Real Estate Nirvana: I Love You Mr. Subprime

F

fconyer

I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag.

I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000.

It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house.

I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month.

My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right.

This is only the beginning.
 
Quote from fconyer:

I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag.

I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000.

It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house.

I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month.

My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right.

This is only the beginning.
More...

Congrats. You are right, only the beginning.

Enjoy.
 
Quote from fconyer:

I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag.

I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000.

It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house.

I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month.

My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right.

This is only the beginning.
More...

Hope you took the Lawyers 600k,give it a few months and go get the house back for a lot less from the ambulance chaser lol.
 
Sprint store, downtown SF, California. Salesman sells a colleague a Sprint PDA and data services and strikes-up a conversation on the local RE market.

Stated he has an Alt-A loan at 1.2mm on his home, earning $40k per annum. Broker loaned him his down-payment.

The obvious assumption is that the wife must be a neurosurgeon, but no, she's a stay at home mom taking care of the three kids.

He's 6-figs underwater and can't afford to sell. Sprint is sending him to Fremont, a three-hour commute.
 
Quote from atticus:

Sprint store, downtown SF, California. Salesman sells a colleague a Sprint PDA and data services and strikes-up a conversation on the local RE market.

Stated he has an Alt-A loan at 1.2mm on his home, earning $40k per annum. Broker loaned him his down-payment.

The obvious assumption is that the wife must be a neurosurgeon, but no, she's a stay at home mom taking care of the three kids.

He's 6-figs underwater and can't afford to sell. Sprint is sending him to Fremont, a three-hour commute.
More...

That's what I like to hear...kind of. I'm short Countrywide...this is going to be a freaking nightmarish mess.

Not much they can do to bail people out of this one.
 
CFC is getting back into my short area, I like shorting it above 36, trying to hold out for the 37.50-38 to get short again.
 
Quote from fconyer:

I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag.

I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000.

It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house.

I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month.

My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right.

This is only the beginning.
More...

Begs the question, what kept the bloodsucker from outbidding you?
 
Quote from S2007S:

CFC is getting back into my short area, I like shorting it above 36, trying to hold out for the 37.50-38 to get short again.
More...

Do it...I should have waited for sure. But I also expect a number of painful items to come out about them in the future and timing those is hard.

SEC/DOJ investigations, suits, etc.

Someone doesn't want the stock higher....really capping it right now with some volume.
 
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