By Mike Fink

August 16, 2007 4:37 PM | Link to this

I really don’t care about tax reforms or tax exemptions because I am a renter. Why should I care if my landlord is able to write off his/her property taxes, insurance costs,depreciation expenses etc. in oder to offset and/or shelter income! My landlord is thge one who is going to suffer in the long term since the value of the house that I am renting will sink FASTER than any stock market can. What do I care if my rent keeps rising…I’ll just pack up and move on. I need to anyway since there are plenty of empty houses out there owned by desperate homeowners who cannot sell and would gladly rent their house out to me. I’d better hurray today to find the more kindly ones who will even give me a break on rent since they are so very desperate. I need to find them fast since I have to meet my margin calls rather quickly! Got to go now and run some more numbers and then get packing!

By BIGROB

August 16, 2007 4:41 PM | Link to this

These savings are a joke I only hope the true value of property will be adjusted when all this overinflation is corrected in the coming months.My duplex in WPB is on a dirt, road well water almost$4.000 per year. the revinue of another property pays about half of that the tax standards are almost like paying the family if you know what I mean.Prices need to continue to fall.

By tocrzydm

August 16, 2007 5:31 PM | Link to this

Posted by crazydem in Dec :

“By crazydem

December 29, 2006 12:10 PM | Link to this

Quickly to the jist here-Everyone who still calls out the homeowners and investors I am now going to call you out. (Oscar, RCA, etc.)

If you are so pessimistic on housing and RE, if the numbers just don’t work, then I challenge you to hedge your bets and short sell any RE related stock. I’ll even let you choose the company. Only qualification is no majority international holdings. I think it is fair to short no less than $220k since that is (about) the median RE holding. After all, that is “about” how much the average person on this blog has invested.

GO FOR IT!!!

6 months from now-

SHOW US YOUR BROKERAGE ACCOUNT STATEMENT”

Beazer Homes 12/26/06 $46.21

08/15/07 $10.48

WCI 12/26/06 $18.51

08/15/07 $6.53

Tousa

12/26/06 $9.80

08/15/07 $3.05

Dr Horton

12/26/06 $26.11

08/15/07 $15.69

OK crazydem, your challenge was really successful exhibition of your acumen when it comes to housing. You secretly knew housing stocks would sink further. Sure we see that. OK. Yup.

Your post the other day also brilliant :

By crazydem

August 9, 2007 8:31 AM | Link to this

BTW-Curious

I just noticed that REIT’s were up 8% in yesterday’s trading. One day. Beazer went up 24% in one day. Where’s the meltdown?

BZH 08/09 $18.42

BZH 08/15 $10.48

You are one of those posters lucky to have a bullet proof ego. Facts will never get through. Not very bright, but what the heck, you stay happy in your little world.

By Curious Funnies

August 16, 2007 6:20 PM | Link to this

Where is the meltdown?

A week ago the Dow was at almost 14,000. Today it almost wound up at 12,500. Almost 10% of total equity in American business lost in 4 days or so.

Trillions and trillions in losses, thousands of times all potential mortgage losses for years to come.

And results like this reflected globally.

Where is the meltdown.

You make BIG ROB look like a f**king Eistein, Curious. YOU SCHMUCK!!!

BTW: How is your Enron doing?

How about your Loew’s Cineplex?

Should I name two dozen others?

YOU SCHMUCK!!!!

By Rock/Paper/Scissors

August 16, 2007 6:37 PM | Link to this

The top 5 things you can do with your “devalued”residential real estate SFH:

1. You can live in it.
2. You can rent it out to others.
3. You can donate it to charity for full appraised market value.
4. You can borrow against it while also using it as an income tax deduction
5. You can improve it.

The top 5 things you can do with your now devalued stock certificates. 1. You can line your drawers. 2. You can burn them for temporary warmth on the beach 3. You can wipe away your a$$ with them. 4.You can make a toilet seat “cowboy hat” cutout of them. 5.You can frame and hang it on the walls of your rented apartment or condo.Rock always smashes papers and bluts scissors!

By Fink Funnies

August 16, 2007 6:50 PM | Link to this

What’s the matter Fink? Lease expiring and the landlord not quite as desperate as you expected? Time to move again like a gypsy or a hobo?

I certainly hope you don’t have kids in school, Fink, and that your wife has not done a stitch of decorating. Actually, people like you should not be allowed to have kids, Fink, because they are automatically subject to the consequences of your stupidity.

Enjoy searching for a place to live, in the hurricane, Fink. Maybe you can go stay with Curious in his rented 1 bedroom frame condo — until the wind blows it away.

SCHMUCK!!!

By Curious2

August 16, 2007 7:42 PM | Link to this

All the cheerleaders getting desparate, reduced to namecalling like little schoolgirls who dont get their way. Fink, you need a rental, I got a 4 br 2 ba w/ pool, yours for $1645. Pool service included but you maintain the yards. Bought this one in 2002. Not worried about the markets when your in before the boom, and not greedy cause we know pigs get slaughtered. Looks like there will be alot of pig roasts(Max et al) this Labor day.

By wows

August 16, 2007 8:14 PM | Link to this

If the super home exemption is voted in OUT GOES THE TAX CAPS.

Texas can impose 8% increases without any vote. Minnesota is proposing 9% tax increase THIS YEAR. —VOTE NO on this home exemption or we are back to this.

By Mike Fink

August 16, 2007 8:47 PM | Link to this

Wow, some real venom on here today. First, off, that post earlier today was not by me; just so everyone knows, I am not out trying to make my margin calls. Actually, if anyone cares, I have been primarily short the stock market for almost an entire year; much like housing, stocks do not always go up; especially when you have a financial crisis kicked off by these idiot lenders giving 500K to someone making 50K a year.

No, my lease is not expiring, but yes, I do expect my LL to be rather desperate. I signed a 2 year lease, primarily because I did not want to “live like a hobo” and move every year; however, given the current rental market, I am probably overpaying a bit for my unit. I could probably get into a 750K home for nearly the same price I am paying today. But, as someone said above, don’t be greedy, I am already below 1/2 the carrying costs, and the home has lost ~20% of value since it was purchased. So, basically, this deal works out so well in my favor that I could pay double and still be better off by renting. Honestly, as I have said before, in a falling market, almost NO rental price can make the rent/own calculations play out. To put it simply, in a falling market, it is almost ALWAYS better to rent, regardless of price. In a market falling as fast as ours, you can remove the “almost”, it is ALWAYS better to rent; you will NEVER make up the difference when homes are falling 10+% a year.

Thx for the offer Curious2, I appreciate it, but I have another 12+ months here; and frankly, am not looking to move anytime before then. I am happy with the home, happy with the price, what else can you ask for? :)

Once again, people keep focusing on the stock market; I am not really sure why?? Yes, the stock market is down big. But to use the turmoil in the stock market today to justify buying houses is CRAZY. Why is the stock market down? Because of the mess that all the RE agents/bankers made out of the housing market in the past 5 years. To justify buying housing and selling stock, when housing is the CAUSE of the problem in the stock market is so crazy it’s just beyond belief.

And finally, for fun, 5 other things you can do with your devalued RE investment:

1) Pay taxes on it. 2) Pay insurance on it. 3) Pay the loan interest on it. 4) Pay for upkeep. 5) Sell it 5 years from now for less then you bought it for.

:)

By yomaxiiie

August 16, 2007 9:00 PM | Link to this

Heres another one of those rediculous claims of price drops.

3720 S Ocean 207

sold 4/04 $1,330,000

U S Bank COT 08/06

on mkt $659K

Sooo, If last sale in 2004 was $1,330,000

and it now is NOT able to sell at $659,000 in 2007, explain to me again how prices are not falling.

Or is this another maxi mafia or special secretley under the table discount not really lower price ?

By BigDaddy63

August 16, 2007 10:45 PM | Link to this

Mike,

Don’t let the FB’s worry you. I am renting a 5/3, 3000+ sq ft home, w/pool in a gated community, on a lake. A+ rated schools. Owner pays, mortgage, taxes, insurance, HOA, maintenence and repairs on everything,lawn, pool, cable included in rent. I am renting for about 1/2 what is would cost to buy, so I am saving about $30,000 a year. Not to mention the $50,000 or so of my money that didn’t go towards a down payment. (opportunity cost)

The price of the house has dropped about $50,000 in the last year or so. So, I miss out on the tax savings. Big deal. I saved alot more without the headaches.

