"Harry Krause" wrote in message
...
NOYB wrote:

How many people can say with absolute certainty, that on September 20,
2009, they will get a before-tax raise of $6500/month? I can.

No, you cannot.

You might die of natural causes before that date.

Then my life insurance policy would pay off my loan.

Or something else unpredictable might happen.

You can't live in fear.


But, you like leading a leveraged existence. Many of us do not.

I don't like it. But I *do* like what leveraging can do to your net worth
in a short amount of time.



I'm not ready to retire, but I decided to put up for sale my largest real
estate holding this year, because the market for it is high and, with Bush
in office another four years, I am not willing to gamble on the future of
anything in this country. Once I liquidate the asset and take care of the
taxes, I'll have to consider what to do with my sudden liquidity. Maybe
I'll buy into an offshore dental clinic...

Buy pre-construction down here.

NOYB wrote:
"basskisser" wrote in message
oups.com...

NOYB wrote:
"basskisser" wrote in message
oups.com...

DSK wrote:
NOBBY wrote:
In Florida, your home is your safest investment.

Yeah, at least Florida doesn't have earthquakes...

Oh, not necessarily. There are deep earth faults that go through
Florida. The potential is always there. Slight, but there.


... The tax write-off is a
bonus. I can write off the interest on the home loan, but
not
interest on
my school loan. That just doesn't make sense.


You haven't paid off your school loans yet, and you're floating
a
mortgage for a $900K home? NOBBY, you're a financial train
wreck
waiting
to happen.

Not surprising, really, considering how you come by your
opinions
&
attitudes, but I hope for the sake of your family that you have
good
life insurance.

DSK

Yep, that's our NOYB, risk a nice safe affordable home for his
family,
all for the sake of keeping up with the Jones'.

My neighbor's name isn't Jones. He's German.
I didn't expect you'd get it.


I didn't expect that you would.

And....you didn't.....

"NOYB" wrote in message
ink.net...

"Harry Krause" wrote in message
...
NOYB wrote:

How many people can say with absolute certainty, that on September 20,
2009, they will get a before-tax raise of $6500/month? I can.

No, you cannot.

You might die of natural causes before that date.

Then my life insurance policy would pay off my loan.

Or something else unpredictable might happen.

You can't live in fear.


But, you like leading a leveraged existence. Many of us do not.

I don't like it. But I *do* like what leveraging can do to your net worth
in a short amount of time.

No different than buy margins in the stock market. If you can afford the
risk, it is a great way to make lots with little cash.




I'm not ready to retire, but I decided to put up for sale my largest real
estate holding this year, because the market for it is high and, with
Bush in office another four years, I am not willing to gamble on the
future of anything in this country. Once I liquidate the asset and take
care of the taxes, I'll have to consider what to do with my sudden
liquidity. Maybe I'll buy into an offshore dental clinic...

Buy pre-construction down here.

NOYB wrote:

Did the banker who wrote your mortgage feed you this justification?
Did he
give a shark-like smile as he did so?

No. I used Wells Fargo. I had to talk *him* into it.

I have a friend, who actually worked for the local Wells Fargo office
here, and he left after six months. Asked why, and he told stories of
getting people into mortgages that he knew damned well they had no
business being in. Wells Fargo has always been a high-pressure sales
type of office. But, you know that, being the used car salesman of the
medical field.

"basskisser" wrote in message
oups.com...

NOYB wrote:

Did the banker who wrote your mortgage feed you this justification?
Did he
give a shark-like smile as he did so?

No. I used Wells Fargo. I had to talk *him* into it.

I have a friend, who actually worked for the local Wells Fargo office
here, and he left after six months. Asked why, and he told stories of
getting people into mortgages that he knew damned well they had no
business being in.


Wells Fargo doesn't do high-risk mortgages. They have some of the strictest
lending requirements of all the lenders. They don't need the high-risk
stuff, since they're already the number one home mortgage lender in the
country. One out of every 11 homes is financed by Wells Fargo.

Regardless, your friend didn't work for the division that did my loan:
http://www.wellsfargo.com/com/corpor...pprivate.jhtml

The Private Mortgage Banking division can do things the other divisions
can't...but not everyone qualifies.


I have a 5-year ARM, interest-only, non-comforming jumbo mortgage for 80% of
the purchase price with a 4.25% interest rate. I financed another 15% with
an equity line at prime plus 1/4. That means I got better than most
people's conforming rates on a non-conforming loan. I paid zero points.
Ask your friend how many deals he wrote like that. Answer: zero.

NOYB wrote:
"basskisser" wrote in message
oups.com...

NOYB wrote:

Did the banker who wrote your mortgage feed you this
justification?
Did he
give a shark-like smile as he did so?

No. I used Wells Fargo. I had to talk *him* into it.

I have a friend, who actually worked for the local Wells Fargo
office
here, and he left after six months. Asked why, and he told stories
of
getting people into mortgages that he knew damned well they had no
business being in.


Wells Fargo doesn't do high-risk mortgages.

HORSE****!!!!!!
Perhaps you didn't see the Home Loan Workbench, right there on their
website? Go ahead, try it. Several statements, including poor credit,
bankruptcy, we can tailor a loan for your needs.....
My buddy actually quit working for the company just because of some of
the loans he wrote.



They have some of the strictest
lending requirements of all the lenders. They don't need the
high-risk
stuff, since they're already the number one home mortgage lender in
the
country. One out of every 11 homes is financed by Wells Fargo.

Regardless, your friend didn't work for the division that did my
loan:
http://www.wellsfargo.com/com/corpor...pprivate.jhtml

The Private Mortgage Banking division can do things the other
divisions
can't...but not everyone qualifies.

