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In love with the coral and coconuts in Key Largo
Old 10-18-2012, 11:27 AM   #1
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In love with the coral and coconuts in Key Largo

New In love with the coral and coconuts in Key Largo. Recently moved from beautiful Laguna Beach California to Florida. The warm water and tropical colors are awesome.

My wife and left So. Cal. 2 years ago because of the homestead laws in Florida. We abandoned 10 properties during the Real Estate depression, (PNC mortgage reniged on a loan for a property we finished building just when all lenders stopped lending left us high and dry that was the proverbial straw that broke the camels back) just finished our last short sale 2 months ago. In order to protect against possible collections from a couple of the banks that rejected short sale attempts we put our cash into a home in Florida and walked away from a couple million in debt, while our net worth dropped about 5 million. The equity lines still have claims after the short sale. Dreams dashed to pieces we felt broke and hopelessly lost, our marriage on the edge, being poor was a difficult transition. We are aware that we got out fairing much better than most.

ok I'll quit with the faces. Just having too much fun.

We paid cash for our Key Largo home that has appreciated by double after our purchase and rehab efforts, estimated value about $400k. We managed to collect (after years of intense negotiations that drove us to the brink of divorce) on some real-estate notes and recently got a cash settlement of $350,000 but we left $250k on the table. (That still may be collectable but will be a battle and possible legal nightmare.) If anyone has knows real-estate law and trust law I will tell that story.


I think I can make it as a retiree with what I have. $400k real estate equity and $400k cash each, $200k cash each per husband and wife. We still don’t know if we will stay married.
I am 57 and have not been able to get a real job in Florida, just handy man work. Not enough income to pay for utilities. Based on actuarial tables it looks like I have a 30% chance of living another 30 years. I am healthy and am planning on 40 years. It seems that if I keep my expenses below $1500 per month each I have a reasonable chance of ending up at zero in 40 years, providing there are no major expenses and I can do a great job of investing. I didn’t put in any social welfare it would add about $800 per month about age 62 wife would get about $1200 per month. I also did not adjust for medical expenses. We have a high deductible health insurance policy with Blue Cross, I think this is the week point with my plan. I saw what it cost for my dad as his health declined.

My wife has dual citizenship and is spending a lot of time with her aging mother. She is on the British National Health Service, if I move over I can eventually get FREE medical. This sounds like an excellent benefit to moving somewhere so cold.

The key I guess is in investing and not blowing it, so far I’m down $5,000 with Apple in the last month.

I am leaning toward doing more real-estate projects; I have a good track record, but cannot get a loan now because of my recent financial downfall. I have dabbled with stocks but have not made enough to live. I don’t have enough money to do a real estate project where I am living now. Minimum purchase prices are around $400k. I would have to relocate to another area to safely take on a project with the cash I have or sell my home and then I would have cash, but the logistics are difficult.

Any words of wisdom would be greatly appreciated. PS I cut my kids off 3 years ago. They are in college and have disowned me, they want money and I think it would be a mistake for me to support their expensive life styles; they haven’t made the connection; before real estate depression and after. I do miss them luckily their mom is able to take care of them, but there is a price to pay, I wonder if I will ever be invited to see grand kids. I feel that if they can’t bother to email or text me why should I help support them, I don’t know what to do about that either.
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Old 10-18-2012, 11:43 AM   #2
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These homes that you abandoned when you weren't able to short sell... Where they in CA? CA is a "single action" state. So if they foreclose and go to auction on the court house steps - the banks can't come after you. Since you did your short sales/foreclosures in the past few years - you should be free of having to pay windfall taxes on the short sell writeoffs. (That's ending soon.)

You suggest that you've had a good track record in Real Estate in the past. But, from what you've written, you've also had some bad deals too... that suggest a less than wonderful track record of late. I'd, personally, be gun-shy of investing in real estate if I'd just lost $5Million in net worth in real estate.

I'm not sure if I'm reading this right. You're entire net worth is $400k in your primary home, and $200k in your name, and another $200k in your wife's name. Is this right? If you don't have any pensions or income, then it's pretty tight to retire now. Surely you can get a job that pays more than the utilities. Even a minimum wage job will bring in several hundred a month. (I'm not suggesting you should take a minimum wage job - just saying that employment prospects might be more lucrative than you suggest.)

