"We sort of count our equity loans as our income"
Thanks to the reader that e-mailed me this article. I think it is worth taking a look at. I want to hear your feedback if you think they will be an FB or not. http://www.sfgate.com/cgi-bin/article.cgi?file=/gate/archive/2005/12/09/carollloyd.DTL
I think this part of the "story" says it all...but read the whole thing.
Sacco estimates that along with McCook's mother, who has been a silent partner, they've made $1.3 million since they began their buying spree, but all of this is still in equity on their properties. Their monthly reality is more sobering. They have $2.3 million in mortgage debt and negative cash flow that ranges from $5,000 to $15,000 monthly depending on the season.
So how do they pay the bills?"We sort of count our equity loans as our income," she says
Now THAT is a statement to remember!!! Loans count as income! AMAZING!!! I'd just LOVE to be the investor holding that paper.
Now....it's FEEDBACK time!!!
Since I'm writing almost all of my own content and not just copy/pasting from the internet, it takes time. I really appreciate the feedback that people have given me so far. It really motivates me when I know that people are benefitting from reading this blog. It is not easy writing your own content, and it takes time to make it informative, easy to understand, and entertaining. So how am I doing?!?!? I want to hear from you lurkers as well...go ahead and post anonymous comments, or make up a name and post.
That said, what would you like to see next week? I know that people like the FB scenarios, and I will keep them coming. What else is weighing on your mind in regards to the mortgage/real estate markets? I'll do my best to answer your questions.
I hope everybody has a great weekend...I know I will! I look forward to the feedback when I return!