Monday, February 6, 2012

The Fleecing of America--How we got here cont.


I love real estate and always have.  Another trait I am clueless as to where it came from.  In 1985, at twenty five, when I asked my father to help me buy a new condominium in Rancho Penasquitos by co signing on an FHA loan he told me I was crazy.  Told me I would never get my money out of it.  It was too much responsibility.  I had done the two year junior college gig, run off to be a ski bum, come home and tried to figure out my next move, and finally went back to college at San Diego State basically starting over.  I was busy with school and working two jobs.  Why, he asked, did I want more on my plate?  I’d just broken up from a long term relationship and I felt like I needed a fresh start.  I wanted to be independent.  I begged and pleaded and rationalized with him that it was an asset versus just paying rent.  In the end he relented and coughed up the five grand for the down payment and closing costs on a two bedroom, two bath, place that cost seventy nine thousand dollars. 

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