patrick.net

CashWillCrash says

Yeah, they're down but $600k still buys you a pathetic piece of trailer in the bay area.

LOL, maybe someone should check out the Phoenix rental thread.

I've been paying the same rent for 2 years. First time in California since 1987 the landlord hasn't even raised the 3% yearly allowance for Los Angeles County.

Maybe a pattern here?

Looks like people here are finding it amazing when their rent wasn't increased in 2-5 years. It's like having a 2 year ARM or 5 year ARM. Interest Only, never payoff. Ever considered a fixed rate mortgage? Same payment for life? You can get a mortgage right now for free (inflation adjusted).

CashWillCrash says

Looks like people here are finding it amazing when their rent wasn't increased in 2-5 years. It's like having a 2 year ARM or 5 year ARM. Interest Only, never payoff. Ever considered a fixed rate mortgage? Same payment for life? You can get a mortgage right now for free (inflation adjusted).

exactly. if an IO loan = renting then why the hell would you rent? the payments are less on the IO loan. Just buy a newer home or newly remodeled home if you dont have $ to fix things or unable to swing a hammer or mow a lawn.

Now if you have bad credit, and no down payment, unstable/low paid job you probably wont get a loan - if that is the case just move in with mom and dad til they die (an excellent plan on paper- or find a fat a girl to support you - lonely fat girls are a major untapped natural resource in this country).

Thanks for the lonely fat girl tip. No need for it at the moment, but you never know where life takes you....

PockyClipsNow, that's true, if you are broke, got no stable job, and / or messed up your credit you can only rent. That's actually the case for ALL of my tenants. None of them choose to rent, ALL of them were forced to rent. Some of them were previously staying with family members but got kicked out... ouch! Must suck if you don't have a house.

40 $Billion$ a month can't go on forever...

40 $Billion$ a month is not real money, just numbers on paper. My computer could do it almost forever....

Yup says

I can hear the cries now.

Karmic paybacks are a bitch. I have been looking at 'bank shit' overpriced listings for years. My friends tease me 'You? a republican?' LOL

I am prepared to lose 300k if rates rise, prices tank, and I end up facing a 7% mortgage payment (oh the horror). If that happens and I cant get a loan mod, then after squatting for free for 2-7 years I will buy a better home at the new '50% disount' and actually be better off in a nicer house, with a lower tax rate.

Meanwhile I will not be renting anymore.

Renting has the advantage that you know for sure from the beginning that you will loose 100% of your payments while buying has some uncertainties attached to it... you either loose it all like the renter or you might make a million bucks. Or you cash-out refinance and do a strategic default (= legal bank robbery w/o jail time).

I can't tell Yup from War or Darrell.

Are you guys the same people?

Yeah the cash-out refi then default is now 100% legal along with tax forgiveness (this will be extended past 2012 - just watch!)

I loved renting when prices were tanking. (made me feel smart!)
Renting when prices are rising and you have high net worth, stable job, good credit makes zero sense. My #1 item to do financially was 'stop paying rent'.

I could have bought a 1 bedroom condo for cash. But those are overpriced now. The most bang for your buck are properties over 800k or even over 1m. There will no joe 6 pack zero down FHA slobs to bid against you. Not too many people can swing a 20% on a big purchase (but they are out there!).

Let Patrick do an IP check to see if War=YUP=Darrell

RentingForHalfTheCost says

Hmm
Jobs, debt, deficit, Jobs, debt, deficit, Jobs, debt, deficit.

Serious question. Do you really believe that these issues will be solved in your lifetime? And if not, are you willing to rent forever?

I ask because similar sentiments were raised about the unsustainability of our trajectory after the great depression, WWI debt, the long depression, & the massive debt incurred in the war of 1812. Yet all those people are now dead.

Just because something is unsustainable (which it is) does not mean that it is imminent. In the year 301, Emperor Diocletian made a number of questionable decisions regarding the sustainability of the Roman Empire which his detractors said merely kicked the can down the road. It was over 1,150 years later when the empire finally imploded, and his detractors were finally vindicated...

Who cares how much he put down? It's all about positive cash flow. All he said was he is doing ok if rents cut in half. He will still be able to pay all his expenses. Of course he doesn't have to make his down payment again. Maybe he bought some cash too with no mortgage payments?

War, how do you know he's not telling the truth? Are you his accountant?

CashWillCrash says

Looks like people here are finding it amazing when their rent wasn't increased in 2-5 years. It's like having a 2 year ARM or 5 year ARM. Interest Only, never payoff. Ever considered a fixed rate mortgage? Same payment for life? You can get a mortgage right now for free (inflation adjusted).

Except your property taxes always go up, and your equity goes down. Not to mention you are stuck in the same dreary shit-hole dwelling and stuck to the same job. Nice try.

