First Real Estate Rant

You have to hand it to those people in Washington. We have about the 5th attempt to reinvent this real estate market. Billions of dollars being pumped into banks to prop them up and all the while the politicians throw snowballs at the avalanche.

So here is my story and I will update it on a periodic basis. I was making crazy dolalrs as a flipper. I did see the top and sold off my junk at a nice profit (I have the 50k tak bill to prove it). I kept one "problem" property and 2 cash flow positive ones. They are my nest egg if I can hold out.

The problem property without getting into too much detail was on account of city zoning and litigation. It was purchased as an investment but I am now living in it to same the property. It is bleeding me about a $1500 month provided the libor index doesn't rise. I figure I have 2 years. Since I have multiple investment's though and my income is not so great on account of the banks not lending. I am living on borrowed time.

So right now my note is at 3%! I'm loving it right now, though the other homes are on floating rate loans and I can't refinance into fixed since its all investor.

Back to the problem, as a realtor the income isn't there to refinance. Since the home was purchased as an investment the bank's won't help but the seem to be willing to foreclose. If you want to know why we have a real estate problem there it is. This story is not uncommon.

If you believe your politicians are looking out for you your living in a fantasy world. More later.