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Happy Shitsgiving Patnet!


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2015 Nov 26, 7:55am   32,028 views  91 comments

by JasonM   ➕follow (0)   💰tip   ignore  

Being a renter back with the extended family is fan-fucking-tastic, isn’t it Patnet! All that housing shit you gave them years ago gets shoved back in your face in spades:
- Hey Jason, still renting huh, hows that waiting for the bottom working out for ya?
- Hey remember 5 years ago when you told me to sell and rent, waiting for the crash – LOL – gawd what a fucking disaster of advice that was. Say where you living these days?
- Hey still waiting on that “tidal wave” of inventory to crash prices – LOL – keep waaaaaating!!!
- Hey your wife was telling Kate in very hushed tones about you are paying FOUR FUCKING THOUSAND in rent these days? Couldn’t you have bought a few years ago for under 3K a month? Didnt you brag about how you were saving all that cash by renting? But if you could have bought for 3K and now rent for 4K how are you still winning? Oh well, keep renting, im sure it will work out for you...

ANOTHER PATNET VICTORY!!!

#Housing

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1   Patrick   2015 Nov 26, 8:23am  

lol, doing just fine in the stock market. can't give up my rental while it's still so far under market.

happy thanksgiving to you too!

2   _   2015 Nov 26, 8:35am  

Especially for my lady on this site :-)

All of you, eat well and enjoy your family, even the complaining nephew

http://blogs.wsj.com/briefly/2015/11/25/5-facts-to-silence-your-smug-millennial-nephew-this-thanksgiving/

3   JasonM   2015 Nov 26, 8:58am  


can't give up my rental while it's still so far under market.

IOW - as long as its good for me, fuck everyone else.

Tell me, was this the long term plan during the heyday of this site? Tell everyone (who by definition cannot get under-market) to continue to rent, watch their rent explode and then laugh at them because your rent doesnt rise?

4   Y   2015 Nov 26, 9:04am  

Dispensary closed for the holiday?

JasonM says

IOW - as long as its good for me, fuck everyone else.

Tell me, was this the long term plan during the heyday of this site? Tell everyone (who by definition cannot get under-market) to continue to rent, watch their rent explode and then laugh at them because your rent doesnt rise?

5   FortWayne   2015 Nov 26, 9:11am  

Why the hell are you paying $4,000 in rent every month?

Happy thanksgiving to you too.

6   Tenpoundbass   2015 Nov 26, 9:11am  

Well if you're in the Bay area and you couldn't afford to buy in 2010, then you sure as hell can't afford to live there now.
It sounds like you're mad because you just want to live there to give you extended family the business. Why in the hell would you even want to live near such smug condemnation in the first place is beyond my pay grade.

When will people start buying houses again because they want to raise a family and get on with their life, rather than buying a house that will put them in 30 years of ecconmic hardship, just so they can keep up appearances, with assholes they can't even stand?

7   Tenpoundbass   2015 Nov 26, 9:13am  

FortWayne says

Why the hell are you paying $4,000 in rent every month?

https://www.youtube.com/embed/OWnyTHVy5Mw

8   Patrick   2015 Nov 26, 9:13am  

JasonM says

Tell me, was this the long term plan during the heyday of this site?

tell people to be rational, do some rent-vs-buy calculations, and don't fall for the usual realtor tricks.

9   Tenpoundbass   2015 Nov 26, 9:26am  


tell people to be rational, do some rent-vs-buy calculations, and don't fall for the usual realtor tricks.

I bought in 2010 the math for what I bought and my area worked great. RE is geographic. So when I posted I was buying, those that were still in bad over priced areas, was telling me what a horrible time to buy it was.
Man you've got to run your own numbers. This isn't a game, you don't win a prize for getting the freaking very best deal, with the super best sweet terms ever. There was no hard rules, just folks throwing out warnings of caution in a tumultuous times.
If your wife is giving you crap then she's not a keeper. There's plenty of crap I could bitch about my wife, her not respecting my decisions and throwing circumstances of the turning of events based on my decisions back up in my face. Is never and has never been something that she would do. Every time I tripped us up and we fell flat on our faces, it's always been my wife to get up first and extend me a hand.
It kind of makes all of her other annoying crap superficial.
I would work on finding a better woman to help you grow. From your original post, she sounds like She's only there to judge you rather than support you.

