Reply With QuoteThis is why we rent, cant make that up in tax write offs...I pay 1550 for 1900 sq ft on 1/2 acre. I like it that way....
I can't imagine a 4-5k house payment.
So my friend rents a brand new home in Temecula that is 4000+ square feet for $1800 a month. The home at the peak of the market was going for around 780k and I believe the so called investor paid somewhere around that for it. Taxes are 1.8%. I pulled the title on it for him and the owners owed 510k and had multiple refi's. He's rented the place for almost 2 years now and the owner has never showed any interest in fixing any issues with the home. Broken tiles ect...
Well, he gets a Foreclosure letter yesterday and has to be out in 60 days. His wife spoke to the management Co. and they said the investor company has now defaulted on 83 homes that they manage in the Temecula/Murrieta area. All at the same time.......
The guy across the street from him owns his home any pay's 4k a month for his mortgage. It's unknown what terms or if that includes taxes but when my friend had that conversation with this guy he was already behind on 2 payments and just about passed out when he found out that my friend pays 1800 a month in rent. Some crazy shit!!!!
This is why we rent, cant make that up in tax write offs...
This is why we rent, cant make that up in tax write offs...
lol.....I cant imagine 1550......or 1900 sq ft....or 1/2 acre....
I can't believe $1800 for 4,000 sq ft!!! He should work with the bank to stay on and take care of the place until its resold (a few times)
People that say it has bottom-ed are dreaming.
All the day to day foreclosures, investors defaulting and last night I heard about several lending institutions going belly up due to bad lending. Wait until those blocks of homes start to flood the already heavily inventoried market. I'm not a "sky's falling" kind of guy but this thing still has some downward direction to go.
83 homes?? holy shit!
The newest problem is that lenders are starting to go back up the food chain and wanting banks to buy back the "garbage loans" that are so common these days. It's like interest only hot potato and the game is just getting started. This is the result of people thinking the real estate market was going to keep doubling every 3 years forever so they put all their eggs in one basket trying to get rich overnight. Now they're bankrupt. I guess it's too bad for them that financial stupidity isn't illegal.
we have the 1.8 taxe rate in our neighbor hood and it is a big hit on the payment over 12k a year...on our street there are 4 or more houses that have never been moved into just dont get it. if a investor owns them they have sit on them for 2 years now and its not getting any better i wonder why.
Damm!
Yup, it has been a good renter's market the last few years
Put your money in the stock market instead!
http://finance.yahoo.com/q?s=new
Thanks
CA Stu
Posting Permissions