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DDD, it's so crazy....
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<blockquote data-quote="nerfherder" data-source="post: 593420" data-attributes="member: 15907"><p>We got our 3 acres - 2.7 acre water rights, paved road, "recently renovated" (hah) doublewide-ish mobile home (still got some jacks under the house here and there, and some mystery wires, and rotting insulation where they remuddled the bathrooms) for 165k. Out here in the Great Basin, the big question isn't "how many bathrooms" or "how recent are the kitchen appliances" or "what color is the house painted" but...</p><p></p><p>..."Do you have water rights?" That applies to irrigation, and even though the water table's quite high (formerly a huge lake, now basin/range with small lakes and creeks with a couple of wetland/reservoirs, and 3000 to 8000 year old petroglyphs where the lake edge used to be about five miles from our house, agriculturally alkaline high desert) we need the irrigation to grow just about anything. Biggest market crop here is alfalfa.</p><p></p><p>I have a wonderful horror story (and TRUE!) from when we lived in Davis, CA. I was walking to the elementary school to pick Kiddo up, and I noticed a house in renovation. The owner who was doing some of the work stopped to chat, and when I asked the price (idly wondering what prices were) he said "650,000." I answered, "Sorry, we just don't get enough income to afford that. It is a gorgeous house though."</p><p></p><p>So he explained it was easy, and anyone who could swing it could get a loan, get family to co-sign, fudge numbers here and there, get a loan that was interest-only the first five years... he went on for quite a while about how to jimmy a loan out of the banks, and I was actually shocked at all the ways he was describing. It was STUPID. I mean, why go to those lengths to put yourself in that kind of debt? I politely declined, explaining my ethical standards applied to not buying something we couldn't afford even if the bank thought we could.</p><p></p><p>This was 2007.</p><p></p><p>I went home after work, thought about all he said, discussed it with the Blacksmith who knew of such things (his dad was into reno/flipping properties back before everyone and their brothers were doing it). Then I thought about the stock market crash of 1929, and one of the robber barons who sold everything weeks before the crash, because he realized his shoe-shine boy was trying to give him stock advice, and if everyone's buying into a market like that, the bubble's going to pop Real Soon. Well, here was Random Stranger on the street giving me property investment advice, and I started thinking "Well, if everyone's doing it, something's going to pop."</p><p></p><p>And I was very, very happy we sold our house in 2005, and were renting. </p><p></p><p>So from that day on I started watching the business news and Dow Jones prices on news.google.com/business, and was actually on my morning break at work, on the breakroom computer, when the markets started to nosedive. I was also taking bets (harmless, no money involved) every Friday morning about how many banks were going to be shut down that day. </p><p></p><p>It was crazy, like watching a slow motion train wreck.</p></blockquote><p></p>
[QUOTE="nerfherder, post: 593420, member: 15907"] We got our 3 acres - 2.7 acre water rights, paved road, "recently renovated" (hah) doublewide-ish mobile home (still got some jacks under the house here and there, and some mystery wires, and rotting insulation where they remuddled the bathrooms) for 165k. Out here in the Great Basin, the big question isn't "how many bathrooms" or "how recent are the kitchen appliances" or "what color is the house painted" but... ..."Do you have water rights?" That applies to irrigation, and even though the water table's quite high (formerly a huge lake, now basin/range with small lakes and creeks with a couple of wetland/reservoirs, and 3000 to 8000 year old petroglyphs where the lake edge used to be about five miles from our house, agriculturally alkaline high desert) we need the irrigation to grow just about anything. Biggest market crop here is alfalfa. I have a wonderful horror story (and TRUE!) from when we lived in Davis, CA. I was walking to the elementary school to pick Kiddo up, and I noticed a house in renovation. The owner who was doing some of the work stopped to chat, and when I asked the price (idly wondering what prices were) he said "650,000." I answered, "Sorry, we just don't get enough income to afford that. It is a gorgeous house though." So he explained it was easy, and anyone who could swing it could get a loan, get family to co-sign, fudge numbers here and there, get a loan that was interest-only the first five years... he went on for quite a while about how to jimmy a loan out of the banks, and I was actually shocked at all the ways he was describing. It was STUPID. I mean, why go to those lengths to put yourself in that kind of debt? I politely declined, explaining my ethical standards applied to not buying something we couldn't afford even if the bank thought we could. This was 2007. I went home after work, thought about all he said, discussed it with the Blacksmith who knew of such things (his dad was into reno/flipping properties back before everyone and their brothers were doing it). Then I thought about the stock market crash of 1929, and one of the robber barons who sold everything weeks before the crash, because he realized his shoe-shine boy was trying to give him stock advice, and if everyone's buying into a market like that, the bubble's going to pop Real Soon. Well, here was Random Stranger on the street giving me property investment advice, and I started thinking "Well, if everyone's doing it, something's going to pop." And I was very, very happy we sold our house in 2005, and were renting. So from that day on I started watching the business news and Dow Jones prices on news.google.com/business, and was actually on my morning break at work, on the breakroom computer, when the markets started to nosedive. I was also taking bets (harmless, no money involved) every Friday morning about how many banks were going to be shut down that day. It was crazy, like watching a slow motion train wreck. [/QUOTE]
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