Did I say anywhere, at anytime, that "everyone qualifies"? Can you ever
objectively analyze anything without completely changing the context of
the debate to fit your particular bull****?


I have a 5-year ARM, interest-only, non-comforming jumbo mortgage for
80% of
the purchase price with a 4.25% interest rate. I financed another
15% with
an equity line at prime plus 1/4. That means I got better than most
people's conforming rates on a non-conforming loan. I paid zero
points.
Ask your friend how many deals he wrote like that. Answer: zero.
Hmm, an interest only loan.....hehe!!

P.Fritz wrote:
"NOYB" wrote in message
ink.net...

"DSK" wrote in message
...
NOYB wrote:
I am paying interest-only on a 5-year fixed at 4.25%.

Pardon me for being blunt, but that's friggin' dumb. That's as
stupid as
punting on 3rd and short. Do you *want* the economy to take a big
chunk
out of your future?

Why is it dumb? I explained in detail why it works well for me.
Why pay
interest on an asset that's appreciating at 10-20% per year?

Some people just don't get that owing money is not necessarrily a bad
thing.


It IS a bad thing, when you are talked into an interest only ARM....

"basskisser" wrote in message
oups.com...

P.Fritz wrote:
"NOYB" wrote in message
ink.net...

"DSK" wrote in message
...
NOYB wrote:
I am paying interest-only on a 5-year fixed at 4.25%.

Pardon me for being blunt, but that's friggin' dumb. That's as
stupid as
punting on 3rd and short. Do you *want* the economy to take a big
chunk
out of your future?

Why is it dumb? I explained in detail why it works well for me.
Why pay
interest on an asset that's appreciating at 10-20% per year?

Some people just don't get that owing money is not necessarrily a bad
thing.


It IS a bad thing, when you are talked into an interest only ARM....

I presented the interest-only ARM idea to the lender. Until 2009, I can't
afford to pay interest *and principle* on such an expensive house. However,
if I waited until I *could* afford to pay principal and interest on my house
(5 years from now), then my house would be selling for even more money...and
it would once again be out of my price range.

Like I said...
I'm effectively renting this house with an option at the end of 5 years to
buy it at today's price. The best part is that I get to write-off the
"lease" payment (ie--the interest).

It's a no-brainer.

"NOYB" wrote in message
ink.net...

"basskisser" wrote in message
oups.com...

P.Fritz wrote:
"NOYB" wrote in message
ink.net...

"DSK" wrote in message
...
NOYB wrote:
I am paying interest-only on a 5-year fixed at 4.25%.

Pardon me for being blunt, but that's friggin' dumb. That's as
stupid as
punting on 3rd and short. Do you *want* the economy to take a big
chunk
out of your future?

Why is it dumb? I explained in detail why it works well for me.
Why pay
interest on an asset that's appreciating at 10-20% per year?

Some people just don't get that owing money is not necessarrily a bad
thing.


It IS a bad thing, when you are talked into an interest only ARM....

I presented the interest-only ARM idea to the lender. Until 2009, I can't
afford to pay interest *and principle* on such an expensive house.
However, if I waited until I *could* afford to pay principal and interest
on my house (5 years from now), then my house would be selling for even
more money...and it would once again be out of my price range.

Like I said...
I'm effectively renting this house with an option at the end of 5 years to
buy it at today's price. The best part is that I get to write-off the
"lease" payment (ie--the interest).

It's a no-brainer.

And the fact that asslicker cannot comprehend that shows why he is still
"king of the NG idiots"

"basskisser" wrote in message
oups.com...

NOYB wrote:
"basskisser" wrote in message
oups.com...

NOYB wrote:

Did the banker who wrote your mortgage feed you this
justification?
Did he
give a shark-like smile as he did so?

No. I used Wells Fargo. I had to talk *him* into it.

I have a friend, who actually worked for the local Wells Fargo
office
here, and he left after six months. Asked why, and he told stories
of
getting people into mortgages that he knew damned well they had no
business being in.


Wells Fargo doesn't do high-risk mortgages.

HORSE****!!!!!!
Perhaps you didn't see the Home Loan Workbench, right there on their
website? Go ahead, try it. Several statements, including poor credit,
bankruptcy, we can tailor a loan for your needs.....
My buddy actually quit working for the company just because of some of
the loans he wrote.



They have some of the strictest
lending requirements of all the lenders. They don't need the
high-risk
stuff, since they're already the number one home mortgage lender in
the
country. One out of every 11 homes is financed by Wells Fargo.

Regardless, your friend didn't work for the division that did my
loan:
http://www.wellsfargo.com/com/corpor...pprivate.jhtml

The Private Mortgage Banking division can do things the other
divisions
can't...but not everyone qualifies.

Did I say anywhere, at anytime, that "everyone qualifies"? Can you ever
objectively analyze anything without completely changing the context of
the debate to fit your particular bull****?


I have a 5-year ARM, interest-only, non-comforming jumbo mortgage for
80% of
the purchase price with a 4.25% interest rate. I financed another
15% with
an equity line at prime plus 1/4. That means I got better than most
people's conforming rates on a non-conforming loan. I paid zero
points.
Ask your friend how many deals he wrote like that. Answer: zero.
Hmm, an interest only loan.....hehe!!

You have no clue about interest only loans, do you? A fixed rate
interest-only loan is ideal in a market with rapidly appreciating
properties. What you're confusing it with is "minimum payment" loans that
have ridiculously low initial rates of 1.5% or less. Those are dangerous
loans, because as rates rise, you can get into a negative amortization
situation.

Where is the risk with 5 year fixed-rate interest-only loans? And how are
they any different from a conventional ARM? Answer: they're not. You pay
so little principle in the first 5 years of a conventional loan, that
there's virtually no difference from an interest-only loan.