negative equity - share your personal experiences

ad83

ad83 wrote: »

Thanks Jazbee. Nice to hear that your friends at least discuss it and that you are thinking of what you will do over time

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

For Forks Sake

Deleted User wrote: »

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

Unless he's a financial panther.....

https://www.youtube.com/watch?v=h3XvvZ05KKs

Irishcrx

Bought for 320k , it's worth about half of that now. TBH I don't really care , it's a family home that I've been ale to labour away at and make my own and don't plan on moving anywhere else so **** it.

Fratton Fred

A friend/neighbour who I am helping rent out a property for got very drunk one night and poured his heart out.

They owe €1m on a house they bought for 450k and remortgaged several times. At the peak similar properties were going for€1.2m, they now sell for about €550.

They bought a place in the Balearics for €350k and pissed the rest away on a big Volvo, XK8 and holidays. They now live in Majorca and rent their place here praying it will be repossessed and they can keep their Spanish home.

No sympathy for them whatsoever.

Ush1

ad83 wrote: »

Was actually a very humble guy in school. Obviously got caught up in the frenzy. He is back to being humble now

He must have thought his sparkin' was so unique and revolutionary at the end of his apprenticeship that he has to live next door to Bono.

ad83

[Deleted User] wrote: »

Why would negative equity be something that is discussed amongst people? You must be on nosey git if you expect your friends to discuss their debt with you.

Why would friends discuss a huge issue in their lives? Should friends only talk superficially of all their wins in life

ad83

Ush1 wrote: »

He must have thought his sparkin' was so unique and revolutionary at the end of his apprenticeship that he has to live next door to Bono.

Haha maybe. Tge house is in a nice suburb in dublin. Not exactly a trophy house. Must have thought that if he's making so much at that stage, just imagine what he will be making in 2013, 5 years post qualification. And with the house value rising 8% every year .......

ad83

ad83 wrote: »

Why would friends discuss a huge issue in their lives? Should friends only talk superficially of all their wins in life

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

ad83

[Deleted User] wrote: »

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

Do you want to talk about it on pm? Only joking. Your point is fair enough. Probably the same attitude all my mates have

IM0

I predict this thread will have a soft landing

space_man

IM0 wrote: »

I predict this thread will have a soft landing

this thread is unique unlike all those other threads from Japan and elsewhere.
Irish people have a special affinity for discussion, doubtless a result of our unique colonial past.
as such we are special, so we can ignore the usual doomsayers.:D

Turtyturd

Thesis thread.

Fratton Fred

[Deleted User] wrote: »

For most their debt is a personal issue and not one that is shared over a few pints. I know that if I was in debt and someone started asking me about it they would quickly be told to fuck off.

it is, but the eejits that were rubbing their range sport and four properties in your face five years ago now seem to be quite proud of their debt levels and the supposedly brilliant scheme they have devised to avoid paying it back.

Celly Smunt

"rent is dead money"

Ha,tell that to my savings account.

CruelCoin

ad83 wrote: »

I have a schoolfriend who bought a house around the end of his apprenticeship as a carpenter for 900k which is now valued at 350. Doesnt speak a word of it.

Idiot, pure gob****e.

There is no way in hell you could justify a million quid home on a tradesmans income. Ridiculous.

That's one person who deserves to be in negative equity.


My older brother bought his home for 295k. I'm now looking at buying something in the same estate for 95k. HA!

jimgoose

I bought a little bohán in the 'burbs there in 2005 for €254,000 and now it's worth, I don't know, €160,000 or something, depending on who you ask. And I don't give a rattling furk. I can afford it, I have a nice life, plenty work and a small fleet of beloved ****heaps (two- and four-wheeled) to amuse me. I seem to be surrounded by fellas going around like stunned mullets however, who had pubs in Spain and bouncy-castle businesses - Polish guys doing the actual work, mind you - and can't figure out how they now haven't an arse in their britches.

ad83

Turtyturd wrote: »

Thesis thread.

