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  • On 21 Apr 2014 in Five groups that lie about the housing market, E-man said:

    Tim,

    Nice find. Since Feb 2009 till June 2013, I have helped my family, some siblings and pkennedy (a Patnet user that I connected with on this site) gaining over $3.5M in equity and cashflow. Wife and I tallied up this number a couple of nights ago so it's fresh off the mill.

    Pkennedy has gained just shy of $400k in equity and cashflow since we teamed up in late 2011. We're currently controlling over $2M worth of real estate now with over $1M in equity. Patrick himself and several Patnet members have met and know my partner Pkennedy. They also exchanged emails off-line with my partner so they can confirm this without an issue. Unlike some bullshitters and trolls on here who do nothing but a disservice to the Patnet community.

    If you post something positive, they say you're bragging. I guess they only like negative news around here. Well, Pkennedy and I are planning on cashing out in 2016. That should be some nice chunk of change. Bulls make money; bears make money; perma-bears don't make shit.

  • On 21 Apr 2014 in Global Currency Reset Coming, E-man said:

    So what are you doing to protect yourself and your family from this global currency reset?

  • On 18 Apr 2014 in Five groups that lie about the housing market, E-man said:

    CaffeineAddict says

    Why 2017? I keep seeing this number on zerohedge as well. But then again zerohedge is the epitome of perma-bear.

    If you studied history, the market crashed in 1929 (Great Depression). We made a recovery and entered the next recession in 1937.

    2009 (Great Recession)...... 2017??? I'd be conservative and say the market will top out in 2006. Better safe than sorry.

    Zerohedge is a bunch of perma-bears. Tyler Durden is an idiot.

  • On 18 Apr 2014 in CME futures point to more housing price gains, E-man said:

    That's not possible. Home prices are on the verge of collapsing. I heard it on Patnet since 1998.

  • On 18 Apr 2014 in Five groups that lie about the housing market, E-man said:

    EastCoastBubbleBoy says

    Good counterpoints. Particularly 1, 2 and 5.

    Although I now am a homedebtor and don't post much, I still lurk.

    I'm thankful that I pulled the trigger when I did.

    I'd like to say I made a data driven decision based on all the great feedback here at this site - but truth be told I just got lucky.

    That said, this place does have it's pulse on where things are, and more importantly, where they are headed next.

    (Trolls and permabears notwithstanding)

    To echo what you said above, when the sky is cleared, it's way too late. The saying of "buy when there's blood in the street" is very true.

    I was nervous seeing you kept on waiting and waiting to pull the trigger. You barely got in at the tail end of the cycle. Congrats for pulling the trigger.

    I know quite a few people that wish they had pulled the trigger. One of my tenants is currently shopping for a house. Ironically, they were so negative toward housing when their friends bought houses in 2011 - 2012. They even talked their friends out of buying houses at those prices. Now, they're a little panic because prices are 30% higher than just from a couple of years ago. They NOW feel that home prices will likely go higher because of the tech boom in the Silicon Valley, which has created a lot of millionaires in the recent years and will likely created even more millionaires in the coming years.

    This couple is in their early 30's and is making close to $250k/year. It's ironic to see it comes in full circle.

    Looks like @seaside is still renting. Hope @TechGromit is doing well.

    @CDon, I got out of FB and made some money. I guess it was a lucky bet. :0)

  • On 17 Apr 2014 in The Housing Recovery That Never Was is Over, E-man said:

    smaulgld says

    And foreign buyers and investors have scaled back their purchases

    They were the most capable of paying the higher prices

    The first time home buyer cant

    When the FTHB can, it's time to unload real estate. That would be next year and the year after.

  • On 17 Apr 2014 in LA prices soar, sales plument, E-man said:

    iwog says

    If Hillary wins, she will be unable to stop what's coming and will probably be blamed with the help of the right wing media. That would be the wost case scenario although unfortunately the most likely.

    You just proved my point. The market will do what it will do. The politicians are just puppets. All of us are going along for the ride. Just be sure to get off the train before the crash.

    If history is any indication, we will enter recession in 2017. So the time to get off the train is summer 2016 although I don't mind getting off the train a little early, which is summer 2015. Rather be safe than sorry.

  • On 17 Apr 2014 in Property taxes going up in CA, E-man said:

    RentingForHalfTheCost says

    E-man says

    That's fine. Just raise your tenant's rent by $50/month. That should cover the property tax increase. Use the rest of the money and take your kids to buy some toys and yogurt. Problem solved.

