A Trip to Woodbury

I have a friend who bought a condo recently. We did our best to tell him to just walk away (lose the deposit $), but he wouldn't listen. He thinks he's only going to be there for 2-3 years, then he's going to rent it out and make $. His mortgage payments are like 3x rental income.





This was his first purchase and I think his wife pushed him into it. It got to the point where if we said anything more, I think the friendship would've been over.





So, yeah, the elephant was in the room, but you can only point at it so many times before the other person gets pissed off.
 
Yeah, I have a friend that I talked to about his Irvine condo in detail around April. I made sure he knew what the market forecasts for real estate were going to be because I don't want to see him get screwed on his deal.





After that I won't bring it up unless he does. I said what I needed to.
 
<p>mompi,</p>

<p>was your friend's wife anything like the lady in here? </p>

<p><a href="http://www.youtube.com/watch?v=Ubsd-tWYmZw">www.youtube.com/watch</a></p>
 
<p><em>"This was his first purchase and I think his wife pushed him into it".</em> </p>

<p>If I hear this one more time, I'm going to scream ! Men are just as responsible in these transactions.... </p>
 
It was Eve that pushed Adam into eating the fruit....
 
Does anyone know about the sale on 50 Winding way (in woodbury)? Redfin shows a sale last year for 1.36 m and now its on sale for 1.2 m, with a "motivated seller." Any guesses how motivated, or what type of property this is? There was no picture! I simply cannot imagine tossing 160K into the fire in one year.
 
<i>"I simply cannot imagine tossing 160K into the fire in one year."</i><p>


Better get used to it. I don't think the seller wants to sell it for 160k less, but if no one is making offers, what can they do? And what if the seller is a bank, re; REO?
 
Unlike the speculators (like 50 Winding Way?)... I'm exclusively looking for the most house I can afford (under a 30 yr fixed w/ 20% down) with the expectation to live their until my kids finish grade school - in 10 years+...



If I was "speculating/investing" and simply took the loss (making real, a paper loss)... I think that I'd lose my lunch.

But the thought of getting a good deal on a distressed property (that I'd live in) really makes my appetite come back. =)
 
sounds a like bank-owned property... the listing agent is from "Prime Properties Asset Mgmt." with an (323) area code.





the property taxes from 2006 are still unpaid as well.
 
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