07/08 collapse

Speedy said:
There is no such thing as predatory lending. Nobody forces you to overpay for a property, agree to pay too much interest or take out an ARM. You make your choices and need to use common sense when you agree to a loan.

Culturally we need to learn to live within our means. If you want it go earn it - it isn't given to you, you don't deserve it and it isn't somebody else's fault when things go wrong.

If you want to buy at the peak of the market, be prepared to get through the correction when some of the variables will change.
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That would require way too much thinking/sacrifice for the average American.

I really think in order to graduate high school you need to pass a money/loan/savings/return on investment class. Teach them useful stuff that they should know.
 
uhoh said:
This is the route we went too... House appraised for 30% more than we paid for it in two years.
We are trying to get something small built but cost is no bueno and it seems like everyone is 6-12 months out.

We've heard locally that some builders are starting to sell some of their equipment because the writing is on the wall and they aren't interested in getting stuck holding the bag.
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We got 103% more than we paid for it 6yrs ago, was a no brainer. Living rent free with the inlaws while we look for property.

I've heard the same about builders and also supply buyers not placing orders as they see the writing on the wall.
 
ThePanzerFuhrer said:
That would require way too much thinking/sacrifice for the average American.

I really think in order to graduate high school you need to pass a money/loan/savings/return on investment class. Teach them useful stuff that they should know.
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Man I am trying to remember where I heard this discussed. The reason they don't the man said is there are bankers on every school board in whose interest it is for you not to know this. Not sure if he was right. I graduated out high school 48 years ago I could balance a check book simple because it was adding and subtracting. There are still things you guys discuss on here that I have no idea what they mean.
 
bigun said:
Man I am trying to remember where I heard this discussed. The reason they don't the man said is there are bankers on every school board in whose interest it is for you not to know this. Not sure if he was right. I graduated out high school 48 years ago I could balance a check book simple because it was adding and subtracting. There are still things you guys discuss on here that I have no idea what they mean.
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Expecting citizens to be frugal when the government spends like drunken sailors is a challenge
 
Just curious why anyone wants to have cash on hand during inflation?

Can't wait to pay off debt with Biden bucks.

Read that 1 dozen eggs goes for $200 on the black market in Venezuela. Should be able to cover our nut with just the proceeds from our chickens.

No more wheelbarrows of cash thanks to Venmo. :laughing:
 

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VG SERE said:
Just curious why anyone wants to have cash on hand during inflation?

Can't wait to pay off debt with Biden bucks.

Read that 1 dozen eggs goes for $200 on the black market in Venezuela. Should be able to cover our nut with just the proceeds from our chickens.

No more wheelbarrows of cash thanks to Venmo. :laughing:
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Greater fool theory

You can hold the bag of 400-800k house/ land/ira, that loses 20-60% if not more, and unable to offload without additional realized losses, or even offload period.

Or

You can sit on pure liquidity at 7% inflation short term while cashing out early.
 
SLOWPOKE693 said:
The only correct answer to OP's question is:

Throw that pile of **** Edelbrock carb in the trash and either buy a Holley carb or a stock replacement carb for your application, either will run better.....
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Trackerbacker(fvckvs) said:
Greater fool theory

You can hold the bag of 400-800k house/ land/ira, that loses 20-60% if not more, and unable to offload without additional realized losses, or even offload period.

Or

You can sit on pure liquidity at 7% inflation short term while cashing out early.
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Pure liquidity is gold, silver, or other PM's. The US dollar will continue to be devalued at an accelerated rate, **** just add a zero to everything :homer:

I'm moving most of my cash to PM's, Most of my retirement is in self directed checkbook IRA's, so it's easy to move between investments. Holding gold in a IRA you have to use a trustee to house the physical stuff. But everything I own is liquid for a reason. **** starts going bad and I'm out in a hurry. I'm going to probably sell my house this summer for way too much and buy something cheap someplace else for now and put the rest in PM's while this **** show unfolds. Sitting this out in Hawaii isn't sounding so bad right now as long as I have a fishing boat. Gold will at least stay stable in value.
 
CDA 455 II said:
Exactly.:beer:

Demanded by who???
Former President Bill Clinton.

Part of the irony of that bill, which was for more lower-income and middle-income families being able to buy a home, was the fact that the rich/richer/super rich took advantage of it as well.
Meaning; there were rich people buying homes/mansions they couldn't afford as well! :laughing::homer:
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It was a lot of buy now pay later bs going on, lots of guys at work made great money, but got in way over their heads. Million dollar homes and making interest only payments, borrowing against it to buy Brodozers and 40' 5th wheels.

Then the note comes due and guys that made good money but were keeping up with the Jones's are Yardsaling everything they own.

It put a bunch of otherwise good guys in a bad spot.

Loan brokers took advantage of being able to leverage everything at 120% value to sell loans also.

I could be wrong, but that's the way it seemed.
 
arse_sidewards said:
No it's not you old fool.

You can't buy groceries in gold. A hooker isn't gonna take some shavings scraped off a bar as payment.

PMs are a store of value. They are not liquid. They can just be made liquid pretty easily.
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Because when/if the world/dollar crashes, I'm definitely going to trade food, shelter or protection for some shiny metal
 
My house has appreciated almost double since we bought it 3 years ago. It's kinda cool that we're sitting on a pile of cash for a down payment elsewhere. Problem is my job isn't easily portable and I get paid too much where I'm at to just say **** it and move. Plus the area I'm in is the best, I've never liked living somewhere more than I do here. Except for the goddamned rain and liberals this state would be perfect. :mad3:

I
Norm said:
Sitting this out in Hawaii isn't sounding so bad right now as long as I have a fishing boat. Gold will at least stay stable in value.
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Please tell me where you can move in Hawaii cheap enough to live? :flipoff2:
 
RusM said:
My house has appreciated almost double since we bought it 3 years ago. It's kinda cool that we're sitting on a pile of cash for a down payment elsewhere. Problem is my job isn't easily portable and I get paid too much where I'm at to just say **** it and move. Plus the area I'm in is the best, I've never liked living somewhere more than I do here. Except for the goddamned rain and liberals this state would be perfect. :mad3:

I

Please tell me where you can move in Hawaii cheap enough to live? :flipoff2:
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94-5786 Awa Pae Loop, Naalehu, HI 96772 | realtor.com®
 
RusM said:
For Hawaii it's not bad and the house looks ok. It's not Maui though! :flipoff2:
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I love Maui, but it's the difference of retiring at 55 or working to 60. Anything decent on Maui is about a million :shaking:. Heading over and checking some places out soon. Option B is Buying up some rentals in southern Idaho and a small house then buying a winter condo in Hawaii. This is all assuming the real estate market doesn't **** in the next couple months.:cool2:
 
RusM said:
For Hawaii it's not bad and the house looks ok. It's not Maui though! :flipoff2:
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My wife has been there, not me. A couple co workers have been there as well. (not at the same time as my wife)
Anyway, yeah they talk about all the great beauty and weather but they also talk about the bad element that is there as well. One guy had rented a house he said they cooked at home and didn't eat out, but when it was all over with they really didn't save anything because the cost of living was so high.

Just watch Dog the bounty hunter. It is not all paradise. LOL

Don't know what the truth is, just Know I don't want to sit on a plane for 8 hours.
 
grumpy356 said:
What does this mean?

The borrower got 2.25% money??? Why is he in a bind?
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Blind. Autocorrect. Not that they need to know every detail, but eventuality is what it is.

There's a ton of shady **** going on behind your mortgage currently, that could very well effect the ***le.
 
Tiha said:
My wife has been there, not me. A couple co workers have been there as well. (not at the same time as my wife)
Anyway, yeah they talk about all the great beauty and weather but they also talk about the bad element that is there as well. One guy had rented a house he said they cooked at home and didn't eat out, but when it was all over with they really didn't save anything because the cost of living was so high.

Just watch Dog the bounty hunter. It is not all paradise. LOL

Don't know what the truth is, just Know I don't want to sit on a plane for 8 hours.
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I've only been once, I liked it! Cost of living is so goddamned high where I'm at I didn't really notice much difference in prices of food. Poke was cheap at the grocery store. :smokin:

I know quite a few people that have lived there, as long as you don't go where the locals say not to go you're fine. Just don't mouth off to any Islanders and not expect to fight them and their whole family. But that's the same as here we've got a bunch of Islanders and you don't get involved in their ****. Just be friends and treat them right and stay out of conflict with them.

