s, but it had more O.C. stuff, I was a big fan just didn’t like the mood of most posters). I encountered a lot of authors in my journey, watched and listened to countless “experts.” There’s a lot of crap out there and in time it became easier to spot. Perhaps the one author (that was not a poster), who I never lost respect for, was Rich.

Somewhere around 3 or 4 years of reading every article written by Rich on this site and at the Voice, I have never been able to dispute or punch a hole in his opinions and research. He’s never asked me for money and like a lot of you I’ve met him in person, he’s sincere, he’s real and he’s real smart. It’s rare that you find such intelligent, unbiased articles without some angle or motive, plus he moderates the forums in a very mild way, never steering the conversations (unlike myself).

So that is why I kept reading, eventually became a regular poster, I start by reading Rich’s main article, then wander into the boards. Regardless when this real estate cycle ends, I’ll probably always read Rich’s analysis on this site or wherever his writing takes him. I go in phases as far as posting goes, but I never miss an article. I think of it like college, after listening to the professor, we students end up bullshitting in the dorms later. Just like college, you learn a little from both places.

[temeculaguy]

2 years 7 weeks, guess that makes me middle aged in the realm. I lurked for a long time because the reality is I didn’t know squat about real estate, I didn’t understand the terminology or the abbreviations. I owned a few houses in my time on the planet but I went about it like most people do, I had a realtor show me houses or went to some models, picked one that I liked, asked how much, signed papers and sent a check every month where they told me to.

In about 05/06, through the joys of community property laws, I found myself shopping for a house. I was kind of blown away. I was in my late 30’s, I was making more money than I ever had and I had a larger downpayment than I ever had before, yet I couldn’t comfortably afford something equivalent to the house I owned when I was 22. Something stunk in denmark, so the research began.

I think I read about ten sites weekly, never posting, as time went on I followed more data sites and fewer blogs. Over time I pretty much only read this site (and ocrenter’s, but it had more O.C. stuff, I was a big fan just didn’t like the mood of most posters). I encountered a lot of authors in my journey, watched and listened to countless “experts.” There’s a lot of crap out there and in time it became easier to spot. Perhaps the one author (that was not a poster), who I never lost respect for, was Rich.

Somewhere around 3 or 4 years of reading every article written by Rich on this site and at the Voice, I have never been able to dispute or punch a hole in his opinions and research. He’s never asked me for money and like a lot of you I’ve met him in person, he’s sincere, he’s real and he’s real smart. It’s rare that you find such intelligent, unbiased articles without some angle or motive, plus he moderates the forums in a very mild way, never steering the conversations (unlike myself).

So that is why I kept reading, eventually became a regular poster, I start by reading Rich’s main article, then wander into the boards. Regardless when this real estate cycle ends, I’ll probably always read Rich’s analysis on this site or wherever his writing takes him. I go in phases as far as posting goes, but I never miss an article. I think of it like college, after listening to the professor, we students end up bullshitting in the dorms later. Just like college, you learn a little from both places.

[temeculaguy]

2 years 7 weeks, guess that makes me middle aged in the realm. I lurked for a long time because the reality is I didn’t know squat about real estate, I didn’t understand the terminology or the abbreviations. I owned a few houses in my time on the planet but I went about it like most people do, I had a realtor show me houses or went to some models, picked one that I liked, asked how much, signed papers and sent a check every month where they told me to.

In about 05/06, through the joys of community property laws, I found myself shopping for a house. I was kind of blown away. I was in my late 30’s, I was making more money than I ever had and I had a larger downpayment than I ever had before, yet I couldn’t comfortably afford something equivalent to the house I owned when I was 22. Something stunk in denmark, so the research began.

I think I read about ten sites weekly, never posting, as time went on I followed more data sites and fewer blogs. Over time I pretty much only read this site (and ocrenter’s, but it had more O.C. stuff, I was a big fan just didn’t like the mood of most posters). I encountered a lot of authors in my journey, watched and listened to countless “experts.” There’s a lot of crap out there and in time it became easier to spot. Perhaps the one author (that was not a poster), who I never lost respect for, was Rich.

Somewhere around 3 or 4 years of reading every article written by Rich on this site and at the Voice, I have never been able to dispute or punch a hole in his opinions and research. He’s never asked me for money and like a lot of you I’ve met him in person, he’s sincere, he’s real and he’s real smart. It’s rare that you find such intelligent, unbiased articles without some angle or motive, plus he moderates the forums in a very mild way, never steering the conversations (unlike myself).

So that is why I kept reading, eventually became a regular poster, I start by reading Rich’s main article, then wander into the boards. Regardless when this real estate cycle ends, I’ll probably always read Rich’s analysis on this site or wherever his writing takes him. I go in phases as far as posting goes, but I never miss an article. I think of it like college, after listening to the professor, we students end up bullshitting in the dorms later. Just like college, you learn a little from both places.

