Who's Who on Patnet?


By The Professor   Follow   Thu, 15 Nov 2012, 2:55pm   2,995 views   52 comments
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I came across Patrick.net when I lost a job in 2011 and wondered why the house we purchased for $375,000 in 2007 had depreciated to $105,000. I am an underwater owner.

There are a lot of different types on here.

Realtors, investors, homebuyers, homesellers, underwater owners, renters, and trolls.

Some fit in to more than one category.

Have I missed some categories?

What category are you?

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  1. MsBennet


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    13   10:41pm Thu 15 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Been interested in the RE market for the last 25 years I always wanted to "buy up" but still in my crummy old home we bought in 1989. I always regretted buying when we did. I guess we are stuck here. Seven years to payoff and the PITI is really low.

  2. The Professor


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    14   10:42pm Thu 15 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)  

    I could have swore we had more realtors on here?

  3. David9


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    Tarzana, CA

    15   10:48pm Thu 15 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Renter and Owner, Frustrated Buyer.

  4. Andy S


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    16   11:21pm Thu 15 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Sold house in UK in 2006, came to work in USA in 2007, rented from 2006 to 2011 when I finally decided to buy. Am not underwater.

  5. Ceffer


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    17   11:27pm Thu 15 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    Two homes mortgage free, one has a big refrigerator and boiling pot for cannibal anarchy. Temporarily retired, still trying to figure out what I want to be when I grow up. Come here for slumlord advice.

  6. Bigsby


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    18   1:42am Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    The Professor says

    I could have swore we had more realtors on here?

    That's just a result of War/Darrell/LiarWatch... accusing everyone of being a realtor who responds to his nonsense.

  7. wave9x


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    19   4:08am Fri 16 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    I first came here in 2008 as a lurking renter who waited out the bubble. I bought this year and I am not underwater. I'd advise readers to ignore the "permabears" who say prices always go down. They are just as bad as those during the bubble who were saying prices always go up.

  8. Philistine


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    20   4:50am Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Renter forever, apparently. Been loitering on patnet since 2007.

  9. StoutFiles


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    21   5:18am Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    The Professor says

    I came across Patrick.net when I lost a job in 2011 and wondered why the house we purchased for $375,000 in 2007 had depreciated to $105,000. I am an underwater owner.

    And you didn't walk away? Why?

  10. SeaSide5


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    22   7:45am Fri 16 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    A Commercial RE Appraiser who was castigated for my over-bearish ‘tude during the insane FL boom. A pariah at parties with talk of HELOC orgies when asked my opinion, I came to this site back then seeking reassurance and more ammunition for my bubble arguments.

    Also a renter then and now. Was ready to buy in 2004 when I was priced out - or grossed-out by prices.

  11. coriacci1


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    23   7:47am Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    i’m a cheaper to rent than buy in sf. I will never buy in this town, ever!

  12. lisalisa


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    New Lenox, IL

    24   7:52am Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Renter... looking to be a homeowner... I have no interest to be a landlord/slumlord... (aka Roberto)

    I discovered Patrick from a Person living in a Motorhome.

  13. The Professor


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    25   7:59am Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)  

    StoutFiles says

    The Professor says

    I came across Patrick.net when I lost a job in 2011 and wondered why the house we purchased for $375,000 in 2007 had depreciated to $105,000. I am an underwater owner.

    And you didn't walk away? Why?

    We like our house. We should break even around 2028, assuming we stay and B of A does not modify our mortgage.

  14. coriacci1


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    26   8:05am Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    lisalisa says

    I have no interest to be a landlord/slumlord... (aka Roberto)

    say it loud and say it proud!

  15. CaptainShuddup


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    27   8:06am Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike (1)  

    Business Analyst, Business Logic developer and Database designer.

    Moved into a house I was renting, until I could buy in 1999. In 2002 I was ready to shop, and saw the bubble was forming, as the prices had climbed on average 50 to 80K on the properties comparable I was shopping in 98-99, and realized that was not healthy inflation. Though I fully expected the market to self correct any day at that point. It was a long 11 year wait.
    I finally bought in 2010, am neither under water or have equity.
    I as we all, are merely at the fate of Zillow and the Appraisals office.
    I like the terms of my mortgage and is still in line with the place I rented for 11 years previously. So at the end of the day my house suits my needs.

    I bought for 160K the City says it's down to 119K(=lower taxes ca-ching), while Zillow says it's back up to 158K, and Trulia says my neighborhood is doing better than surrounding neighborhoods, that you would think would sell for more.