10   JasonM   2015 Nov 26, 10:00am  


tell people to be rational, do some rent-vs-buy calculations

Lol - I can see it now:

2009 Rent ($2,500) vs Buy ($2,800) = RENT
2016 Rent ($3,800) vs Buy ($4,450) = RENT
2021 Rent ($4,100) vs Buy ($4,750) = RENT
2027 Rent ($5,000) vs Buy ($5,700) = RENT (bubble)
2031 Rent ($4,800) vs Buy ($5,250) = RENT (crash)
2038 Rent ($5,200) vs Buy ($5,775) = RENT
2042 Rent ($5,350) vs Buy ($5,950) = RENT
2047 Rent ($5,625) vs Buy ($6,500) = RENT

IN WHAT FUCKING UNIVERSE IS RENTING FOR 38 YEARS BETTER THAN BUYING AT THE BOTTOM???

11   Y   2015 Nov 26, 10:03am  

If the multiverse theories are correct it would be difficult to pick just one...

JasonM says

IN WHAT FUCKING UNIVERSE IS RENTING FOR 38 YEARS BETTER THAN BUYING AT THE BOTTOM???

12   lostand confused   2015 Nov 26, 10:04am  

JasonM -you are an adult-you should own up to the decision you made. Do you just blindly follow what one says? Gather information, decide what you want to do and then be ready to face the risks and rewards. Not taking responsibility for your actions is also a decision-but you still have to face the consequences

You fall, you grow, you move on-sheesh. The American leftie system will never take responsibility and always blame some one else.

14   Ceffer   2015 Nov 26, 10:08am  

Patnet lied! Down with Patnet!

15   HEY YOU   2015 Nov 26, 10:21am  

Tenpoundbass'
Damn,I miss Sam Kinison!

Today I imagine that Sam would have a line:" We have houses in America but you don't have to overpay ASSHOLES!"

16   HEY YOU   2015 Nov 26, 10:29am  

Free membership,this week, to those that want to join the "Don't Give a Shit Club".

17   JasonM   2015 Nov 26, 10:38am  


try this one:

Everything in that calculator is in violent contradiction with your manifesto - viewed 140,000 times and updated just 5 months ago:

/Ten+Reasons+It%27s+A+Terrible+Time+To+Buy+An+Expensive+HousePatrick

So which one is right?

18   Patrick   2015 Nov 26, 10:51am  

JasonM says

Everything in that calculator is in violent contradiction with your manifesto

really? give me an example.

19   Patrick   2015 Nov 26, 10:58am  

simply leave all their default assumptions, which are at least reasonable, and move the house price slider over to the right to $1.5M, which is about the price of a house if you insist on living in the shadow of google and apple (remember that it was and still is your personal choice to live right next to the richest people on earth)

If you can rent a similar home for less than ...
$4,847 PER MONTH
... then renting is better.

http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html

20   Ceffer   2015 Nov 26, 11:06am  

Feeling chronically inferior must be a deep human craving akin to religious obsession.

Why else would so many people in the bay area decide to continue to struggle here just for the frustrating privilege of bumping elbows on the peninsula with richfucks?

Over-entitled richfucks actually improve the quality of life? All the richfucks do is go around envying the richer-fucks.

21   Patrick   2015 Nov 26, 11:10am  

yes, i'm about done with the peninsula myself.

22   JasonM   2015 Nov 26, 11:22am  


really? give me an example.

OK - from the manifesto:

"The only true sign of a bottom is a price low enough so that you could rent out
the house and make a profit. Then you'll know it's pretty safe to buy for
yourself because then rent could cover the mortgage and ownership expenses if
necessary, eliminating most of your risk."

