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House purchased in 2004 for $375K, one mortgage (300K). No cash were taken. Now it is worth $150K max.
It used to be nice neighborhood, now crime has increased, gangs hanging around. Low prices attracted investors, rentere do not care about complex. HOA fees increased 40%.
This is a complex my friend lives in. I am advising him to walk away and rent somewhere else.
House purchased in 2004 for $375K, one mortgage (300K). No cash were taken. Now it is worth $150K max.
It used to be nice neighborhood, now crime has increased, gangs hanging around. Low prices attracted investors, rentere do not care about complex. HOA fees increased 40%.
This is a complex my friend lives in. I am advising him to walk away and rent somewhere else.
There are a lot of Condos and Town homes that are in this state of deprecation . Many were built in the last few years with little or no money up front. In some cases , the contractors , took a few units in trade for work. Now these places are so upside down , that foreclosures are rampant. These places will have to be taken over , as rentals , and , with the right management , should survive. There will be a big demand for rentals in the next couple of years. This is happening all over the country , and , not just in poorer neighborhoods. The Government will have to address this problem , along with single family homes. In most cases , a local bank is invested in these as well., In smaller communities , almost always.
Hiya,
reading through the threads here. I find myself shaking my head. How do we get taught this stuff??
I know for me that it took a major wake up call.
I am pretty blessed now, but nearly went under. A good friend put me on the right track with money control etc.
The biggest thing was the bills etc that I wasn't expecting. I was always running short just before payday.
Last edited by Global Friend; 03-21-2009 at 07:15 AM..
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I keep saying this folks , and it rings true even more every day now. Cash is King. Its all about income.
Protect you cash , keep a reserve . Even if it means NOT paying off credit cards , or other unsecured debt.
Do not count on your Home as a cash cow. Consider the reality that the home is a place to live , thats it. If your cost of staying in a home exceeds you ability to save , pay your rents, utilities , and mortgage payments , and you are under water , or up side down , ( a better term ) , then , walk a way. Do not wait until you are so depleted of cash , of bill collectors calling , etc. that you are truly desperate. Develop a plan , stick to it , and look ahead for things getting worse. Don't sell everything , including your car , just to keep a home going , that is only dragging you down, until there is nothing left, and you are on the street. Look for newer, lower cost housing , ( condos , town homes that are not selling ). Many of there places will be available to rent , often without a lease , or other commitments. Stay liquid , mobile , and be ready to make a change , relocate , or adapt , as the economy adjusts to the new realities , and opportunities.... be realistic , you will sleep better at night.
NO.... In the end , hyperinflation sets in , and we go down again , that too is coming , its just delaying the fall , we do need to wipe out all debt , and , start over , its the only way.
Wow, that a theory. Don't you and all the millions of other suckers wish that would happen. Even the government would love it. But what about all the folks holding debt or Heaven forbid actually have a bit of cash? There is two sides to this story.
Debt repudiation is a great way to solve things but you do have the lil problem of who gets all the real stuff like houses, cars, lawnmowers, the bits and bobs of things.
Seeing as how nobody will own the stuff that all the suckers don't own, that should be divided up among the survivors. I would like a few more houses, barn or two, farm here or there, more cars, maybe another good lawnmower, more bits and bobs. Plus maybe a National Forest or two, a B-2 bomber would be good, enough guns to start a small Army, at least one submarine. A few nuclear warheads might be nice to mount above the fireplace.
Hey, if you are going to wipe out all the debt then reward those who never played the game with the goodies. Sounds like a slight twist to the theory but everybody will make out. All the suckers get to start over again at zero, the Good Guys get to start with all the trash they never could buy before. Sounds fair to me. Only Good Guys can be in the next Government, we do not want this to happen again. Plus we should have all the big guns and most of the nuclear weapons.
Ok, it would be a Brave New World but might even make a nice movie, I can think of a million twists to the plot.
What do you do with all them Lil China Guys that is owed a ton of money? Maybe the Good Guys just print some more new money and replace their old bad money, something to think about. Again that sounds fair enough, they come out neutral, get them wheels of the mercantile engine rolling again. It all depends on which side of the fence a fellow is on in this lil situation, just remember there are two sides to every fence.
