patrick.net

crazydesi says

the spouse pressure, it is little exaggerated

Agreed. On the other hand, we live in a society where house, translated, "home" is an emotionally charged concept that has been around for a long time. That is a tough one to get past. Especially, when so much of our society promotes the concept as part of "the American dream". Personally, this bubble has created a new way of thinking for me in regards to that American dream, that perhaps I may not have been open to before.

Sheesh. Sales tax is the first tax that should be eliminated in favor of a land value tax. It would be the same amount of revenue, but the paperwork and harm to commerce would be far less.

But it also means less government control of individuals. We can't have that.

Patrick,

Placed Amazon order on the 14th for your book, eagerly awaiting arrival. BTW: . Had another line item to qualify for free economy shipping with HT order, place PayPal, etc.

I was notified SIX DAYS LATER on the 20th that the 'order shipped' with est delivery date of Sept 25.

Good God. Beware of 'Free Shipping' delays. . .

Congrats on the Book. If I ever receive it I look fwd to commenting !

ps: even though CA mail-order sales tax took effect on the 16th, Amazon, the company with a heart still charged sales tax on the order placed on the 14th. . .

Hmmm, another article seeming to show that women want that house about twice as much as men do:

http://money.cnn.com/2012/02/14/real_estate/dating_homeownership/index.htm

This also supports my point in the book that women prefer men who own houses in general -- but the study failed to examine women's preferences between men who own houses vs. men who have large amounts of cash and no debt, but are renting.

This also supports my point in the book that women prefer men who own houses in general -- but the study failed to examine women's preferences between men who own houses vs. men who have large amounts of cash and no debt, but are renting.

What about men who own small, crappy houses? ;-)

That's my "game plan" to avoid long-term serfdom.

You can call it sexist, but I think it's likely that once a woman moves into that small crappy house, it will probably get spruced up and no longer be crappy.

And if you own it outright, I'd expect that's a big plus too.

You can call it sexist, but I think it's likely that once a woman moves into that small crappy house, it will probably get spruced up and no longer be crappy.
And if you own it outright, I'd expect that's a big plus too.

Hmmm...good point. Of course if it's TOO small and TOO crappy, she might want to move to a much bigger/nicer house. Then I get stuck with 6% realtor fees and other transaction costs, PLUS I end up with a bigger/nicer place than I can really afford. Sort of the worst of both worlds.

I don't think it's sexist. For whatever reason women tend to be more status-conscious with houses, and men tend to be more status-conscious with things like sports cars. ;-)

crazydesi says

the spouse pressure, it is little exaggerated

Is it better to just delete or neuter that part of the sake of political correctness and inter-gender harmony, or to keep it for the discussion and controversy value?

I believe there is truth in it, but I can also see how it can be perceived as offensive.

I have not read it yet, so I can't really speak to whether or not it is too sexist.

I don't think that you should delete or neuter the section just for political correctness and inter-gender harmony.

However, even if the wife pressure page is correct 75% of the time for women and only 25% of the time for men, then you are making people feel unjustly pigeon holed a good deal of the time.

I don't think that it would "neuter" the chapter if it was make less of an absolute judgement on the psyches of women. But then again having not read it yet, I have no idea what the fuck I am talking about.

;)

Just downloaded the Kindle version of The Housing Trap. Thanks Patrick.

Thanks! I can see the extra Kindle sale here:

https://kdp.amazon.com/self-publishing/reports

There were three earlier today, and now there are 4:

Paper books are now at 111 sold!

Paper books are now at 111 sold!

So are you going to buy a house with your new found wealth?

Not unless it's a really good deal!

Not unless it's a really good deal!

Here is a good one for you. Half an acre of land, walking distance to the Elementary School, just down the road from the club house and golf course.

http://www.zillow.com/homedetails/7203-Saddle-Side-Boerne-TX-78015/26166175_zpid/

It's been on the market for a while as the property backs to a busy road. I've seen worse here in the Bay Area. Owner would be willing to make a deal I'd bet.

Bought and read it on Kindle. Happy to be renting for $425/month!

Thanks for your book, and your site.

Any advice for improvement?

Enjoying a quick bite to eat while reading my Kindle version of The Housing Trap. :-)

(Millbrae, CA)

Test alternate subtitles:

"Avoid a lifetime of debt and live free"

"A mortgage is no way to live"

"Why everyone in housing wants you broke"

"Finding economic freedom in today's market"

Etc.

Brainstorm more, then rotate them into Adwords a la Tim Ferriss. Find the most clickable subtitle. Sell more books.

I'd absolutely trash the "wife" title and go with "spouse". I am actually a little surprised you included the term. I for one did not take into consideration whether or not my husband had a "house" for me when I decided to marry him. That is a sweeping generalization About women and I believe you are vastly limiting your market if you make this a gender issue.