Where is the bottom here

2009 Rent ($2,500) vs Buy ($2,800) = RENT
2016 Rent ($3,800) vs Buy ($4,450) = RENT
2021 Rent ($4,100) vs Buy ($4,750) = RENT
2027 Rent ($5,000) vs Buy ($5,700) = RENT (bubble)
2031 Rent ($4,800) vs Buy ($5,250) = RENT (crash)
2038 Rent ($5,200) vs Buy ($5,775) = RENT
2042 Rent ($5,350) vs Buy ($5,950) = RENT
2047 Rent ($5,625) vs Buy ($6,500) = RENT

23   JasonM   2015 Nov 26, 11:28am  

Also from the Manifesto:

"The simple fact is that the renter - if willing and able to save his money -
can buy a house outright in half the time that a conventional buyer can
pay off a mortgage."

How the fuck can the renter save when all his savings get sucked up
in never ending rent increases like this:

2009 Rent ($2,500) vs Buy ($2,800) = RENT
2016 Rent ($3,800) vs Buy ($4,450) = RENT
2021 Rent ($4,100) vs Buy ($4,750) = RENT
2027 Rent ($5,000) vs Buy ($5,700) = RENT (bubble)
2031 Rent ($4,800) vs Buy ($5,250) = RENT (crash)
2038 Rent ($5,200) vs Buy ($5,775) = RENT
2042 Rent ($5,350) vs Buy ($5,950) = RENT
2047 Rent ($5,625) vs Buy ($6,500) = RENT

24   JasonM   2015 Nov 26, 11:32am  

Or this from the Manifesto:

"The higher-end housing market is now set up for a huge crash in prices, since there
is no more fake paper equity from the sale of a previously overvalued property
and because the market for securitized jumbo loans is dead."

That is what I told everyone in shitsgiving 2009, when prices were STILL
higher than renting. WHERE THE FUCK IS MY HUGE CRASH???

25   JasonM   2015 Nov 26, 11:37am  

Or this from the Manifesto, also popular in shitsgivnings 2009 - 2014

"Because there is still a massive backlog of latent foreclosures.
Millions of owners stopped paying their mortgages, and the banks
are still not forclosing on all of them, letting the owner live in the house for free. If a
bank forecloses and takes possession of a house, that means the bank is
responsible for property taxes and maintenance. Banks don't like those costs. If
a bank then sells the foreclosure at current prices, the bank has to admit a
loss on the loan. Banks like that cost even less. So there is a tsunami of
foreclosures on the way
that the banks are ignoring, for now. To prevent a
justified foreclosure is also to prevent a deserving family from buying that
house at a low price. Right now, those foreclosures will wash over the landscape,
decimating prices, and benefitting millions of families which will be able to
buy a house without a suicidal level of debt, and maybe without any debt at
all!
"

WHERE THE FUCK IS THE TSUNAMI????

Shall I go on????

26   JasonM   2015 Nov 26, 11:42am  

Or this from the Manifesto:

"Because boomers are retiring. There are 70 million Americans born between
1945-1960. One-third have zero retirement savings. The oldest are 66. The
only money they have is equity in a house, so they must sell. This will add yet
another flood of houses to the market, driving prices down even more.
"

Written in 2011, reposted as true in 2015. WHERE IS THE FUCKING FLOOD DRIVING
DOWN PRICES EVEN MORE????

27   Patrick   2015 Nov 26, 11:57am  

all that did in fact happen nationally. it just didn't happen in the place where you demand you are entitled to a house. it didn't happen here because google and because apple and because facebook.

you are a self-entitled asshole looking for someone else to blame for your own income level, for your own choices and apparently for your wife's nagging.

so something you happened to read on the internet means you have no responsibility for your own life. got it.

how much did you pay me for my personalized advice for your particular situation again? where is our contract?

28   JasonM   2015 Nov 26, 1:02pm  


all that did in fact happen nationally.

