beats/brags
 

So the last year of my life has been crazy... 24 years old, made good money last 2 years, bought 5 houses last year, market took a dump...

beat: lost $240,000 CASH last year on money i put as down payments to 5 homes

beat: credit score dropped from 760 to 510

beat: spent $9,000 a month for 18 months trying to keep up on mortgage payments with no renters and a falling market

beat: racked up $65,000 in credit card debt because all of my liquid cash was used for mortgage payments

brag: just bought a new house in central CA for only $70,000 (got $25k into it for repairs) and i'm going to sell it within the next 90 days for ~$175,000

brag/beat: F U credit card companies, i got approved for bankruptcy so my home sale profit will actually get to be in hand instead of to these creditors.

I'll actually have some money to play with and have an actual bankroll instead of just depositing when I can and playing above my BR and going busto every 2 weeks.

Things are looking on the up & up very soon...

Re: beats/brags
 

uhh

congrats?

Re: beats/brags
 

[ QUOTE ]
uhh

congrats?

[/ QUOTE ]

I guess? Filing BK and coming into the money from this house is sort of like a 4th place ribbon to losing all my liquid cash and ruining my credit I suppose.

So what would you say, filing BK instead of paying these of is like disconnecting when I'm re-raised all-in and getting away with it?

Re: beats/brags
 

http://i177.photobucket.com/albums/w...icehowmuch.jpg

Are you this guy? Would be pretty cool if you were imo....

Re: beats/brags
 

[ QUOTE ]
http://i177.photobucket.com/albums/w...icehowmuch.jpg

Are you this guy? Would be pretty cool if you were imo....

[/ QUOTE ]
http://imdb.com/title/tt0443453/

Re: beats/brags
 

[ QUOTE ]
[ QUOTE ]
http://i177.photobucket.com/albums/w...icehowmuch.jpg

Are you this guy? Would be pretty cool if you were imo....

[/ QUOTE ]
http://imdb.com/title/tt0443453/

[/ QUOTE ]

zomg after all this time, i thought that was me.

Re: beats/brags
 

beat: clearly over extended yourself by purchasing more then you can afford. This, ironically, is the reason for the mortgage troubles & subsequent downturn in real estate prices in America.
brag: one "get outta debt free card"
variance: next time you file for bankruptcy you wont be able to get off free of charge.

Re: beats/brags
 

1. go BUSTO
2. ???
3. PROFIT!

Re: beats/brags
 

[ QUOTE ]
beat: clearly over extended yourself by purchasing more then you can afford. This, ironically, is the reason for the mortgage troubles & subsequent downturn in real estate prices in America.
brag: one "get outta debt free card"
variance: next time you file for bankruptcy you wont be able to get off free of charge.

[/ QUOTE ]

Well NOW i can say i overextended myself to more than I could afford but at the time I was making ~$19k a month for almost 2 years so I thought I was in a good position to pull off what I had in mind.

The market took a dump, its not like I did a stated income loan saying I made $30k a month but only made $3k.

Cheers to the "get out of debt free card" tho...I'm glad I qualify for BK. Losing all that money sucked enough, make it worse to have to pay back $60k and prob another $50k in interest.

I'm only 24 so F the credit, I'll rebuild that no prob, I used to pay everything cash before I did the house mess so I'll just go back to that.

As for the variance, I'd like to not go on life tilt and lose $250k again so I hope to never need another BK pass.

Re: beats/brags
 

Bankruptcy: the American dream