Running up $600K on a house purchased for $60K? Sheesh, his father should disown him for freeloading like that.
tj & the bear
on November 14, 2010 at 6:27 pm
OOPS, that last post was me!
anonamouse
on November 14, 2010 at 6:50 pm
dude i work around (not a close friend)…stopped by his place to pickup some work. neighbor comes over and tells him the sheriff had been buy to evict him and was coming back tomorrow to change the locks….the guy had to go get a uhaul but his credit card was maxed so he had to borrow a friends credit card. his car just died about a week ago and his girlfriend moved out when she found out his checking account had zero balance. she had a lease bmw in the dudes name and just left it in the driveway.
so he has no house, no car, owes on a lease has no money and his credit cards are maxed……he has a ‘part time job’ as he only works about 10hrs a week.
i found out he hadnt made a mortgage payment for 2 years but was paying $150 for premium cable/internet and his girlfriend had run up $800 in on-demand classes…..he eats out every single meal and goes to the movies twice a week. he has a bad ass iphone..his third this year (lost the other 2, left them lying on tables in restaurants).
he also went to europe a year ago on a 2 week vacation……
anonamouse
on November 14, 2010 at 7:42 pm
forgot..he also has a kid to feed and cloth….and he was the ceo of a corporation when i first met him.
Not much news to report out there man, just doing my best. If you have specific ideas, let me know, but there aren’t many hot ones, if any.
Buyers are rummaging through the recycle bin, hoping to get lucky with a lowball, or pray that a new listing might appear.
Very, very few REO listings in good areas.
shadash
on November 15, 2010 at 7:51 am
And the free rent rolls on…..
Deb
on November 15, 2010 at 8:31 am
JTR-funny you should characterize buyers ‘rummaging through the recycle bin’. We’ve been doing some serious dumpster diving as of late :). I swear some of them even smell like it, and these aren’t even REOs! Anyway, I subscribe to RealtyTrac, and the ratio of REO listed to bank owned/non-listed is about 1 to 4-5. So for every bank owned that is on the market, there’s another 4 that they’re holding back! Bus driver move that bus!
Anonymous
on November 15, 2010 at 8:35 am
Don’t forget that many of these people have declared baknruptcy, so there is really no advantage for them doing a short sale.It is good for the realtor to get a commission but no real benefit to the seller if his credit is already junked. Most of the time the bank will come back with escrow intruction calling for recourse on the existing second and foreclosure and bankruptcy and seems like a more viable alternative.
Kathy
on November 15, 2010 at 8:48 am
I called Pardee a few weeks ago and they said the land next to Manzanita Trails (just east) that you filmed would be developed soon….I think they said starting by next summer. There is also land behind it (north) that goes all the way to the backside of Rancho Pacifica/Senterra that may have ocean views. Can’t wait to see what they build there.
anonamouse
on November 15, 2010 at 9:15 am
JTR – the guys girlfriend was actually smart to get the heck out of town…!….nothing but pain coming
anonamouse
on November 15, 2010 at 9:17 am
JTR – also great vids as usual. i send the links to friends all over the world that are planning to buy in southern california in the coming years….seems all the expats want to come home…?
Running up $600K on a house purchased for $60K? Sheesh, his father should disown him for freeloading like that.
OOPS, that last post was me!
dude i work around (not a close friend)…stopped by his place to pickup some work. neighbor comes over and tells him the sheriff had been buy to evict him and was coming back tomorrow to change the locks….the guy had to go get a uhaul but his credit card was maxed so he had to borrow a friends credit card. his car just died about a week ago and his girlfriend moved out when she found out his checking account had zero balance. she had a lease bmw in the dudes name and just left it in the driveway.
so he has no house, no car, owes on a lease has no money and his credit cards are maxed……he has a ‘part time job’ as he only works about 10hrs a week.
i found out he hadnt made a mortgage payment for 2 years but was paying $150 for premium cable/internet and his girlfriend had run up $800 in on-demand classes…..he eats out every single meal and goes to the movies twice a week. he has a bad ass iphone..his third this year (lost the other 2, left them lying on tables in restaurants).
he also went to europe a year ago on a 2 week vacation……
forgot..he also has a kid to feed and cloth….and he was the ceo of a corporation when i first met him.
his girlfriend moved out when she found out his checking account had zero balance
Are they all like that?
JTR – …only the hot ones…
Not much news to report out there man, just doing my best. If you have specific ideas, let me know, but there aren’t many hot ones, if any.
Buyers are rummaging through the recycle bin, hoping to get lucky with a lowball, or pray that a new listing might appear.
Very, very few REO listings in good areas.
And the free rent rolls on…..
JTR-funny you should characterize buyers ‘rummaging through the recycle bin’. We’ve been doing some serious dumpster diving as of late :). I swear some of them even smell like it, and these aren’t even REOs! Anyway, I subscribe to RealtyTrac, and the ratio of REO listed to bank owned/non-listed is about 1 to 4-5. So for every bank owned that is on the market, there’s another 4 that they’re holding back! Bus driver move that bus!
Don’t forget that many of these people have declared baknruptcy, so there is really no advantage for them doing a short sale.It is good for the realtor to get a commission but no real benefit to the seller if his credit is already junked. Most of the time the bank will come back with escrow intruction calling for recourse on the existing second and foreclosure and bankruptcy and seems like a more viable alternative.
I called Pardee a few weeks ago and they said the land next to Manzanita Trails (just east) that you filmed would be developed soon….I think they said starting by next summer. There is also land behind it (north) that goes all the way to the backside of Rancho Pacifica/Senterra that may have ocean views. Can’t wait to see what they build there.
JTR – the guys girlfriend was actually smart to get the heck out of town…!….nothing but pain coming
JTR – also great vids as usual. i send the links to friends all over the world that are planning to buy in southern california in the coming years….seems all the expats want to come home…?