Yeah im taking this one all the way to yale. My thesis is that whilst attempting to have people share their personal experiences and plans anonomysly over the internet, i will be accused within 30 replies of starting a thesis thread, trolling and being an outright liar.

ad83

space_man wrote: »

this thread is unique unlike all those other threads from Japan and elsewhere.
Irish people have a special affinity for discussion, doubtless a result of our unique colonial past.
as such we are special, so we can ignore the usual doomsayers.:D

I agree totally. If it goes south it will have been due to macro conditions a a result of a lehman thread. This thread is fundamentally sound and fully funded until next year

space_man

pmcmahon wrote: »

"rent is dead money"

Ha,tell that to my savings account.

as a LL i wholeheartedly concur.:D

jimgoose

space_man wrote: »

as a LL i wholeheartedly concur.:D

Ah. That explains your frantic gibbering about appreciating house prices in spite of the fact that everyone is either gone or unemployed and the Government are busy strangling whatever activity is left to wring money out of the place to give to the Germans. Laffer be damned, and his Curve 'long with him!

Turtyturd

ad83 wrote: »

Yeah im taking this one all the way to yale.

Don't get ahead of yourself.

ad83

Turtyturd wrote: »

Don't get ahead of yourself.

Thx for keeping me in check

pabloh999

sovereign121 wrote: »

Dude piss off, your full of crap, an electrician now is it???? who could afford a 900k mortgage after setting up a business not long after finishing an apprenticeship???? what f uc king world do you live on? Stop trolling and if you want to talk crap and doom and gloom about the economy and go watch prime time instead. Personally I never bought a house in this hole of a country and anybody who is in negative equity because they bought at the height of the boom deserves it for being retarded enough to buy a house at those extortionate prices. No sympathy, simple as that!!!!!

Ah tell us how ye really feel..

Oregano_State

Frank Black wrote: »

Good idea - the engineering sector is booming at the moment.


In the Middle East anyway.

There's plenty jobs in engineering in Ireland.

Irishcrx

Oregano_State wrote: »

There's plenty jobs in engineering in Ireland.

Second that - I work for an engineering company and were expanding at the minute..

ad83

Mr Benevolent wrote: »

There's no way he got a 900k mortgage. He's having you on. His monthly repayments would have been two thirds of his net monthly income or about €36k per year. He's lying through his arse.

I checked the property register. House was actually a little more than 900k. He obviously wasn't handing over half his income to the tax man as you are right repayments were quite high assuming he borrowed 10x his annual income. Even with lower interest rates and renting the house out now he must be really struggling

Celly Smunt

Oregano_State wrote: »

There's plenty jobs in engineering in Ireland.

Irishcrx wrote: »

Second that - I work for an engineering company and were expanding at the minute..

True that,it's a shame that the level of engineers coming out of our Universities at the moment is starting to decline,especially in terms of the complexity of some of the technologies around now.It seems the lecturers are stuck in the 80's in what they're teaching the students.

ad83

Irishcrx wrote: »

Second that - I work for an engineering company and were expanding at the minute..

Hoping for him things are good in 5 years time. Would that be a reasonable timeframe to graduate studying distance/part time?

Celly Smunt

ad83 wrote: »

I checked the property register. House was actually a little more than 900k. He obviously wasn't handing over half his income to the tax man as you are right repayments were quite high assuming he borrowed 10x his annual income. Even with lower interest rates and renting the house out now he must be really struggling

A carpenter on 90k a year eh...

ad83

pmcmahon wrote: »

True that,it's a shame that the level of engineers coming out of our Universities at the moment is starting to decline,especially in terms of the complexity of some of the technologies around now.It seems the lecturers are stuck in the 80's in what they're teaching the students.

Can only imagine. Do lecturers who are sitting comfortable in engineering departments for 25 years have any responsibility to go out and upskill as technologies change?