Real Estate Values and Rental Income

[Matt J]

It really wasn't meant to be mean....it was meant to prove a point--like you stated above--you didn't want to overextend yourself BRAVO!

Classifying one's primary home as an "investment"-- especially during the frenzy -- is a poor choice for "diversification."

If he thought about RE and his finances as you did, he's lightyears ahead of the overextended "investors" of the frenzy...and instead of being "frustrated" he should be thanking his lucky stars.

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Okay, sorry to assume it was a slight.

 

[egrp]

eg,

What stopped you from buying during the frenzy? Couldn't manage to fog the mortgage broker's mirror?

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i'm not afraid to look at numbers...could qualify for mortgage np then as well as now.

 

[SHELLY]

i'm not afraid to look at numbers...could qualify for mortgage np then as well as now.

So you see Grasshopper, no need to fret. Don't listen to the noise of the market or the incessant drone of, "Now is the great time to buy!!" Your numbers will tell you when the opportunity to buy makes sense.

Pay your rent and bank the residual costs of owning (insurance, taxes, mortgage, interest + principle, maintenance). To a Realtor, a mortgage-qualified renter with a sizeable down payment is a Rock Star.




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[Bob]

Bush helped him along: "In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade."


Subprime 2/28's were not only available for the FICO-challenged.
Investulators who had (but now don't have) decent credit also got 2/28 subprime mortgages as well, either through crooked brokers or because mainstream lenders nixed the purchase of their 5th Fla condo. The 2/28 gave them just long enough for the flip or to qualify for LTCapGains before reset (they thought).

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Mr Pitts is discussing his primary here. There's no talk of flipping. It's not an investment property. He received a 2/28 most likely because he had low FICO scores. It's on him, not some "evil" mortgage broker.

 

[Scooter]

Shelly - just wanted to let you know that you toilet paper should be over not under on the roll:funn: Should we start another thread on this?

 

[elgordoboy]

Shelly - just wanted to let you know that you toilet paper should be over not under on the roll:funn: Should we start another thread on this?

No need to start another when we can derail this one . I like it under cause then I can hold it with my knee as I tear and not be blocking myself. That I have no women around to aggravate me in this regard allows me the freedom. Though in all fairness my dad had more issues with wanting the tp over rather than under than my mom, she was just glad there was some on the roll.

 

[spinDrAtl]

For someone who thinks he is so shrewd now, Pitts either couldn't read at the time he took out his original loan or he was lazy. He wanted 100% financing and someone got it for him. He signed everything - no one forced him.

Adjustable rate loans require disclosures pointing out the caps, adjustment periods, etc. Unless the broker neglected to give him the required disclosures or just outright lied to him, there is nothing crooked about these loans.

If you don't like your deal, are unclear about the terms, or think the payment is too high, don't sign the papers. Simple enough.

If I was a Chase customer with a worse deal than this clown got, I'd be on the phone asap to them wanting to 'modify' my loan too.

 

[scooterbug44]

Shelly - just wanted to let you know that you toilet paper should be over not under on the roll:funn: Should we start another thread on this?

We solved the TP wars w/ a simple rule - whoever changes the roll gets to choose.

 

[TheSheep]

i have been saying this from the start...rental income is way too out of line with home prices...thats why i'm 30 and still rent. honestly its frustrating to me cause it forces me to throw money away by renting.

A portion of your home payment may be of no value, egrp, but prance over and see my new post, perhaps you can turn lemons into limeade.