Oh, did I mention the owners just shelled out $4000 for a new A/C and to $3000 to marcite the pool? Maybe in a year or so I will offer to buy the house when it falls in price another 15-20%. You WILL see houses listed for $500,000 now selling for $400,000 in a year, and $400,000 houses selling for $300,000. I’m already seeing it when FB’s need to sell. Forget wish prices or 2006 prices. There is a reason $500,000 houses are renting for at half the cost of owning. Why would I consider buying at 200/sq.ft, when I can rent for less than 100/ sq ft?

It’s the difference between retail and wholesale. True investors know when a property will cash flow out and what price point to buy it at. I never bought a house for more than 120 x rent. I can wait until it gets to that entry point again, and it will.

Mike, you know about ROI. The majority of these FB’s bought on a prayer and without any due diligence.

It all comes down to timing. If you bough prior to 2001, you will be fine. That is where prices are heading. All of the vitriol and cheerleading won’t stop gravity.

By Big Daddy has a Small Brain

August 16, 2007 11:07 PM | Link to this

I think maybe you should change your nickname to “Poor Daddy,” because it’s clear that’s what you are.

I don’t know whether to laugh or cry at the image of Fink’s lease ending just before a hurricane, and Fink schlepping around his papoose in a rainstorm, looking for “desperate” homeowners.

As for the Toscana resale above, I am not going to bother to research it. I DO know Toscana like the back of my hand, though, and I can tell you that is at least 3 times what any similar apartment (2700 sq feet) on a low floor sold for at that time. See PAPA if you think I’m wrong.

I don’t know what that sale represents, but it is not a normal sale.

Regardless, the writer once again demonstrates his stupidity: no matter WHAT happens in a tiny minority of cases, it may not be indicative of what goes on in the general statistical population.

This writer, I forget who this schmuck is, “WSJ” or whoever, simply does not have the mental capacity to understand that.

There are a million or so homes out there in the county. Whatever did or didn’t happen in .001% of them, just doesn’t matter.

By Mike Fink

August 16, 2007 11:23 PM | Link to this

LOL. I don’t have time for a full response, but I will just give you my quick answer to the image of me “shlepping around in a rainstorm”. 5 out of ~15 houses within sight of my home are for sale/for rent and empty. If I am willing to walk down the street a bit, there is a string of 4 homes in a ROW for sale and empty. I doubt I will have any trouble finding a place to live should my landlord decide to cut his losses and foreclose the property. I certainly do not want to move, but I see it as a cost saving measure; I saved 50K by not buying this home last year (and that’s being WILDLY conservative, probably double that if you actually needed to sell this home today), that buys a whole army of movers, downpayments, refurnishings, and compensates me well for the headache of moving. Also, of course, if the home is foreclosed, I get to live here for a few months rent free; which is always a plus.

Looking for desperate homeowners… LOL, that’s like trying to find a palm tree in FL, just look out any window!

By to mike fink

August 16, 2007 11:46 PM | Link to this

fink, you amuse me for the most part, but i never in my wildest dreams took you for a welch, a freeloader, a sloth, a drain on others.

you said, and i quote, “Also, of course, if the home is foreclosed, I get to live here for a few months rent free; which is always a plus.”

so, fink, you would brazenly stay and not pay rent on purpose as long as you could until you made someone go through an eviction process?

fink, even for you, and i never thought you would be that much of a loser, but if that’s true, i have lost much respect for you, and i suspect many others feel the same now.

too bad fink, i’m sorry to hear that about your apparent low character.

very disappointing.

By Mike Fink

August 17, 2007 12:15 AM | Link to this

Do you understand how foreclosure works? The “person” who goes through the evicition process is the BANK, not the owner. The owner no longer owns the home, that’s what foreclosure accomplishes.

So, I would love to hear what your “suggestion” is when faced with this circumstance. The landlord already has 2 months (last month and security) as deposit; if they are not paying the MTG note that is their problem, not mine. If I were not paying my rent, they would certainly not feel bad asking me to leave (nor should they). If they are not paying their “rent” to the bank, and I have to leave as a result, you would suggest that I continue to pay the landlord, even though he is not handling his obligations?

Yeah, I am sure I lost a whole ton of respect. Remember, your lumped in with the same group of idiots who were telling people to finance 100% and it’s the bank’s problem if you’re unable to pay or the price drops. Come on; what I suggest is simple money managment; there is nothing neferious about it, only a true moron would continue to send rent checks when they find a foreclosure notice on the door.

By To Fink

August 17, 2007 9:08 AM | Link to this

If I had character, I would live up to my obligations. What you implied in your first email, as the other poster read it as I do, is that you were happy with glee with the prospect of somehow squirming out of paying rent under any technicality. Oh, the big bad bank can get screwed in your humble view, so as long as it’s not the LL, that’s ok?

Flawed logic, Mike, and yes, I’ve lost a little respect for you also. I’m one of the “doomers” the cheerleaders make fun of, but I agree with the other poster.

On this one, your verbage is what rubbed the other poster the wrong way, and me too. We understand money management, but that is not what you were implying, and that’s why gthe criticism.

I’d try again if I were you, and hope to redeem yourself in many’s eyes, because you do have some other fine logic, just not this time.

By Bubble Boy

August 17, 2007 9:34 AM | Link to this

Fink, you slimeball

By RUSH

August 17, 2007 9:56 AM | Link to this

if the fed indeed lowers the fed funds rate 50 basis points, molly bar the door, yes, a little inflationary, but a huge jum start to the stocka market, and the RE market.

Selfish, yes, but I’ll take it if i can get.

the people you all call the doomers are crying in their $4 coffees this morning, hahahahahahah!!

By Max Says Finally!

August 17, 2007 10:02 AM | Link to this

THERE IT IS! EMERGENCY RATE CUT BY THE FED.

Bernanke and his boys finally elected to lower rates rather than plunge the whole country into disaster. Let’s hope it’s not too little too late. DOW up over 300 in an hour.

On another, interesting local note:

I am a bit shocked to find out that what motivates Fink’s arguments is the mentality of a thief.

Forget the fact that in Florida we have an “equitable right of redemption” and we DO in fact own the home right until it is auctioned at the courthouse steps. That is not Fink’s real motivation. He is looking for a way to steal. He is not a tenant. He is a squatter.

You know folks, I have questioned the intellectual honesty of some of the data and arguments some of you presented, but in very few cases have I really suspected anybody’s honesty in business matters, and certainly not the renters.

Let me say for the benefit of the renters that Fink’s statements are a whole different ball game, and I don’t suspect any of you as being motivated by such low ethics.

Ultimately stealing his shelter, rather than pay a mortgage OR rent, is what Fink would REALLY like to do.

By Fink - Credibility - Zip

August 17, 2007 10:13 AM | Link to this

Logging on this morning, and that shot me between the eyes.

Mike, I was on your side.

You suck, you’re a prime jerk. You really are a low life, and I never thought that about you before.

I, another so called doomer, am officially distancing myself from Mr. Fink. I guess he has the mentality of a welfare recipient, gimme, gimme, gimme.

What a let down.

By Toscana

August 17, 2007 10:23 AM | Link to this

To see what is causing loss of confidence in companies like Countrywide take a look at 3720 S Ocean Blv Highland Beach deals.

Actually 2 units involved 206 and 207.

two mtges listed 04/2004 $995,000 each(see PAPA)

Aug 2006 COT on unit 207 U S Bank $750,000

Sept 2006 COT on unit 206 Countrywide COT $100.00

Today, unit 206 available for $599K (R2805317)

unit 207 also available for $599K(R2812210)

By Max to "Zip"

August 17, 2007 10:23 AM | Link to this

I am essentially with all the doomers today about Fink, but I would go beyond what “zip” said.

Chicago Boy has the mentality of a Welfare Recipient: gimme gimme gimme, then brag about it. That’s milking the system, but the Gov has okayed it.

Fink is an outright thief.

So once again guys, I may argue philosophies, but I respect anyone here who is honest.