I would like to hear 'how to become rich by renting' because I just dont see that. Ever.

How to become rich in real estate? its pretty common even considering the recent downturn/turmoil.

CashWillCrash says

40 $Billion$ a month is not real money, just numbers on paper. My computer could do it almost forever....

Until the creditors came and unplugged it at least. ;)

CDon says

Serious question. Do you really believe that these issues will be solved in your lifetime? And if not, are you willing to rent forever?

I'll rent as long as it lets me funnel more money to investments (i.e. not housing). I will always have to pay a sum of money for shelter. I get that. However, I will always gravitate towards the cheaper option. Always.

Now, if my investments get me to a point where I really don't care about the financial part of housing, then maybe I will buy something with cash. Not because I think it is a good financial move, but because I want to do what every American does. Show off! Invite people over for a BBQ and show them my McMansion that has more bathrooms than bedrooms. Show off my sub-zero fridge that is really a standing version of a deep-freeze my mother always had in the basement. Hear the oohs and awhs as they check out my fancy oversized tiles and countertops, the outside BBQ, pool, fiber lighting, etc. etc. All, in an effort to show how well I have done. All because without the material goods, they wouldn't see that I was useful at all. :)

CashWillCrash says

Who cares how much he put down?

Opportunity costs!

CashWillCrash says

Looks like people here are finding it amazing when their rent wasn't increased in 2-5 years. It's like having a 2 year ARM or 5 year ARM. Interest Only, never payoff. Ever considered a fixed rate mortgage? Same payment for life? You can get a mortgage right now for free (inflation adjusted).

Problem is we were not supposed to be here this long. We hate LA, and both of our companies has been through 2-3 rounds of lay offs. Other problem is comp houses/neighborhoods (we started shopping a few months ago given the rates) is still going to cost $2000/mo more than our current rent, so it's same or worse than just keep renting.

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Give it a rest troll. We aren't the same person, unlike you/Darrell/Realtors are... etc. etc.

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Well, I know I don't believe a word you say. How many times have you been banned so far? You must be so proud. Have you posted up a certificate of achievement in your parent's basement?

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Trolling troll trolls.

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Mummy is calling. It's time for your bath.

War says

Yup says

You better keep praying for appreciation!

Isn't it odd that "appreciation" was never associated with housing until Lereah and Yun made it a fashion statement.

In the meantime, the reality is houses depreciate. Rapidly....

THAT is the point that so many haven't seen, or don't want to see out of their own fear or remorse.

Ironic, speaking of depreciation, that no one questions the depreciation of a new car!

Yeah, houses never appreciate in value. Just ask all those people whose houses have appreciated in value.

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

So Mummy has just got you out of bed. You better hurry. School starts soon. Or are you in the middle of your shift at the call centre?

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Don't forget your lunch money.

War says

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices.

Quick, run or you'll miss the bus.

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an establish liar pimping depreciating houses at inflated prices..

So it's a call centre.

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an established liar pimping depreciating houses at inflated prices..

Except my job has nothing to do with real estate.

You'll have to be quick responding - someone needs your help with their household appliance.

War says

LIEWog/Bigbsy.....

Do you really think that we believe anything you say?

You're an established liar pimping depreciating houses at inflated prices..

Warranty or technical support?

Reader says

THAT is the point that so many haven't seen, or don't want to see out of their own fear or remorse.

Because it is completely incorrect. Historically, houses appreciate at approximately the rate of inflation. Case Shiller proves this.

Deleting the (repeated) posts that I respond to once again, I see. That's a tired old routine, don't you think? You must be the least inventive and most repetitive troll on the internet.

Bigsby says

Deleting the (repeated) posts that I respond to once again, I see. That's a tired old routine, don't you think? You must be the least inventive and most repetitive troll on the internet.

I think you are calling the kettle BLACK because if YOU want to talk of trolling? Start by just looking at the ridiculous volume of your idiotic one liners on this thread alone.

It is clear who you are.

Reader says

I think you are calling the kettle BLACK because if YOU want to talk of trolling? Start by just looking at the ridiculous volume of your idiotic one liners on this thread alone.

It is clear who you are.

Jog on Reader. They were responses to repeated trolling posts by your best mate. He posted. I responded. He then deleted them. I presume that people aren't supposed to respond to your best mate's repetitive attacks. Strange that you never comment on his trolling. Why is that?

And it's clear what you are.

well it used to be a real estate discussion board, now its more of a 'DONT BUY ANYTHING, EVER BECAUSE EVERYTHING IS A RACKET' board.

of course everything is a racket. duh.

Some of you act like rubes who just moved to the big city. "dont trust no body here, they is all liars n theives! a man promised me he would find me a place to stay for $20 and he dissappeared with muh money!'
hahaha