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Montauk

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Everything posted by Montauk

  1. ...beneath the hatred there lies a bungling desire.... I've been here for over 3 years, and I'm still considered a new member! Whatever. I obviously don't post very much.
  2. Mum's the word from here on in I suppose.
  3. I saved for a rainy day, my STR fund is still healthy but now I face the very real prospect that I will have to dip into it to meet day to day spending. Well, that's what it's for! As far as the gun thing goes, just remember: Only the Swiss are allowed to have guns.
  4. Oh thank you my blessed friend. And hey! Where's the lady that was on the Speonk train? Are you there? Love you/.
  5. Hope you got a good deal, at least for todays market. Best of luck, it sounds quite nice. Especially if you can afford it.
  6. What's that burning smell in the distance? Why of course, the UK market is about to become toast! The lenders are beginning to realise that they won't be paid back, which took a very long time. Think of all that "money" (equity) evaporating into thin air as prices crash and people just walk away from their BTLs. Here you go! And thanks for the good thread MT.
  7. Well then that wasn't too bright of a move, then was it? You must have STR'd for reasons other than to escape the obvious tsunami at our baks, as it were.
  8. It appears that you are completely right, my dear one. It's been so nice to follow yor posts through the years. What will happen now? One can only guess. Oh yes, I've forgotten that your housing market is somehow still alive. Cheers, friend.
  9. It's not so much the so-called "sub prime" loans (not that they aren't a problem, too) but the no down stated income loans as well. In fact, when house prices go down, even the sterling-credit loans at no down will probably walk away, as well. This is what's happening in California and Florida. Anyone who has no skin in the game, or has already lost their equity, due to the specualtors walking away, will be severely tempted to walk away, as well. And why not? BTW, where is TTRTR anyway? I used to find his posts extremely entertaining and pursuasive.
  10. Oh, yes, "it's different here!" Oh, oh, oh, stop me, stop me if you think you've heard this one before.
  11. You are so right. As an aside, I have never seen such bad economic news in my lifetime. For those interested, check out "the housingbubbleblog.com". Bear Sterns is going down in the morning. The house of cards is really collapsing.
  12. western currencies are being pounded That's exactly it. Ninety percent of my net worth is in the US dollar. It just sucks to see it go down every day. I'm not an experienced trader, so I don't know what to do with this 100K I have. If HeliBen is going to hyperinflate (and what coice does he have?), then I should move now whilst my "pot of gold" will still buy a loaf of bread, no?
  13. I don't know WHAT to do with my "cash". Buy gold? Sit tight? I can't afford to make the wrong decision, as I've got a family to feed. I'm STR since 2005.
  14. Interesting you should say that. It's my theory that real estate collapses precede stock market crashes. It's just something I've noticed in my research.
  15. Didn't see your update 'til just now. Best of luck, anyways. Hope everything works out for you. As an aside, my wife is Japanese, so she didn't argue when we sold. She's seen a bubble pop before. Tokyo prices are just now beginning to go up after about 17 years of falling. Plus, she doesn't have to work because of this situation, and the kids have a stay at home mom. No potential for abuse at the hands of strangers. We were lucky and found a good rental in a BETTER area immediately, because I had access to the listings. So far, so good. It's also important to note that in this area, suburban NYC, that had we bought another house here in 2005, we would have lost at least half of our "free money", since prices have been falling ever since. Debt free living is really nice. We pay no interest to anyone. And the rent is about 2/3 of what our mortgage, taxes and interest would have been. It's been 3 years now, and the landlord has never inspected the house, even once. This year we got a new furnace an hot water heater. The kids are in top schools, and the neighbours are nice. If we had to move this year, we would seek a similar rental, and if one were not available, buy a house at a 20% discount to prices in 2005. We can do this now because of an excellent credit rating, steady job, and a 30% down payment. No car payments, no CC balances and a chunk of money in investments and the bank. I just hope the banks don't fold! Lot's of luck!
  16. i could sell up now, pay off the mortgage, clear some debts and walk away with 230-240k in the bank plus turn the endowment into a savings plan and then either rent where we are now or buy with a small/ low mortgage in a cheaper part of the country. what would you do in my place? stay or go? I would sellup, take the money, and rent in the same area. You'll sleep a lot better not owing anyone a dime, and the flexibility of not owning a house is very liberating. Just make sure to sell lower than the comps in your area. Keep dropping the price a certain percentage every 2 weeks until you get a sale. I would think that 200K of free money would tide you over nicely for a while. We did this in 5005, a little early, but it was well worth it. Also important to point out is to get a good rental. If you can't right away, take an adequate one and continue looking around whilst you have time. Since your income is not so steady, why don't you become an estate agent in your spare time? That will give you access to all the rental listings. Best of luck!
  17. No one seems to have pointed out that hanging around and doing nothing is one of the worst things you can do if you are depressed. Much better to keep as busy as possible, as physical activity can relieve depression. I was depressed once, actually more than once. Used to sit around listeng to music, not going to my universiity classes, etc. This person should not have taken time off, in fact, she should get even more hours to weather the storm, not to mention start an exercise program. Lying around and thinking about your problems is the worst thing to do if you're depressed.
  18. Not when it's cheaper to rent. Or even close to it. I've saved about 137 thousand dollars by not buying since 2005,when I sold. Not to mention the 5K in interest against the rent. Prices in my area have gone down 100K in dollars since closing in 2005 in my area. The added bonus is that if a neighbor moves in and decides to raise dobermins, , I'm out of here pronto- no unsellable house to put on the market. Dogs are a big problem for civilized peeps in the USA. Check out www.barkingdogs.net for more information.
  19. What a racist! My guess is that you don't disparage Muslims, though.
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