Boy I Screwed Up!

Discussion in 'General Discussion' started by freeandfun1, Jun 24, 2004.

  1. freeandfun1
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    freeandfun1 VIP Member

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    Man, have I ever screwed up.....

    I sold my house cuz I am moving - but wait, we've decided not to move!

    I'm in Vegas - the market is rocking right now. I sold my house and since home prices (in less than two months) have gone up another oh, about 20 plus percent.

    Well, now the screwed up part....

    WE'RE NOT MOVING! Damn, now I am screwed!

    I've been looking at houses the last few days and it is killing me. My wife and I both are about to have a nervous breakdown (ok, not really, but sometimes we feel like it!) cuz WE CAN'T FIND A PLACE TO LIVE!

    Really driving me cRazzzZy!

    We're handling it, but anybody got any pointers???

    NEEDING HELP IN no-VIVA Las Vegas!
     
  2. HGROKIT
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    HGROKIT Active Member

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    I am assuming that with the market up some 20% as you state, you made a hefty realization on your investment.

    This could expose you to some capitol gains depending on your situation. You can avoid the taxes on the gains if you reinvest w/in two years. Why not reinvest in something you might not consider living in long term, but would rent out? There is an advantage to turning your gain into an investment property. Now you've avoided the potential penalty, found a place to live and invested in your future. At some point, you can take the equity from the investment property and buy another house, while keeping the investment property.

    The fasted and safest way to accumulate wealth is through real estate. The taxe liability on the return is also far less than most other investments. Anyway, it is cetainly nothing to gnash your teeth over. :)
     
  3. freeandfun1
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    freeandfun1 VIP Member

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    We made a nice amount. Was in the house 10 years and it wasn't cheap to begin with. I am able to cover the basis, so I won't have any tax implications at all.

    We are looking at buying a new home again (resales are just too expensive) but we will have to wait a year for construction to be completed. We have been looking at condos to buy, but even they have waiting lists.

    The problem is that many of us that have lived hear for a while believe the market is WAY over prices. So I am most likely going to rent for a year and let the prices settle back down. Homes that sold for $250K six months ago are being resold today for $650K PLUS!

    I am just frustrated because

    1) I could have sold my house for $150K or more than I did if I had just waited a week or two (prices have started slipping back a bit because of inventory, but not that much).

    2) We love our house and although we are excited at getting a new house, we are going to miss it - only time will fix that.

    3) I'm mad as hell I didn't buy a bunch of fricking houses a year ago!
     
  4. NewGuy
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    Aside from your wants, what is your capacity to move?

    Can you in any way keep the finances working if you move?

    -We aren't talking about what is easy, but what is possible.

    It may be proper timing to move to a cheaper location....maybe one you can by sizable land in.....and still keep rolling.

    MANY times in my life, I have decimated my current situation beyond all hope only to find I am FAR better off because of it. It only comes through effort, though, but it is the opportunity that I never would have had any other way.

    Funny how we are watched over like that. :D

    -Of course, the whole time, I am GNASHING MY TEETH. :cof:
     
  5. freeandfun1
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    freeandfun1 VIP Member

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    You know, I always say that everything happens for a reason. It just dawned on me tonight that we close on the sale of our house on - 30 June.

    I was watching the news and they were playing a tape of Zarquawi or somebody from a website that was saying to the new leader of Iraq, ''we have chemicals for you and we will kill you all...." or something along those lines. I was thinking, wow, if a chemical attack were to happen just at the moment we turn power over to Iraq, it could throw the markets into a downward spiral. Then I realized, I close on the 30th and I thought, wow, that would be just in time to save my equity in my home before the overinflated home market here bursts with an incident such as that.

    I am not a doomsayer, but Fallujah has been quardened off for a reason. I believe that is where the chemical weapons are. I think the Islamists found out that was where they are, and that is why they took over the city. I makes sense since that is the area Saddam is from. He had loyal followers there. So where better to hide his weapons (there or Syria or both).
     
  6. Jackass
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    Jackass Active Member

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    Speaking of WMD's I heard something along the lines that we found some. Whats the deal??
     
  7. freeandfun1
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    freeandfun1 VIP Member

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    All I've heard is that the terrorists have made known they are looking for the weapons (can't figure out why they are looking for something that the democrats swear are not there - but that's another story) of mass destruction and the elements needed to make them that they KNOW Saddam had. So even now THEY are saying Saddam had them.

    But of course, Michael Moore knows best.
     
  8. NewGuy
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    I GNASH MY TEETH over this whole Michael Moore thing.

    There are a few other places on the web where months ago, I made a prediction June was going to be a trauma month for most of the world based on EU events and order of Biblical prophecy.

    What do you bet I am right?

    Too many things are being done simultaneously.
     

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