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temeculaguy
ParticipantHats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.
I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.
I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.
ParticipantHats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.
I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.
I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.
ParticipantHats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.
I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.
I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.
ParticipantHats off to you for admitting it. From memory you were heavily pressured by your spouse, it’s a good thing to let that be a lesson to others. I somewhat remember your income/debt/savings numbers and you didn’t have a downpayment then so it’s unlikely you have one now, you won’t be able to buy a second house using the rent the current house out plan with zero down and income insufficient to carry both. Getting financing for the second one is harder and the lending game has changed since last year. I say you are in it for the long haul but you said you were when you were arguing with us last year even though you admitted it was too small of a house. At this point you can only print out the redfin listings and put them in a drawer, then the next time your lovely bride decides she wants what she wants and she wants it now you can take out the printouts and use them as leverage.
I believe your scenario last year prompted me to write one of my favorite posts of all time. Here’s a synopsis; I still think that when there are two spouses in disagreement over when to buy this plan is ideal. It’s quite easy, feel free to invite your better half to read this before purchasing. Every couple has an activity or an act that one person likes and the other one is opposed to, you will have to insert your own act or activity in the following formula. To keep it clean, lets say you like to go to the gym and your spouse hates it but your spouse really wants that house that you think will come down in price. You never get to go to the gym becuase she doesn’t like it and is always complaining about it. Tell her that if you buy that house at, let’s say 350k to use your situation and it drops below 300k, not only will you go to the gym 5 times a week while it is below 300k but it it drops below 250k, she goes with you every time and she is not permitted to complain. So you win either way, you make money in real estate or you get to do your favorite thing while you are waiting. If she truly believes that it wont go down, she will take the bet and if you truly believe it will and wont recover for years, those will be happy years.
I realize that going to the gym, going to church or bike riding isn’t what most of my piggington brothers will choose as the stakes for the bet. 90% of you will choose a sexual act (to occur at will at least weekly), and I highly encourage that. If you do choose that, make the 300k an act that normally only happens on birthdays and the 250k act one that she would never consider. Then when you walk around the office and the topic of your bubble era real estate purchase comes up, you will resond with, “I know, I’m totally upside down, isn’t it great, I hope the market never recovers.” There are however guys married to women who have no boundaries and need no encouragement so in that case, just buy her whatever she wants because you are the luckiest guy in the world.
ParticipantNormally they just pay taxes on the land but they pay it from the time the aquire it so often they have paid taxes for years before they sell. They also pay for building permits and inspections which are “taxes.” When the house is complete and it sells, it is assessed at the sales price so the tax goes up for the buyer since the new purchase price is higher than the land price was. Normally the house sells at the same time it is completed, what is happening now is abnormal but it would be difficult for the county to assess standing inventory because the value is hard to set (if it was worth what they are asking it would have sold). The trouble for the builder with standing inventory is not the tax burden, it’s the interest. They buy the land, materials and labor often times with borrowed money, until it sells they are losing money. They do not get to live in it while it sits like a reseller does but they get to make the mortgage payment. The worst thing is their stock gets hammered because standing inventory slices into their profit margin and the lack of sales and profit pound their stock prices, most builder stocks are down 50-90%. If they lower their prices, blow out their inventory and break even for a quarter or two they will make millions from the stock rise. I think D R is trying to do that, they want to be declared the best bet in the industry as far as their stock goes, many builders will fold in this downturn and the ones that survive will be in better position for the next cycle. What is better for a company, selling at cost and surviving or holding the line on prices and going bankrupt?
ParticipantNormally they just pay taxes on the land but they pay it from the time the aquire it so often they have paid taxes for years before they sell. They also pay for building permits and inspections which are “taxes.” When the house is complete and it sells, it is assessed at the sales price so the tax goes up for the buyer since the new purchase price is higher than the land price was. Normally the house sells at the same time it is completed, what is happening now is abnormal but it would be difficult for the county to assess standing inventory because the value is hard to set (if it was worth what they are asking it would have sold). The trouble for the builder with standing inventory is not the tax burden, it’s the interest. They buy the land, materials and labor often times with borrowed money, until it sells they are losing money. They do not get to live in it while it sits like a reseller does but they get to make the mortgage payment. The worst thing is their stock gets hammered because standing inventory slices into their profit margin and the lack of sales and profit pound their stock prices, most builder stocks are down 50-90%. If they lower their prices, blow out their inventory and break even for a quarter or two they will make millions from the stock rise. I think D R is trying to do that, they want to be declared the best bet in the industry as far as their stock goes, many builders will fold in this downturn and the ones that survive will be in better position for the next cycle. What is better for a company, selling at cost and surviving or holding the line on prices and going bankrupt?
