[urbanrealtor]

To Gandalf:
Did you ever actually answer those questions?
If so it got lost during the my nap that was caused by your various manifestos (or is that manifesti?).Its unfortunate because you seem like you have something to offer in the way of intelligent discourse but you keep spending time being a pundit and hitting others over the head with verbal sticks. I would really like to hear your views on that list of questions.

To Allen:
It is good to have someone to bring the level of conversation up a bit. I don’t agree with most of the things you have said but my best conversations are generally with those I disagree with.

To Aecetia:
First okay get an easier to spell name because I went to school in the US and am therefor totally dependent on spellcheck. Maybe rename yourself “cup” or “Jim” or something. Good posts.

To Surveyor:
Most of your actual nuggets of viewpoint get lost in the lists of how Obama misspelled potato(e) or complaints about how Barack is dumb or uninformed. Okay I heard that 3 pages of posts ago. Saying he is dumb (or uninformed) is not a good response to his foreign policy assertions. Stating that his plan to do x is flawed because of particular issue y might be a good argument.

I am open to being convinced that his approaches are flawed. I am not open to being told he is spicoli. Even if I believed that, it just really doesn’t apply. I don’t hate George Bush because he is an affable fratboy whom I consider dumb. I actually find that endearing. I hate that I am regularly confronted with decisions from his office which I find irritating or offensive.
If the questions from the article are irrelevant then please explain why and don’t direct me to the pages of previous posts. I will listen. I may not agree but I would like to at least have a chance to hear them clarified. Please respond. I really am interested in hearing your viewpoint. I don’t go on blogs just to hear people who agree with me.

To Casca:
There are a lot of blogs where everybody just sits around agreeing or flaming and never engaging in conversation. You seem like you would like one of those better. Can anybody suggest a few?

Okay to quote Johnny Storm, FLAME ON!

[urbanrealtor]

To Gandalf:
Did you ever actually answer those questions?
If so it got lost during the my nap that was caused by your various manifestos (or is that manifesti?).Its unfortunate because you seem like you have something to offer in the way of intelligent discourse but you keep spending time being a pundit and hitting others over the head with verbal sticks. I would really like to hear your views on that list of questions.

To Allen:
It is good to have someone to bring the level of conversation up a bit. I don’t agree with most of the things you have said but my best conversations are generally with those I disagree with.

To Aecetia:
First okay get an easier to spell name because I went to school in the US and am therefor totally dependent on spellcheck. Maybe rename yourself “cup” or “Jim” or something. Good posts.

To Surveyor:
Most of your actual nuggets of viewpoint get lost in the lists of how Obama misspelled potato(e) or complaints about how Barack is dumb or uninformed. Okay I heard that 3 pages of posts ago. Saying he is dumb (or uninformed) is not a good response to his foreign policy assertions. Stating that his plan to do x is flawed because of particular issue y might be a good argument.

I am open to being convinced that his approaches are flawed. I am not open to being told he is spicoli. Even if I believed that, it just really doesn’t apply. I don’t hate George Bush because he is an affable fratboy whom I consider dumb. I actually find that endearing. I hate that I am regularly confronted with decisions from his office which I find irritating or offensive.
If the questions from the article are irrelevant then please explain why and don’t direct me to the pages of previous posts. I will listen. I may not agree but I would like to at least have a chance to hear them clarified. Please respond. I really am interested in hearing your viewpoint. I don’t go on blogs just to hear people who agree with me.

To Casca:
There are a lot of blogs where everybody just sits around agreeing or flaming and never engaging in conversation. You seem like you would like one of those better. Can anybody suggest a few?

Okay to quote Johnny Storm, FLAME ON!

[urbanrealtor]

[quote=SD Realtor]Yeah I hear ya…

OCR go get this one. BTW it does have an offer already into the lender.