By FINKADEADBEATUS

August 17, 2007 10:24 AM | Link to this

Fink would be the nightmare tenant you read about.

Can you imagine the phone calls at 2 am from this dead beat complaining there’s a stain on the carpet? He’d threaten to call David Singer,….. “Help, I’ve been injured!” I’m suing you Mr Landlord, my shoes stepped on that stain, and they’re ruined!” I’m suing for emotional distress!”

This guy Fink is a primo tool

By Ghost RIder

August 17, 2007 10:31 AM | Link to this

Mike Fink’s true colors are coming out. No more than an opportunistic parasite and motivated by others misfortune. I hope your obsession with RE is equivalent with the attention you give your wife. I’m sure you would be disappointed to see the pool boy’s balls slamming your wife a*s as you come home celebrating your several free months of rent.

By CongratstoMike

August 17, 2007 10:33 AM | Link to this

Mike, along with many others have read your posts at both papers. Do not always agree, but respect your being out there, name and all, consistent and open.

Contrast that with those trying to insult you today. Hiding behind multiple aliases, trying to avoid issues with phony BS.

You obviously scare these people, who are so oblivious to their transparency.

Keep up the great work.

By Signed

August 17, 2007 10:35 AM | Link to this

“Darn, I had my finger’s crossed and everything. I was double hoping Dean would turn and smash into Palm Beach County. I wanted death. I wanted property damage. I wanted misery. I’m so disappointed, my whole weekend is now ruined. How can I enjoy myself when the stock market is up and my best chance for happiness keeps heading west and heading for Mexico? My day is ruined!”

Signed,

RCA or Fink (take your pick, either one, probably a guy with dishpan hands, a little wide around the waist, soft, belt above the jelly belly belly button, and has never done an ounce of manual labor in his life)

By To:CongrattoMike

August 17, 2007 10:44 AM | Link to this

This looks like the work of Curious. It’s so obvious.

By ToToscana

August 17, 2007 10:50 AM | Link to this

In 3720 S Ocean bldg, Unit 506 is also foreclosure sale.

Originally listed $1,023,750. Now

$899K

Days On Market: 151 Current List Price: $899,900 Initial List Price: $1,023,750 (13.8% Reduction)

04/18/07 - Price Reduced to $989,900 05/19/07 - Price Reduced to $979,900 06/30/07 - Price Reduced to $920,900 08/15/07 - Price Reduced to $899,900

This last sold 2002 for 540K.

Maybe some prices will adjust to inflation adjusted traditional norms.

By Pool Boy

August 17, 2007 10:56 AM | Link to this

PAT,PAT,PAT,PAT,PAT,PAT, PAT,PAT,PAT,PAT,PAT, PAT,PAT,PAT,PAT,PAT, PAT,PAT,PAT,PAT,PAT, I think it’s time for a smoke. Thanks Fink.

By cw1900

August 17, 2007 11:17 AM | Link to this

Well, it’s an interesting morning to say the least. I’m either a bit too late on my stock purchases by 24 hours, or this is a bear trap, I’m still not convinced. Yes, a 1/2 point in the fed funds rate would be very interesting to watch. Not sure that will happen. We’ll see.

WM would have been a good 24 hour trade, huh? Oh well. Not my style anyway.

Remember, I get accused of not being too sophisticated and too simplistic, by a few of the higher brow armchair economists right here, so I’ll let them tell us all what the market will do in the coming weeks. They have a better, more expensive crystal ball, it appears, than I do.

Mike Fink, looks like you are in some hot water this morning. I’ve read that post of yours a few times, and I think you got a little too excited, and it came out wrong, at least I hope so. I think you had a poor choice of words. Read it again, I just think your tone rubbed people the wrong way. If you meant it like that, then you and I part company. You know I agree with you on quite a few things actually, and I like you in general, for the doomers, you’re the one who can articulate the best, hands down, but that philosophy is a bit over the top. I’m all for getting what’s rightfully mine, and the deal, but slithering like a snake is not what I’m all about, at least I don’t mean it that way.

I’ll give you the benefit of the doubt and let you stick up for yourself a little better before I make final judgment, however, I do know now that I would never want you as a tenant. I don’t think it would work out, lol, no offense, Mike.

Let’s get right to the red meat this morning….Both sides can chew on this juicy morsel.

Interesting phone call yesterday, a guy I know professionally, who got transferred to Richmond, VA from Oklahoma City, OK a few years back, told me he is semi-retiring, going to do some consulting (lol), and going to do it from his soon to be, new home base of…….drum roll please……..

Jupiter, Florida!

Him and wife just bought a 3/2 oceanview condo. He knew that is the town I live in and wanted to tell me. I thought the northern buyer was extinct?!? What happened? I asked and he said they’ve been thinking about it for years, his wife is tired of the cold, and now seemed like the right time for him and his wife. Besides, his wife’s sister and husband just closed on one down A1A a couple of buildings a few weeks ago!

I wish him well and will welcome him in a few months as one of Jupiter’s AND south Florida’s newest residents. This would be the part where I have to say the radiator flush may be a little slow at present, but it is certain to happen as the sun rises every morning. No matter how hard you try, you doomers, you just can’t stop that line of thinking. FL Ren can add to that when he has the time.

cw

By TO: Cw1900

August 17, 2007 11:32 AM | Link to this

I wouldn’t be too easy on Mike Fink. He’s the genuine article. A duck is a duck, and a swine is a swine.

By TOASTY

August 17, 2007 11:35 AM | Link to this

“When Christine and Michael Canavan moved from Fort Lauderdale to Melbourne, Fla., two years ago, they bought a $250,000 home with a subprime-borrowers ARM that allowed them to pay only the interest on the loan each month.”

“After two years of making their payments on time, their credit score had improved to prime level, but the value of their home sank suddenly this summer.”

“‘I had to go to (the mortgage broker) three times because our appraisal kept depreciating,’ said Christine.”

“‘At first he said, ‘Great news, your home appraisal would be $275,000.’ Within a week, the home had gone down to $240,000. When I went in to do the paperwork, I was in tears. It had dropped to $230,000 in two weeks,’ she said.”

By NotonlyCondos

August 17, 2007 12:01 PM | Link to this

Not only condos were financed in ridiculous manner.

3593 Collondade Dr Wellington (Versailles)

Sold 10/06 $1,375,000

1st mtg $999,000

2nd $81,000

Preforcluure sale now listed @ $1,375,000 (reasonable offers, short sale considered) Good Luck.

Also in Versailles

3533 Collonade Sold 06/06 675K

1st mtg 540K 2nd mtg 135K

COT $100 06/07

on mkt 479K

Orig list $682,500

07/04 $499K

07/19 $489K

08/07 $479K

If what was allowed all over FL has also been going on in rest of mkt there is going to be one heckofa bath for these lenders.

The contracts some of these buyers signed is going to haunt them the rest of their financial lives.

By papa

August 17, 2007 12:22 PM | Link to this

111 PEGASUS DR JUPITER FL 33477 7317

Apr-2007 21689/1629 $800,000 Apr-1989 06029/1074 $140,000 Apr-1989 06029/1073 $100

sssssssssssssssssssssssssssss

1222 EGRET CIR S JUPITER FL 33458 8316

Apr-2007 21692/0335 $725,000 WARRANTY DEED KATZMAN SCOTT S & Aug-2000 11982/1884 $368,495 WARRANTY DEED CARPENTER LARRY K & Oct-1999 11416/1958 $47,100 WARRANTY DEED

ssssssssssssssssssssssssssssss

110 BRYCE LN JUPITER FL 33458 3325

Mar-2007 21538/0243 $762,500 WARRANTY DEED DONAHUE WILLIAM J & Nov-2001 13082/0056 $468,790 WARRANTY DEED GRIFFIN SHAWN T & Nov-2000 12151/1825 $313,000 WARRANTY DEED BAY HILL DEVELOPMENT CO

ssssssssssssssssssssssssssssss

237 MARLBERRY CIR JUPITER FL 33458

Jul-2007 21947/0292 $693,000 WARRANTY DEED BOYSAN ARIF M & Jun-2001 12671/0706 $437,670 WARRANTY DEED DUTCHER PHILLIP C &

sssssssssssssssssssssssssssssss

376 MAGNOLIA DR JUPITER FL 33458

Jul-2007 21912/0366 $655,000 WARRANTY DEED BOGNAR GEORGE S & Jun-2001 12685/0269 $360,925 WARRANTY DEED BRENNAN WILLIAM & Jul-2000 11924/0115 $141,884 WARRANTY DEED PULTE HOME CORP

sssssssssssssssssssssssssssssss

shall i go on? i have 904 more to go if you want? do you see how your gay little sale cutting and pasting annows people? there are two sides to every story. if you want me to continue, i will. there are too many to count, all higher prices, all nice percentage gains, and all in 2007, the year of the big meltdown.

