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Whats The Biggest Mistake Ya Made?


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-Buying a $200K condo in early 2007 right before the bubble burst.

I'd be lucky if I could sell it for $75K now (and that's after I dropped about $15K into upgrades and new flooring). And I missed that $8000 tax credit for first-time homebuyers by about 8 months.

And the monthly HOA fees have doubled since I bought the place, and the busy-body Nazi housewives who make up the HOA spend all our fees on pointless landscaping (right in front of their units, not mine) while the only amenity I care about, the tennis court, has fallen into disrepair and looks like it got hit by an earthquake.

Oh, and they tried to hit me with a special assessment claiming my laundry hook-ups were leaking and causing water damage to my downstairs neighbor. Only problem is I've got water damage in the exact same spots on my ceiling (which I had been trying to have the HOA take care of for months) and 2 different plumbers, one hired by my neighbor and one I paid for out-of-pocket, had already confirmed that the leak was something in the internal plumbing inside the walls (not my liability) and that there's nothing wrong at all with my laundry hook-ups.

my condo wasn't that much, but I am in a similar situation. I was looking for a home soon after Katrina when the prices in Baton Rouge were sky high. I didn't want to end up upside down in a house so my wife and I bought this condo that is along the busline for LSU figuring we could rent it out later and it has turned into a nightmare.

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my condo wasn't that much, but I am in a similar situation. I was looking for a home soon after Katrina when the prices in Baton Rouge were sky high. I didn't want to end up upside down in a house so my wife and I bought this condo that is along the busline for LSU figuring we could rent it out later and it has turned into a nightmare.

I had to move for work, so I'm renting mine out to a friend without the consent of the evil HOA and I'm losing like $200/month on it. Sucks, but it's better than losing the whole investment and ruining my credit. And there's no way in **** I can sell it- there are units in the same subdivision that have been foreclosed on, renovated by the bank with nicer/newer amenities than mine, and selling for like $65K!!!!!

And what's really fuct up about it is that when I moved in there were discussions with a developer to buy out the whole property and build some new mixed-use complex. Had a series of HOA meetings and straw votes, looked very promising that I could just flip the place and come out with $20-50K in my pocket on top of the ~$35K I put in. I was THAT CLOSE to being out of it and sitting on a pile of money and would've been able to buy my dream-house IN CASH the next year after the market crashed. ****, I could've bought multiple properties and be a ******* slum lord by now.

Of course all of that fell through with the economy, so instead I'm eating it every single month.

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I had to move for work, so I'm renting mine out to a friend without the consent of the evil HOA and I'm losing like $200/month on it. Sucks, but it's better than losing the whole investment and ruining my credit. And there's no way in **** I can sell it- there are units in the same subdivision that have been foreclosed on, renovated by the bank with nicer/newer amenities than mine, and selling for like $65K!!!!!

And what's really fuct up about it is that when I moved in there were discussions with a developer to buy out the whole property and build some new mixed-use complex. Had a series of HOA meetings and straw votes, looked very promising that I could just flip the place and come out with $20-50K in my pocket on top of the ~$35K I put in. I was THAT CLOSE to being out of it and sitting on a pile of money and would've been able to buy my dream-house IN CASH the next year after the market crashed. ****, I could've bought multiple properties and be a ******* slum lord by now.

Of course all of that fell through with the economy, so instead I'm eating it every single month.

I bought my townhome in October 2005 during the peak of the mortgage boom. Place aint worth chit now. :angry::(

Edited by Goal Line D
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Now that's a good one!

On another note....using a credit card while highly intoxicated at a strip club is NEVER a good thing. That definately goes on the wall as one of my worst mistakes ever.

:wacko:

HAHAHA

The moral of the story- Drinking + Credit Cards= Bad situations, period.

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I bought my townhome in October 2005 during the peak of the mortgage boom. Place aint worth chit now. :angry::(

What can you do? It's just bad luck. I spent many nights unable to sleep because I was so worried/mad about the whole thing. You just gotta acknowledge that what's done is done, and realize that regret is probably the most useless human emotion there is. You get nothing out of it but more stress.

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What can you do? It's just bad luck. I spent many nights unable to sleep because I was so worried/mad about the whole thing. You just gotta acknowledge that what's done is done, and realize that regret is probably the most useless human emotion there is. You get nothing out of it but more stress.

Indeed very true!

At least I have a roof over my head, work, food in my belly and a lovin' woman.

Can't stress too much....not good for the heart and soul. ;)

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Indeed very true!

At least I have a roof over my head, work, food in my belly and a lovin' woman.

Can't stress too much....not good for the heart and soul. ;)

Word up. Gotta recognize just how bad things could be to realize just how blessed you are. Sounds like you got it made compared to 99% of the miserable people on this planet.

