So how's the economy out by you? - Page 3

Sakua · 04-11-2008, 06:22 PM

Quote:

Originally Posted by Phrozen

You should come to England before you start complaining about fuel prices!

Frankly I would love to live somewhere that I didn't have to drive (as much). Not very many transportation choices in the US, excepting a few large cities.

Osime · 04-11-2008, 06:26 PM

Quote:

Originally Posted by Lamil

You could say that about any landlord. Apt building, what happens when he has no one to rent ANY of the rooms out to? You think they can make the payments?

We held them for a long time, able to make the payments each month. But after a year, when payments added up to over 500k out of pocket, whats the point? Try to sell...

Nope. No one wants to buy them. What other choice does anyone have?

You would be right except major apartment owners have corporate backing and diversified holdings to tide them over etc, You were tied up in one thing with no backup plan... That's the difference I'm not pointing fingers just saying overextending via Credit was a major cause. Could you have weathered it until new renters came along if you were only putting out 250k? Had you been able to pay off one or two outright before investing in more. Nothing like pure profit to pad the bottom line.
My landlord isn't having any trouble, but she owns all of her properties outright and has for 20+ years.

Virulence · 04-11-2008, 06:27 PM

Quote:

Originally Posted by Osime

Fixed.... and while it would fucking kick ass and is most likely what is needed (now would be a good time with 3/4th of the Military "out of town for a few days") to turn this fuckin country around. IT probably won't happen til it gets much worse.

Your naive. Nobody did this to people, they took risks and many of them fucked themselves. Blaming the economic problems of this country on the successful is akin to blaming your mom's breast cancer on her treating physician...it is what is, a big shit sandwich and we are all gonna have to take a bite of it, just some of us are wealthy enough to enjoy a 40-year Sandeman port with that shit sandwich...

Lamil · 04-11-2008, 06:28 PM

That was the plan, jackass. We had plenty of other sources of income, investors, and backup plans. You really don't understand the position many of these people were put in do you?

You have your house, you lose your job, you can't sell your house, you drain your savings, you have other people who also can't afford to lend you any money themselves, what do you do?

Quote:

Originally Posted by Osime

Could you have weathered it until new renters came along if you were only putting out 250k? Had you been able to pay off one or two outright before investing in more.

We did have 2 houses payed off completely, and are still renting those out.

It wouldn't have mattered, when NO ONE is there to rent.

Widem · 04-11-2008, 06:29 PM

Quote:

Originally Posted by Lamil

My family owns quite a few houses. We rent them out, pay the mortgages each month, and build equity in the home. Everything is going great. Then people stop paying rent. No big deal, we have money saved up, we can pay those off until we rent it out again.

Between people that stop paying the rent due to losing jobs ect, people not wanting to buy the houses, cleaning out savings accounts just to stay out of foreclosure on those houses, it hits a point where you just can't pay for them anymore. Oh hey look, 20 more houses in foreclosure.

It was like 10 things at once that fucked us, when we were doing just fine.

Yeah, I see this the same way I see a failing business. Problem is most people don't creat and EPC/OPC combo in order to be able to file for business bankrupcy without it affecting your personal assets. Not sure if your parents did, but in you case this is simply a failing business, sucks to be you maybe they shouldnt have leveraged their business so much.

Overall for all intents and purpose for what INDIVIDUALS in this country have force upon the government and other financially responsible citizen everything is going pretty damn well.

The only thing kinda fucking us in the ass from a consumer standpoint is that with a lot of this liquidity trouble its causing the dollar to fall, which is the most significant factor in gas prices going up currently. Even though it literally saving the exporting sector which had been starving for quite some time. For any of you hoping for falling gas prices its not going to happen, I'd expect about another 40 cent increase by the end of summer. Furthermore, for any dipshit that drives and SUV or truck that ever complains about gas prices, just in the back of your head remember how big a peice of shit you are.

Jonny · 04-11-2008, 06:30 PM

Quote:

Originally Posted by Otis

The real estate disaster? Yeah.

But I'd hardly blame high gas prices and subsequently high grocery (et al) prices on irresponsible spending. But that's for another thread.

I'm just wondering what everyone's personal observations are.

We live in the same area Otis, so our observations should be somewhat on par. While the house prices have been plummeting, I expected to start seeing some friends that previously couldnt afford those high priced homes to jump into the market. That hasnt happened. It seems that even though house values are dropping, people still cant afford the costs of living.

I think I do pretty well and Im living paycheck to paycheck. I rarely put more then $20 in my tank at a time. It just hurts to pay $70+ to fill my tank in one shot. If I didnt have someone paying rent in my place, Id be up shits creak. That rent covers about 60% of my property taxes. It should cover all, but this is long island we're talking about. And each year seems to be growing worse.

Widem · 04-11-2008, 06:32 PM

Quote:

Originally Posted by Lamil

You have your house, you lose your job, you can't sell your house, you drain your savings, you have other people who also can't afford to lend you any money themselves, what do you do?

This was definately not typical the unemployment rate is still lower than the average for a long time. People just are only getting thrown out in the street b/c they overextended themsevles.

Ive been saving money for barely a year since i graduated and I have enough in the bank to last me for 10 months. If I can't find a job in 10 months well thats literally fucking impossible.

Lamil · 04-11-2008, 06:39 PM

Quote:

Originally Posted by Widem

This was definately not typical the unemployment rate is still lower than the average for a long time. People just are only getting thrown out in the street b/c they overextended themsevles.

Ive been saving money for barely a year since i graduated and I have enough in the bank to last me for 10 months. If I can't find a job in 10 months well thats literally fucking impossible.

We are still making decent money, and the savings is coming back, but when you have those houses that need to be payed, and no one to rent them, thats what got us. We would have been just fine for less then a year, but at a certain point you just say where is this money going?

Once you hit a point, foreclosure + bankruptcy looks pretty damn good.

Osime · 04-11-2008, 06:58 PM

Quote:

Originally Posted by Lamil

That was the plan, jackass. We had plenty of other sources of income, investors, and backup plans. You really don't understand the position many of these people were put in do you?

This point is covered in Widem' post most people tried to treat them like a business without actually going into business or incorporating to keep personal assets separate in the long run, if you did and still lost that's part of being in business.

You have your house, you lose your job, you can't sell your house, you drain your savings, you have other people who also can't afford to lend you any money themselves, what do you do?

This is a different problem, this is a single reference to a single problem separate from a business failure, which was what you had.

We did have 2 houses payed off completely, and are still renting those out.

It wouldn't have mattered, when NO ONE is there to rent.

Otis · 04-11-2008, 07:51 PM

Quote:

Originally Posted by Jonny

We live in the same area Otis, so our observations should be somewhat on par. While the house prices have been plummeting, I expected to start seeing some friends that previously couldnt afford those high priced homes to jump into the market. That hasnt happened. It seems that even though house values are dropping, people still cant afford the costs of living.

I think I do pretty well and Im living paycheck to paycheck. I rarely put more then $20 in my tank at a time. It just hurts to pay $70+ to fill my tank in one shot. If I didnt have someone paying rent in my place, Id be up shits creak. That rent covers about 60% of my property taxes. It should cover all, but this is long island we're talking about. And each year seems to be growing worse.

/nod

8k+ in property taxes here. We're probably going to grieve them.