Hypothetically speaking… Let’s just say you are an unscrupulous broker who owns a home… and of course you do mortgages to… let’s not forget that one… So you make a deal with a “friend” of yours who may not care so much about his credit rating… You sell your house to your friend at an inflated price… you get help from an appraiser, find some brainless lender…perhaps first franklin and they fund the loan for your friend. You get paid off, and of course there are no commissions to pay since you are the broker for both sides, AND you got the loan so why not get another point or two. Then you pay for your friend to live in the house for say a year or two. Then your friend sells it short. Your friend basically has no assets or transferred many of his assets to your name or into a trust or into a family members name. So… your friend got to live in a nice LCV home free for a year and a half… you didn’t take a bath on a home which you bought at peak pricing in 2005… and the lender gets scratched for about 400k…

I am “sure” that is not the case here… shame on me for pulling the conspiracy card…[/quote]

(somewhat off topic) Nice SDRealtor.
Well pulled and well played.

If you never have, call Todd Lackner for your next buyer. He is the appraiser who works for the DOJ hunting straw buyers (you likely already knew this). He is really a kick to get chatting about the crazy lending schemes.

There is some complex in El Cajon where straw buyers bought 80 of 120 conversion units in bulk with nothing down (largely with different banks and owner occ loans) and for over asking. After seller kickback to them, they walked and left 40 units and homeowners to maintain the complex. Wow.

[urbanrealtor]

[quote=SD Realtor]Yeah I hear ya…

OCR go get this one. BTW it does have an offer already into the lender.

Hypothetically speaking… Let’s just say you are an unscrupulous broker who owns a home… and of course you do mortgages to… let’s not forget that one… So you make a deal with a “friend” of yours who may not care so much about his credit rating… You sell your house to your friend at an inflated price… you get help from an appraiser, find some brainless lender…perhaps first franklin and they fund the loan for your friend. You get paid off, and of course there are no commissions to pay since you are the broker for both sides, AND you got the loan so why not get another point or two. Then you pay for your friend to live in the house for say a year or two. Then your friend sells it short. Your friend basically has no assets or transferred many of his assets to your name or into a trust or into a family members name. So… your friend got to live in a nice LCV home free for a year and a half… you didn’t take a bath on a home which you bought at peak pricing in 2005… and the lender gets scratched for about 400k…

I am “sure” that is not the case here… shame on me for pulling the conspiracy card…[/quote]

(somewhat off topic) Nice SDRealtor.
Well pulled and well played.

If you never have, call Todd Lackner for your next buyer. He is the appraiser who works for the DOJ hunting straw buyers (you likely already knew this). He is really a kick to get chatting about the crazy lending schemes.

There is some complex in El Cajon where straw buyers bought 80 of 120 conversion units in bulk with nothing down (largely with different banks and owner occ loans) and for over asking. After seller kickback to them, they walked and left 40 units and homeowners to maintain the complex. Wow.

[urbanrealtor]

[quote=SD Realtor]Yeah I hear ya…

OCR go get this one. BTW it does have an offer already into the lender.

Hypothetically speaking… Let’s just say you are an unscrupulous broker who owns a home… and of course you do mortgages to… let’s not forget that one… So you make a deal with a “friend” of yours who may not care so much about his credit rating… You sell your house to your friend at an inflated price… you get help from an appraiser, find some brainless lender…perhaps first franklin and they fund the loan for your friend. You get paid off, and of course there are no commissions to pay since you are the broker for both sides, AND you got the loan so why not get another point or two. Then you pay for your friend to live in the house for say a year or two. Then your friend sells it short. Your friend basically has no assets or transferred many of his assets to your name or into a trust or into a family members name. So… your friend got to live in a nice LCV home free for a year and a half… you didn’t take a bath on a home which you bought at peak pricing in 2005… and the lender gets scratched for about 400k…

I am “sure” that is not the case here… shame on me for pulling the conspiracy card…[/quote]

(somewhat off topic) Nice SDRealtor.
Well pulled and well played.

If you never have, call Todd Lackner for your next buyer. He is the appraiser who works for the DOJ hunting straw buyers (you likely already knew this). He is really a kick to get chatting about the crazy lending schemes.

There is some complex in El Cajon where straw buyers bought 80 of 120 conversion units in bulk with nothing down (largely with different banks and owner occ loans) and for over asking. After seller kickback to them, they walked and left 40 units and homeowners to maintain the complex. Wow.

[urbanrealtor]

[quote=SD Realtor]Yeah I hear ya…

OCR go get this one. BTW it does have an offer already into the lender.

