Reply to To those who can't make ends meet on $250K, take note:

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
In my age bracket 30-35, I know 4-5 other people in the same position each owning 4 houses or condos. I even know someone who has 6. We are getting by because the DC economy is pretty good but think about it, what would happen if we all went bankrupt?

This was common in 2005 because there was no way any of us could get to where the older generation's equity position was without taking on more homes. This isn't a pitty call or a bitching it's a truth of the situation a lot of us are in. We make good incomes and would like to start a family in a decent size home and saw the only way towards this goal was to buy multiple properties or to hold on to a previous one while we moved to a larger one.  This isn't greed this is the reality of the situation. Back before the bubble you could save up for 20% down on a decent sized (2500 SQRFT+) newer home on the average salary without any issues, now a days it is very difficult if not impossible.[/quote]

So, wait, I am supposed to feel bad because you made bad financial decisions? Your friends were all greedy. And you are making excuses.[/quote]

You would be suprised of how many people around here do own multiple places and are underwater. If they all decided to stop paying or another housing collapse happened it would be a nightmare. [/quote]

I am not disagreeing that it would be a nightmare. But that being said, I don't think I need to sit here patting the hands of people who were willing participants in creating the nightmare.

We aren't talking about people who bought what they could afford, and then had a catastrophic illness or injury destroy their finances. We are talking about people who wanted to leverage properties on which they had very little equity to be able to buy more, so they could have a nicer home.

And for the people saying that it's unfair that they work so hard but live like they are in a third world country -have you ever actually traveled to a third world country (or if you have, have you actually ever left the resort) to see how people really live in those places?

Property in urban areas is almost always more expensive. So, you will get less with more. It sucks. But that's life. Get over it. Or move to another part of the country. And if you are now going to whine about the job markets not being good elsewhere, well, that's more costly real estate is part of living somewhere that does have jobs.[/quote]

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