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99.9% Debt free. Only owe Dell $500 and $100 on a Capitol 1 Card. Sold the house. Moved into a rental. Getting the hell out of this country before the shit hits the fan.
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The market was over inflated by creative financing and low interest rates to make the economy look much better then it really is. Now that we can't sustain the low interest rates they will come up with some very creative foreclosure methods that allow people to stay in their homes but unfortunately give the deeds to investment banks.
I don't think the real shit is going to hit the fan until about 2010. That's when the USA has to use about 20% of all taxes just to pay the interest on the debt that Dubya has created.
Interest rates and unemployment will be way high by then.Comment
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what shit exactly? no one can predict the future.Originally posted by G-RoticaComment
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impossible.Originally posted by boneprone333-765-551Comment
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that depends on where in california you're looking....Originally posted by kBizzle333-765-551Comment
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I bought 87.1 acres in OK up in the mountains about a year ago. Its near a little town called Red Oak. No utilities for 6 miles and no paved roads. I got the mineral rights, too. Dirt cheap. Represenatives for timber companies have been up there, they are offering me more than what I paid for the land to do selective cutting.Originally posted by Greg B
The land is remote as hell now and cheap. But when I am old and getting ready to retire, rich people from nearby. OKC will be building thier retreat homes in the area, and it will be worth a shitload. And even if they dont, I dont care. I'll make my purchase price back by carefully managing the woodlands and there is still the oil issue. Nearest gas well is 4 miles... word is there is gas under all the land there.
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Most people buy guns to take care of this issue. Buy some guns. A few off the books. You'll be fine.Originally posted by G-RoticaComment
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everyone wants to live like a celeb on a 30k salaryOriginally posted by 4PicsComment
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mind if i ask how much those condos are going for?Originally posted by boneproneComment
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thanks to everyone who posted. I have learned a tremendous amount based on different opinions.
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Called optimizing your cash flow....Originally posted by boneprone
Enables you to purchase more properties....
How much is your equity earning you right now?
Option Arms are great if you know how to use them. The problem is people were doing option arms based on their current income levels and bought more house then they can afford.
For the Investor MTA's are the way to go even if appreciation is a mere 6% annually.We are what we repeatedly do.-AristotleComment
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On the local Los Angeles news today they announced that the average working family with a $100k salary cannot afford to buy a home in the area. Even at $500k which is the average price in my hometown in upstate NY people can't afford it in California? That sucks moldy moose balls.
You gotta get rich or die tryin'.Comment
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Oh, when I first moved to LA back in '99 if you made $30k you could actually live decent. It was like having $90k in New York.Originally posted by bigdog
Try that shit nowadays! No fucking way. It's fucking scary out here. It really is. I'm watching people actually DIE cause they can't afford a decent apartment much less a mortgage and their jobs are metropolitan at that.
Add to that the cost of gas and health care and you're fucked if you're not pulling in $60k after taxes. With GM buying out over 100,000 workers that's a sign of things to come.
We're overpriced in this country on the basics and necessities and the wages ain't rising. It's a make break point where you can't even afford to get married much less have a family. Now you know why drug trafficking is so prevalent because when push comes to shove that extra ill-gotten loot keeps a roof over your head and medical bills paid.Comment
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You are one brilliant mo' fo'! What do you do for internet access?Originally posted by minusonebitI bought 87.1 acres in OK up in the mountains about a year ago. Its near a little town called Red Oak. No utilities for 6 miles and no paved roads. I got the mineral rights, too. Dirt cheap. Represenatives for timber companies have been up there, they are offering me more than what I paid for the land to do selective cutting.
The land is remote as hell now and cheap. But when I am old and getting ready to retire, rich people from nearby. OKC will be building thier retreat homes in the area, and it will be worth a shitload. And even if they dont, I dont care. I'll make my purchase price back by carefully managing the woodlands and there is still the oil issue. Nearest gas well is 4 miles... word is there is gas under all the land there.
See, you're following a logic I've had to consider recently. In my case, I'm a professional artist and writer and can cover my ass in more ways than one. I sat down with my accountant last week and he said that in my situation all I would need is to save a couple of years and put $200k in the bank, buy land like you did and there are some great finds for $50k if that. I could do one portrait painting a month and still make 6 figures for just 12 hours work. Not to mention comics shit online too.
When you live in the Boonies
you have a mortgage that's like $240 a month and taxes ain't shit. With self sufficiency kits like green houses, wind power etc. you can live like The Jetsons and write shit off. Sure it's out there but it's better to have more money in your pocket for emergencies than not.
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Originally posted by Greg B
Thats what intrest only mortgages are for, going to catch up with themComment
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http://www.breitbart.com/news/2006/03/23/D8GHBQNG4.html
Well maybe I was wrong. Unexpected increase in existing home last month.Comment
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Interest rates are still low but rising. Lots of people are buying now knowing the interest rates are on the rise. Hard to tell if these are people who are playing it safe or just buying a house to buy a house and really can't afford it........Originally posted by Greg BComment
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Shit Mike, I remember in LA in November you telling me this would happen soon.Originally posted by onlymoviesComment
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I see a lot of people who see the rates rising and their first thought is "I better buy a house NOW!" w/o any concerns as to if they can actually AFFORD a house. They don't think about repairs, home equipment they've never needed if they've been in apartments, pest control THEY have to pay for instead of their landlord or even window treatments. They tap out their savings putting down 5%, times get rough and then they're screwed.Comment
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What's good about offsetting rising housing costs and upkeep is that every year there are more opportunities via the web and technology for people like us to make great loot.
The ease of distribution of products and access to the public makes it easier to sell something and do very well. If you're going to go for a home of considerable value you need to have your game plan in place so you've got the property making money by default and growing in value but you're also spending time exploiting new niches of capital as well as investing in yourself with how-to courses such as landscaping and repair. Just a few changes to a property can raise it's value considerably. Buying multiple homes and renting is a nightmare scenario to me unless I'm renting to other artists that I KNOW. Artists are always looking for get away places at reasonable prices with landlords they KNOW. Just the peace of mind. So if you have a country place with a mortgage around $700 a month you can easily rent it for twice that much and keep it viable without too much effort save for upkeep. You can hire someone for the ground work.Comment
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http://www.breitbart.com/news/2006/03/24/D8GI0TIO0.html
WTF? Now they're saying in February sales of new homes plummeted to a 9 year record.
With this much conflicting info it's time to keep an eye peeled for some shit.Comment
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