Riskiest Place to Buy a Home

Voice of San Diego ^ | 4/06/2006 | Will Carless

[listingright]

Anything else is like playing Russian Roulette.

That is such a ridiculous statement. Do you seriously think that there is never a situation where an ARM or Balloon Loan is smarter than Fixed?

[Pan_Yans Wife]

Nope, their attempt failed in March.

http://www.boston.com/news/local/new_hampshire/articles/2006/03/22/house_and_senate_back_eminent_domain_constitutional_amendments/

[roaddog727]

"Those people are only too happy for someone like me to come along, who will pay off their bills and give them moving expenses to go anywhere in the U.S. they want, in exchange for the title to their home. They get a new start without having to file bankruptcy, and I get a house for almost nothing. Then I pay it off, toss in some GOOD tenants, and count my money."

Excellent plan.

Mind if I employ it?

:-)

[napscoordinator]

San Diego is never going to become real estate quicksand, there's just way too many people that want to move here.


Having a transient military doesn't hurt either. The military is huge there.

[listingright]

Yes, but I think I might start hitting the abuse button given the regularity of this. After all, it is against the rules to do self promotion here.

It happened to Willie, perhaps Ex-T is next. Did enjoy when his account was suspended in December though...

[DugwayDuke]

Guess what? According to that report, I own a home in a town with the LOWEST risk of depreciation. Well, actually, tied for lowest with three other locations. Guess I better sell now.

[Petronski]

Blogpimpus maximus ping.

[listingright]

Ex-Texan,

Interesting link you posted: www.seizedrealestate.com/?hop=newspundit.

So, Free Republic is sending traffic to that web site, but Newspundit is getting paid / credit for the referral. Highly inappropriate if you ask me. Perhaps right fraudulent actually.

[starbase]

Well maybe we can just start posting "Click Abuse if you think anyone is promoting an outside blog contrary to forum rules." as soon as he throws up one of his interminable threads.

And then click Abuse ourselves. Allow me to be the first. (I value the forum too much to let it become a speculative flea market!!)

[Toddsterpatriot]

However, he doesn't think that slowdown is going to affect most homeowners, but only people on the fringes of the market.

OMG, we're doomed.......oh wait, never mind!!

[Mrs.Liberty]

The average military person could not afford to buy a house here.

We were lucky when we bought our new home in Chula Vista about 6 years ago. We could not even hope to afford the same house now, or smaller, more expensive brand new ones, now..

[Pukin Dog]

You mean you are not already? LOL! Dude, when I find broke people, I am usually standing in line to offer them money to get out! This is San Diego County's biggest industry. Now, you have to have a formula, of course. You cant buy just any home, it has to be one that can benefit from 10-20K of improvement that will translate into 60-80K of overall worth. You also need to start a holding company to handle your income properties, so that you can take any losses (or unpaid rent, expenses, as tax deductions)and a property manager, gardener, handiman, etc. (again, all expensed deductible of course) But there is a lot of competition here, because it works so well. All the fools who got those adjustible-rate loans are in deep do-do right now, and they want to bail. They just want out without messed up credit. You cant drive down a road here without seeing 3-5 "We buy houses!" signs. Mine are the blue ones with the dollar sign logo.

[roaddog727]

I can think of only 1 instance, Which I experienced. So for me, No. Never again.

The statement stands: Russian Roulette.

You go get an ARM or Balloon.

[narby]

You and Willie Green, I can tell your posts without looking every time.

I see you used the "Check the fact" gag this time to promote your website on JimRob's dime. How original.

How's the doom-and-gloom news business anyway?

[caisson71]

Don't forget the new 40 year fixed.

[Clemenza]

The only places in California where you should NEVER buy are:

San Bernardino: Got Meth?

Palmdale: Like South Central, but in a desert!

Oildale: And you thought Deliverance was fiction?

Ontario: Mexico's second most dangerous city.

[cmsgop]

Santa Ana maybe ,Irvine No Way Jose......

[listingright]

You go get an ARM or Balloon. Already did. I took out a 7 year baloon mortgage in Jan 2005. Saved 1% APR.

I've taken a 30 year fixed mortgage on 3 properties in my life. Lived in each of them less than 3 years each. Stupid waste of money, especially when the military transfers you each 2-3 years..

[Petronski]

I see you used the "Check the fact" gag this time to promote your website on JimRob's dime.

Don't forget to hit abuse to that effect. ;O)

[LurkingSince'98]

hey Pukin,

are you in the San Diego area?

I've got a son in S.D. that works his butt off, and would love to get into the business.

Lurking'