    But even if the Bubble gets re-inflated, and my house becomes worth $500K. Where in the hell am I going to go? If this place would be worth 500K then I sure as hell wouldn't be able to afford the trade up.

  16. FortWayne


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    28   8:36am Fri 16 Nov 2012   Share   Quote   Permalink   Like (4)   Dislike (1)  

    Neither.

    Just another frustrated individual who saw stupid excesses killing this nation, and later collapsing our economy. Many saw the housing crash coming, but I don't think anyone understood the magnitude of it.

    Very glad to have found patrick.net, it's a treasure trove of information.

  17. CaptainShuddup


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    29   8:55am Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike (1)  

    FortWayne says

    Many saw the housing crash coming, but I don't think anyone understood the magnitude of it.

    Oh we understood the magnitude of it. What I never expected was for the free market to be locked away in the London tower while politics played out in the guise to keep things artificially inflated. While our financial elite in this country dibbied up all of the bailout efforts to pad their own finances.

    I didn't expect a bailout for the homeowners, I had a friend that assured me the government would never the housing market collapse. I guess he counted on a bailout. But nobody, I mean nobody expected what we got.

  18. David Losh


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    30   9:49am Fri 16 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    CaptainShuddup says

    But nobody, I mean nobody expected what we got.

    I'm a Real Estate agent, who doesn't currently practice, because the market never hit equilibrium.

    I think we have a set of crooks in politics who saw exactly what was going on, and how to milk it.

    Private Equity today are buying up foreclosures enmasse, more so than after the Savings, and Loan scandal.

    The waters were tested with Japan's lost decade, and the Savings, and Loans. I don't find it a coincidence that George Bush was at the helm, or that Obama kept his cronies.

  19. upisdown


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    31   10:00am Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    David Losh says

    I think we have a set of crooks in politics who saw exactly what was going on, and how to milk it.

    Bankruptcy laws changed, reserves earning interest law that was to take effect was actually sped up by 3 years, banks more than hedging their own actions by betting against them.

    They knew not because they were smart, but because of the laws or lack of, allowed the banks to do what they wanted, and the banks came back to put in place laws and payoffs/perks that would deal with the coming fallout.

  20. FortWayne


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    32   10:28am Fri 16 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike (1)  

    CaptainShuddup says

    Oh we understood the magnitude of it. What I never expected was for the free market to be locked away in the London tower while politics played out in the guise to keep things artificially inflated. While our financial elite in this country dibbied up all of the bailout efforts to pad their own finances.

    I didn't expect a bailout for the homeowners, I had a friend that assured me the government would never the housing market collapse. I guess he counted on a bailout. But nobody, I mean nobody expected what we got.

    Was a huge eye opener in just who owns the country and how fraudulent our government really gets.

    Seemed like everyone in position was stealing from the nation as much as they could get away with. TP uprising was certainly a good shake up in the ranks to stop the bleeding.

  21. epitaph


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    33   12:02pm Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Investor, Renter. I'm not buying till interest rates return to normal, which may be a while.

  22. Michinaga


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    34   12:10pm Fri 16 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    Condo owner. I'm probably one of very few people to purchase their first home for cash; I live in Tokyo and banks generally won't lend to immigrants. I saved up my money diligently for nine years before buying a small condo for about $120k and then paying $30k to renovate it. The value of my condo has dropped by about 30% since I bought it, but since the dollar has tanked, and I've been living rent-free for four years, I'm still in the black in dollar terms.

  23. CrazyMan


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    35   12:12pm Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Renter/owner.

    I inherited the property I grew up in that was purchased in ~1959 and paid off in ~1973. Inherited the property tax as well (haha, suckers).

    Though I'd still like to buy another place, so I still look from time to time.

  24. turtledove


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    36   12:28pm Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Stay-at-home mom. Currently renting... Hoping to own again because I love all the trappings of homeownership. Refuse to do it until either prices or wages change.

    In the process of applying to PhD programs in economics. Fingers crossed.

  25. msbenet


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    37   5:41pm Fri 16 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Been interested in the RE market for the last 25 years I always wanted to "buy up" but still in my crummy old home we bought in 1989. I always regretted buying when we did. I guess we are stuck here. Seven years to payoff and the PITI is really low.

