Mello Roos is depressing as hell

NEW -> Contingent Buyer Assistance Program
Spechul!

Yes, I agree Mello Roos aren't fun, but I think you may have to do a little bit more searching. I do understand you feel that renting is wasting money. BUT what would you rather be doing.... wasting a little bit of money or supporting an expensive depreciating/underperforming asset? I have always though along the lines of moving only when it best suits YOU. BUT you must be objective, do NOT let emotions get the better part of you.



Here is how it works out for me. I'm looking at purchasing 500k home. I could put from 20-100% down depending upon what the cost of opportunity is.

Currently I rent and my rent is 1760. I looking at 2/2 in Irvine for 449k, it is 1600sqft. Combine that with 330 a month in dues and a 1% housing issue fund (should be close to 2% though)



Using the calculator, I am saving an additional 890 a month. Once you start in adding an additional devualation of 20-30% IN ONE YEAR. Now your cost of opportunity is huge. Like several thousand dollars per month in equity burn.... I'd sooner put that extra money in a $10k CD per month and ride out the storm.



But that's just me. Good luck with your decision, but I highly recommend if you decide to purchase that you give yourself a 10% buffer (or more). Its no fun having no money and no option to do anything because your are house poor.



-bix
 
[quote author="Joe33" date=1231293886][quote author="SoOCOwner" date=1231286421]Personally, I would not buy another home with Mello Roos. True, I am paying MR now, but my home was only 200k (in 1993)! The Mello Roos payment was not that big of a deal. In the current market, the MR fees would be more than double what I am currently paying. That, coupled with the mortgage, property taxes, etc., is just too much. There are plenty of nice neighborhoods that don't have MR.</blockquote>


Mello Roos payments don't change. They are fixed. Regardless of the price or value of the house.



As for pre-paying Mello Roos, it is possible for some MR bonds. To investigate you just need to call the assessor (usually there is a phone number on the tax bill right next to the MR assessment that you can call). From what I have seen, 90% of MR is not pre-payable at all. The 10% that is pre-payable only makes sense if you are going to be there for 15 plus years, or it is an investment property and the yield on your pre-payment improves your overall investment yield.</blockquote>


Does mello roos increase if you add on to your home?
 
[quote author="tkaratz" date=1231319887][quote author="Joe33" date=1231293886][quote author="SoOCOwner" date=1231286421]Personally, I would not buy another home with Mello Roos. True, I am paying MR now, but my home was only 200k (in 1993)! The Mello Roos payment was not that big of a deal. In the current market, the MR fees would be more than double what I am currently paying. That, coupled with the mortgage, property taxes, etc., is just too much. There are plenty of nice neighborhoods that don't have MR.</blockquote>


Mello Roos payments don't change. They are fixed. Regardless of the price or value of the house.



As for pre-paying Mello Roos, it is possible for some MR bonds. To investigate you just need to call the assessor (usually there is a phone number on the tax bill right next to the MR assessment that you can call). From what I have seen, 90% of MR is not pre-payable at all. The 10% that is pre-payable only makes sense if you are going to be there for 15 plus years, or it is an investment property and the yield on your pre-payment improves your overall investment yield.</blockquote>


Does mello roos increase if you add on to your home?</blockquote>


No.
 
[quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.
 
[quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


agent: Momo is just trying to help. He is a good guy, promise. Try a night-cap to help take the edge off.
 
[quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


Are you idiot? You ask a question, people try to help you and that's how you thank them...
 
[quote author="Roo" date=1231331419][quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


Are you idiot? You ask a question, people try to help you and that's how you thank them...</blockquote>


I've just found my first IHB'er to hit the ignore button on. Not even Winex is this irritating. He politely asks a question, then insults anyone who answers. Then he apologizes a few times and subsequently continues to insult people. Bi-polar possibly?
 