By papa one more time

August 17, 2007 12:26 PM | Link to this

one more for good measure.

151 NORTH RIVER DR E JUPITER

Jul-2007 21945/0799 $610,000 WARRANTY DEED HESS GAIL A May-1997 09827/1756 $265,000 WARRANTY DEED
Dec-1992 07534/0544 $230,000 WARRANTY DEED

i could go on all day long. not a problem.

By goonallyouwant

August 17, 2007 12:44 PM | Link to this

If it makes you happy go on.

You seem to miss the point of the forclosures or pre-forclosures.

Most were LAST SOLD 2005/2006 and financed stupidly.

Take a look at a place like Versailles in Wellington for one.

Watch sales in there over next year.

Absolutely NO one I have seen is arguing that sales of places bought prior to 2004 will for the most part be nice profit for sellers.

The evidence of the 2005/2006 bubble is overwhelming.

The number of lis pendens, the failure of sales to materialize for resales of so many 2005/2006 purchases is incredible.

If you choose not to see it, keep yourself amused with resales from earlier dates that no one is disputing are higher than original price.

Meanwhile county clerks are having trouble keeping up with filings on troubled properties.

By Finky Little

August 17, 2007 1:02 PM | Link to this

What Mike Fink is probably doing right now. Talking to his wife saying honey, do i neglect you? Do i give you enough attention? Do you feel unappreciated? Am i forcing you into the arms of Pepe the pool boy? What does Pepe have that i don’t have? Wife responds besides having a bigger tool, he’s a “have” while you’re a “have not”.

By toGoonallyouwant

August 17, 2007 1:24 PM | Link to this

It is not only a lot of the 2005/2006 buyers that are bailing.

Right in that Versailles development some earlier buyers also ditching.

EG :

10315 Trianon Pl 5bed 4bath

Sept 2003 - $406K

Foreclosure, been sitting for months.

Bank tried 684K first, now 585K since July.

Not sure how many others there, but if anyone looking for BIG houses and likes Wellington area (not for me, prefer Ocean) Versailles has beaucoup de vendeurs très impatients.

By easyasabc

August 17, 2007 1:44 PM | Link to this

It took this long for some of you to figure out what Mike Fink was all about ??????……I did like the line about him calling up the landlord at 2am and getting lawyer Singer……….Fink and others like him have no money…..no need to sway people like him of the pros and cons between renting and ownership of property……..what he does need to know is the pros and cons of eatting a $25 plate of pasta at Cithplace, and how many more pasta meals he can have if he spent that $25 at Publix or Winn-Dixie and bought pasta, sauce, garlic bread, sausage/meat-balls…..jsut light a few candels, play some Dean Martin music, cook your meal and enjoy a evening with your wife eatting your spaghetti and doing he dishes afterwards…..and Fink would not even have to leave a tip when he gets up from the table………

This rate cut is only temporary…..overseas market still do not like our outcome…..and the Feds making extra money will only hurt our dollar value……

Baby Boomers cannot take that chance of how this market will go……it is either buy property with their 401k accounts or line their bird cages with fancy script paper……

Who is hurting in this market is mortgage lenders/brokers/realtor…..as we speak, their income is falling……also. movers. big ticket item sellers, auto dealership salesmen, etc…..

Several Asian bigges got hit hard on the market last night……Honda, Toyota, and various computer corporations……to them, it will look like a very Blue Christmas…….

See what happens when American corprations sent jobs overseas…..instead of people making $80,000+ a year, they are now making $32,000 a year….no more vacations, jewelery for the old lady, fancy gadgets for the kids or new/secondary homes…..it is hard to kick that Star-Bucks coffee addition……….the ones who will survive are the ones who have cash in the banks or having a cash business……

Top Five Reasons not to rent to Mike Fink…….1) Ragu sauce stains left on the carpet…..2) Fink’s Creditors bothering the other tenants of bad checks by Fink……3) Screams from Fink in the middle of the night about the economy……4) Fink wants to pay rent with noodles instead of cash…….5) Fink sub-leasing various rooms of the apartment to landscapers from Central America

OK, no more talk about Fink…..we ALL know of his type……an angry, frustrated, unemployed, no credit renter…..just like Steve, curious, oscar da renter, RCA……..

Relax…..sit back….enjoy what life has to offer…..Dean is heading to Cancun……Football season starts in several weeks…..it is the weekend…..no need to stay up past midnight and tell us why you want to rent instead to own……us owners understand…….us landlords also know…….I see “signed” is back…..now if we can just get that asian cookie back and tell us how “stupid” some of these “have nots” are, I can start Monday off with a good chuckle.

easyasabc

By townhomes

August 17, 2007 3:25 PM | Link to this

I see postings of SFHs, condos. Some folk like Townhomes.

maxi should look at papa on this one :(or maybe he already knows why)

644 NW 38 BocaRaton

bought Nov 2005 $500,940.00 on mkt for 475K

ID#: R2816256 BRAND NEW CORNER UNIT IN VISTAZO OF BOCA RATON. CONVENIENT LOCATION, CLOSE TO SCHOOLS AND MINUTES FROM SHOPPING AND THE BEACHES. WOOD FLOORS, GRANITE & STAINLESS IN THE KITCHEN; 3 BALCONIES. FOR SALE/FOR LEASE AND LEASE OPTION

This is what maxi should love considering above ::

3618 NW 5 Boca Raton

on mkt $398K (was $424,999) ID#: F828242 LENNAR OFFICIALLY SOLD OUT!* BELOW BUILDER PRICE! 3 STORY TOWNHOME PARADISE MODEL CORNER* 3 BED/ 3.5 BATH W/ 2 CAR GARAGE* HUGE VAULTED CEILINGS* GIGANTIC DOORS* HUGE CLOSETS* STORAGE EVERYWHERE WITHIN* GOURMET KITCHEN W/ TOP OF THE LINE STAINLESS STEEL .

Lets see if maxi knows why this situation is so humorous.

By Another Schmuck

August 17, 2007 4:26 PM | Link to this

Another schmuck heard from who doesn’t know the difference between list asking pricing and net selling price. Probably buys his car and accepts dealer trade-in offer for his current ride orders double lattes at Starbucks and wears designer jeans with a Ralph Lauren polo emblem shirt. Another doomer who rents to impress. Schmuck.

By WAKE UP

August 17, 2007 4:39 PM | Link to this

Maxi - please answer…I don’t think I can make it through the weekend with the suspense of not knowing…whatever will we do????

By lowernet

August 17, 2007 4:47 PM | Link to this

Some of you need to slow down, look at those listings. The LAST selling price is HIGHER than NEW selling price.

How stupid are you with the constant drivel about list prices as lures. Give it up. These have nothing to do with list prices. They are properties sold for less than bought for. Or they are not selling even at prices way below last selling price.

Foreclosures, and pre.

2005/2006 buys were disaster for many buyers who now need to sell for whatever reason.

Are you really that dense or is denial that strong a force ?

Next you will be making excuses for falco’s 644 unit “investment”.

By Maxi to Wake

August 17, 2007 6:29 PM | Link to this

Gee, Wake, I do’t know what we’ll do. Just continue to collect rent checks, I suppose, and hope we don’t have any deadbeat tenants like Fink!!!

RFLMAO!!!

Did you see him actually ADVOCATING, RECOMMENDING theft of lodging? I feel sorry for the doomers and renters who are rightfully embarassed.

Notice what the Fed cut today, Wake? The rate they charge to make loans to BANKS. They acknowledged a much larger problem with liquidity rather than some minor aches and pains from residential mortgages — exactly what I have been saying all week. Exactly what the much wiser Jim Cramer has been throwing tantrums over. I got a real kick out of reading CNBC.COM just now and watching them (not Cramer) try to dance around what happened, and somehow tie it back to housing.

