Question: I look at the market and that’s what I see. A reasonably-priced stock with a dividend is one thing.
With the valuations today it’s just a huge pyramid scheme in my opinion.
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Answer: Me too, then I hear kids in campus during lunch hours bragging to each other how much they made on YHOO, CMGI and RHAT (yes, they say Y.H.O.O. and R.H.A.T. the stock symbol) on their student loan, I realize…. fuck them. They’re only people, and we have lots of those around..
When I went to school, people wasted their student loans on buying an Acura Intergra with tinted windows. I heard (read in history books) that the generation before me (the ones who gets loans) waste their money on alcohol… I hope the door is big enough..
BTW, as an aside, what caused the last few BIG crash? I don’t mean the ones like last year (really just a small correction?), I mean ones where it just drops/side ways for over a year) Economic downturn? In fact that is the easiest way to make money in the stock market. You and I get together. I buy your 1000 shares of stock for $15, $5 over your cost. Then you buy it off me for $20. Voila, we both just made $5,000.
It’s easy. Stop the bitchin’ With all of the IPOs coming up, the number of shares on the market is escalating at an alarming rate, in my opinion.
Due to the increase in supply of shares, the amount of money invested needs to increase just to keep prices at stable levels. If the amount of money pouring into the market ever levels off, prices will fall precipitously. (I’m not saying this will happen, but it remains a possibility.) I am only referring to sectors with lots of IPOs, such as electronics, internet, and software firms.
Currently, I am investing in sectors that do not have a lot of IPOs.
January 1, 1970
Question: I currently own a home in PA- and renting in FL where I now work. I have been trying to sell my PA home now since January and have come down from 169 to 139 with no offers (I originally bought at 145). I currently have a first mortgage of 120000 and second mortgage/line of credit at 43000 for a total of 163000. I believe I am in a situation now where I will have to foreclose (I cannot afford it anymore) and would appreciate any advice in this area- in particular:
1. I have the opportunity to refinance everything at $168000 so it would just be 1 mortgage that I would then foreclose on. Is it better to foreclose with the 2 mortgages as I have it now- or just 1. In particular I am wondering what the chances are of a shortage/ deficiency judgment and the liklihood that they will “come after me” for that amount. Is it more likely with the scond mortgage- or even with the refinanced?
I have to make this decision in the next couple of days so would really appreciate any advice in this area.
Answer: Thanks for posting the general location. That would be too far away from where I am located so it wouldn’t make sense for me. If it were closer, I would write and see if there was something we could work out.
I just noticed that your message is cross-posted on misc.invest.real-estate (I saw it on alt.bankruptcy), so maybe someone there will be from the SW Pennsylvania area and have an interest.
If you don’t find a buyer, you might want to think about doing a rent-with-option-to-buy or some other plan that would allow someone to buy your place at your price but their terms. I have a friend who does that with investment properties that he owns. His experience has been that people who do the rent/option approach tend to take care of the property and sometimes are people who want to be homeowners but do not yet qualify to buy a home. In your case, it might be a way to get someone into your property to cover the mortgages and who might end up becoming a buyer at a later date. Of course, being 1,000 miles away from the property is a big disadvantage. Have you considered hiring a real estate firm (many handle rentals) or a trusted friend or family member in the area and rent the house out for now? Until the market improves or it appreciates further it might give you a chance to keep up. You can also refi it as a rental property.
January 1, 1970