    Except for the 2 months of vacancy when the tenant moves down the road for cheaper rent. You can recover the lose in about 4 years, so no worries.

    2 months of vacancy in the Bay Area huh? Wait until your landlord decides to give you a 30- or 60-day notice. We'll see if you can find a cheaper place.

    The landlords are the ones holding the iron grip now, not the renters. The rental market is almost as tight as the dotcom years. Have fun living in your dream world.

  • On 17 Apr 2014 in SFBA Residential Construction Projects, E-man said:

    SFace says

    Santa Clara County and San Jose in particular is the fastest growing county in California. The construction is not keeping pace. For 16M sq feet of apartment space, some commerical space are going up just as fast in proportion.

    5% vacancy rate will lead to rent hike. You'll need 7% vacancy rate to stop rents from going up. When net migration is hitting 30K people plus, that is not enough to bump down the vacancy rates.

    Our county assessor, Larry Stone, mentioned that the vacancy rate in San Jose is currently at 3.9% a couple of weeks ago at SJREI. No wonder why rents have been going up quite a bit in the recent years. Based on Avalon Bay's projection, it appears that the rate of rent increase will slow down a bit this year although 4% in rent increase annually is not bad. I'll take that anyday.

  • On 16 Apr 2014 in Cockroaches Rain From Ceiling at Blue Ribbon Sushi, E-man said:

    All restaurants have coachroaches and rats. It's just that you don't see them.

  • On 16 Apr 2014 in Swiss Public To Vote On $22.99 / Hour Minimum Wage - Not a Misprint, E-man said:

    Nice. We should do the same here. That should benefit landlords like iwog and Roberto. Just beautiful.

  • On 16 Apr 2014 in Property taxes going up in CA, E-man said:

    That's fine. Just raise your tenant's rent by $50/month. That should cover the property tax increase. Use the rest of the money and take your kids to buy some toys and yogurt. Problem solved.

  • On 15 Apr 2014 in My take on the soft existing home sales numbers today, E-man said:

    New Renter says

    hanhvu02 says

    so, no way to buy the house in SCal now. Extremly expensive.

    should wait in next couple years, right Logan ?

    I thought they were bloody expensive in 2009-11. Apparantly there were enough people with cash who thought differently and still do.

    I'm not sure what you guys were looking at. I was doing extensive research in 2009, and the data clearly revealed that home prices were cheapest ever to own compared to rent. Also, the data indicated that monthly mortgage payments relative to income was at historical low when you factored in the low interest rates. The housing market capitulated in late 2008 when Lehman Brothers collapsed. The writing was on the wall that it was an opportunity once in a lifetime. Of course, some argued against the market. 5 years later and they are still arguing and blaming others for their missing the boat.

    On the bright side, some individuals capitalized on this opportunity and made a fortune. Some became multi-millionaires in a few short years and never have to work ever again. How does it feel to kiss that W-2 job good bye forever? Wake up when you want. Go to bed when you want. Buy whatever you want and don't have to worry about the price tag. Everyday is a Saturday or a Sunday or any day you want it to be. It's unfortunate to see some people on Patnet still believe they are smarter than the market.

    THE MARKET IS NEVER WRONG. DON'T ARGUE WITH IT OR YOU WILL GET MURDERED.

  • On 10 Apr 2014 in Without iwog and roberto has pnet become too "fair and balanced" (aka lopsided, E-man said:

    EBGuy says

    The $500k 4/2 (1,380 sq.ft.) home in iwogLand fell out of contract (no longer pending on Redfin) and has been relisted. That said, inventory in my hood is next to nothing. I have half a mind to sell... the other half of mind knows my family needs a place to live.

    It should sell almost right away at $475k. It's ironic that these SFHs were selling for the mid $200k at the bottom of the housing market. Iwog got rewarded for going against the bears.

  • On 9 Apr 2014 in Without iwog and roberto has pnet become too "fair and balanced" (aka lopsided, E-man said:

    Well, we put in an offer for this apartment building and didn't get it. It closed in 9 days for $130k above list price. Of course, it's not possible according to Patneters.

    http://www.redfin.com/CA/Redwood-City/436-Clinton-St-94062/home/2021871

  • On 6 Apr 2014 in SFBA Residential Construction Projects, E-man said:

    The numbers say it all. The moment you get into wealthier neighborhoods, the less new construction you see, and you wonder why real estate in the Peninsula is expensive. See how anti-development these NIMBYs? Go ahead and justify all you want.