Who was the goofball here the other day who was asserting what a fine job Bernanke was doing by NOT lowering rates? Must have been Realshit, only he could sound so pompous while being so wrong.

Of course, according to Realshit the Fed’s ONLY function is to “fight inflation” That let’s out easing liquidity at the risk of more inflation, so I guess I must be dreaming. Talk to you when I wake up, WAKE UP.

By Curious

August 17, 2007 6:53 PM | Link to this

Hmmm, guess I should not be surprised?

Go away for a while and come back to this site only to find some of the same juvenile things deserving of the same repeat message:

Graveyard whistlers, who are out of the loop and who seem to have a need to come here and personally attack others, keep venting.

Any time we see a profane rant or childish name calling, we are reading the words of a desperate loser appropriately caught in the spiral of a downward flush.

By Curious Funnies

August 17, 2007 7:09 PM | Link to this

Curious says:

Where is the meltdown?

A week ago the Dow was at almost 14,000. Today it almost wound up at 12,500. Almost 10% of total equity in American business lost in 4 days or so.

Trillions and trillions in losses, thousands of times all potential mortgage losses for years to come.

And results like this reflected globally.

Where is the meltdown.

You make BIG ROB look like a f**king Eistein, Curious. YOU SCHMUCK!!!

BTW: How is your Enron doing?

How about your Loew’s Cineplex?

Should I name two dozen others?

YOU SCHMUCK!!!!

Update: Within 24 hours of Curious announcing there was no problem, the Fed acted on an emergency basis. THEY didn’t have to ask where the meltdown was.

“Curious” is seriously about the stupidest person I have ever seen on these blogs.

By BIGROB

August 17, 2007 8:09 PM | Link to this

curious funnies I do not appreciate you using my name in that context.Have I offended you in any way.I dont beleve I have insulted anyone in a long time. Yes I am on the side of whom feel the market is still overvalued does that make me a have not.If you do not agree with me that is fine but the market is still correcting, I have no need to pat myself on the back because I dont have a crystal ball.My rentals are going down in value as we speak i’m no einstein but I do have common sense some ability to think outside the box and BALLS! I am not impressed with whom is translating CNBC , money week or whatever. I have seem many dumb people that have money, my favorite ones are those who did not earn it but mommy or daddy gave it to them ,do these people ever really get any real respect in life any way just been waiting in the wings watching some dig a bigger hole for themselves on both sides.

By BigDaddy63

August 17, 2007 9:46 PM | Link to this

Some of you people are in need of some major therapy. The majority of you must be unemployed realtors, or mortgage broksters.

I will not bother trying to educate or discuss rationally with you about reality or the fact that we are in a full blown real estate market meltdown. If you choose to refute what is already known and publicly stated by most economists, most of Wall Street, most of the world, and even the NAR, so be it.

I could care less. None of you have an impact on my life or finances. Thank God or I would be a FB like the rest of you. I’ll sit back and watch my money grow in appreciating assets while I let the owner of the house I rent watch his value depreciate over the next few years, + the carry costs. Houses are anywhere from 10 - 30 % from the peak prices so far. Only another 20- 30 %% or so to go before prices become attractive. Sometime around 2009 I suspect.

BTW, enjoy your $174 savings. Better hope another hurricane doesn’t hit or you can really kiss the value of your house goodbye. Think insurance is hard to get now? We are just entering peak hurricane season.

By BigDaddy has a Small Pecker

August 17, 2007 10:14 PM | Link to this

Hey Big Daddy!

How much did your appreciating assets grow in the last calendar week? Minus 10 per cent?

HA HA HA HA HA

You must be the world’s littlest big daddy.

SCHMUCK!!!

Cat 4 out there. Think your landlord will hurry to fix your leaking roof? Reserve long-term space at the shelter now.

By To:Big DumbAss

August 17, 2007 11:40 PM | Link to this

Hey Big DumbAss, I have a question for you. Do you have the down payment to buy a home right now. Probably not, that’s the reason you’re a renter. Can’t afford South Florida and can only hope for a major RE meltdown to buy a piece of paradise. If you’re fantasy doesn’t come true, you’re out of luck. Renting for life or heading to N.C. with Rich R.

By 99SEMizner

August 17, 2007 11:56 PM | Link to this

Some condos have been real money makers as investments.

99 SE Mizner 447

June 2005 $455,000

June 2007 $455,000

See- the 2007 sale wasn’t one penny less than 2005 sale.

99SE Mizner 827, another example :

Feb 2006 $585,000

May 2007 $551,000

That may look like loss to some of you “schmucks” but maxi will explain it is another secret, hush-hush really big winner.

Heere is one where price DID go up up up-

99 SE Mizner 311

Mar 2003 $210,000

Apr 2007 $280,000

Now theres some REAL money bein made right there folks. Now don’t go nitpickin about HOA, and sales costs and alll that other crap. It’s a price increase, thats all that matters.

By toTownhomes

August 18, 2007 12:16 AM | Link to this

Was the “funny” thing about the townhouse listings the owner of the first one ?

Is that name coincidence or is it really the RE guy ?

By TO 99SEMIZNER

August 18, 2007 1:13 AM | Link to this

Have to look up 447, I remember there is a story there.

827 - HAH. Serves the b—— right. Eliot Koolik’s customer, if I remember, she bought that place instead of my listing. She had a much better deal available.

311 — The low price was a wedding gift, father to daughter. Then next one after it sold for 307K. Apart from those the last 5 one bedrooms were 322.5K, 355K, 322.5K. again, 355K again and 390.

WOW, 210K is an unbelievable first price for that, and that isn’t even the true price. He almost certainly got givebacks from Bill Morris. That place may be worth half a million once 200 East Palmetto is finished by my buddy Jay, and Jim Batmasian puts a hotel across the street the other way, in Royal Palm Plaza.

But hay, thanks for making an a*s of yourself again, and proving YET AGAIN that your “examples” mean nothing.

Laughing all the way to the bank,

Max

By to99semizner

August 18, 2007 11:13 AM | Link to this

If you are looking for apt there, (99SE Mizner) 745 is “very motivated” 2/2 In July dropped from 425K to 399K

Last sale 2003 was 333K

Good luck.

By Mike Fink

August 18, 2007 1:48 PM | Link to this

Man, you have to wonder how angry/desperate the cheerleaders are to react as they have been in the past few days.

Guys, take it easy, I don’t know what exactly you expect a renter to do when a home is foreclosed; I am sure that continuing to pay rent to the landlord who is not paying the morgage is not really the option most people would choose. Whatever, if that’s what you would do good for you.

Smell the roses occasionally people, I understand the situation in housing seems hopeless right now but personal attacks and baseless arguments are not going to help you support your position or make a solid point.

By Hurricane Al

August 18, 2007 10:45 PM | Link to this

I do not understand people’s thinking when it comes for their rental being blown away from a hurricane. Where do you expect to live afterwards? What do you think the rental rates will be afterwards? While renters will be out in the street for being homeless, the rental owner will be waiting for the insurance adjuster. In the meantime, you need to find shelter for your family fast, and renters will be paying the high demand rent price that goes with it. The renter can pick up and leave their job and the area altogether. Or the renter can move to the next county, and commute long distance to their job, if it survived the storm itself. The unit you rented from could have serious damage, and you would be told to vacant the property. It can takes months before a contractor can look over the damamge. Now some will say that there are plenty of rentals out there, but landlords or rental companies will want long term contracts and will demand the high rates to cover rising expenses. It is all about supply and demand. The scenario of thousands of rental units being destroyed by a hurricane, and the demand of higher rent for those who need to stick around. I am one who would not want to see mass destruction by a hurricane. Anyone who does for the reason of reduction in property value is an idiot. If the unit you are at did survive damage, the unit owner can still cancel the rental agreement in many various ways, and would be legally upheld in court.

By BigDaddy63

August 18, 2007 11:21 PM | Link to this

You FB’s are funny. Nice strategy. When you cannot refute the facts, attack the person. Did you learn this as the Clinton School of Ethics, or the David Learah Seminar?

