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Jim Bailey no longer with 928 International

 
Old 03-03-2009, 05:54 PM
  #286  
Charley B
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Originally Posted by dr bob View Post
Unless you've lost your job and can't, keep paying on that original contract. If your income is the same and your original speculation just hasn't quite happened yet, nothing has changed except the timeline of your expectations.
Your point is well made, Dr.Bob, but as with most things, it usually get's so much more complicated than that.

Joe Shmoe is 58 yrs. old and bought a home two years ago for $600K and has a $480 loan. His home is now worth $200K.

In the past 24 months his financial services career has tanked, along with his $160K a year income. He's now living on his 2K a month base salary. His retirement 401K program has gone from a value of $600K to $210K. His dream of retirement, that he had trudged toward for the last 40 years has slipped through his unsuspecting fingers.

This appears to have happened because the guardians of the gates, politicians and Corporations, decided it would be a good idea to allow anyone who could fog a mirror to qualify for a mortage to buy a home, which tripled demand and therefore tripled values of real estate. As with all houses of cards, the house crashed and Joe's screwed through no fault of his own. He's looking at losing his home and living with his pain in the *** kids for the rest of his miserable life.

But wait, he can move a little further out from the city, qualify for a nicer home than he has now, at a price of $125K with a monthly payment of $670/mo. using his VA benefit and no down payment. Hell, soc. sec. retirement would handle that. He may rent out the current home, that will never be worth what he owes on it in his lifetime, or he may let the bank have it.

In any event he can take the life sucking problem that the Corps. and politicians handed him and hand it back to them.

What should old Joe do? He's gonna take a ride in his 928 and think this one over.
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Old 03-03-2009, 09:30 PM
  #287  
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This sucks, its like the day Chuck Norris quit Karate and became a Jesus Freak or when Ginger Lynn quit porno. I always thought Jim ran the company.

Thanks for all the **** you did for us 928 owners, it helped many of us keep the car running. Something better will come along and if it don't, just sit home get baked and let yourself go.

I know I joked about it before but I hope this don't mean the collapse of all 928 part companies or we'll all be f&*ked like those Delorian owners
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Old 03-03-2009, 10:20 PM
  #288  
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Originally Posted by Charley B View Post
Joe's screwed through no fault of his own.
Still
Sorry, I don't agree. Joe should have recognized the roller coaster he was on couldn't go up forever. Perhaps it was difficult and complicated to anticipate that the good times would not go on forever, but history teaches us all ups are followed by downs (as well as downs followed by ups).

These attempts to prevent the appropriate correction from taking place will just make the situation worse in the long run, and the eventually correction will be that much more harsh.
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Old 03-03-2009, 10:26 PM
  #289  
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Stan that race car is wicked. How wide are the rear wheels and did you roll the fenders?
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Old 03-03-2009, 10:34 PM
  #290  
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I sympathize with Joe, but Stan's right. If Joe is in a career with a fluctuating income or that isn't stable, he should not have leveraged his home purchase so much, particularly if his only other investment is his 401k. Houses are homes first, investments second. If you pay so much that you can only justify it as an investment, perhaps you should rent and make investments that make sense purely as investments. Put another way, if you wouldn't pay that much to live there and have the other benefits of ownership, don't do it. Real estate is a long term investment. In the long run (10 years?) Joe will still probably do OK.

As someone else alluded, one good silver lining in all this is that people are reminded that investments are risky, and the risk has to be acknowledged and managed.
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Old 03-04-2009, 02:37 AM
  #291  
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Well, this thread has gone a bit off topic. You guys should be ashamed.

There's only one solution to this entire problem: Short Google. It's just air.
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Old 03-04-2009, 03:24 AM
  #292  
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Greg, you're right and I apologize.
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Old 03-04-2009, 09:37 AM
  #293  
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Everybody now:

Foooorrr. He's a jolly good fellow
He's a jolly good fellow.

For He's a jolly good fellow.

And NOBODY can deny.
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Old 03-04-2009, 10:00 AM
  #294  
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[QUOTE=Red UFO;6345575]This sucks, its like the day Chuck Norris quit Karate and became a Jesus Freak or when Ginger Lynn quit porno. I always thought Jim ran the company.


What do those three have in common? Oh I know, they all have beards.

I hope this don't mean the collapse of all 928 part companies or we'll all be f&*ked like those Delorian owners
Don't think so; worst that could happen is somebody buys out the collapsed company & stock and starts again - but probably without such knowledgeable & friendly people.


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Old 03-04-2009, 12:21 PM
  #295  
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Originally Posted by Charley B View Post
There are two basic reason's people are moving onto another house. One is the home they are in currently has a mortgage or mortgages totaling $450,000 and the value has dropped to $150,000. They can go down the street and buy a newer bigger house for $150,000 and rent out the old home. If at some point they can't hang onto the old home they just let it go to foreclosure.

Reason number two is they have a loan that will adjust in the future to a much higher payment. they can go down the street and buy another home with a 30 year fixed rate loan and have the same or lower payment than their current home with no payment increase looming in the future. In most cases they will also end up with a much smaller mortgage.

In both cases they will get a larger garage to house their 928's.
Im sorry but they either need to be jailed or blacklisted on their credit for that kind of irresponsibility. No credit for a long long time...if at all. For anything. You dont just WALK AWAY from debts. People who have lost jobs are obviously in a different situation. But those that walk away just because they are upside down and there is a better deal down the road are FU$KS to put it mildly. Its called KARMA and it will get them eventually.

Perhaps this thread can become the 928 forums official randomly changing OT thread. Heck, even the "real" OT forum has its own "other" OT forum "Politics And Controversy "
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Old 03-04-2009, 12:27 PM
  #296  
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Jim, all the very best for you in the future. You have helped us for parts and advise so many times in the past and went out of your way to make dealing with 928 International a pleasure.

Mark
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Old 03-04-2009, 01:10 PM
  #297  
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Thanks Mark in Seattle I hope it was clear to all that I enjoyed talking with and trying to help all of you with making owning a 928 a positive experience. It is after all a hobby something about having a 928 just has to make you smile. You can not expain it to those who do not feel that way. You either get it or you do not.......I feel sorry for those who do not !
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Old 03-04-2009, 01:12 PM
  #298  
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this thread needs a discussion on beards and fish tacos to be complete.
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Old 03-04-2009, 01:41 PM
  #299  
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19 or so pages ago I thanked you for your contributions to the 928 community. The thread has kind of gone off topic since then. Personally I really enjoyed our talks over a glass (or bottle) of wine. If you are ever in my vacinity or passsing by, please call me and we can revisit this tradition (You don't even have to consult or work on the car). If you don't have my local # PM me and I will provide it to you.
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Old 03-10-2009, 01:16 PM
  #300  
James Bailey
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Update on the "day trade".....the tide came in everything went up. Cashed out plus $6,000. Now if only I had doubled down Going to Willow Springs the 21-22 of March will run the big track with the old very brown 1980. Central Casting has yet to find the need for my "look" probably will hire a call-in-service to promote me with the casting directors seems that is what most do . In my spare time have started painting the outside of the house , get to practice my bodywork skills doing bondo termite repairs !
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