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Originally Posted by Lenny2
Anybody who got a 4.75% rate on an ARM when they could have gotten a fixed 30 yr rate of 5.5% is too stupid to be a homeowner IMHO.
Same goes for all the idiots who thought they were geniuses buying "investment" properties AFTER prices had shot up 100% over 5 years.
They're no different than the people who mortgaged themselves to the hilt to buy the NASDAQ at 5000. "Gee this dot com stuff will just keep booming forever"
Apparently they don't teach financial common sense in the public schools.
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You are soooooo right the fuck on!
I'm a retard sometimes and a genius sometimes but I could see what you've just posted a long time ago.
My neighborhood prices shot up 200% in 5 years easy. Taxes are kicking the homeowner's asses too. Utilities etc.
In my line of work regarding cartooning and animation people lost their homes during the Michael Eisner years at Disney. I grieve not for many of them as they thought that happy kingdom shit would last forever and nobody bitched when their co-worker got fucked out of their job, til it was their turn. Like what happened in Germany to the Jews when the Nazis started rolling.
I've had to look at the practical side of things and realize I'm way more lucky and smarter in some respects but a dumb ass in others. At least I've come to my senses though. I saw the value of the web years ago when everyone else was laughing at how it was a fad. A day doesn't go by without some former colleague of mine begging for work. It's a shame. Some guys get a gig and buy the biggest fucking house and with no guarantee of self determined employment in the long run and sure enough they end up fucked.
I've re-invested excess capital into classes and courses that improve my knowledge of the web and traditional art. I can now take a year and hit the pedal to the metal to be bigger better and badder at art and by default increase my income substantially. By that time I can buy up some good properties that I can turn into studios. Work from home.
A home should generate capital by default and I like to work from home. By coupling online art with fine art like oil painting/portraits I can roll in the dough with fun work. Take that excess capital and build equity into a property instead of buying up everything under the Sun.
Yeah there's gonna be foreclosures like a mo' fo' soon. The cycle will start all over again but this time there's not going to be a price drop in new homes. These prices are going to grow, maybe not fast but will grow. The only thing that will boost these prices is the disaster factor.
If a big enough quake hits California, prices will drop like a fucking rock and the entire country will feel the ramifications. I'm surprised Florida has any real estate. The only reason it does is because it's a 'drug trafficking state'. Tourism and dope generate capital.
So when those foreclosures start and the alligators come out of the swamp that'll push prices back up as people will be outbidding each other like crazy.