My money is doing quite well, thank you. I took profits in many stocks in May. Mostly now in TIPS, CD’s, high yield MM,precious metals( gold at an avg. of $560 and silver at $9.70), select blue chips for years like MO, AAPL, PFE, T, HD,IAU and some oil tanker stocks yielding over 10% which have appreciated some 16 % since purchase in 2006. My one spec stock this year is up over 100%, ANO, which I bought at $1.12 back in March. How’s your home price doing? Post the address.

And, of course, by your logic, EVERY renter is broke and stupid. ONLY FB’s are rich and smart. LOL.

I have more than enough funds for a down payment. I am certain more than most FB’s have. Don’t believe me? Go to the OMB website. You’ll see where the avg. RENTER has a higher net worth than the avg. FB, and WAY more than the avg. FB with a HECOC. Same for the savings rate. The avg. renter has a positive savings %, while the FB is negative. What you FB’s don’t get is that the “wealth” created by the false rise in prices in real estate was only on paper. Then when you BORROWED against it with HELOC’s, you added MORE debt.

Which, according to the government, was SPENT not SAVED.

That is why you see at the present some price “stickiness”. There are many FB’s that can’t unload the albatross of the home they are stuck in, because they owe more than it’s worth. They can’t sell. So they are forced to stay or jingle mail the keys and walk away. Watch the ARM resets from October 2007 until December 2008. We are talking 50 BILLION a MONTH in resets. Yep, all of those Neg am’s, 1% teasers, 2/28’s and 3/27’s that FB’s took out in 2005 and 2006 because they couldn’t afford to truly buy a house are resetting soon. and guess what’s going to happen to their payment? Here’s a hint- LIBOR. Want more proof? Read up on the recent downgraded by Moody’s, S&P, and Fitch on billions in CDO’s, MBS, and other supposed AAA paper.

What you fail to understand is I choose to rent, not buy.

I will say it v-e-r-y s-l-o-w-l-y again for you, as I know it’s hard for you FB’s to comprehend house prices FALLING. Prices HAVE fallen back to 2004 levels. They WILL fall back to most likely 2001 levels. Ask a middle school kid to educate you on statistics, deviations,and means.

We are already at record amounts of unsold and vacant properties nationwide. Go to foreclosure.com, realty Trac, Countrywide’s REO site, or Craiglist.

My seven year old grandchild has a better grasp of economics and business cycles than you FB’s.

By toBigdaddy63

August 19, 2007 10:11 AM | Link to this

As you know you will be roundly insulted by some of the resident touts for disturbing their illusionary “economics” with facts.

We also rent by choice seasonally, since selling 2/2 on beach few years ago.

More and more we meet on the courses and elsewhere have ignored the “stigma” of being a renter. Indeed, it is reversing, and those buying for seasonal use instead of taking advantage of so many beautiful properties available (not only in SoFl), are being looked at as not thinking too clearly.

As many of us are former owners (over 20 yrs in my case) familiar with HOA, RE taxes distorted by SOH, storm repairs, Ins, and other year round expenses and aggravations, we just smile when a “newbie” starts extolling the vitues of ownership.

By Mike Fink

August 19, 2007 10:20 AM | Link to this

I am glad the psychology of RE pricing is making it’s way down into the snowbird community. Certainly given the market today, renting seasonally is a FAR better deal, even better then the deal that full time renters are getting! The seasonal properties cost more; but the savings from not owning that property are far more dramatic for a snowbird.

I just hope that FL has finally gotten to the point where anyone, ANYONE who cannot homestead realizes that it is “bats**t crazy, insane, better to just empty my bank account into the ocean, nuts” to purchase a home in FL without the SOH protection cap. The manner in which we (residents) have targeted and taken advantage of the snowbird and business population of this state is truly shameful. Hopefully the snowbirds are starting to realize that you would have to be out of your mind to agree to a taxing system like we have today. If you can’t homestead, don’t buy in this state!

By FB's?

August 19, 2007 11:31 AM | Link to this

I’m new here. What is an FB?

By Mike Fink

August 19, 2007 11:42 AM | Link to this

F**ked buyer.

Or

F**ked borrower.

Either one, basically it’s a way to refer to people who bought homes that are depeciating rapidly in value, or people who bought homes that are WAY over their heads and are now going to lose them after an ARM reset.

Basically, an overextended homeowner who was banking on appreciation to bail them out of an overpriced home that now is stuck in the property.

By Big Daddy has Small Brain

August 19, 2007 12:04 PM | Link to this

Big daddy, I am in the process of buying (another) property. When the smoke clears, I will have paid little or nothing down. It runs at about a 12% cap rate, and with financing around 7%, will throw off about 5% per year of it’s price after all conceivable expenses and reserves for expenses. Tell me again how I am losing?

You can also tell me how the folks who bought houses for nothing down a few years ago, and watched the values go from 140K to almost 400K today, lost money.

There are a LOT more of those than people walking away from 2006 properties today.

You are not wealthy, Big Daddy, despite all your b******t about stocks and so forth. It’s obvious because you don’t get it. Going from nowhere to wealthy requires high returns — 100% a year, 500% a year, 1000% a year, infinite returns on nothing down — amounts you can only realize by leveraging real estate. Bragging about your 2% in a money market just shows how insane you are.

Fink the Squatter isn’t far behind you, though. Fink advocates being a thief when he finds out a property is being foreclosed. He does not understand that the owner can give back the property to the bank and is usually NOT a thief (assuming you’re not Tony Soprano doing neighborhood improvemnent in Newark).

Fink, as a renter scumbag, has the legal obligation of paying rent. It is not his business what the landlord does with the rent. The owner has the legal obligation of paying back his note OR sacrificing his property and risking other recovery efforts by the bank (although this is rarely done).

Nothing in the landlord’s situation excuses or mitigates the fact that Fink is a thief with no scruples whatsoever.

By Hurricane Al is right up my Alley

August 19, 2007 12:28 PM | Link to this

Hurricane AL — not only is your scenario correct, it is EXACTLY what happened in October/November of 2005, when our median price shot to 421.5K, for a handful of houses sold in November. Despite the fact that my dog could understand this is an anomaly, the truly stupid out there, from newspaper reporters to doomer geeks, use this as a basis to claim that those prices were a normal market high, and that we have fallen from those levels.

The truth is the total drop for the median house in two years is less than the stock market declines in one week, as the market was just kind enough to demonstrate.

Your house, however, has an intrinsic value; that is why it is called “real property.”

Your shares of Enron or Exxon or any other Put-on depend on how business is that week.

When that Hurricane comes, Al, let Big daddy sleep in his warm and dry stock certificates.

FB???? HA HA HA

You know damn well whose is f**ked. Anyone who didn’t buy a solid house, and can no longer get a mortgage — at any price.

By Maxi Wraps up Fink

August 19, 2007 1:06 PM | Link to this

While we all tend to react to Fink’s thieving mentality and b******t rhetoric, here are the practical considerations:

Most leases have clauses on what happens in the event of Destruction or Foreclosure of Premises. What Fink can and con not do is spelled out from day 1 in a legal and binding contract that he signed, and probably had his wife sign, despite his big mouth.

Now, some owners don’t report to credit unions, it is true. But my holding company does. If Fink tried to steal from me, regardless what the circumstances, he would not be able to get a mortgage to buy a house, not be able to buy or lease a car, not be able to get a credit card for more than a couple of thousand dollars, not even be able to lease another apartment for years and years to come. Unfortunately for his family, they would have to live like the bum that he actually is.

Most of you guys have denounced Fink, to your credit, but I think there was one who was actually stupid enough and low-life enough to support him.

Probably Big Daddy/ Realshit/ whoever that a*****e is who keeps showing up under different names.

By Curious

August 19, 2007 1:29 PM | Link to this

Some characteristics of FBs on this blog:

1) They subconsciously know they are. 2) Facing not only financial but self-esteem collapse. 3) Trapped against an unscalable wall. 4) Burdened by the weight of a huge ego. 5) Increased denials and shrill delusional arguments. 6) Profane attacks against anyone who observes that they are bare. 7) They simply talk too much, — “I can’t hear you.”

By Question for Curious

August 19, 2007 2:02 PM | Link to this

Curious, since you are far and away the stupidest person on the blog, it may not be fair to pose the question to you, but exactly WHO are these property owners in trouble that you speak of? Could you name one?

