Conspicuously Absent
Linguistically Confused
Yeah, I hate how all the dumbfucks make honest people who tried to do everything the proper way look bad for having to declare bankruptcy.
I need a new job like you read about...
- Thread starter Krilons Resa
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NAD
What A Horrible Night To Have A Curse
dorian gray
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yeah. the vast majority of bankruptcies are just people who decided they no longer wanted to pay for their new BMW while making $12 an hour.
dorian gray
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neevver happen. economists have been predicting a collapse since the 1950s. itll probably level off but there will be no bursting of the bubble so to speak. i mean the economy is driven by house transactions. now, if youre talking about the entire economy collapsing, you might be on to somethinglurch70 said:
dorian gray
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or you could do like everyone else in california is doing and move out.NADatar said:Yeah, I'll actually be able to buy a house probably this time next year.
MadeInNewJersey
nursing my wounds
they built 26 2 family units in a one square block ... 2 streets away from me.
they have been completed for almost 6 months ... and are asking $999K (they did not have the balls to ask for 1 Mil) for each one.
out of the 26 units, 2 are sold .... supposedelly, as I still did not see anyone actually move into one.
they have been completed for almost 6 months ... and are asking $999K (they did not have the balls to ask for 1 Mil) for each one.
out of the 26 units, 2 are sold .... supposedelly, as I still did not see anyone actually move into one.
NAD
What A Horrible Night To Have A Curse
Yeah, that's the longterm plan. The by 30 plan. But if housing does get cheap again before that, I'll buy some pad. When I say cheap I mean when $120k houses cost $180k instead of $350k like they do now. We'll see.dorian gray said:
Oh yeah and I don't see the bubble bursting, but it will certainly rupture on all those interest only and 80/20 loans. Those people are screwed, everyone else will be okay. Just lose some money but nothing too major. [/NADstrodamus]
Conspicuously Absent
Linguistically Confused
yeah. in my parent's case, it was something Nate might understand well, basically our "crop" (oysters) was unharvestable for 3 years due to a weird nature pattern and a whole lot of red tides. So for 3 years we had no income from pretty much the only source of money we had. And just before this stint they'd basically thrown everything we had into it because it was that big point where you crossover from 'side income' to 'primary business'. If we hadn't had those 3 years we'd be making retardedly good money off the farm right now. Seriously, we had about 200k of oytsers sitting ready to go, and another 50-60k for the next year. and we'd have enough to fill in the rest of the space and we could make probably 100k a year. Oh well, its well enough, we had to sell it to help pay off the creditors and shit, and a year after that the price of oysters went through the floor. They are worth peanuts now.dorian gray said:
dorian gray
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MadeInNewJersey
nursing my wounds
The real problem lies in a combination of overzealous contractors/developers like lurch just pointed out, as well as all these armchair real estate magnates (i.e. my brother) who have flooded the market with rental properties.
MadeInNewJersey
nursing my wounds
dorian gray said:
that's for a 2-family unit, btw
each one would turn a 20-25% profit IMMEDIATELY
gugs is right ...
people that have legitematelly bought property for living in ... and not to flip ... will most likely be ok ... assuming they got a good deal to begin with.
one of my friends is in the market for buying an apartment, and he told me that most of the ones he saw were bad maintained units, mot likely bought by people in order to flip them without investing a dime in refurbing them ... these are the people that will get fucked.
people that have legitematelly bought property for living in ... and not to flip ... will most likely be ok ... assuming they got a good deal to begin with.
one of my friends is in the market for buying an apartment, and he told me that most of the ones he saw were bad maintained units, mot likely bought by people in order to flip them without investing a dime in refurbing them ... these are the people that will get fucked.
dorian gray
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you woulda had to buy back in the 1930s when LA was just starting to grow. youd be rich as a motherfucker now (kinda like anyone who owns property in socal).NADatar said:
heh back when i was looking for houses i was all over the map and i looked up east la just to see what was going on. there were some literal crackhouses going for something like $200,000 +.
dorian gray
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MadeInNewJersey said:
how do you figure this?
the houses are poorly made to boot (walked through one) the kitchen is not even eat in ... 1 bathroom per floor, and 3 small bedrooms ...
with all the great stuff to be found, they are really counting on a sucker to bite on these.
dorian gray
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you mean like 2 houses connected or something? a duplex? around here a duplex is considered a piece of shit. i can see how they would be useful in a crowded place like NY/NJ thoughMadeInNewJersey said:
