Housing Bubble, credit bubble, public planning, land use, zoning and transportation in the exurban environment. Specific criticism of smart growth, neotradtional, forms based, new urbanism and other top down planner schemes to increase urban extent and density. Ventura County, California specific examples.
Hopefully by now the regular readers are sensing some patterns. I preach on some subjects (transport, land use), raise others (MBS, economics), and hope to learn about the rest (obvious examples, new situations).
Casey just got a ten thousand dollar deposit on the NM property. RobDawg you need to install Vbookie here, cause I'd like to place bets on the following: a. Casey's lying/fantasizing (there's not 10K offer) (2:1 odds))
b. Casey has cashed the check and will not return the money to the buyer nor forward it to the bank, but because at the time he cashed the check he didn't intend to steal it, it won't be criminal in his mind (1:1 odds)
c. Casey will procrastinate and the house will be foreclosed because he forget to put a stamp on the envelope, forget to send it FED EX or some other lame excuse (3:1)
d. The foreclosure will be stopped and the house sold to that buyer with no glitches (12:1)
Yo Rob Dawg, There’s so much hilarious and interesting material here that I’m thinking about keeping a best of collection in http://blogaboutablogaboutablogabout.blogspot.com once I can figure out the puzzling UI (whatever happened to simplicity?). Would you mind? Akubi
His efforts are not 11th hour -- he is at 11 hours, 59 minutes and 58 seconds.
Such a looser.
However, the POLICE are back -- while Casey is paying dumpster diving and turning in soda bottles for refunds, I'll be in the front row for the reunion tour.
His credit is maxed, how can he continue to live without a J O B? People talk about treating himself to a Jamba Juice. But at the end of this month it seems like that will not even be a possibility.
How long can this guy continue?
I suppose the sister-in-law has something to do with it, but he has got to start even falling behind this rent soon!
The guy has to be depressed as his wife goes to school and see's other types of oportunities.
I also think no criminal proceedings will happen until the forclosures happen. But then again with all the bad news in the sub prime market, Casey is just one of thousands. I really doubt any crimal procesecution will ever happen.
Short sales why bother? Does it really matter? How many 50K notes will he have to sign?
This couple is so broke they probably can't even afford BK. And that is one SWEEEEEET deal.
He can't get to NM now - no credit to charge the flight, plus, it would interfere with Naptime!
If its mailed to him, so what? He won't open it, or any other mail, until long after the writer of it comes to their senses and puts a stop payment on it!
I’ve been too distracted to think much lately and since I’m getting a $250 check in the mail, I decided think about working on my goals. One of the seminar leaders I went to said that because falling forward is caused by stuff in the past, you have to think about the future.
I decided to spend part of my $250 to update my library. I went out and bought “Rich Dad's Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business”
This is a good book for two reasons. One is I learned a lot at the seminars, but the problem is that they weren’t reel life lessons. Since this book has 10, its like having a whole bunch of sweet deals behind me, and that will put me in abetter place...
The other thing is that it’s got a whole big section on what you should do before you quit. I probably quit my job too soon but there’s not a lot I can do about it right now. This way, if I do get a job I’ll already know what to do when I quit.
I think its good advice like...
“A successful entrepreneur finds the right idea, the right people to act on the idea, and the right money to leverage the whole project. “
Because I see the big picture, I get a lot of ideas. I just have to find the RIGHT “win-win” ideas so I can get the right people to leverage the money for me. They can keep some of it, and send me the rest as passive income.
“2. A successful entrepreneur operates from freedom and opportunity rather than security and resources.“
This is important. If I get a job, before I quit it I’m going to have to have enough time for freedom and opportunity – becauser thats whats going to make me secure.
“3. The best time to answer the tough questions about starting a business -- is before you start the business -- not when you're in the middle of it. “
I have to work on this. Being in the middle of something is NOT the time for tough questions. Next week I’m going to work on my top priorities, and when I get some tough questions I’ll post them and let you all help me answer them,
I’ve been too distracted to think much lately and since I’m getting a $250 check in the mail, I decided think about working on my goals. One of the seminar leaders I went to said that because falling forward is caused by stuff in the past, you have to think about the future.
I'd like to jumpstart his fall forward with a kick to the rear....
So now he gets a book about what to do before quitting your job? What a maroon. good Lord this guy isn't falling forward, he is in a time warp where he always makes the right decision a day late.
Now this guy is telling us about the lessons he learned a little late? Ahhhhhhhhhhhhhhhhhhhhhh!!!!!!
That's basic common sense you moron!!!
Ooops blog etiquetee police
The MORON said "3. The best time to answer the tough questions about starting a business -- is before you start the business -- not when you're in the middle of it. “
I have to work on this. Being in the middle of something is NOT the time for tough questions. Next week I’m going to work on my top priorities, and when I get some tough questions I’ll post them and let you all help me answer them,
He's kidding right? When did all his readers suddenly become his employees. He's going to let people answer his dumb questions? I thought we already had. Declare bankruptcy, file for divorce, get a JOB! Personally I have time to make fun of you, not figure out basic day to day living stuff like how to dress, tie your shoes, eat...
I really don't see how any lender could believe his hardship letter when for the last few months he has been sitting on his ass in between thousand dollar real estate seminars.
Rob, does this sort of dialog go on in your county?
(From a Marin Independent Journal on county plan)
“By 2028, 30 percent of Marin will be over 65," Jones said. "People will need help - cleaning, cooking, going to the doctor, pushing their wheelchairs. Those people who will help will be making close to minimum wage. Where are those thousands of people going to live?”
Juxtaposed against...
“The sensitivity that the county has shown to the people of this neighborhood is like that shown by Josef Stalin to the farmers of Ukraine during collectivization,” Smith said.
Anonymous. I'm not exactly sure what the County of Marin has to do with the IJ remix; however, there are several layers of politics that prevent things from happening quickly.
I have decided to move (cautiously) into the note industry.
Well I new the basic terminology and mechanics of it but I needed the MEAT and POTATOS of it. In the last 7 days I have read them (count em) 14 books relating directly and indirectly (mostly directly) to the note business.
I would like to take a moment and compare my costs to caseys.
Casey---spend 14,000 for the boot camp seminars and materials over a 2-3 month period
hotels 7 nights at 80 bucks a pop
Food chipotle, and Jamaba Juice 300-500 bucks
and not have a job the whole time (nothing to offset his expenditures)
ME:
Still have my Job (work graveyard so it doesnt interefere with my daytime R/E activities) IN the last 7 days I have worked 50 hours (10 hours of overtime) at 23.56 and hour not counting benefits. (part of that time consists of 12 hours taken off due to dentist appointment and pain--but hey that is what my sick leave is for)
motel costs ----0 rent costs ...well casey still had to pay for his while he was gone at the hotels so it's a wash (but I am sure I get a better deal than him anyway)
Food costs-- about 30 bucks..I take my lunch to work and eat at home
Material and educational costs---0 0 0 0 0 0 0 zero zilch none...I got all of my books at the library.
Caseys defined plan of action---to buy a bunch of alligators that bankrupt him and make him insolvent.
My plan of action...Pretty much done...I broke it down into 4 parts.
--update my net worth worksheet. --Make sure all contracts are done and ready to go. --Identify my market and where I will get my business from including competitors. --Establish contacts in place and ready to go (where the money comes from and escrow services)
I am happy to say these steps will take me another week to complete..maybe 2..in the meantime I have lost some sleep (sleeping 4 hours a night to make the research happen)so I am slowing down and taking a couple days off to rest my head.
I have absorbed way to much information and strategies and to be honest I am just downright burned out...but it is done and off my plate as far as the research and educumacation is concerned.
Casey posted this about the Burdett property: Burdett: Got an offer for $245,000 but they want the seller to pay for a bunch of stuff. I was concerned about that but my agent explained to me that I will not have to come out of pocket for any of that. If the bank is willing to credit the buyer some of the items they asked for it will come out of bank’s proceeds. So I signed it and now we’re waiting for an answer.
Here is the MLS sheet for Burdett: http://www.flickr.com/photo_zoom.gne?id=388883770&size=o
Why would someone over bid on Burdett? Why pay $7K over when you don't have to?
Perhaps the buyer is trying to get this property with no out of pocket costs and so repair money? I believe the LEGAL amount a buyer can ask for back is 3% and that IS reported on the HUD-1 statement.
3% of $245K = $7170 $245K - $7170 = $237,830
So maybe the buyer isn't asking for the full 3% back?
Why would Casey be concerned the bank won't approve the cash back to the buyer? He should know that it's not really out of his pocket as it's ultimately reflected in the sales price. I assume the $239K list prices has been approved by the bank. As long as the net sales price is above $239K, the bank will be fine with it. All he has to worry about is a LEGIT appraisal for the $245K price.
well, I for one am rooting for all these short sales to go through.
After all the 1099's are said and done, in the eyes of the IRS, Casey will likely have a nice, juicy six-figure income. Wonder if Casey and Galina will get hit by the AMT?
And all taxes will be due April 15, 2008. personally, I would rather owe $$$ to cash call than the IRS...
Fremont Investment & Loan
28 comments:
Avast me hearties.
NR
Arrrgh! Are we be seein' a pattern here maties?
Hopefully by now the regular readers are sensing some patterns. I preach on some subjects (transport, land use), raise others (MBS, economics), and hope to learn about the rest (obvious examples, new situations).
And good balance sheet raiding to you, matey.
Now I gotta go and play "always look on the bright side of life..."
Casey just got a ten thousand dollar deposit on the NM property. RobDawg you need to install Vbookie here, cause I'd like to place bets on the following:
a. Casey's lying/fantasizing (there's not 10K offer) (2:1 odds))
b. Casey has cashed the check and will not return the money to the buyer nor forward it to the bank, but because at the time he cashed the check he didn't intend to steal it, it won't be criminal in his mind (1:1 odds)
c. Casey will procrastinate and the house will be foreclosed because he forget to put a stamp on the envelope, forget to send it FED EX or some other lame excuse (3:1)
d. The foreclosure will be stopped and the house sold to that buyer with no glitches (12:1)
Yo Rob Dawg,
There’s so much hilarious and interesting material here that I’m thinking about keeping a best of collection in http://blogaboutablogaboutablogabout.blogspot.com once I can figure out the puzzling UI (whatever happened to simplicity?). Would you mind?
Akubi
Anybody see Casey cashing the $250 check before he see's the papers he is suppose to sign for it?
AS for his $10,000 deposit, I hope he never see's that check, the sweetest deal he can do now is to take the money and RUN!
I find this 11th hour stuff a bit strange. Of course none of it has panned out, and only delayed the enevitable.
Casey is
STUPID
STUPID
STUPID
STUPID
His efforts are not 11th hour -- he is at 11 hours, 59 minutes and 58 seconds.
Such a looser.
However, the POLICE are back -- while Casey is paying dumpster diving and turning in soda bottles for refunds, I'll be in the front row for the reunion tour.
His credit is maxed, how can he continue to live without a J O B? People talk about treating himself to a Jamba Juice. But at the end of this month it seems like that will not even be a possibility.
How long can this guy continue?
I suppose the sister-in-law has something to do with it, but he has got to start even falling behind this rent soon!
The guy has to be depressed as his wife goes to school and see's other types of oportunities.
I also think no criminal proceedings will happen until the forclosures happen. But then again with all the bad news in the sub prime market, Casey is just one of thousands. I really doubt any crimal procesecution will ever happen.
Short sales why bother? Does it really matter? How many 50K notes will he have to sign?
This couple is so broke they probably can't even afford BK. And that is one SWEEEEEET deal.
He won't touch the check.
How would he get the check?
He can't get to NM now - no credit to charge the flight, plus, it would interfere with Naptime!
If its mailed to him, so what? He won't open it, or any other mail, until long after the writer of it comes to their senses and puts a stop payment on it!
Even more insanity....
Tough questions
I’ve been too distracted to think much lately and since I’m getting a $250 check in the mail, I decided think about working on my goals. One of the seminar leaders I went to said that because falling forward is caused by stuff in the past, you have to think about the future.
I decided to spend part of my $250 to update my library. I went out and bought “Rich Dad's Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business”
This is a good book for two reasons. One is I learned a lot at the seminars, but the problem is that they weren’t reel life lessons. Since this book has 10, its like having a whole bunch of sweet deals behind me, and that will put me in abetter place...
The other thing is that it’s got a whole big section on what you should do before you quit. I probably quit my job too soon but there’s not a lot I can do about it right now. This way, if I do get a job I’ll already know what to do when I quit.
I think its good advice like...
“A successful entrepreneur finds the right idea, the right people to act on the idea, and the right money to leverage the whole project. “
Because I see the big picture, I get a lot of ideas. I just have to find the RIGHT “win-win” ideas so I can get the right people to leverage the money for me. They can keep some of it, and send me the rest as passive income.
“2. A successful entrepreneur operates from freedom and opportunity rather than security and resources.“
This is important. If I get a job, before I quit it I’m going to have to have enough time for freedom and opportunity – becauser thats whats going to make me secure.
“3. The best time to answer the tough questions about starting a business -- is before you start the business -- not when you're in the middle of it. “
I have to work on this. Being in the middle of something is NOT the time for tough questions. Next week I’m going to work on my top priorities, and when I get some tough questions I’ll post them and let you all help me answer them,
I’ve been too distracted to think much lately and since I’m getting a $250 check in the mail, I decided think about working on my goals. One of the seminar leaders I went to said that because falling forward is caused by stuff in the past, you have to think about the future.
I'd like to jumpstart his fall forward with a kick to the rear....
So now he gets a book about what to do before quitting your job? What a maroon. good Lord this guy isn't falling forward, he is in a time warp where he always makes the right decision a day late.
Now this guy is telling us about the lessons he learned a little late? Ahhhhhhhhhhhhhhhhhhhhhh!!!!!!
That's basic common sense you moron!!!
Ooops blog etiquetee police
The MORON said
"3. The best time to answer the tough questions about starting a business -- is before you start the business -- not when you're in the middle of it. “
I have to work on this. Being in the middle of something is NOT the time for tough questions. Next week I’m going to work on my top priorities, and when I get some tough questions I’ll post them and let you all help me answer them,
He's kidding right? When did all his readers suddenly become his employees. He's going to let people answer his dumb questions? I thought we already had.
Declare bankruptcy, file for divorce, get a JOB!
Personally I have time to make fun of you, not figure out basic day to day living stuff like how to dress, tie your shoes, eat...
I really don't see how any lender could believe his hardship letter when for the last few months he has been sitting on his ass in between thousand dollar real estate seminars.
I can't believe he's found a fool willing to pay 380K for a house in Rio Rancho.
"Tough questions
I’ve been too distracted ...
... I’ll post them and let you all help me answer them,"
Where did our favorite Snowflake post this? I'm not seeing it on his IAFF - but I could be overlooking it.
Rob, does this sort of dialog go on in your county?
(From a Marin Independent Journal on county plan)
“By 2028, 30 percent of Marin will be over 65," Jones said. "People will need help - cleaning, cooking, going to the doctor, pushing their wheelchairs. Those people who will help will be making close to minimum wage. Where are those thousands of people going to live?”
Juxtaposed against...
“The sensitivity that the county has shown to the people of this neighborhood is like that shown by Josef Stalin to the farmers of Ukraine during collectivization,” Smith said.
Anonymous.
I'm not exactly sure what the County of Marin has to do with the IJ remix; however, there are several layers of politics that prevent things from happening quickly.
I figured Anon @ 8:42PM was doing some creative writing ... fantastic style! reely!
Rob..my friggin head hurts.
I have decided to move (cautiously) into the note industry.
Well I new the basic terminology and mechanics of it but I needed the MEAT and POTATOS of it. In the last 7 days I have read them (count em) 14 books relating directly and indirectly (mostly directly) to the note business.
I would like to take a moment and compare my costs to caseys.
Casey---spend 14,000 for the boot camp seminars and materials over a 2-3 month period
hotels 7 nights at 80 bucks a pop
Food chipotle, and Jamaba Juice 300-500 bucks
and not have a job the whole time (nothing to offset his expenditures)
ME:
Still have my Job (work graveyard so it doesnt interefere with my daytime R/E activities)
IN the last 7 days I have worked 50 hours (10 hours of overtime) at 23.56 and hour not counting benefits. (part of that time consists of 12 hours taken off due to dentist appointment and pain--but hey that is what my sick leave is for)
motel costs ----0 rent costs ...well casey still had to pay for his while he was gone at the hotels so it's a wash (but I am sure I get a better deal than him anyway)
Food costs-- about 30 bucks..I take my lunch to work and eat at home
Material and educational costs---0 0 0 0 0 0 0 zero zilch none...I got all of my books at the library.
Caseys defined plan of action---to buy a bunch of alligators that bankrupt him and make him insolvent.
My plan of action...Pretty much done...I broke it down into 4 parts.
--update my net worth worksheet.
--Make sure all contracts are done and ready to go.
--Identify my market and where I will get my business from including competitors.
--Establish contacts in place and ready to go (where the money comes from and escrow services)
I am happy to say these steps will take me another week to complete..maybe 2..in the meantime I have lost some sleep (sleeping 4 hours a night to make the research happen)so I am slowing down and taking a couple days off to rest my head.
I have absorbed way to much information and strategies and to be honest I am just downright burned out...but it is done and off my plate as far as the research and educumacation is concerned.
Very funny this evening and I was hoping to do a Casey and go to sleep ASAP – but I’m addicted.
It's all good, sweet and awesome.
OMG, I'm so excited!! I have a coupon for 5 FREE golden chocolate pics for orders totaling $75 or more.
Always wanted a special golden chocalate pig.
Are those trampoline photos really Casey or a golden chocolate pig on the edge of reality?
Whoa, whoa, whoa!!!
Casey posted this about the Burdett property:
Burdett: Got an offer for $245,000 but they want the seller to pay for a bunch of stuff. I was concerned about that but my agent explained to me that I will not have to come out of pocket for any of that. If the bank is willing to credit the buyer some of the items they asked for it will come out of bank’s proceeds. So I signed it and now we’re waiting for an answer.
Here is the MLS sheet for Burdett:
http://www.flickr.com/photo_zoom.gne?id=388883770&size=o
Why would someone over bid on Burdett? Why pay $7K over when you don't have to?
Perhaps the buyer is trying to get this property with no out of pocket costs and so repair money? I believe the LEGAL amount a buyer can ask for back is 3% and that IS reported on the HUD-1 statement.
3% of $245K = $7170
$245K - $7170 = $237,830
So maybe the buyer isn't asking for the full 3% back?
Why would Casey be concerned the bank won't approve the cash back to the buyer? He should know that it's not really out of his pocket as it's ultimately reflected in the sales price. I assume the $239K list prices has been approved by the bank. As long as the net sales price is above $239K, the bank will be fine with it. All he has to worry about is a LEGIT appraisal for the $245K price.
Oops, that would be $6K over, not $7K.
Odd... Casey lists the NM house as a 4/3 house, while MLS #482492 in the NM MLS lists the house as a 3/2.5.
The original listing agent, James Garcia of Allstar Realty Southwest LLC:
http://www.allstarsouthwest.com/english/Associate%5FBrokers/james/
There are currently 4 properties on Guadalajara Rd NE listed in the NM MLS.
well, I for one am rooting for all these short sales to go through.
After all the 1099's are said and done, in the eyes of the IRS, Casey will likely have a nice, juicy six-figure income. Wonder if Casey and Galina will get hit by the AMT?
And all taxes will be due April 15, 2008. personally, I would rather owe $$$ to cash call than the IRS...
Just poppin' in to say hello, and let everyone know I'm still around. Been eatin' Fishy Treats and doin' some serious shoe-poopin' - it's a busy life.
Love you guys.
purrrrrr.....
S_t_C
S_t_C: Good to see you. Hopefully Casey's shoes have not gone un-pooped-in.
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