Officially Short Housing

CapitalismWorks_IHB

CapitalismWorks_IHB

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Contingencies cleared today, and escrow closes this week. I just signed a 12-month lease, and man was that a good feeling.



I would love to say that the decision was driven by my financial skills, or learning from this blog, but that is not that case. I had a small place and always planned on selling about now to move up. The only thing that has changed is that I was able to convince my wife to rent for up to 2 years, while we wait for a bottom in the market.
 
Oh Trooper, if only more women had 1/10 of the RE knowledge you possess. . . good idea on the bling though, such an investment would come back to CW in spades as he times the market right. . .
 
capworks - Congratulations!<p>

Getting my wife on board took me a couple years, and she even had renters remorse for a little while.

Every now and then she gets anxious to own, but truthfully, so do I.<p>

I didn't get her bling. I leased her a fantastic home on the water. It was nicer than the home we sold. Our present leased home is just a regular tract home, but it is in a nice neighborhood in which we plan to buy later. It is fun to save and watch prices fall.
 
Congratulations CW -



When my wife and I found out that we were moving back to SoCal we both wanted to buy. It took me about 5 minutes to figure out that houses were stupid expensive. It took my wife longer (not that she didn't get it, just that all of our friends in South OC kept saying it was a great time to buy). There are some great homes here and we'd love to buy one and settle down. It just doesn't make sense right now.



So, for me it was a 2 step process - 1) get the family in the mode to rent and 2) figure out when and where to buy.



The first step took time but was easy in the end - I just kept showing my wife numbers and scenarios as they came up (a lot from sites like this one). Seeing how much of our monthly income was going to go towards a mortgage was an eye-opener. I also showed her how prices had begun to drop. Nothing takes the heat off wanting to buy like watching thousands of dollars evaporate in a short time.



We're in the second stage now because we ended up renting a great place near the water. Seeing Catalina Island when you wake up is pretty nice. Knowing that your neighbor pays twice as much per month for the same view is priceless ...



One other thing jumped out at us - The area where we rent has changed since we lived here 5 years ago. There is definitely more show and tell going on. Everyone drives a Mercedes, BMW, Hummer, etc. and races around like they're the most important person on the planet. We don't remember it being this bad so we're definitely looking for neighborhoods with a more mellow feel. I think that we'll need a year or so to figure out which ones suit our tastes. The crazy thing is that we may only have to move a mile or so to find the right set of neighbors for us. Thus, renting has not only turned out to be a good financial decision, it has also allowed us the opportunity to make a good lifestyle decision. We both see that now and are actively researching areas to pick one that will suit us best. In the end, that will probably be more important than the money because we expect to live in the house for 10 plus years.



Enjoy the renting, we are !!!



FH
 
Awgee-- I see what you did, providing a nicer "real life" situation for her to be in than what you all had before. (BTW Awgee, I've got a great Discovery Channel Doc on Gold in HD that I've recorded, I'll have to find some way to give it to you).





Fishhead-- Seems like your situation was similar to Awgee's, but you actually used rationality as part of the process of convincing her! That's not supposed to work! Are you sure that it was rational thought, over the Catalina View, that had something to do with convincing her to rent??
 
Profette -



Our deal was that if we rented within our budget, she chose the spot. It was more than I wanted to spend but a lot less than a mortgage (or divorce attorney).



FH
 
<p>"Everyone drives a Mercedes, BMW, Hummer, etc. and races around like they're the most important person on the planet."</p>

<p>I'm guessing this activity may cool a bit in the coming months. </p>

<p>Anybody know how to make money in a recession?</p>
 
I've been wondering the same thing myself Major. If RE is in the toilet, stocks are tanking and commodities are overvalued, what do you do? If anyone wants to go on with me on starting a methlab at a foreclosed home, let me know, because that is looking like the best way to go here.
 
First... I am still LMAO at awgee's gold in HD comment. It's so wrong, that it is funny.





CW, glad to know you have seen the light. I hope, er know it will work out well for you.





<em>Any stocks left to short? Or is that game all played out?





</em>I don't think that game is any where near over. I tried to get in on shorting/puts the S&P and KHov on Friday, but my order didn't go through for the price I set. The Asian markets are down again today, and the Dow futures are currently predicting another down day. It will be a volatile ride for the next six months, it isn't matter of if, it is a matter of when. Timing will be everything, and hopefully I will be right, but I know that I could be wrong. I see the foreclosure numbers, when they slow down the game will be over, and they are not slowing down.
 
Some second tier bank is gonna probably blow. If I were a bet'n man (and I am) I would look up DSL WB and there might be something left in WM...theoretically of course.
 
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