Hypothetically speaking… Let’s just say you are an unscrupulous broker who owns a home… and of course you do mortgages to… let’s not forget that one… So you make a deal with a “friend” of yours who may not care so much about his credit rating… You sell your house to your friend at an inflated price… you get help from an appraiser, find some brainless lender…perhaps first franklin and they fund the loan for your friend. You get paid off, and of course there are no commissions to pay since you are the broker for both sides, AND you got the loan so why not get another point or two. Then you pay for your friend to live in the house for say a year or two. Then your friend sells it short. Your friend basically has no assets or transferred many of his assets to your name or into a trust or into a family members name. So… your friend got to live in a nice LCV home free for a year and a half… you didn’t take a bath on a home which you bought at peak pricing in 2005… and the lender gets scratched for about 400k…

I am “sure” that is not the case here… shame on me for pulling the conspiracy card…[/quote]

(somewhat off topic) Nice SDRealtor.
Well pulled and well played.

If you never have, call Todd Lackner for your next buyer. He is the appraiser who works for the DOJ hunting straw buyers (you likely already knew this). He is really a kick to get chatting about the crazy lending schemes.

There is some complex in El Cajon where straw buyers bought 80 of 120 conversion units in bulk with nothing down (largely with different banks and owner occ loans) and for over asking. After seller kickback to them, they walked and left 40 units and homeowners to maintain the complex. Wow.

[urbanrealtor]

[quote=SD Realtor]Yeah I hear ya…

OCR go get this one. BTW it does have an offer already into the lender.

Hypothetically speaking… Let’s just say you are an unscrupulous broker who owns a home… and of course you do mortgages to… let’s not forget that one… So you make a deal with a “friend” of yours who may not care so much about his credit rating… You sell your house to your friend at an inflated price… you get help from an appraiser, find some brainless lender…perhaps first franklin and they fund the loan for your friend. You get paid off, and of course there are no commissions to pay since you are the broker for both sides, AND you got the loan so why not get another point or two. Then you pay for your friend to live in the house for say a year or two. Then your friend sells it short. Your friend basically has no assets or transferred many of his assets to your name or into a trust or into a family members name. So… your friend got to live in a nice LCV home free for a year and a half… you didn’t take a bath on a home which you bought at peak pricing in 2005… and the lender gets scratched for about 400k…

I am “sure” that is not the case here… shame on me for pulling the conspiracy card…[/quote]

(somewhat off topic) Nice SDRealtor.
Well pulled and well played.

If you never have, call Todd Lackner for your next buyer. He is the appraiser who works for the DOJ hunting straw buyers (you likely already knew this). He is really a kick to get chatting about the crazy lending schemes.

There is some complex in El Cajon where straw buyers bought 80 of 120 conversion units in bulk with nothing down (largely with different banks and owner occ loans) and for over asking. After seller kickback to them, they walked and left 40 units and homeowners to maintain the complex. Wow.

[urbanrealtor]

I don’t really see the 1% as a sustainable number anymore than the the other way around a few years ago.

Market timing sure worked well for many in Temecula 4 years ago.

Bottom line: if you can buy what you like for about what you would pay in rent (which is a very real situation in much of the county), then its not a bad idea.

If you are over extending, then wait to see if it comes down or reconsider your priorities.

To quote our brilliant president, this is not rocket surgery. These are just fundamentals. Again fundamentals are better than market timing.

[urbanrealtor]

I don’t really see the 1% as a sustainable number anymore than the the other way around a few years ago.

Market timing sure worked well for many in Temecula 4 years ago.

Bottom line: if you can buy what you like for about what you would pay in rent (which is a very real situation in much of the county), then its not a bad idea.

If you are over extending, then wait to see if it comes down or reconsider your priorities.

To quote our brilliant president, this is not rocket surgery. These are just fundamentals. Again fundamentals are better than market timing.

[urbanrealtor]

I don’t really see the 1% as a sustainable number anymore than the the other way around a few years ago.

Market timing sure worked well for many in Temecula 4 years ago.

Bottom line: if you can buy what you like for about what you would pay in rent (which is a very real situation in much of the county), then its not a bad idea.

If you are over extending, then wait to see if it comes down or reconsider your priorities.

To quote our brilliant president, this is not rocket surgery. These are just fundamentals. Again fundamentals are better than market timing.

[urbanrealtor]

I don’t really see the 1% as a sustainable number anymore than the the other way around a few years ago.

Market timing sure worked well for many in Temecula 4 years ago.

Bottom line: if you can buy what you like for about what you would pay in rent (which is a very real situation in much of the county), then its not a bad idea.

If you are over extending, then wait to see if it comes down or reconsider your priorities.

To quote our brilliant president, this is not rocket surgery. These are just fundamentals. Again fundamentals are better than market timing.

[urbanrealtor]

I don’t really see the 1% as a sustainable number anymore than the the other way around a few years ago.

Market timing sure worked well for many in Temecula 4 years ago.

Bottom line: if you can buy what you like for about what you would pay in rent (which is a very real situation in much of the county), then its not a bad idea.

If you are over extending, then wait to see if it comes down or reconsider your priorities.

To quote our brilliant president, this is not rocket surgery. These are just fundamentals. Again fundamentals are better than market timing.

[urbanrealtor]

[quote=sdgldnbear]Nope not El Cortez. Math makes sense (and means it won’t flow) when you consider paying interest on full purchase price rather than 80%, plus taxes, HOA, insurance, maintenance.

Example. I have seen places listed in the $200k to $225k range that rent for around $1300-$1500/mo. $200k is 150x $1300 (roughly) and $225k is 150x $1500. That’s a great value for resale someday, but monthly expenses on a $200k place at say 6.5% are upwards of $1700 or $1800 if you’re honest with yourself about every likely expense.

Hence my question whether the negative $200 or so per month is worth it if you can buy at 150x rent.[/quote]

I do not generally recommend predicating investment based on expectation of future profit (versus current performance). However, if there was something that really seems like it will pop then do it. EG, Acqua Vista has 2br stuff on the 11th floor with a harbor view for less than 300k.
Its absurd. But we really have no way of compensating for the unknown that is future value.

I also don’t make it a practice to tell clients, friends, or blog buddies not to buy. I am just saying be careful. A potential economic event could throw even “common sense” about future values out the window. And negative cash flow always sucks. Good luck.

[urbanrealtor]

[quote=sdgldnbear]Nope not El Cortez. Math makes sense (and means it won’t flow) when you consider paying interest on full purchase price rather than 80%, plus taxes, HOA, insurance, maintenance.

Example. I have seen places listed in the $200k to $225k range that rent for around $1300-$1500/mo. $200k is 150x $1300 (roughly) and $225k is 150x $1500. That’s a great value for resale someday, but monthly expenses on a $200k place at say 6.5% are upwards of $1700 or $1800 if you’re honest with yourself about every likely expense.

Hence my question whether the negative $200 or so per month is worth it if you can buy at 150x rent.[/quote]

I do not generally recommend predicating investment based on expectation of future profit (versus current performance). However, if there was something that really seems like it will pop then do it. EG, Acqua Vista has 2br stuff on the 11th floor with a harbor view for less than 300k.
Its absurd. But we really have no way of compensating for the unknown that is future value.

I also don’t make it a practice to tell clients, friends, or blog buddies not to buy. I am just saying be careful. A potential economic event could throw even “common sense” about future values out the window. And negative cash flow always sucks. Good luck.

[urbanrealtor]

[quote=sdgldnbear]Nope not El Cortez. Math makes sense (and means it won’t flow) when you consider paying interest on full purchase price rather than 80%, plus taxes, HOA, insurance, maintenance.

Example. I have seen places listed in the $200k to $225k range that rent for around $1300-$1500/mo. $200k is 150x $1300 (roughly) and $225k is 150x $1500. That’s a great value for resale someday, but monthly expenses on a $200k place at say 6.5% are upwards of $1700 or $1800 if you’re honest with yourself about every likely expense.

Hence my question whether the negative $200 or so per month is worth it if you can buy at 150x rent.[/quote]

I do not generally recommend predicating investment based on expectation of future profit (versus current performance). However, if there was something that really seems like it will pop then do it. EG, Acqua Vista has 2br stuff on the 11th floor with a harbor view for less than 300k.
Its absurd. But we really have no way of compensating for the unknown that is future value.

I also don’t make it a practice to tell clients, friends, or blog buddies not to buy. I am just saying be careful. A potential economic event could throw even “common sense” about future values out the window. And negative cash flow always sucks. Good luck.

[Author]

Posts