Life is way too short for all this stress and negativity. People close to me have died from that crap. Too caught up in the daily grinding BS to appreciate what they had (which in the grand scheme was A LOT).

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Of course we all make mistakes ... some are bigger than others. But I'm having a hard time singling out one mistake that has been worse than others. I married the right person. I chose the right career. I can't think of many mistakes that I haven't overcome. I guess my biggest mistake could have been slacking through high school.

What's your biggest mistake in life ... so far?

My X beetch from hel

Edited by Nono
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What can you do? It's just bad luck. I spent many nights unable to sleep because I was so worried/mad about the whole thing. You just gotta acknowledge that what's done is done, and realize that regret is probably the most useless human emotion there is. You get nothing out of it but more stress.

Its hardly bad luck that your own government fucts you over. Dropping lending rates, giving every man and his dog a house loan with nil deposit, governments handing out first home buyer grants trying to prop real estate markets time and again before reality hit and they couldnt do anything about it. These Ponzi schemes have happened in nearly every western country in the world except for a few. Canada and Australia will be next and they cant see it coming either. They all have the same excuses - 'our lending criteria is much stricter''there are a shortage of rentals compared to tenants' blah blah blah. As a rule, when rent intake cant upkeep the loan, then its a very bad investment. In some countries like Australia families are servicing their mortgages with 60-65% of household income. Some more. It is utter lunacy. When housing prices were so high, you had to rely on someone taking on more debt than you did and so on. Comes a point when its unviable and people are a lot better off renting and saving up for many more years before they dive in head first. By then the bubble has burst and they are looking good. Irelands housing markets have dropped 40% across the board. I cant imagine how horrible it must feel to purchase your new home and then pop, you have negative equity and are wading in quicksand...

All i can say i good luck to whoever is in this situation. If it was me, id just bite the bullet and leave. I cant see the point injecting hard earned money into a loss.

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drop them names

Adonis Shropshire, Patrick "JQue" Smith (The Clutch), The-Dream and Ester Dean. You might have to Google or Wiki them.

Grammy Award winners with many big hits on Beyonce', Rihanna, Usher, Timbaland, Mary J. Blige, J Holiday, Alicia Keys, Ciara, Mariah Carey, Fantasia, The-Dream, Nikki Minaj, Chris Brown, Diddy, Robin Thicke, Yung Joc, J-Lo, Drake, Toni Braxton, Ludacris, Martina McBride, Soulja Boy, Amerie, Jamie Foxx, Snoop Dogg, Jessica Simpson, Plies, Omarion and more.

Somebody shoot me and put me out of my misery. :(

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Its hardly bad luck that your own government fucts you over. Dropping lending rates, giving every man and his dog a house loan with nil deposit, governments handing out first home buyer grants trying to prop real estate markets time and again before reality hit and they couldnt do anything about it. These Ponzi schemes have happened in nearly every western country in the world except for a few. Canada and Australia will be next and they cant see it coming either. They all have the same excuses - 'our lending criteria is much stricter''there are a shortage of rentals compared to tenants' blah blah blah. As a rule, when rent intake cant upkeep the loan, then its a very bad investment. In some countries like Australia families are servicing their mortgages with 60-65% of household income. Some more. It is utter lunacy. When housing prices were so high, you had to rely on someone taking on more debt than you did and so on. Comes a point when its unviable and people are a lot better off renting and saving up for many more years before they dive in head first. By then the bubble has burst and they are looking good. Irelands housing markets have dropped 40% across the board. I cant imagine how horrible it must feel to purchase your new home and then pop, you have negative equity and are wading in quicksand...

All i can say i good luck to whoever is in this situation. If it was me, id just bite the bullet and leave. I cant see the point injecting hard earned money into a loss.

Yeah, I realize most of that now. Hindsight is 20/20, as they say. I meant "bad luck" as in the bubble popped and the market "readjusted itself" right after I plunked down the biggest chunk of cash I've ever had at one time in my life, when almost everyone was projecting home values to keep going up and very few people were aware of what was about to happen to the economy. Not that "luck" had anything to do with what happened, just that it was bad timing and "bad luck" for me.

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Yeah, I realize most of that now. Hindsight is 20/20, as they say. I meant "bad luck" as in the bubble popped and the market "readjusted itself" right after I plunked down the biggest chunk of cash I've ever had at one time in my life, when almost everyone was projecting home values to keep going up and very few people were aware of what was about to happen to the economy. Not that "luck" had anything to do with what happened, just that it was bad timing and "bad luck" for me.

Bad timing for sure... If the government had of let the market readjust on its own, youd be in a much better position now and would have your 'hard earned' sitting in the bank.

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