Totally Off Topic

[Larry Reese]

Venting here guys...

I just got zinged by the housing bubble. Evidently, after the bubble, the banks changed all the rules and are now demanding, if you are self-employed, that you have two entire years of business records to show them before they will count one penny of that income on the income side of any mortgage balance sheet. So, even though the business I bought in Big Spring has been in operating in the same location for 30 years and we have all the financial records of the previous owner, the bank won't count let me count any of that as income for another two years. I was honest (as I always am) and told them the law practice would not directly transfer (it can't) and that there was no way to forecast what income would be generated from the part-time practice I planned to open there. So, the long and short of it is, they'll loan me a huge stack of money to buy the business, but won't loan to me now, with great credit and a good down payment, for a house to live in so I can operate it. Because I just bought it......

And know what the reason is? They wouldn't be able to resell the loan. Hell, I remember a time when American banks actually kept the loans themselves. Anyway, it irks me immensely. Now, though I wouldn't like it, I'd rent for two years or whatever if I had to, but with the oil/wind boom out there, there are no rentals. I mean ZERO in Big Spring. There are three in Midland (in the whole city), several three bedroom, non-descript homes, and there'd be a commute, but so what. And the rent? $4500, $7000, and $7500 a month. Can you believe that? It's difficult to wrap the mind around. So, now we're up against it.

Ha. Anyone want to loan me a couple of a hundred grand for a mortgage, we'd deed the property to you for security, and then in two years, refinance with a bank and pay you back in full? :-) Come on, I know most of you are self-made millionaires who plays CS all day while watching your trading programs run - we'll pay reasonable interest rate.

LR