  26. ordertaker


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    38   6:29pm Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Homeowner, Landlord, Realtor, Property Manager, Former Flipper, Former New Home Salesperson

  27. T Stone


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    39   7:09pm Fri 16 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Real estate Broker and Notary. Renter, I sold in 2004 and the ex got the money when we divorced. I've been commenting about the bubble since 2005 at places like the Housing Bubble Blog, Sonoma Housing Bubble, and the Marin bubble blog as well as calculated risk and Naked capitalism. Patrick.net was the first place I found when I googled "Housing Bubble" way back when.

  28. taxee


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    40   8:40pm Fri 16 Nov 2012   Share   Quote   Permalink   Like (4)   Dislike  

    Ex owner sold '97, renter, pensioner waiting for the other shoe to drop, the checks to stop, and the turkeys to come home to roost. Then I buy coastal acreage with cash and grow yams.

  29. ordertaker


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    41   4:28am Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)  

    robertoaribas says

    So far, I've made this bubble my biotch!

    Lol. I got out unscathed other than being pretty well unemployed for the last six years. Since I'm not schooled in economics, I was lucky to buy and sell at optimal times.

  30. coriacci1


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    42   7:30am Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    CrazyMan says

    Inherited the property tax as well (haha, suckers).

    help us out please. divulge. how much do you pay in property tax?

  31. CrazyMan


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    43   8:04am Sat 17 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    A bit over $800 a year, but the house is in Santa Cruz not in Campbell.

    Don't get mad at me, I was too young to vote when prop 13 was passed :)

    Seeing as my income tax alone is over 60K a year (no write-offs, single) I'm going to go with "I pay enough".

  32. Bap33


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    44   11:58am Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike (2)  

    hunter gatherer

  33. Patrick


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    45   12:20pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)  

    robertoaribas says

    (-1)^(1/2) 2^3 Pi

    OK, sqrt of -1 is i, and 2^3 is 8, and what does Pi have to do with anything?

    "I ate pie"?

  34. The Professor


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    46   3:05pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)  

    Patrick says

    robertoaribas says

    (-1)^(1/2) 2^3 Pi

    OK, sqrt of -1 is i, and 2^3 is 8, and what does Pi have to do with anything?

    "I ate pie"?

    If you multiply it out it is imaginary Pi.

  35. New Renter


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    47   5:47pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Dan8267 says

    War says

    You forgot the construction biz.

    And ducks. There are a couple of ducks here.

    Quack!

  36. New Renter


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    48   5:55pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    turtledove says

    In the process of applying to PhD programs in economics. Fingers crossed.

    Have you done a cost-to-benefit on that? How are the job prospects for newly minted Ph.D.s in economics vs where you are now?

  37. New Renter


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    49   5:58pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Back to the OT:

    Former owner, that was burned in the last bubble now I'm a bitter permabearish renter.

  38. taxee


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    50   6:12pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    New Renter says

    How are the job prospects for newly minted Ph.D.s in economics vs where you are now?

    Mouth the right propaganda and you'll do just fine.

  39. New Renter


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    51   8:35pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    taxee says

    New Renter says

    How are the job prospects for newly minted Ph.D.s in economics vs where you are now?

    Mouth the right propaganda and you'll do just fine.

    Shit you don't need a Ph.D. for THAT

  40. jsmarket


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    52   3:00am Sun 18 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    We bought in Washington DC in late '95... turned out to be a perfect time as Mayor Marion 'Crackhead' Barry announced soon after buying he was leaving office - prices zoomed overnight. Our $255K house sold for $550K in late 2002.....and we probably didn't put $25,000 in updates in all that while. Net gain.

    Moved to NorCal in late 2002. Weren't sure we were staying so we signed 2 year lease. We decided to stay, my business was so-so, so we leased for another 2 years. By 2006, housing prices were madness, so we signed on for another 2 years. By 2008, house prices came down a lot....but, I was too scared to commit scanning the carnage around...so we signed another 2 year lease. In 2010, we seriously looked at homes, but we didn't find anything that was priced reasonably....so we took another 2 year lease.

    In mid-2012, we scouted and saw dozens of homes. One we loved back in 2010 was still on the market - at 20% less than in 2010. We have good credit and good income so we got a mortgage commitment from Union Bank and bid 10% less than asking and the owners gave in. It was just good timing - the owners had 2 teenage sons and couldn't afford college without ditching the house for something smaller (they built in 2000 so they had equity in it)

    So, I don't know how to characterize myself: I've been a happy homeowner, a quasi-happy renter (except for saving money, it's hard for me to love the concept of renting) and a happy homeowner again.

    A patient and lucky bastard might be the best description for me. Visiting Patrick.net every so often rounds out my knowledge level.

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