BG Financial: Lend me some dough! (the final postings of eaglestrike)

[Anakron]

I'm well aware of how low mortgage rates are these days. The problem is that the loan you're asking for is an unsecured one, and rates will be much, much higher.

You have to consider if somebody has $80k to "invest," why would they lend it to you, and not invest it themselves? Property managers aren't expensive these days.

[Dimmauk]

White people failing at being poor is fucking hilarious.

[Ddz]

Did I miss something, or are you asking someone to buy a condo for you and then you'll pay them back? Why not just rent a small apartment like the rest of the general young American population until you are financially stable enough to take out a loan and buy your own place?

[Eaglestrike]

...lol

[Anton]

Did I miss something, or are you asking someone to buy a condo for you and then you'll pay them back? Why not just rent a small apartment like the rest of the general young American population until you are financially stable enough to take out a loan and buy your own place?

Because it's for a brilliant idea, yo! He's going to buy a condo with an $80,000 loan, because it was $237,000 5 years ago, before the housing crisis. When he leaves the house his dad is going to "fix it up" because he's so good at DIY involving $0 in work materials. While dad is working on the place, he's going to have a friend stay there during construction and collect rent from him/her to help pay off some of his 30 year loan.

Then, he's gonna put it back on the market for $120k-160k and make mad profits! Fuck, so easy.

I like your point. I know I'm not anywhere near that return rate, but the place I'm looking at sold for $237k 5 years ago and is $80k now. If the housing market bounces back (and either the housing market is going to bounce back or the USA is completely fucked and the world is ending...) it could be an easy return of 1.5-2x purchase price.

ES, your plan is crazy. You can't even get a loan yourself and you want 80,000 to invest in a market that's raised alarm bells throughout the thread. The list price is $80,000? You need more than $80,000 to buy/reno/furnish the place. Furthermore, you're pretty nonchalant about incurring a 30 year mortgage when you can't even financially get out of the house. You can meet the payments? That's all you'll be doing for 30 years - do you have enough income to live and pay this place off?

And if it somehow doesn't work, well America is clearly a lie and you don't have to repay anything after Dec 21, 2012.

This is not making potential lenders happy

[Zetanio]

ITT: A lot of stupid about loans.

Just go rent a fucking room. You won't get a loan.

Someone lock this.

[greenhills]

i did not read the thread, so this is probably already said: it is a fantasy for you to buy a property. i don't know all the particulars of your situation, but no bank or person is going to give you a loan from what it sounds like. you are pretty much the definition of a subprime loan. sure on paper it seems like you would be able to pay 80k over 30 years but you proably can't. especially considering you don't even know the cost of renting.

[Sonomaa]

[Valisk]

Throw in some magic beans and you have yourself a deal.

[Cleverness]

I didn't think the OP was this delusional after the last thread, but no, that was apparently proven wrong after he made this topic.

[Yugl]

The statute of limitations depends on what state you live in, but if your uncle has in fact abandoned the house and you are living there, you should be able to file a notice with the city/town letting them know you're living there now.

First thing this does is requires your uncle by law to provide water and electricity (though I guess you'd have to follow up on that, not sure if you have any intention of suing your uncle), but the other thing it does is make it so after a certain number of years pass, as long as you're in possession of the house, it becomes yours for whatever the cost of filing the paper with the city was (usually less than $20).

Adverse Possession - basically whoever is actually possessing the property gets to own it (eventually).

Adverse possession requires years of "possession" before you can make that claim. If I recall, his relatives were incarcerated which potentially nullifies adverse possession because one of the principles is that the owner must protect his property. If you cannot protect it due to incarceration, then I doubt it applies. On my first point though, I doubt he meets the time requirement for his state (He's in college and I've seen up to 9yrs before possession; thus, he would have to had adversely possessed the property by ~11 in certain states). There are other stipulations such as notorious possession, which I doubt he fulfills.

[Ddz]

Fucking finally. Surprised it took two whole threads for this to happen. /kneel

[Anton]

Some good debt quotes.

It's dynamite to spend future earnings. I have had a taste of it myself, and it's mighty bitter. A debt is a debt, whether it's margins or mortgages; and debts are all the same, no matter how you try to camouflage 'em. You never get much out of 'em except trouble. On the farm or in Wall Street, if you use the other fellow's money, it costs you a lot more than it's worth.