My best friend's husband pushed them into a house twice in the last ten years- one they short sold and they now own a house they are heavily underwater in and behind on their mortgage. It is not always the women. Men are also pressured to be "homeowners" and having ownership of a house show them as being a "good provider".

You can now see the first few pages with the "Click to LOOK INSIDE!" link on the Amazon page for "The Housing Trap":

http://www.amazon.com/Housing-Trap-Buyers-Captured-Yourself/dp/1479156213/?tag=patricknet-20

skinnyninja says

Happy to be renting for $425/month!

Do you live in Erie, PA? There, a decent 1 br can be had for that price. I know because I used to live there.

The local joke was, "you know you're from Erie when your winter heating bill is higher than your rent."

freak80 says

The local joke was, "you know you're from Erie when your winter heating bill is higher than your rent."

I had a cousin in Erie, actually very nice people around that area. Real salt of the Earth hardworking people.

You know that phrase applies to many already, or will apply to many areas soon.

leo707 says

I don't think that you should delete or neuter the section just for political correctness and inter-gender harmony.

NO WAY

I agree. PC lunacy is SO 2000.

What I appreciate most about Patrick's book are two essential ingrediants to a classic: genius, and courage. Patrick is a true hero and, although I do not know him personally in any manner whatsoever, I respectfully urge everyone to post reviews on Amazon amid so many authors who have never sacrificed as much for their audience of readers and buyers of books as Patrick has done for all of us. Thanks again Patrick, and thanks to anyone else for listening.

Reader says

I had a cousin in Erie, actually very nice people around that area. Real salt of the Earth hardworking people.

The kind of people the modern Democrat party has abandoned.

Luckily they have their guns and religion to cling to.

The wife/woman thing doesn't bother me at all - we need Patrick's help with this book to survive the nightmare; and I don't have time for the niceties when Truth at the core, and those with the courage to put it out there (like Patrick and elliemae) is what really matters.

I finished The Housing Trap this afternoon, on my flight from SAT to SFO. Good work Patrick.

Thanks! Suggestions for improvement?

I also finished your book this weekend Patrick. What sticks with me most is that little book is really my only friend when it comes to buying a property. 'Paranoia has never failed me' is one of my mottos.

Improvements? Nothing striking that comes to mind, not all situations fit all people. I intend on reading it again and could probably come up with blog like discussion as in this board if interested.

It's your second book! You should be damn proud.

I have two copies and fully intend on sharing.

152 paper copies and 42 Kindle copies sold so far!

I've started writing radio stations hoping to get interviewed. One good national interview and I think sales could really take off.

Again, I think you have something here.

Most people don't know really how the Real Estate Industry works and your book is easy enough to read for most.

As you are probably aware, there are people out there who don't want you to get the information out.

Paranoia, it works.

Best of luck with the marketing, say a 100,000 sales goal to start would bring some liquidity. I hope, to start.

Patrick, I think your cause is just, but how are you going to battle the FED gangsters who have made it their mission to create a false bottom in the market?

I think the bears have lost. The good guys lost this battle.

David9 says

Best of luck with the marketing, say a 100,000 sales goal to start would bring some liquidity. I hope, to start.

At $5 royalty per book, 100,000 would do nicely!

Goran_K says

Patrick, I think your cause is just, but how are you going to battle the FED gangsters who have made it their mission to create a false bottom in the market?

One secret is that the bond market is far more powerful than the Fed. When the bond market demands higher interest rates, rates will go higher no matter what the Fed wants.

rates will go higher no matter what the Fed wants.

I hope you are right. I have been posting today that prices are rising here in LA, because, they are. The market behaviour is following your book.

"At $5 royalty per book, 100,000 would do nicely!"

You will need the money to move forward!

Patrick, I woke up this morning and spent three hours reading your book from start to finish.

Overall the book is clear, concise, easy to read, and effectively conveys the "flip-side" of real estate that is invisible to the average buyer... especially the 1st time buyer. I can honestly say that I wish I had an understanding of these concepts back when I bought my first property. I would have looked at things through a completely different set of eyes. I learned most of these concepts the hard way over the past few years and it's great to see them summarized and expanded on.

Some parts of the booked that were particularly strong:

- The concept of renting property vs renting money

- Property valuation based on rent (annual rent to price ratios). Every buyer should understand this concept!

- I recently had a debate with a colleague about why it is better to pay a low price with a higher interest rate than a higher price with a low interest rate, in general of course. Page 82-83 summarizes the key points well.

- Concept of the land value tax. Agreed!

- Expanding on supply vs demand by noting that prices are influenced by interest rates, lending standards, and government interference of the free market. I would also hit on salaries and unemployment rate here.

- As a buyer understanding "dual agency" and why it can work for you in hot markets.

And a few thoughts for improvement:

- The chapter titled, "Scams and Dirty Tricks" certainly got the point across but the tone may have been a little over the top. I would have written it in a slightly softer objective tone.

