Views: 518
Posted By WVU
"To Catch a Thief"
i'm just trying to catch up on what's happening, maybe I am wrong. if so, the "wtf" is well deserved... if i understand correctly... LP bet $1k w/ WVU at 14-1 that lakers win title. WVU accepts. LP sends cardsfan the 1k to hold onto??? (is that right?) Lakers start to kick ass and WVU disappears.
cardfan... u then said a few posts ago that wvu will get paid if LP loses? am i right? i dunno... if so... I was asking HOW are you going to pay WVU? are u assuming he will surface and then you pay him? or do you know how to get him the funding even if he never surfaces . i could have this all F'd up.
Why don't you post something at EOG asking him to reply? I know one thing. If he doesn't answer any replies and it turns out that the Lakers lose, I wouldn't be sending him any money if he showed up after the fact. Unless of course he sent Cards fan 14 grand just to show that he could have paid the bet and then Cards could send him back 15k.
If he's in real estate, he's not doing to well right now. I was just making a stop at one of my attorneys that specializes in bankruptcy. One of his paralegals told me that real estate people are filing like crazy. Their incomes have fallen from $15,000 a month down to $3000. The other problem is that most of them buy houses for investments and now they can't get rid of those without being upside down since the prices have fallen so much.
If he's in real estate, he's not doing to well right now. I was just making a stop at one of my attorneys that specializes in bankruptcy. One of his paralegals told me that real estate people are filing like crazy. Their incomes have fallen from $15,000 a month down to $3000. The other problem is that most of them buy houses for investments and now they can't get rid of those without being upside down since the prices have fallen so much.
I was a mortgage broker (actually loan originator because I can not get a license) and I can not believe what people are experiencing as far as being upside down. I did 3 loans for an llc 18 months ago for a guy who is a high up for a mlb team and now his properties are appraising for half of what he bought them for. I went from getting tickets to almost any sporting event in the USA to the guy iterally calling me at 3am drunk off his ass and threatening my life. The kicker is that he came to me and I told him it was a bad idea to buy them, but of course he does not recall that conversation.
If you wrote a book about your life story, what would it be called?
Views: 518
Posted By WVU
"To Catch a Thief"
"To Catch a Thief"
:lolBIG::lolBIG::lolBIG::lolBIG::lolBIG:
As part owner of an LLC I bought three buildings in Feb 2005 with funds from a 1031 exchange from a condo conversion we did. The sales prices were $650,000, $492,000 and $410,000. We put 20% down on all three. There was negative cashflow but we didnt care because everything we touched had doubled in the last 2-3 years.
With the expiration of our low adjustable rate, the impossibilty of refinancing, the current vacancy rate and massive increase in dead beat tenants the buildings are and have been losing close $5,500 a month.
We decided to sell because we ran out of funds to cover this negative cashflow but when the CMA's came back the values were $490,000, $368,000 and $312,000 respectively.
Even if we were willing to walk away from our 20% downpayments and chalk it up as a loss we could not because they are all currently worth less than our loan amount and so we'd have to bring significant monies to any closing.
On top of that any transfer of deed automatically calls in the deferred taxes due from the condo conversation.
Talk about being barrelled in.
With the expiration of our low adjustable rate, the impossibilty of refinancing, the current vacancy rate and massive increase in dead beat tenants the buildings are and have been losing close $5,500 a month.
We decided to sell because we ran out of funds to cover this negative cashflow but when the CMA's came back the values were $490,000, $368,000 and $312,000 respectively.
Even if we were willing to walk away from our 20% downpayments and chalk it up as a loss we could not because they are all currently worth less than our loan amount and so we'd have to bring significant monies to any closing.
On top of that any transfer of deed automatically calls in the deferred taxes due from the condo conversation.
Talk about being barrelled in.