As for family... I observed a rift between my brother and dad. It was bad. Fortunately they were able to repair the rift. Unfortunately, my dad died a month later and my brother died 2 months after that. Not all family is worth having a relationship with - but it sounds like you want one, in the future, when grandkids are in the picture... see what you can do to patch that up.

Good luck.
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Old 10-18-2012, 11:48 AM   #3
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Quote:
Originally Posted by Coral Coconuty View Post
New In love with the coral and coconuts in Key Largo. Recently moved from beautiful Laguna Beach California to Florida. The warm water and tropical colors are awesome.

My wife and left So. Cal. 2 years ago because of the homestead laws in Florida. We abandoned 10 properties during the Real Estate depression, just finished our last short sale 2 months ago. In order to protect against possible collections from a couple of the banks that rejected short sale attempts we put our cash into a home in Florida and walked away from a couple million in debt, while our net worth dropped about 5 million. Dreams dashed to pieces we felt broke and hopelessly lost, our marriage on the edge, being poor was a difficult transition. We are aware that we got out fairing much better than most.

ok I'll quit with the faces. Just having too much fun.

We paid cash for our Key Largo home that has appreciated by double after our purchase and rehab efforts, estimated value about $400k. We managed to collect (after years of intense negotiations that drove us to the brink of divorce) on some real-estate notes and recently got a cash settlement of $350,000 but we left $250k on the table. (That still may be collectable but will be a battle and possible legal nightmare.) If anyone has knows real-estate law and trust law I will tell that story.


I think I can make it as a retiree with what I have. $400k real estate $200k cash each per husband and wife. We still donít know if we will stay married.
I am 57 and have not been able to get a real job in Florida, just handy man work. Not enough income to pay for utilities. Based on actuarial tables it looks like I have a 30% chance of living another 30 years. I am healthy and am planning on 40 years. It seems that if I keep my expenses below $1500 per month each I have a reasonable chance of ending up at zero in 40 years, providing there are no major expenses and I can do a great job of investing. I didnít put in any social welfare it would add about $800 per month about age 62 wife would get about $1200 per month. I also did not adjust for medical expenses. We have a high deductible health insurance policy with Blue Cross, I think this is the week point with my plan. I saw what it cost for my dad as his health declined.

My wife has dual citizenship and is spending a lot of time with her aging mother. She is on the British National Health Service, if I move over I can eventually get FREE medical. This sounds like an excellent benefit to moving somewhere so cold.

The key I guess is in investing and not blowing it, so far Iím down $5,000 with Apple in the last month.

I am leaning toward doing more real-estate projects; I have a good track record, but cannot get a loan now because of my recent financial downfall. I have dabbled with stocks but have not made enough to live. I donít have enough money to do a real estate project where I am living now. Minimum purchase prices are around $400k. I would have to relocate to another area to safely take on a project with the cash I have or sell my home and then I would have cash, but the logistics are difficult.

Any words of wisdom would be greatly appreciated. PS I cut my kids off 3 years ago. They are in college and have disowned me, they want money and I think it would be a mistake for me to support their expensive life styles; they havenít made the connection; before real estate depression and after. I do miss them luckily their mom is able to take care of them, but there is a price to pay, I wonder if I will ever be invited to see grand kids. I feel that if they canít bother to email or text me why should I help support them, I donít know what to do about that either.
Wow. There is an honest post. I am sure we might all be interested in what happened to you real estate wise.

Re children/grandchildren, IMO children are the better part of that. If you had time to enjoy them, you are way ahead. With grandchildren, you input is little or nothing, and if you think you know some things, that can be very frustrating. Also, today many kids never get around to having any kids of their own, so worrying about grandchildren is a lot like worrying about a big earthquake or a Cat 5 hurricane. One good, the other bad, but perhaps both are unlikely.

Ever time I see a middle class woman still in her 20s or early 30s pushing a stroller I get happy.

Ha
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Old 10-18-2012, 09:01 PM   #4
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Quote:
Originally Posted by Coral Coconuty
I am leaning toward doing more real-estate projects; I have a good track record, but cannot get a loan now because of my recent financial downfall.
Fabulous first post!
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Old 10-20-2012, 08:41 AM   #5
Recycles dryer sheets
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AAPL is a tough one. Expect volatility going into earnings. I like it at the 580 level.


Long term - headed to 2000.
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