- One section of the book talks about presenting offers directly to the owner as the suggested approach despite a possibility of violating certain terms. Expand on this topic and those terms.

- The dangers of leverage. Yes, it's important to see both sides but who in the real estate world has ever been successful without rolling the dice and leveraging money, time, labor, etc?

- This is just my opinion, but I don't particularly care for the ominous cloud background image on your cover. I think your image of the house inside the bear trap is great, but would prefer to see it on a plain white background. I know, picky picky but that's just what stuck after I had to look closer to identify what I was looking at the first time I laid eyes on the book, lol.

- Minor typo on page 102 "where where"

- "Rocket Surgery" ?

- Avoid the "wife" title and go with "spouse" instead.

Overall I think you did quite a service to the community by writing this book and assembling these ideas worth well over the $12.50 cost of admission, even though the book is bound to piss off some organizations like the NAR. They'll only notice if you sell enough books however.

And I think you are right. It's 2012, a lot of people have a very bitter taste in their mouth from getting burned by the real estate bubble and you are one national interview away from having this do well. Make sure you are prepared for that when it comes.

BayArea ( Luke )

Got my fingers crossed Patrick.
Fighting this machinery takes education and the profiteers ain't real transparent.
The too big to fail banks will treat DocX lending Services as some Quasi entity the same as gubmint treats the fed.
The little guy takes the fall if nobody is aware.
Your book is an eye opener.
I say that even as an offended HONEST X Real Estate Agent.

The housing trap is even worse, in some key ways, in Oakland.

Read about this property tax assessment ("Parcel tax") that was supposed to provide more needed public safety services and performance-based anti-violence programs, but instead brought us fewer police, politically connected nonprofits with no-bid, no-results anti-violence programming, and counter-intuitively, more crime. No other bay area city that i'm aware of uses parcel taxes to pay for BASIC services such as police. That is a core city service.

http://defendingmeasurey.blogspot.com/

also:

http://www.lensforchange.com/public_safety

BayArea says

Patrick, I woke up this morning and spent three hours reading your book from start to finish...

Thanks Luke!
I really appreciate the honest feedback. I've corrected the typo and am working on the other suggestions for the next edition. I'm thinking I should update it once per year.

Patrick,

Read the book on Kindle for PC in 4 hours and thought it was great!

- Quick read with no fluff and to the point information
- Very easy to understand for all but I too got a couple pointers that felt paid for the book
- I thought the book was going to be pro renting but I felt the argument for owning was also there. I guess Patrick doesn't follow all his bitter and negative followers on the forum who cheerlead fear and apocolypse so they can short the market and buy for pennies to the dollar. I thought the book was unbiased and applicable for all readers, not just forum fan boys.

Some comments and criticisms

1) Error on the kindle for PC, not sure if it was my computer/internet scrambling the words but this paragraph read like this:
"Mortgage brokers maximum price or other critical information about you to your agent. This is not a problem if you simply don’t have a mortgage broker or an agent. title companies, appraisers, return for directing your can also give away your"

2) I'd love to see actual examples on where to begin with FSBO or sending your own offers. Could you download contract agreements exc on legalzoom perhaps?

3) Mentioned a few times about MLS not showing foreclosures exc being a conspiracy for higher commisions. I just think agents don't want to deal with every buyer geting excited about some auction that may never happen or pre foreclosure that may not be listed for years. Infact, short sales which do get listed on the MLS, seem to go for just as good if not better discounts than auctions/trustees/pre foreclosures.

4) The book mentions that foreigners aren't stupid and will wait a couple years for prices to come down before buying and patrick also mentions similiar to waiting.

But Isn't timing the market speculation and gambling?

Prices haven't really dipped below 2009 levels and anyone who waited lost out on a LOT of great deals if they took the forums negative attitude too seriously. Luckily the book didn't head in that direction because I myself picked up great cash flowing deals via short sales along the way. When the market stabalizes if not already, short sales will be slim and traditional sellers may not care for all cash offers like banks do right now. You will have lost the greatest opportunity in history and cry yourself to sleep at night 30 years from now when you're still renting.

5) There has yet to be proof of how much or if any tax deduction is factored into the price of homes. People buy based on up front costs in my oppinion and not what they will save next year in taxes. I'd like to see more proof to his claim.

6) I felt there wasn't much of an intro before just jumping right into it, instead, he gets this out by saying "Realtors@ Yuck!" but felt that a proper introduction to Patricks motives and direction he wanted to take readers of the book may have faired a little better.

152 paper copies and 42 Kindle copies sold so far!

I've started writing radio stations hoping to get interviewed. One good national interview and I think sales could really take off.

http://www.coasttocoastam.com/

Another suggestion, Coast to Coast AM. Just mention you came from another planet.