  • On 6 Apr 2014 in Clear bubble danger in Southern California, E-man said:

    Bellingham Bill says

    prices go up until they go down.

    funny rents don't work that way tho

    Rents do go down during recession, but the rent drop is relatively insignificant compared to the rent increases. Inflation at work I see.

  • On 6 Apr 2014 in Soaring Housing Costs Driving Educated People From Big Cities, E-man said:

    I guess only the uneducated individuals are still living here.

  • On 3 Apr 2014 in wowza wowza look at all these great headlines on Patrick it is truly a new day!!, E-man said:

    If history is any indication, this market will top out around 230. It's hard to believe the housing market can go up another 25%- 30% from here, but history repeats itself.

    For those that have no clue what you're talking about, you're not doing the readers any favor by going around and chanting doom and gloom. Having heated debates are great because housing is a huge investment. Unfortunately, when you're trolling with housing is going to collapse around the corner with no data to back it up, you're potentially ruining someone else's life by listening to your ill advice. Remember, what goes around comes around.

  • On 30 Mar 2014 in OK, so youre bearish. What to do besides selling your house?, E-man said:

    New Renter says

    RedStar says

    All I had to do was leave the Bay area...

    Good for you!

    We need a lot more people like him to leave the Bay Area to ease up on home prices.

  • On 30 Mar 2014 in Marin sellers dump parasitical realtors, save huge fees, E-man said:

    As usual, Carolyn could have thrown away $200k to save $90k. We will never know do we?

  • On 27 Mar 2014 in We are reaching another real estate extreme., E-man said:

    bubblesitter says

    Oh great. Well, it"ll be interesting to see what it sells for. You have seen the place. Is it even worth it to get a meager cash flow?

    It's considered a trophy property. It's for an individual who needs a tax write-off with an appreciation/inflation hedge play more than a cashflow investment.

    With money being so cheap right now, the investor can wait and have the tenants paying-off the building for him/her. If you're a high networth individual, you can borrow a 5/1 commercial loan at 2.875% interest rate right now.

  • On 27 Mar 2014 in Home Sales Plunge Most In 3 Years, Drop 8th Months In A Row, E-man said:

    jojo says

    Where is iwog and his gang (huey, dewey, and louie)?

    Holy crap. The sky is falling. Interest rate is going to skyrocket as the fed tapers.

    Wait.....They have been tapering, but interest rate didn't go up.....Hmm.... Don't worry, interest rate will go up eventually.

  • On 27 Mar 2014 in We are reaching another real estate extreme., E-man said:

    @controllio,

    You're right. Looks like the owner has owned it for quite sometimes. It appeared that there were more than one owner initially. Maybe she bought others out. Who knows. I don't have time to go through all the Grant Deed to find out what's what.

    @bubblesitter, it's pending. Maybe the listing agent wasn't bluffing with me and had it sold for over list price. Will find out when it closes. I know they would have buyers at $1.3M - $1.35M. It was so unfortunate that the rehabbing work was so shoddy on such a beautiful building.

  • On 13 Mar 2014 in We are reaching another real estate extreme., E-man said:

    SFace says

    E-man says

    bubblesitter says

    Nice try. Still shows active. :)

    The status will be changed in a day or two.

    wow, that is incredible for a frat house near SJSU.

    Not sure it would be a frat house. Too far from SJSU.

    I was yanking bubblesitter's chains. I have been inside that building. The seller did a crappy job of rehabbing the building. Shoddy workmanship. Other than the travertine tile floor and some cheap stainless steel appliances, they used low grade materials almost everywhere inside the building. They did a horrific job of painting the inside as well as the outside of the building.

    One unit has been vacant, and I know why. It will be a challenge renting out this unit. It appears that whoever is buying this building will have to drop another $200k to rehab this place and make it right. The foundation/basement appeared to be not seismically reinforced/upgraded. Therefore, there's a high probability that banks will not lend on this building.

    With that said, they're looking for a sucker paying all cash for this building. I was sad after seeing the house. This gorgeous, 10-foot high ceiling on each floor, Victorian building was ruined by a tasteless woman flipper. Fortunately, money can fix its cosmetic, but it won't be cheap fixing it. This building will sit on the market for a while at that price.

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