ParticipantNormally they just pay taxes on the land but they pay it from the time the aquire it so often they have paid taxes for years before they sell. They also pay for building permits and inspections which are “taxes.” When the house is complete and it sells, it is assessed at the sales price so the tax goes up for the buyer since the new purchase price is higher than the land price was. Normally the house sells at the same time it is completed, what is happening now is abnormal but it would be difficult for the county to assess standing inventory because the value is hard to set (if it was worth what they are asking it would have sold). The trouble for the builder with standing inventory is not the tax burden, it’s the interest. They buy the land, materials and labor often times with borrowed money, until it sells they are losing money. They do not get to live in it while it sits like a reseller does but they get to make the mortgage payment. The worst thing is their stock gets hammered because standing inventory slices into their profit margin and the lack of sales and profit pound their stock prices, most builder stocks are down 50-90%. If they lower their prices, blow out their inventory and break even for a quarter or two they will make millions from the stock rise. I think D R is trying to do that, they want to be declared the best bet in the industry as far as their stock goes, many builders will fold in this downturn and the ones that survive will be in better position for the next cycle. What is better for a company, selling at cost and surviving or holding the line on prices and going bankrupt?
ParticipantNormally they just pay taxes on the land but they pay it from the time the aquire it so often they have paid taxes for years before they sell. They also pay for building permits and inspections which are “taxes.” When the house is complete and it sells, it is assessed at the sales price so the tax goes up for the buyer since the new purchase price is higher than the land price was. Normally the house sells at the same time it is completed, what is happening now is abnormal but it would be difficult for the county to assess standing inventory because the value is hard to set (if it was worth what they are asking it would have sold). The trouble for the builder with standing inventory is not the tax burden, it’s the interest. They buy the land, materials and labor often times with borrowed money, until it sells they are losing money. They do not get to live in it while it sits like a reseller does but they get to make the mortgage payment. The worst thing is their stock gets hammered because standing inventory slices into their profit margin and the lack of sales and profit pound their stock prices, most builder stocks are down 50-90%. If they lower their prices, blow out their inventory and break even for a quarter or two they will make millions from the stock rise. I think D R is trying to do that, they want to be declared the best bet in the industry as far as their stock goes, many builders will fold in this downturn and the ones that survive will be in better position for the next cycle. What is better for a company, selling at cost and surviving or holding the line on prices and going bankrupt?
ParticipantNormally they just pay taxes on the land but they pay it from the time the aquire it so often they have paid taxes for years before they sell. They also pay for building permits and inspections which are “taxes.” When the house is complete and it sells, it is assessed at the sales price so the tax goes up for the buyer since the new purchase price is higher than the land price was. Normally the house sells at the same time it is completed, what is happening now is abnormal but it would be difficult for the county to assess standing inventory because the value is hard to set (if it was worth what they are asking it would have sold). The trouble for the builder with standing inventory is not the tax burden, it’s the interest. They buy the land, materials and labor often times with borrowed money, until it sells they are losing money. They do not get to live in it while it sits like a reseller does but they get to make the mortgage payment. The worst thing is their stock gets hammered because standing inventory slices into their profit margin and the lack of sales and profit pound their stock prices, most builder stocks are down 50-90%. If they lower their prices, blow out their inventory and break even for a quarter or two they will make millions from the stock rise. I think D R is trying to do that, they want to be declared the best bet in the industry as far as their stock goes, many builders will fold in this downturn and the ones that survive will be in better position for the next cycle. What is better for a company, selling at cost and surviving or holding the line on prices and going bankrupt?
ParticipantPencilneck may be right, I just read some of the details and it looks to be a “payday advance” on next years income tax refund. If this turns out to be the case, it’s just a shell game, no cause for alarm. All us dumb people who don’t work hard and make way too much money to qualify aren’t going to get screwed afterall, what a relief, now I can go back to blathering.
ParticipantPencilneck may be right, I just read some of the details and it looks to be a “payday advance” on next years income tax refund. If this turns out to be the case, it’s just a shell game, no cause for alarm. All us dumb people who don’t work hard and make way too much money to qualify aren’t going to get screwed afterall, what a relief, now I can go back to blathering.
ParticipantPencilneck may be right, I just read some of the details and it looks to be a “payday advance” on next years income tax refund. If this turns out to be the case, it’s just a shell game, no cause for alarm. All us dumb people who don’t work hard and make way too much money to qualify aren’t going to get screwed afterall, what a relief, now I can go back to blathering.
ParticipantPencilneck may be right, I just read some of the details and it looks to be a “payday advance” on next years income tax refund. If this turns out to be the case, it’s just a shell game, no cause for alarm. All us dumb people who don’t work hard and make way too much money to qualify aren’t going to get screwed afterall, what a relief, now I can go back to blathering.
ParticipantPencilneck may be right, I just read some of the details and it looks to be a “payday advance” on next years income tax refund. If this turns out to be the case, it’s just a shell game, no cause for alarm. All us dumb people who don’t work hard and make way too much money to qualify aren’t going to get screwed afterall, what a relief, now I can go back to blathering.
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