Not a single one of those things happened after 2009 - much less in 2011 when you posted it, nor 2015 when it continues to dupe people. I am not so much entitled as I am a fucking loudmouth asshole who just like most other loudmouth assholes on the internet should have shut up after 2009 when prices stopped dropping and should have opened up our eyes to the long term consequences of being bearish.

Yet like you, my ego would not let me admit how fucking wrong I was. You apparently still cannot given you show up 20 minutes later I post with your "well it worked out well for me - so fuck you and everyone else who listened" response. I fucking hate realtors and the NAR and the bullshit and the high prices as much as anyone - but I dont hate any of that as much as I hate now suffering the consequences of being so wrong for so long.

I regret just about everything I said 2010 - 2014 but the sites I posted on are all gone. A family member reminded me of this site, so I now see the bearing of my pain is the kharmic penance I must now pay.

29   Tenpoundbass   2015 Nov 26, 1:36pm  

JasonM says

Not a single one of those things happened after 2009 - much less in 2011 when you posted it, nor 2015

Bullcrap dude it happened all over nationally. And Gary FOR ONCE! is absolutley right.
Rich investors armed with all of the QE free money, bought up the housing stock around the country to keep housing prices inflated. That all started around 2009 around the time Obama first started offering that homebuyers credit, that turned out to actually be a loan due the next tax season. Then in 2010, they adjusted the FHA to ease lending standards, that only restricted what was left of the middle class even further.
Investor companies started then buying all of the ghost inventory for pennies on the dollars. Because they had the kitchen appliances removed and FHA wont loan money on a house that needs less than $3K in repairs. So they authorized a 100's of thousands in loses for the banks, cut them a check from the HAMP and TARP funds for their loses. Sanctioned houses being dumped from $10K to $70K a pop in large bulk lots at closed no bid auctions.
There are now more Single Family homes in Rental inventrory than there are rental units in Multi Family units.

Your gripe is with the wrong person, you sound like you should be voting for Trump to make this coutnry great again. And let's send all of these greedy game rigging rent seekers back to hell.

30   Tenpoundbass   2015 Nov 26, 1:44pm  

HEY YOU says

Today I imagine that Sam would have a line:" We have houses in America but you don't have to overpay ASSHOLES!"

I'm pretty sure he already has that worked into his routine in Comedy heaven.

31   JasonM   2015 Nov 26, 1:52pm  

Tenpoundbass says

Bullcrap dude it happened all over nationally

Your reading comprehension is terrible.
After 2009, prices crashed?
2009-2012 was not the bottom?
After 2009 the tsunami of inventory decimated high end prices?
Boomers retiring after 2009 drove prices lower?

I actually agree with you, after 2009, bullshit and intervetion was exactly why prices were not going to crash any further.

Patricks Manifesto: TEN REASONS ITS A TERRIBLE TIME TO BUY AN EXPENSIVE HOUSE.
should have read: BECAUSE OF BULLSHIT AND MANIPULATION THIS IS THE BEST TIME TO BUY AN EXPENSIVE HOUSE IN 2 DECADES, AND IF YOU DONT BUY, WAITING FOR BOOMERS OR "FUNDAMENTALS" TO DRIVE PRICES LOWER THAN 2009, YOU WILL BE PRICED OUT FOREVER!

32   Y   2015 Nov 26, 2:02pm  

What about the russian jet crash? Truth or fiction?

bgamall4 says

As much as I hate Patrick's views on Muslims (our war on ISIS is fake and he hasn't figured that out)

33   Tenpoundbass   2015 Nov 26, 2:08pm  

JasonM says

After 2009 the tsunami of inventory decimated high end prices?
There's an investor for that!
Boomers retiring after 2009 drove prices lower? And two to take them!

34   FortWayne   2015 Nov 26, 2:11pm  

Jason, you are a victim of another bubble right now. No one could have predicted it, for it is artificial, but it is up to you to stop whining about it and instead figure out what you want to do with your life and how.

35   CL   2015 Nov 26, 2:19pm  

There's always global deflation. Then who'll be the sucker? Keep your powder dry, Jason! Also, be rich--it helps A LOT!