[quote author="tmare" date=1231331928][quote author="Roo" date=1231331419][quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


Are you idiot? You ask a question, people try to help you and that's how you thank them...</blockquote>


I've just found my first IHB'er to hit the ignore button on. Not even Winex is this irritating. He politely asks a question, then insults anyone who answers. Then he apologizes a few times and subsequently continues to insult people. Bi-polar possibly?</blockquote>


I've hit the thanks button and taken in some very good perspectives here. Yes, I've was very polite in the beginning. From my original post I was trying to garner some perspective on Mello Roos for anyone that was looking to purchase -- or purchased -- in an area that had high Mello Roos.



Instead, however, I get idiotic commentary about "Gee, didn't you plan for mello roos," "Wow, next time do some research so you won't be a 'mark," or "Are you that stupid that you want to buy a house when everyone knows home prices are going to drop another billion % next year and everybody on the planet is going to foreclose?"



And then we have the latest "If you don't like Mello Roos then don't buy in an area with Mello Roos" with a link to some forum that talks about Corona??? ARE YOU SERIOUS? To the few braniacs that know all about housing, I've done research and looked around thank you very much.



To the smug asses that come with the moronic responses in the name of tough love, good luck. Keep hiding behind your screen names on this forum.
 
[quote author="ipoplaya" date=1231292892][quote author="Trooper" date=1231257816]spclagnt7 = janet</blockquote>


Not sure about that, but agent sure seems like a jackass to me.



Yes agent, I am brilliant. Don't forget it. Embrace every word I write with a holy reverence and live your life according to my whims and directives...



[/snark]</blockquote>


You're telling me this is somehow useful?
 
[quote author="biscuitninja" date=1231304147]Spechul!

Yes, I agree Mello Roos aren't fun, but I think you may have to do a little bit more searching. I do understand you feel that renting is wasting money. BUT what would you rather be doing.... wasting a little bit of money or supporting an expensive depreciating/underperforming asset? I have always though along the lines of moving only when it best suits YOU. BUT you must be objective, do NOT let emotions get the better part of you.



Here is how it works out for me. I'm looking at purchasing 500k home. I could put from 20-100% down depending upon what the cost of opportunity is.

Currently I rent and my rent is 1760. I looking at 2/2 in Irvine for 449k, it is 1600sqft. Combine that with 330 a month in dues and a 1% housing issue fund (should be close to 2% though)



Using the calculator, I am saving an additional 890 a month. Once you start in adding an additional devualation of 20-30% IN ONE YEAR. Now your cost of opportunity is huge. Like several thousand dollars per month in equity burn.... I'd sooner put that extra money in a $10k CD per month and ride out the storm.



But that's just me. Good luck with your decision, but I highly recommend if you decide to purchase that you give yourself a 10% buffer (or more). Its no fun having no money and no option to do anything because your are house poor.



-bix</blockquote>


Thanks for your perspective. To be clear I don't think renting is a waste -- Nor did I ever state that renting is a waste. Thanks again.
 
[quote author="tmare" date=1231331928][quote author="Roo" date=1231331419][quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


Are you idiot? You ask a question, people try to help you and that's how you thank them...</blockquote>


I've just found my first IHB'er to hit the ignore button on. Not even Winex is this irritating. He politely asks a question, then insults anyone who answers. Then he apologizes a few times and subsequently continues to insult people. Bi-polar possibly?</blockquote>


Well tmare, that's because others continue to insult me even after I apologized. Did you have an acid drop go bad? Didn't read the string of posts?
 
[quote author="spclagent7" date=1231333643][quote author="tmare" date=1231331928][quote author="Roo" date=1231331419][quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>


Are you idiot? You ask a question, people try to help you and that's how you thank them...</blockquote>


I've just found my first IHB'er to hit the ignore button on. Not even Winex is this irritating. He politely asks a question, then insults anyone who answers. Then he apologizes a few times and subsequently continues to insult people. Bi-polar possibly?</blockquote>


Well tmare, that's because others continue to insult me even after I apologized. Did you have an acid drop go bad? Didn't read the string of posts?</blockquote>


Yep, I've been with this thread since the beginning. I will repeat it again, it seems that your idea of an insult received is much different than an insult you deliver yourself. I haven't seen anyone here call you names (aside from, I guess, myself) and once again, I don't think anyone has been intentionally trying to offend you. You seem awfully sensitive to possible criticism but perfectly willing to offend anyone at anytime. Maybe you really don't need any advice, just do what you think is best.
 