Maybe I'll eventually be able to retire and snowboarding there 4-6 months out of the year wouldn't be terrible. :smokin:
 
RusM said:
I know quite a few people that have lived there, as long as you don't go where the locals say not to go you're fine. Just don't mouth off to any Islanders and not expect to fight them and their whole family. But that's the same as here we've got a bunch of Islanders and you don't get involved in their ****. Just be friends and treat them right and stay out of conflict with them.
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Isnt that pretty normal advice for just about anywhere in the US or even the world?
 
clodhopper said:
Isnt that pretty normal advice for just about anywhere in the US or even the world?
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Yeah, just extra with Islanders. If you're not careful some 6'8" 400# ghost of Lono m'fer is going to kick in your door in his sandals while his cousins tear apart your deck and flip over your car for 'disrespcting' one of their cousins.

Or you might get yourself into a situation where a suburban load of Hawaiians is chasing you around an abandoned mall screaming 'We're going to kill you haole' and you have to hide for hours until they get tired and go home. :laughing:

Both probably not an issue if you don't get a bj off an islander girl and then get caught making out with another chick or cold **** a bouncer and sneak back in the bar though....
 
Lost in translation somewhere on my end I think?

What are your assumptions?

Based on the print orders from the Fed they plan to maintain current $ production levels at a minimum. They have the option to increase it up to 30% over that.

I'm assuming that means inflation will continue to climb. I'm not using the "official 7%", as any marker other than the baseline, trending up.

I'm placing my assets in the areas I think will remain the most stable independent of the $.

I'm curious why you think the $ would be a safe and stable position?

The only thing I can think is you think the $ will be less volatile than the assets your purchasing? Wouldn't there have to be a huge gap, before it overcame the inflated $?

Not trolling or claiming the high ground, here to learn.

Thanks!
 
VG SERE said:
Lost in translation somewhere on my end I think?

What are your assumptions?

Based on the print orders from the Fed they plan to maintain current $ production levels at a minimum. They have the option to increase it up to 30% over that.

I'm assuming that means inflation will continue to climb. I'm not using the "official 7%", as any marker other than the baseline, trending up.

I'm placing my assets in the areas I think will remain the most stable independent of the $.

I'm curious why you think the $ would be a safe and stable position?

The only thing I can think is you think the $ will be less volatile than the assets your purchasing? Wouldn't there have to be a huge gap, before it overcame the inflated $?

Not trolling or claiming the high ground, here to learn.

Thanks!
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who you talking to, and assumptions towards what?
 
Trackerbacker(fvckvs) said:
who you talking to, and assumptions towards what?
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Basically everyone not talking about Hawaii real estate. :laughing:

You and someone else mentioned being liquid. The higher inflation goes the cheaper it is to service my debt.

To me it seems like the $ is the riskier bet right now.
 
VG SERE said:
Basically everyone not talking about Hawaii real estate. :laughing:

You and someone else mentioned being liquid. The higher inflation goes the cheaper it is to service my debt.

To me it seems like the $ is the riskier bet right now.
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Sure, on runaway for sure. But what's safer, $1,000 in your pocket, $1,000 in a 401k, $1,000 in stocks or $1,000 in land/house?

Your pocket, hits 7% inflation. If the market crashes, it's still tangible and only effected by inflation. It's not necessarily rising or falling tangibly, but its realized.

$1000 in 401k, well, itll go up 5-8%. If we hit an 07/08, you'll lose 30-50%.

$1,000 in the market, average return of 10%, if we hit an 07/08, you'll lose 53%.

$1000 in land/house, may go up, may go down. But the asset itself doesnt change. Now if you need cash or need to sell, that's where your realized gain or loss happens. You may have bought a $300k house for 400k, and maybe you can eek out 280k on the sale, but you may also sell for $450k.

Greater fool applies to some, not all, situations. You buy for 3, sell for 4, I buy 4, sell for 5, ........john buys at 7, sells for 4.50.

Flip side is, to each, buying the lows.

Obviously not talking specifically servicing debt and monetary value, but not all debts are worth having/gaining/holding simply because its cheap to service.

Pros and cons. Pros & cons of each.

What would I do with money right now? Exactly what I'm doing, being patient. At most, I'll lose 7-8%? If that's $7-$8 of $100, I'll use $10 in a good risk:benefit to cover. And when that land john bought goes on the market during the tumble, and darn it that house payment is coming fast, I'll work a deal. More than likely I called him offering $5, $6, $7, $8...but now that he's in a pinch and i haven't forgotten his smugness...I'll watch him bleed before I offer anything like before.

You can only answer what you think you should do and what you can stomach. Investing wise, I like things that have recurring revenues, moats, high occupancy, and things that get busier during down turns.

But i like to know I can get my money out under 48 hours too. So that limits what i do.
 
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