interesting podcast as always.

-however.. IMHO…you guys are still being “logical and legit” (?) about “the why” in owning a house being drummed into your head from birth.

whats that big percentage GDP buzz again…70% of it is “produced” (ha!) by consumerism??

they needed to get the credit bubble pumped up
to get that 70% GDP consumer buying power going.

only good reason they want you in a house is so
the government can help feed *its* credit and expansion habits by borrowing against your homeowner taxes. -and as a nice thank you to the banks, get you to turn that overvalued house into an uber credit card/credit line by refinancing it a few times.

they hit the trifecta: fuel a housing/tax bubble
a credit/tax bubble and fantasy income/tax bubble

a beautiful plan to destroy our wonderful country,
don’t ya think?

now, -just just figure out where we were when these bubbles were started -and you’ll know how low we have to go to reach the “true bottom” when these bubbles pop! (and how low the resultant “GDP Bubble” has to go as well, i guess)

(wow..a GDP bubble..i think that almost makes sense if you step back far enough and squint!)

i suck at figuring that part out, so i’ll leave up to you guys.

-s

Yeah, the nose face thing…..

I would still take the profit and pay the tax. I think there was something in the bible about “cutting off your nose to spite your face”.

In the past couple of years our whole State has re-evaluated property taxes. Ours went down about 25% but others I know had theirs go up considerably. When they complain I explain my higher taxes were subsidizing theirs all these years.

Funny, we are fighting that exact problem on another rental. I wish I could just send my boss a letter telling him I am going to double my salary and you have to pay me until you can overturn it on appeal.

Real estate taxes more than doubled (almost tripled) in a down economy and market. We have to fight it and had to pay to get appraisals done. You know, real ones, not the drive by at 60Mph picture taking these county assholes did.

And I still think that Poor people shouldnt be harmed for a rich persons gain/loss. Its incomprehensible the the GOV. hasnt gotten the point of protecting the Citizens of this nation. From INSIDE and outside.

And I agree that the corps are pulling strings, like a small child throwing a FIT, to get the toy he wants.

Ownership of property, is fine. AS long as you PAY for what its worth. and those PAYING MORE, are stupid.

I blame Obomba for the current situation and not the 50% loss on the house. That was everyone who supported banks making bad loans.

Since Obomba is going to raise everyone’s taxes (don’t bother with the lame ass argument that he won’t) and really hammer “the rich” I take it to mean that he will go after capital gains and my “rich person” tax deductions.

So no, the blame will go squarely where it should be, the current administration and Congress since everything is happening on their watch. Just like it has always been.

Just so we are straight I said next tax season….

I think the fumes might be affecting you.

In #3 you complained,

I took almost a 50% loss on the property …

After we accused you of bad management you wrote,

No, I made the payments for 23 years. Rented it for 7 and made the basis 89k and it sold for 45k. It was due to the market downturn so that wasn’t due to my mismanagement.

As for losing money on it last year due to no renters that was by choice. …

But then in #3 you had written

By the time I get to show the loss next tax season I’m sure Obomba and Congress will find another way to screw me.

So your own management provided no income and had you sell at a loss. By choice. You could afford NOT to rent it out and claim to gain financially by that. But you want to blame Obama for your problem?

Typical Liebertairan. No Personal Responsibility for your own actions and very quick to blame someone else, especially the Democrats.

If you work for any company involved in a bail out of any kind, immediately cancel all projects that can conceivably be associated with luxury, entitlement or perk.

Although Horowitz doesn’t understand Ownership, use this as an indicator of how dense he can be on various issues. Like all commentators, he is a balance of right and wrong information.

Save money. Don’t spend it unless you must.