I don't know about you guys, but I find it a lot more difficult to be nice than to take shots at people, especially on a message board. It can be fun to challenge yourself and see how much you can take without saying a single rude thing. I try to practice this everyday online and IRL. I dare you all to try it. It's really hard. This Bailey's on the rocks helps, though. Highly recommended.
 
This is specificaly for you spclagent7. This isn't a joke, just trying to help. You can PM me to say thanks afterwards.



Video by Elaine N. Aron, Ph. D

<a href="http://www.youtube.com/watch?v=04gnoReKgD4">Dealing with High Sensitivity</a>



Book by same person...

<a href="http://www.webheights.net/lovethyself/aron/highly.htm">The Highly Sensitive Person</a>



<a href="http://www.hsperson.com">Her Website...</a>



Here is a sneak-peek



Are you a highly sensitive person?

Do you have a keen imagination and vivid dreams?

Is time alone each day as essential to you as food and water?

Are you "too shy" or "too sensitive" according to others?

Do noise and confusion quickly overwhelm you?

If your answers are yes, you may be a Highly Sensitive Person (HSP).



In The Highly Sensitive Person, you will discover:

-Self-assessment tests to help you identify your particular sensitivities

-Ways to reframe your past experiences in a positive light and gain greater self-esteem in the process

-Insight into how high sensitivity affects both work and personal relationships

-Tips on how to deal with overarousal

-Information on medications and when to seek help

-Techniques to enrich the soul and spirit
 
[quote author="spclagent7" date=1231333643]Well tmare, that's because others continue to insult me even after I apologized. Did you have an acid drop go bad? Didn't read the string of posts?</blockquote>
After reading this thread, I see that you got the answer to your question.



Now... either act like an adult or go away. People here have expressed their opinion, to which you took offense and then took it upon yourself to reply with insults. Unless you wish to become the target of retaliatory posts by people who are far more adept than yourself at insulting people on the internet, you best shut up now.
 
Wow! And here I thought everyone thought of me as the resident IHB a-hole. Looks like I am wrong, and I no longer feel so bad for some of the things I have said.



BTW, I have been right about the housing market for the last 4 years, and in fact I have not been pessimistic enough. Go see the Brightwater or the foreclosure thread for proof. My family and I have never lost money on RE, we continue to make money to this day on it, and I plan on making money from the pollyannas for years to come. My stock portfolio has done quite well too, as can be evidenced in the Panda Challenge at Investopedia.



I'm just happy that in 2009 I will no longer be the bitter one, but those who adamantly and angrily detested my opinions will be. Turn about is fair play.



And to Ipo, he proves once again he is a bigger person to admit he believes he was wrong when he first started posting. That takes some serious cajones, and he deserves even more respect for having the cajones to post that. Not only do I think Ipo is right in his thinking, but I really, really hope he finds the home of his dreams at a serious discount. I can't wait for the IHB party he hosts when he does. And no... I will not help with the sodding after the party, that is why deuce works so hard to earn his commission, so he can sod again.
 
[quote author="spclagent7" date=1231329527][quote author="momopi" date=1231293187]If you don't want to pay Mello Roos, you simply buy a home without Mello Roose, or with very low Mello Roose.



<a href="http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html">http://www.city-data.com/forum/orange-county/130894-what-areas-south-oc-irvine-has.html</a></blockquote>


Gee, what a brilliant comment. Very helpful and mature. Very gay avatar too.</blockquote>
That was totally uncalled for! Not sure which part was worse.... dissing someone who took the time to post helpful information on mello roos in south county or using language that is offensive.
 
Eh... I prefer to think calling something "gay" nowadays is complimentary.



"You dress gay" = "You have a great taste in clothing"

"Stop acting gay" = "Stop being so honest and caring"

"Very gay avatar" = "I wish I had an avatar as cool as yours"



[PC Shields Activated]
 
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