~Our Common Herd, Chapter 25 (1940).

Slight was the thing I bought,
Small was the debt I thought,
Poor was the loan at best—
God! but the interest!

Anticipated rents, and bills unpaid,
Force many a shining youth into the shade,
Not to redeem his time, but his estate,
And play the fool, but at the cheaper rate.

Retirement, line 559

[bluefan]

This is how wealthy people keep being wealthy.

People who have no idea what to do with their money and literally throw it away....80k loan rofl.... The most I've ever loaned was 10k to my brother for his restaurants.

OP reminds me of those people getting sucked into the "BUY US PROPERTIES NOW!! CHEAP CHEAP CHEAP!" schemes that have been floating around Canada lately.

[Senji]

This is how wealthy people keep being wealthy.

People who have no idea what to do with their money and literally throw it away....80k loan rofl.... The most I've ever loaned was 10k to my brother for his restaurants.

OP reminds me of those people getting sucked into the "BUY US PROPERTIES NOW!! CHEAP CHEAP CHEAP!" schemes that have been floating around Canada lately.

I'll hire you on to sell some health plans, you'll making a killing if you get your friends to sell them too.

[Vandole]

Ban message for eaglestrike: Someone donated 80 thousand dollars to remove your account. Goodbye.

Okay guys, enjoy the thread. Continue. Now whose giving me 3 grand so i can go to evo this summer? I'll pay you back 20 a year.

[Gregorio]

I recently received an e-mail from a African prince who is in a good position to reclaim his throne and inherit a vast fortune. I was going to take advantage of this once in a lifetime opportunity myself, but the OP seems more needy. Instead of the 80k loan he should only require around a 1k loan so the prince can reclaim his fortune. He should be able to pay anyone back very soon.

[hey]

Didn't his uncle leave <1 year ago? And he had permission to live there at least until then, and i doubt he was ever told to leave.

[Anton]

I recently received an e-mail from a African prince who is in a good position to reclaim his throne and inherit a vast fortune. I was going to take advantage of this once in a lifetime opportunity myself, but the OP seems more needy. Instead of the 80k loan he should only require around a 1k loan so the prince can reclaim his fortune. He should be able to pay anyone back very soon.

Yeah man, I got a guaranteed deal that pays me a 10x return later in the year!


... in my spam folder.

[Francisco]

I'll actually give Eaglestrike some advice, since I had a similar situation a few years ago, except I wasn't the one who sucked.

My situation was - living with my leech of a father, and his bitch. Neither of them worked, I worked ~60hrs a week in retail, making shit money mostly per hour (though my take home was decent due to OT/Sunday/commissions) - only to be bled dry. My food was eaten, I paid over half the rent and the utilities that wasn't in his name (gas/electric under his name... he never paid it though... somehow didn't get shut off). Constantly hit me up for money, and if I refused, he'd make the place unlivable (slamming shit all night, generally being fucked up)... proceeded to spend any money he came across on cigs and chinese food. He opened up a cell phone plan under my name, ran up a $450 bill, got it shut off and damaged my credit (managed to get it off, but it was a HUGE hassle... I also paid the $450, because I thought it would fix things... it doesn't)... anyway, that was a few years ago. I had to get out.

Here's my advice for Eaglestrike, if he can still read this.

- Find a friend or two to move in with, split the rent/bills. Be realistic and get into something you know you can afford easily, not something you think you can barely afford. Shit comes up, adds up, and you want to have more money than you're spending anyway.

- Get a better job, seek a promotion, work extra hours and/or seek a raise.

- Set goals, save money towards those goals, and don't touch that money for any other reason.

- Find ways to save additional money. Rethink purchases before you make them. (i.e. don't buy dumb shit... prioritize, etc)

- Buy shit when it's on sale, but not because it's on sale (only buy the stuff you'd normally want/buy anyway... don't buy 3 boxes of hair coloring because you have a coupon, etc)

- If money is that tight for you, fuck having a car, if you can manage it (public transportation?) - gas, insurance and car payments are a fuckton of cash.

One day after moving out of my horrible situation, and paying my security deposits, I had $1500 in credit card bills and $200 in the bank.

One year after moving out of my horrible situation, I had $0 in credit card debt, and $12,000 in the bank. Shit felt good man. And I wasn't exactly raking in the big bucks either... I was making $12.00 an hour at the time.