I’ve been trying to clean up my credit. It’s pretty good, but I want to improve it.
I have naturally been enlisting the help of experts. (Dave Ramsey is great, by the way.)
I have a house I could market and exchange into something else. That would pay any debt I have and free up money to find a new property.
I decided to exchange into a new property in San Francisco. So, I talked to a real estate agent who referred me to a bridge loan specialist. That plan was to refurbish the original property with borrowed monies and then exchange into the next property with large sum of money I made from the “sale.”
I met with the bridge loan specialist and answered all her questions.
After a while she told me I did not qualify for a loan. She suggested a reverse mortgage. She said I could pull money out of my home until I died and then the house would be sold. No one would inherit anything (although that’s ok because my children are well off). But that would be the end of me and everything that I had worked hard for. Gulp!
As she talked and I listened, I began to realize she was whittling my equity down to nothing.
My house is worth approximately $2,000,000. I live in the San Francisco area. My mortgage balance is less than $500,000.
I listened as she explained where the money would go. First she subtracted out the balance of the mortgage and then anything I owed, like my new roof, etc. All right, that was logical.
Then she subtracted fees for the real estate agent, then the financing fees, and fees for a CPA and fees for an exchange specialist, if needed. As she talked and I listened, I realized she was using round figures, always rounding down to a smaller equity.
Bottom line, she said I would have about $700,000 to work with. Then she told me I wouldn’t really be able to do anything with that small amount of money in the Bay Area.
“Maybe you can buy out of the area,” she said. “You can buy a nice condo somewhere.”
By the time she was done with me, I realized, the way she explained it, I couldn’t afford to sell a $2,000,000 property.
I also realized I was talking to a liberal. They really know how to make nothing out of something, don’t they?
As we were winding up the meeting, I thought to myself, “It’s like cotton candy. My $2,000,000 property dissolved in front of my eyes.”
I have seen this before. I once new a bankruptcy trustee that did everything she could to turn hundreds of thousands of dollars into nothing and make any equity disappear. It was a talent of hers.
Beware the liberals out there! They are not really good with money. They are not good with numbers. They can’t add. They can’t figure out the national debt or the state budget. They want to use the taxpayers’ dollars to pay for welfare and food stamps. They ignore state and federal budgets that run in the red.
A liberal can smell money in your pocket. Like pick-pockets, they quickly and instinctively can find a way to take what you have. It’s a trickster’s shell game and it’s hard to even figure out what happened.
Don’t let the liberals dissolve your equity or anything else you own into nothing.
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