Thank you

Quote from Od’s post:
I’ve got real estate. Both commercial and res.90% of it is paid off.

I am completely financially independent.

I “invest” through my Roth IRA (to avoid capital gains, and I only invest in things I know.) This is my riskiest area.

I have over 3 years worth of liquidity in various banks in the event of an “emergency”.

I have absolutely no debt. (except for the 10% I still have in mortgages.)

Will I lose a lot of equity from this crash? Of course. But I don’t bank or pull loans from it either. So this doesn’t even concern me.

Even though I have a nice cash flow from all of this, none of this is even my primary income.

So when I hear stories of people who believed that real estate could never go down (or crash)it bothers me. It’s this kind of ignroance that is burning so many people today.

Mind you ignorance is not the same as stupidity. Most Americans are ignorant because they have been taught to believe in “good” debt. There is no such thing.

I can smell bullshit artists like you from a state away. Predictable is an understatement. Go home Od. Seriously, spare all of us any further idiocy, please.

Quote from JJ:
“I don’t get this whole “criminals pulling out the rug” deal.”

JJ – Really? You don’t get that these loan programs were created with one thing in mind – put every stupid idiot who agrees to the terms (knowingly or otherwise) into these loans in order to make unheard of profits with literally no regard for the consequences, and all with the express consent of our lovely government. Come on, I know for a fact that you’re smarter than that.

We had reserves for each of the properties for substantial vacancy rates, more than triple what any bank requires actually. This means that we had the ability to weather each of the properties being vacant 3 months of every year without adversely affecting our reserve requirements set by the banks. Well, this shit comes down the pike, raising vacacny rates to 30-40% and I’m somehow an asshole and deserve what I get? The ONLY thing I cry foul on is this crap is criminally created and certainly not standard market ebb and flow. YOU KNOW IT AND SO DOES EVERYONE ELSE WITH A SINGLE BRAIN CELL.

Quote from Guy”
“Something doesn’t add up though.. you had “proven success for decades” yet your investment properties aren’t paid off already? Something stinks.. My mom has had several rental properties “for decades” and guess what, they’re all paid off. It sounds like you bought places recently.. that’s your own fault.”

Quote from my post:
“We were Prime borrowers with 20% down on our primary residenence, 25% down on our investment properties, had decades of proven success in our professions, and 800+ credit scores.”

Guy, you and Od should go drink yourselves into oblivion, please. Two bedfellows making one “Od Guy”. Read the post dildo. I was making the point that we are not the Sub-Prime or Alt-A borrowers. By your (and Od’s) logic, it’s the woman’s fault for getting raped because she wore sexy clothing.

You and Od are exactely why the US has now become regarded as the most pompous, short-sighted, ignorant society in the world. you care about nothing and nobody but yourselves and you make it wholly apparent to anyone who wastes their time to read your uneducated BS. It’s sad and unfortunate. Keep revelling in your self-rightous worlds of “hypocrazy” Od-Guy.

Mtg911 – no, short sales are not in the ‘foreclosure-related’ category.