[temeculaguy]

2 years 7 weeks, guess that makes me middle aged in the realm. I lurked for a long time because the reality is I didn’t know squat about real estate, I didn’t understand the terminology or the abbreviations. I owned a few houses in my time on the planet but I went about it like most people do, I had a realtor show me houses or went to some models, picked one that I liked, asked how much, signed papers and sent a check every month where they told me to.

In about 05/06, through the joys of community property laws, I found myself shopping for a house. I was kind of blown away. I was in my late 30’s, I was making more money than I ever had and I had a larger downpayment than I ever had before, yet I couldn’t comfortably afford something equivalent to the house I owned when I was 22. Something stunk in denmark, so the research began.

I think I read about ten sites weekly, never posting, as time went on I followed more data sites and fewer blogs. Over time I pretty much only read this site (and ocrenter’s, but it had more O.C. stuff, I was a big fan just didn’t like the mood of most posters). I encountered a lot of authors in my journey, watched and listened to countless “experts.” There’s a lot of crap out there and in time it became easier to spot. Perhaps the one author (that was not a poster), who I never lost respect for, was Rich.

Somewhere around 3 or 4 years of reading every article written by Rich on this site and at the Voice, I have never been able to dispute or punch a hole in his opinions and research. He’s never asked me for money and like a lot of you I’ve met him in person, he’s sincere, he’s real and he’s real smart. It’s rare that you find such intelligent, unbiased articles without some angle or motive, plus he moderates the forums in a very mild way, never steering the conversations (unlike myself).

So that is why I kept reading, eventually became a regular poster, I start by reading Rich’s main article, then wander into the boards. Regardless when this real estate cycle ends, I’ll probably always read Rich’s analysis on this site or wherever his writing takes him. I go in phases as far as posting goes, but I never miss an article. I think of it like college, after listening to the professor, we students end up bullshitting in the dorms later. Just like college, you learn a little from both places.

[temeculaguy]

Beyond the obvious reason, like AN, it is my screen name for anything and everything else, that way I don’t forget my screen name when logging on to the various sites for porn, dating, swingers, cheating wives and any other place where there might be pictures of me naked.

Over time, I have been given the nickname “TG.” Not even sure who gave it to me but when spending time in the seedier part of the electronic world, I don’t use that nickname because it has a whole different meaning.

[temeculaguy]

Beyond the obvious reason, like AN, it is my screen name for anything and everything else, that way I don’t forget my screen name when logging on to the various sites for porn, dating, swingers, cheating wives and any other place where there might be pictures of me naked.

Over time, I have been given the nickname “TG.” Not even sure who gave it to me but when spending time in the seedier part of the electronic world, I don’t use that nickname because it has a whole different meaning.

[temeculaguy]

Beyond the obvious reason, like AN, it is my screen name for anything and everything else, that way I don’t forget my screen name when logging on to the various sites for porn, dating, swingers, cheating wives and any other place where there might be pictures of me naked.

Over time, I have been given the nickname “TG.” Not even sure who gave it to me but when spending time in the seedier part of the electronic world, I don’t use that nickname because it has a whole different meaning.

[temeculaguy]

Beyond the obvious reason, like AN, it is my screen name for anything and everything else, that way I don’t forget my screen name when logging on to the various sites for porn, dating, swingers, cheating wives and any other place where there might be pictures of me naked.

Over time, I have been given the nickname “TG.” Not even sure who gave it to me but when spending time in the seedier part of the electronic world, I don’t use that nickname because it has a whole different meaning.

[temeculaguy]

Beyond the obvious reason, like AN, it is my screen name for anything and everything else, that way I don’t forget my screen name when logging on to the various sites for porn, dating, swingers, cheating wives and any other place where there might be pictures of me naked.

Over time, I have been given the nickname “TG.” Not even sure who gave it to me but when spending time in the seedier part of the electronic world, I don’t use that nickname because it has a whole different meaning.

[temeculaguy]

Like AN, I recently purchased and thought I’d ride off into the sunset but am now contemplating an investment property. I’m finding it is even more complicated and has more variables than buying a house you live in. There are many people on the boards with experience as landlords and investors so I stay to steal all of their knowledge to further my evil plan to rule the world.

I also like to entertain carlsbadworker et. al., I’m hoping it’s one of the 12 steps so if I am ever forced into a 12 step program, I’ll already have few crossed off the list when I get there. Just thinking ahead.

“hot realtor chicks?” Where? Nobody said anything about hot realtor chicks, why am I always the last to know these things?

[Author]

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