Do you think someone like me is in trouble, as I continue to buy every suitable building I can find and have attorneys collect rent from nitwits like you? Or as I stop in to Wall Street this week to talk to old cronies at Goldman Sachs?

Where are these owners in trouble? NAME one owner who is in touble.

Just one.

SCHMUCK!!!

By Mike Fink

August 19, 2007 2:38 PM | Link to this

Big daddy, I am in the process of buying (another) property. When the smoke clears, I will have paid little or nothing down. It runs at about a 12% cap rate, and with financing around 7%, will throw off about 5% per year of it’s price after all conceivable expenses and reserves for expenses. Tell me again how I am losing?

Your not, however, I question where exactly you found a deal like this. Please, give us some more information as to where/what type of property this is. If you can rent cash flow positive from day one with a 100% MTG, then we are approaching a balanced market. However, the problem is that whatever your secret is, your not sharing it. I was just looking at a home selling for 725K (dreamy, dream land price) also for rent at 2200 a month. So, please, please, tell us the secret that you seem to have. How do you get someone to drop their price 300-400K to get the property to flow cash on this kind of deal?

My lease, btw, has no clause for foreclosure of property (it does have a cluase for destruction of property), but I would NEVER sign a lease that had a cluase like you describe. Who would, you would have to be nuts to sign something like that! So, basically, this lease entitles me to rent even if I decide the day you move in that I am not going to pay the MTG and you will be evicted by month 2? Oh, and btw, this is a 2 year lease, so you will owe me 22 months of rent, even though you are not living in the house any longer (and I don’t own it)? Come on; maybe you can find someone stupid enough to sign a lease like that. Shoot, while you’re at it, put a clause in there for the sale of the property; even if I sell the property (and you have to move out) you still owe me rent for the entire rental period. Ahh, even that’s not enough, put a clause in there that says if you feel like moving back into the home, or feel like putting a different renter into the home, you still owe me rent.

Honestly, you can put a clause in there that says “You have to pay rent to me even if the home is in foreclosure/and/or I am no longer the owner”; good luck getting that to hold up in court. The foreclosing bank may decide to accept your rent; but the contract you have with the former landlord (now FB) is void as soon as he “sells” the home.

By ChicagoRocks

August 19, 2007 6:29 PM | Link to this

Who are these idiots who continue to acuse me of being on welfare?? Where did you get that idea? I will speak slowly so you may be able to understand the vast difference between unemployment compensation, and welfare…

Welfare is government handouts to bums who refuse to work at all.

Unemployment, on the other hand, is funds that have been deducted from ones paycheck year after year, in order to provide temporary provision when one is laid off or let go from a position through no fault of their own.

Welfare is a handout. Unemployment is worked for.

I didnt quit my job, FEMA laid off all of us when the Hurricane Wilma Recovery Grant expired. By the way, unemployment ended early April. I WISH I was still getting those checks! Nevertheless, since I was receiving those checks for 4 months this past Spring, I took advantage and took 18 credits that semester. Have you ever taken 18 colege credits in one semester? That is more than a full time job in itself. So don’t make your asinine accusations that have no base of truth.

This Fall semester, I will only be taking 12 credits, and working part time. The rest of my living expences will be covered by my savings. One can save alot when his living expences are only around $1100/month. Its amazing how little it takes to live on when one plans his life with efficiency. Live downtown close to everyday ammenities, thus eliminate the need for driving. The only time I drive is twice a week to school in West Palm. Everything else I can walk, or ride a bike to. That right there saves $100 to $200 a month in gas. I dont drink coffee, so theres another $200/mo not wasted at Starbucks. Cable comes with the condo I rent, so no extra expense there. I dont smoke, nor do I blow money buying expensive drinks at trendy bars to impress Boca-mindset chicks.

It is amazing how little it takes to live on when one simply avoids impulse spending on convenience items. And it is even possible to live quite well on little when you have self control and budgeting skills. Here I am, a full time student, living on a part time income and savings, and yet I get to enjoy the coveted downtown Delray Beach lifestyle. Downtown festivals, life music everywhere, dozens of restaurants, and of course a beautiful beach all within walking distance. Not a bad lifestyle for a part time working student ‘have not’! Plus, I have no worries, or nothing to lose as the local real estate market sinks further and further with no end in sight.

Rents rising? Says who, besides frustrated realtors desperate to convince suckers to buy now. I will buy when I can buy for the same monthly expenses I am incurring now for a similar 2brm place in a similar awesome downtown location. I would be more than happy to buy when that happens. BY the time I graduate next May, I just might be able to find that kind of deal the way things are going!!

Ahhh…life is good near the beach in Delray for us ‘have nots’ who know how to control our finances and find a good deal!

Rents rising….please! I can walk out to the street, and count a dozen ‘for rent’ signs within eyesight. You cant raise rents when the supply far exceeds demand. Even us ‘never-do-well’ renters know that!

By to chicagorocks

August 19, 2007 9:20 PM | Link to this

you keep bragging up your northern colleges, yet do i detect that you are a full time student living in delray beach?

what fantastic, well respected, midwest or northereastern university are you enrolled at in delray beach, university of phoenix?!

do tell, simple one, do tell.

By BigDaddy63

August 19, 2007 9:47 PM | Link to this

Ok,

To the FB that responded how he obtain 1000% a year on a no money down deal, post the address of any property you have bought where this has happened.

Second, you obviously cannot read or have difficulty in comprehension. 2% Money Market? Uh no. Most competitive MM rates are around 5.5% through Fidelity, Vanguard, and most banks on balances of $25,000 or more. That miss on your part alone shows your ignorance of the current market rates. If you can’t get that right, you must be a wiz at ROI. The fact that you can’t appreciate an properly diversified investment portfolio is telling. Or, I could be as smart as you, and have sunk $50,000 or so of my money in a house last year, not have had that money to invest and make over 16% on it + a 10% yield, and watched the value of the house go down.

I laugh at your inane rant of the only path to wealth is through magical 1000% annual returns. Tell that to Soros, Buffet, Lynch, Templeton, Rogers, Gross, or Dremen. That is, IF you know any of these names. I’m happy doubling my money every 5 years or so.

Please tell us what lending institution is doing no money down loans on investment property, what type of loan it is. I am also curious how much you are renting out the property for and how much your monthly carry cost is.

But of course everyone knows you are simply pulling this all out of your a*s.

Go ahead,prove me wrong. Post the address of the property along with the amount of rent you will be seeking. Otherwise, crawl back under the rock you came out of, or better yet, go try and sell someone another overpriced house. It’s obvious you are a newbie Real estate sales whore, behind on your Lexus payment,soon to be back at your old profession-waiter.

By Big Daddy is an Arachnoid

August 19, 2007 10:33 PM | Link to this

Big Dummy -

It’s obvious from your last fit or hysteria that you have lost your mind. People run rental income properties with acceptable to good cap rates in every hamlet of this country, every day of every year, year in and year out. Your being too stupid or too ignorant to do so is no reflection on anyone else.

You make a bunch of idiotic accusations, you don’t know ANYTHING about me, and you don’t have anything right. Here’s what you need to know: I am rich and you are poor. You are SO poor you are hoping against hope that a few million dollars will carry you through retirement, and you actually bother to distinguish between 2 and 5 per cent on your money market balance.

I really don’t care who is rich and who is poor. What I don’t like is an arrogant, semi-broke imbecile like you trying to make everyone else as poor as you are.

NEWS FLASH: You are not an exemplar for anyone. People here are hoping to do much better, in their finances, in their manners, in their attitudes.

You are another small fish who thinks he’s a “big daddy.”

Schmuck!!!

By the way, I can buy for nothing down because I am not you. People take me seriously. You are a joke.

Money market rates. HA HA HA HA

Folks, did you ever hear anything so ridiculous?

By TO: Chicago Sux

August 19, 2007 10:45 PM | Link to this

The only point in arguing with an unusually immature adolescent like you, is that you demonstrate the development of the welfare mind set. Oh, unemployment isn’t welfare. Oh, it isn’t my fault if we ran out of hurricanes!

Go back to the Calcutta of North America and grow up if you can.

SCHMUCK!!!

