Real Estate Nirvana: I Love You Mr. Subprime

[fconyer]

The lawyer represents the bank. He was precluded from bidding.

 

[atticus]

Quote from fconyer:

The lawyer represents the bank. He was precluded from bidding.

Oh, assumed he was your lawyer.

 

[Dr. Zhivodka]

It maybe a nightmarish mess but never short the Fonzie....always buy the Fonzie and short the Potsie.

Quote from blast19:

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

 

[atticus]

Quote from Dr. Zhivodka:

It maybe a nightmarish mess but never short the Fonzie....always buy the Fonzie and short the Potsie.

Doc, did you ever go with Lime?

 

[blast19]

Quote from Dr. Zhivodka:

It maybe a nightmarish mess but never short the Fonzie....always buy the Fonzie and short the Potsie.

That's like saying ignore the Skilling and go after only Fastow. Thanks for the advice.

 

[nkhoi]

Quote from fconyer:

The lawyer represents the bank. He was precluded from bidding.

The bank was not a smartest guy in the room.

 

[Dr. Zhivodka]

Of course not. A common mistake though. In a prosecution one is looking for leverage and seeking punitive action.

In trading one is seeking reward. Always buy the leader and sell the dog. Lots and lots of traders sell the leader because it "has farther to go" or that there's still juice left in it. In my experience that's a big mistake. But you do as you wish.

Best

Quote from blast19:

That's like saying ignore the Skilling and go after only Fastow. Thanks for the advice.

 

[alexqqq]

why 196k...why not lower.

 

[Addicted2Ticks]

Reserve auction possibly?

Congrats, fc.

 

[Corelio]

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.

I sign on that. I left Boston a couple of years ago after living there for 7 years.

Real estate prices were incredibly insane. We had a cleaning lady that bought a house for $500,000. I could not resist but to ask her how on earth she got a loan.

Her answer (with a smile on her face):
"These days you just need to show up at the bank..."