Wow, that a theory. Don't you and all the millions of other suckers wish that would happen. Even the government would love it. But what about all the folks holding debt or Heaven forbid actually have a bit of cash? There is two sides to this story.
Debt repudiation is a great way to solve things but you do have the lil problem of who gets all the real stuff like houses, cars, lawnmowers, the bits and bobs of things.
Seeing as how nobody will own the stuff that all the suckers don't own, that should be divided up among the survivors. I would like a few more houses, barn or two, farm here or there, more cars, maybe another good lawnmower, more bits and bobs. Plus maybe a National Forest or two, a B-2 bomber would be good, enough guns to start a small Army, at least one submarine. A few nuclear warheads might be nice to mount above the fireplace.
Hey, if you are going to wipe out all the debt then reward those who never played the game with the goodies. Sounds like a slight twist to the theory but everybody will make out. All the suckers get to start over again at zero, the Good Guys get to start with all the trash they never could buy before. Sounds fair to me. Only Good Guys can be in the next Government, we do not want this to happen again. Plus we should have all the big guns and most of the nuclear weapons.
Ok, it would be a Brave New World but might even make a nice movie, I can think of a million twists to the plot.
What do you do with all them Lil China Guys that is owed a ton of money? Maybe the Good Guys just print some more new money and replace their old bad money, something to think about. Again that sounds fair enough, they come out neutral, get them wheels of the mercantile engine rolling again. It all depends on which side of the fence a fellow is on in this lil situation, just remember there are two sides to every fence.
Not really, ... When the Dollar value goes to nothing , the China folks won't want to invest in anything here. They won't sell us anything ether , .. unless , we pay with Gold.... Starting over , has been done in before. History tells the story as to how it worked out. The difference is the US has the largest economy in the World , so , the restructure becomes more difficult.
When , you have gone down so far that your money is worthless , it doesn't matter much about debt. You can't pay any of it off , with worthless paper anyway. The only way to come back , is to go on the Gold Standard , where the Money is backed by " real " money, a world recognized standard of wealth, Gold and Silver.
Wow, that a theory. Don't you and all the millions of other suckers wish that would happen. Even the government would love it. But what about all the folks holding debt or Heaven forbid actually have a bit of cash? There is two sides to this story.
Debt repudiation is a great way to solve things but you do have the lil problem of who gets all the real stuff like houses, cars, lawnmowers, the bits and bobs of things.
Seeing as how nobody will own the stuff that all the suckers don't own, that should be divided up among the survivors. I would like a few more houses, barn or two, farm here or there, more cars, maybe another good lawnmower, more bits and bobs. Plus maybe a National Forest or two, a B-2 bomber would be good, enough guns to start a small Army, at least one submarine. A few nuclear warheads might be nice to mount above the fireplace.
Hey, if you are going to wipe out all the debt then reward those who never played the game with the goodies. Sounds like a slight twist to the theory but everybody will make out. All the suckers get to start over again at zero, the Good Guys get to start with all the trash they never could buy before. Sounds fair to me. Only Good Guys can be in the next Government, we do not want this to happen again. Plus we should have all the big guns and most of the nuclear weapons.
Ok, it would be a Brave New World but might even make a nice movie, I can think of a million twists to the plot.
What do you do with all them Lil China Guys that is owed a ton of money? Maybe the Good Guys just print some more new money and replace their old bad money, something to think about. Again that sounds fair enough, they come out neutral, get them wheels of the mercantile engine rolling again. It all depends on which side of the fence a fellow is on in this lil situation, just remember there are two sides to every fence.
i guess people think the little china guys will just walk away from their trillions of dollars worth of labor without blinking an eye, maybe even smiling when they do so! it is a very bad thing that people are doing telling other people to walk away from debt and walk away from responsibilities, however i fear that our government is encouraging this type of attitude with their crazy spending policies, and the sad part it is really spending on nothing that will help the future of our country.....
Thiose complexes will just become the new public houisng ;then evenually to be tore down. Those that owned them will just move on to the next nice place with more and more becoming gated.
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Cashflow Is King