36   Eman   2015 Nov 26, 2:34pm  

Jason,

Happy Thanksgiving to you and your family. Just calm down. It's unfortunate for sure. However, we have no one to blame but ourselves. Our lives are a direct result of our choices. If we don't like our lives, it's time we make better choices. Like a river, we cannot touch the same water twice. It's because the flow that has passed will never pass again. So enjoy and cherish every moment of your lives with your loved ones.

Like you, I found this site in late 2009. There's so much emotion involved when we discussed about housing. However, it's our job to screen out the noise and separate the smart ones from the dumb ones. Some people are still bitter about it until this day for different reason. That's not a good way to go through life IMO.

I found a real estate investment partner on Patnet, who has now retired in Natal, Brazil since February 2014 at the age of 40. Thanks to some good housing investments that we made between 2011 to 2013 which has enabled him and his wife to enjoy life now. He goes by the "pkennedy" handle. Let me see if I can ring him up @pkennedy. I have since moved on because the sentiment on this site is quite negative. However, Patnet will always hold a special place in my heart. This is where I met one of my investment partners and have made some friends.

While people are still yelling and screaming that housing is getting expensive, this has been my best year in terms of investment. My new partner and I picked up a total of 28 units in downtown San Jose for $4.615MM. That's about 165k/unit. Gross rents is about 451k/year while fair market rent is north of $580k. This is a direct result of "If I want something in my life that I've never had, I'll have to do something that I've never done." We all will have to do what we have to do UNTIL we can do what we want to do. What I want is to be able to spend my life in my own way.

It's sad that you and some others have realized Patrick's flawed advice too late. SF ace pointed this out many times in the past. It's unfortunate that the market has left you and them in the dust and now have to face the reality of being renters for life if you're sticking around here. Patrick's owner could uprooted him at anytime, that's when he would face the reality of cut throat rent on the Peninsula.

With that said, take it easy. Find peace within yourself. Happy Thanksgiving to all!

37   reggie   2015 Nov 27, 5:05am  

Any chance JasonM is a frustrated realtor or a homeowner with a stagnant for sale sign?

38   _   2015 Nov 27, 7:40am  

mell says

Btw gold is approaching $1050,

A break of 1060. downside is as low as 680.

39   Strategist   2015 Nov 27, 8:14am  

JasonM says

Being a renter back with the extended family is fan-fucking-tastic, isn’t it Patnet! All that housing shit you gave them years ago gets shoved back in your face in spades:

- Hey Jason, still renting huh, hows that waiting for the bottom working out for ya?

- Hey remember 5 years ago when you told me to sell and rent, waiting for the crash – LOL – gawd what a fucking disaster of advice that was. Say where you living these days?

- Hey still waiting on that “tidal wave” of inventory to crash prices – LOL – keep waaaaaating!!!

- Hey your wife was telling Kate in very hushed tones about you are paying FOUR FUCKING THOUSAND in rent these days? Couldn’t you have bought a few years ago for under 3K a month? Didnt you brag about how you were saving all that cash by renting? But if you could have bought for 3K and now rent for 4K how are you still winning? Oh well, keep renting, im sure it will work out for you...

Jason, in the end you have to take responsibility for your actions. I'm sure both sides of the argument was presented on Patnet, and you decided to go with the bears. You could have purchased a home in 2010, 2011, 2012, 2013, 2014 and 2015, but did not. If you can afford $4,000 per month in rent, you can afford $4,000 per month in a mortgage.
I would say....stop crying over spilt milk and buy a home right now. The shortage of homes is very severe, unemployment is declining, the economy is slowly but surely picking up steam. This spring we will see the beginnings of one of the greatest real estate bull markets ever seen by living Americans.

40   Strategist   2015 Nov 28, 8:23am  

Ironman says

marcus says

Jason, I'm in the same boat as you. Still renting in Los Angeles.

What's the matter, sucking off of the government's tit doesn't pay you enough to live in the area of the school system...

Get a REAL job!!

Where are the unions? Where is the living wage?

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