tag:blogger.com,1999:blog-3934801.post5848851412345771065..comments2023-12-30T13:27:56.265-05:00Comments on Billy Ockham: Story of a foreclosuremousestalkerhttp://www.blogger.com/profile/07640977915382623244noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3934801.post-3318244105156032262008-06-05T14:19:00.000-04:002008-06-05T14:19:00.000-04:00It's good to hear stories from "the other side," a...It's good to hear stories from "the other side," as the MSM prefers to air doom-and-gloom stories rather than a more balanced appraisal of what's happening. I'm not saying there aren't homeowners out there living out of their cars, or shady deals taking deceptive advantage of the system, but there's *always* another side, and that unspoken "other side" often brings things into perspective. Thanks for the post!Zanahttps://www.blogger.com/profile/02410069721111246797noreply@blogger.comtag:blogger.com,1999:blog-3934801.post-65910957376571837022008-06-05T09:45:00.000-04:002008-06-05T09:45:00.000-04:00Atlanta led the nation in real estate fraud for se...Atlanta led the nation in real estate fraud for several years running. Those chickens are definitely coming home to roost.<BR/><BR/>As far as renting his properties, I have no knowledge about these properties other than what is available via public records. South Fulton is still the back of beyond, so he may have had difficulty renting his houses. But that is just speculation. ;)mousestalkerhttps://www.blogger.com/profile/07640977915382623244noreply@blogger.comtag:blogger.com,1999:blog-3934801.post-65246840711034990602008-06-04T17:49:00.000-04:002008-06-04T17:49:00.000-04:00So, Mr Kelly had title to the house from October 2...So, Mr Kelly had title to the house from October 2004 to April 2008. And he had almost $15K invested in it. If he rented it out for at least 10 months for at least $1500 per month, then he did not lose, but made money. <BR/>If that is the case on the other 7 properties he bought, 2 of which he still owns, then he<BR/>made out just fine, thank you very much. He probably applied his profit to the two he wanted to keep, and is sitting pretty. If he pays the notes on those for the next seven years his credit will have been redeemed, the two houses will be worth more than he paid for them and he can sell those and buy more. <BR/>He will have recieved income tax deductions for interest, taxes, insurance and depreciation on all eight houses that will just about offset the rental income. And the profit he makes on the sale of the 2 houses will be taxed at the capital gains rate, where as if he had put his downpayment into a<BR/>savings account, the interest he would have recieved would have been taxed at the earnings rate. All in all, I say Mr Kelly came out ahead.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3934801.post-39626191912740810972008-06-04T16:03:00.000-04:002008-06-04T16:03:00.000-04:00In California also much of the houses lost are inv...In California also much of the houses lost are investment properties. However, there were also a lot of unverified loan applications and a lot of inflated appraisals. Here is an <A HREF="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/08/BAKV10IUBF.DTL&hw=richmond+murder+house+loan&sn=001&sc=1000" REL="nofollow">interesting story </A>of one such deal gone awry.Perpetuahttps://www.blogger.com/profile/16632860530530786486noreply@blogger.com