By Fink is Getting Worse

August 19, 2007 10:53 PM | Link to this

Fink, I say in all honesty your latest nonsense makes you sound as much a callow adolescent as Chicago Brat.

No, Fink, you are NOT going to steal your sojourn in another’s property and maintain any kind of credit score — or credibility as a business person.

At the risk of sinking to your level in refuting your arguments, as a creditor, when my company puts a derogatory on your credit, we don’t have to prove a THING. YOU can spend the next 10 years explaining it to the credit bureaus if you like.

Grow up, Fink.

I hate doing this to you Fink, but I think everyone will agree, in the last couple of days you have earned it:

SCHMUCK!!!

By INTERNET MADAM

August 19, 2007 11:01 PM | Link to this

Sometimes a vacation makes you see things differently when you return.

How should I say this politely, but the neighborhood in Palm Beach is changing and not for the better.

I know this is not the time to sell according to all you experts in the real estate field, but Madam has decided to sell her penthouse in Palm Beach.

Rather than buying another property in Florida, Madam wants to pull out of Florida entirely. Madam will invest the proceeds from the sale of the Palm Beach property in diamonds and precious gems.

I do not understand how our economy can continue when the Federal Reserve is constantly printing new money only to have the government throw the money back into the stock market.

Madam believes that if the Federal Reserve keeps printing more money, than there better be gold or something like that to back it.

My group of investors here in Boca are having cash flow problems these days because of the housing market. Unfortunately they do not have enough money for Madam’s new enterprise.

Madam is going out west to meet with a group of venture capitalists from China. Madam needs investors to market her new idea, porn on flash drives. Madam is working to organize her artistic collections according to provocative themes to be available on flash drives.

I will see if my new German neighbors has any relatives that would like to move here as well.

——Au revoir

    MADAM

By the old bag is worm dirt now, hahahahah

August 20, 2007 10:46 AM | Link to this

NEW YORK - Leona Helmsley, the hotelier who went to prison as a tax cheat and was reviled as the “queen of mean,” died Monday at age 87.

Her image was sealed when a former housekeeper testified that she heard Helmsley say: “We don’t pay taxes. Only the little people pay taxes.”

Good riddance, you old bag.

By easyasabc - morning notes

August 20, 2007 11:11 AM | Link to this

OK, Chow Ping did not write this past weekend……but we had Fink, Curious, BigDaddy, Madam & and I finally realize who Chicago Boy was………..but first, my biggest laugh over the weekend was several items what I saw on TV while playing cards……first was this Viva Viagra commericial…..did anyone see that ?…..it took me two times to realize what the hell those guys were singing about…..I first thought they were singing that ELvis song (Viva Las Vegas) because of his anniversary death….a bunch a guys in some type of off road Carlonia country gas station, singing and smiling with each other about viagra…..way to GAY…..I just picture Rich R. as the guitar guy……

The other item I was laughing about was some channel that my ladyfriend had on was about flipping/selling houses….now that was some conversation we all had…..people buying houses/condos and rehabing them to flip them…..what I was laughing about was the budget they had, and the work that needed to be done…..so unreal…..I wish I could remember the network these shows were on, but it was very entertaining and good conversation with others about real estate, locations, and what other cities had to offer……

But some of you had to talk with “you know who” of his rental situation he is in…..this guy is a loser…..he is showing his frustrations and anger now that the mortgage lenders have locked him out of buying property here……he is a waste of time…..

Chicago Boy is a beachboy in Delray???….renting some c**k roach infested 1/1 I guess…..and taking classes from his computer….If he is truly from Chicago, can he tell us what is the #1 Italian Beef sandwich shop in Chicago??????…..anyone who spent time in Chicago would know this….Chicago does have very good food…..anyone who would deny that has to be nuts………I truly beleive that Chicago Boy is working as a waiter at “Boston’s on the Beach”, and sometimes hands out expensive coffee at the local Starbucks in the morning hours ……leave that kid alone, he has alot to learn in life…..he started his college education by hearing Sally Struthers tell him what he can do in life on TV……..Remember Sally Struthers????…she had a small size 26 inch waist back in the 70’s…..now it is like 86 inch waist……what a big girl she is these days……….now if Sally was waitress at Cityplace, she can be a good fit for “you know who” to be with and he know what life is all about after making out with her………I think Sally is working on some Carribean Island trying to get someone to help all those little poor kids……

Dean swiped Jamaica….wasn’t this the week that RCA took that offer of getting 5 free vacation days in Jamaica if he sat and listen to some land deal seminars that went on for 10 hours at the local Holiday Inn ???????

BigDaddy…..I beleive this is some old “have not” with a new ID name……It could be Big Rob or Steve…….

Madam….you dirty filthy HO…..you are leaving us????……it sounds like you are going to “The Valley” for your porn business……California is a nice area if that is where you are going………so much competition out there…..beware of those slanted eye yellow skin bastards…….they will be our future enemy who we will be fighting……we can vaporize two hundred million of them, and they will still have enough people to fight us….

I hope Chow Ping did not go back to China…..so many people there….only have american corporate slave jobs….no food, except for dogs…….everyone need to stop buying “Made in China” products….it is killing this country for its economy…..as Chow Ping would say….stupid, stupid, stupid….for all those who buy products from China…..

If the economy does not improve, then “you know who” will not be able to buy property here….he will need the mortgage lenders/banks to go back and start giving out loans to the people……

Anyone see those floods in Texas????…..wasn’t those the town areas that suppose to have low cost housing that some of these “have nots” who were bragging of where they were moving to??????…..see what you get!

Martin County, are you enjoying those High Impact Fees yet??????

“Hurricane Al” hit it on the mark about rent property that can get damaged by storms…….

Not much is going on…..it is August….slow as always……let me throw this out for discussion…….some “Fool” mention home prices going back to 2001 levels……Does anyone really think the property tax base would fall back to that level also????????….and what that do county services for their budgets?????….Time to discuss this among yourselves.

easyasabc

By BIGROB

August 20, 2007 1:00 PM | Link to this

BIG ROB is not chicago boy. The mistake in that tells me that your intelligance is limited when it comes to profiling these bloggers. Earlyer in this blog I was very informative about my personal status.

By To Big Rob

August 20, 2007 4:02 PM | Link to this

What does “Earlyer” mean?

I have not a clue.

By ChicagoRules

August 20, 2007 9:22 PM | Link to this

AHHH an EASY challenge. You quiz me about Chicago? As if I would make up my Chicago love and roots amongst all of you ex New Yawkas?

Well, I’m not a huge Italian beef fan, but Al’s Italian Beef, on Ontario, is the one that stands out to me. But in my neighborhood, just north of Wrigleyville, if I ever crave Italian beef, I just go to the local Chicago dog shop, cuz most dog shops also offer Italian beef.

Chicago is all about pizza for me, and Thai food. Lou Malnattis, or Ginos are my favs. But Giordanos, or Unos rock as well. I sometimes drive up to Orlando specifically for a dose of Chicago pizza, as they have both Giordanos, and Unos near Disney.

Regarding Thai food, the best is a little mom and pop Thai place called the Siam Noodle on Sheridan, north of Wilson. They all know me by name whenever I show up on my twice annual visits north.

Anything else you wanna know about Chicago? I have worked in the Hancock building. I have played gigs at Dick’s Last Resort near Navy Pier. Played volleyball at North Avenue beach. ROde my bike along beautiful Lake Michigan hundreds of times.

Please challenge me more about Chicago. Its one of my favorite subjects!

Bostons you say? I have never worked as a server. I have played with bands there, but thats easy money. Oh, and my place is 2brm 1.5bth. Its a 12 unit building, well maintained. Best of all, I am the ONLY renter! Everyone else here owns!

I attend school here because I decided to return to school while I was still working my FEMA gig last year. I figured I may as well stick around and finish. Florida gave me resident grants, plus I was awarded a small scholarship for my final year. So, as much as I miss Chicago, I would be a fool to leave now when I am so close to finishing, and I am in such good standing at my school. Besides, anytime you change schools, you lose credits.

18 credits to go. Graduation this May. Who knows..by then, prices may have plunged enough by then I may stick around and buy something after all. One thing I can guarantee, my rent will not be rising. Not a chance.

Thank you for showing interest in my life and my beloved home city!