IHTBYB Outted on BendBB? I Can't Believe It's Not Butter!

Well, we knew it here first from marge, and The Bulletin reported it Friday that medians in Bend got killed last month.

Median prices, sales mostly down in July

Bend's median sales price for a single-family home in July dropped to $287,000, down nearly 9 percent from June, according to the latest Bratton Report, released Thursday.
July's median was about 16 percent less than the July 2007 median of $343,000.
The number of sales last month also dipped almost 9 percent from June, to 104. There were 152 sales in July 2007.
The median sales price per square foot, considered by many real estate experts to be a better measure of value, dropped to $152 in July from $166 in June, the lowest since July 2005.
...

Of the homes sold in Bend in July, the majority -- 29 -- were priced between $200,000 and $250,000. And additional 23 homes were priced between $250,000 and $300,000. Two homes sold for more than $1 million.
In Redmond, the median price in July dipped to $215,000 on sales of 42 homes. The median price per square foot rose nearly 8 percent, from $127 in June to $137 in July.
In other areas of Deschutes County, the median prices for July were $327,000 in Sisters, on sales of 7 homes; $564,000 in Sunriver, on sales of two homes; and $160,000 in La Pine, on sales of two homes.


You can see that the high end stuff is hardly selling at all. It looks like the mix has definitely downshifted. Sunriver has all but dried up. La Pine as well.

This was supposed to be our swan song, the time after we had hit rock bottom back in April. Supposed to be doing great, right?

No, well after this month, you will quickly watch things go to hell. How far? I found this piece regarding rent-to-value ratios:

Rent or Buy: Craigslist and Realtor.com
by Brent Wilson
Reochronicle.com/blog

Home ownership is a deeply ingrained desire for most Americans. Who wants to brag about how nice their rental house is? Besides, home interest is tax deductible, so it isn’t really money, right?

Normally it’s a good idea to buy if prices are in line with rents, but in many areas prices have shot way ahead of rents, although things are coming back into line.

To compare rents and home prices, what follows is a comparison of home prices from Realtor.com and rental prices from Craigslist. This study is very unscientific, since it isn’t normally possible to compare the exact house for rent with the exact same house for sale–normally a house is either for sale or for rent.

However, I’ll try to include similar sized and similar looking houses within a given city, at least based on descriptions and pictures.

Thousand Oaks , CA

http://ventura.craigslist.org/apa/776302660.html. This listing on Craigslist is going for $3900 per month, which includes gardener and pool service. The house
is 3000 square feet, 3 car garage, etc. This works out to $46,800 per year.

Realtor.com lists houses with 2700+ square feet in Thousand Oaks starting at roughly $675,000, on up to above $900,000. At the lowest price of $675,000, the total cost to own would run roughly $67,500 per year (7% mortgage, 1% property tax, 1% maintenance, 1% for insurance and general upkeep). A house more comparable to the one on Craigslist would probably run around $750,000-$800,000, or around $75,000 per year to own. Tack on $4000 a year or so for gardener and pool service for a total of $79,000 per year.

Ventura, CA

http://ventura.craigslist.org/apa/776165804.html. This house on Craigslist is renting for $2250 per month, 4 bedroom, 2 bath with a 2 car garage. Works out to
$27,000 per year.

Realtor.com lists a number of 4 bedroom, 2 bath homes in Ventura which look fairly similar, in the $400,000 price range. This would work out to roughly $40,000 per year to own.

Santa Rosa/Rohnert Park, CA

http://sfbay.craigslist.org/nby/apa/776298792.html. This house is in Rohnert Park, just next to Santa Rosa, CA. 4 bedroom, 2 1/2 bath, 2 car garage, rents for $2300 per month, $27,600 per year.

Realtor.com lists a number of fairly similar looking houses for $375,000-$450,000, or roughly $40,000 a year.

Reno, Nevada

http://reno.craigslist.org/apa/776371760.html. $1600 a month will get you this brand-new looking house in Reno, 3/2/2. $19,200 per year.

Realtor.com lists a number of similar looking houses for around $200,000, so this might be one place where it could pay to buy.

Minneapolis, MN

http://minneapolis.craigslist.org/apa/776338785.html. Just for variety, here’s a split level 4 bedroom in the Minneapolis area for $1500 a month, or $18,000 per year.

Realtor.com lists a number of similar looking houses for around $200,000, so this might be another area where it could pay to buy (if you can handle the winter heat bills).

Roseburg, Oregon

http://roseburg.craigslist.org/apa/773994070.html. OK, so Roseburg is out in the boonies, but this house rents for only $850 a month and looks like new. $10,200 per year.

Realtor.com lists a number of fairly similar houses for $175,000-$200,000 or so in the Roseburg area. Annual cost $18,000 or so annually, so it seems better by far to rent around there.

Do Your Own Comparison

You can do your own comparison in your area by just multiplying your rent by twelve, and dividing the purchase price by ten, to get a very rough figure to compare.

This is assuming you have a good landlord who performs repairs on a timely basis, and that you are considering buying a well built house that doesn’t need much work.

Realtor.com is a good place to look for comparable houses for sale, since it normally includes the local multi-list. Craigslist has a good selection of rental properties, although it has been my experience that you can usually find a place for less than on Craigslist by driving around, calling yard signs, local newspaper ads, etc.

If you really want to compare prices, it’s probably best to just compare cash outlay between renting and owning. Over time, if you own, you will probably end up spending unexpected money on furnaces, air conditioners, sewer lines, water heaters, etc, and this amount of money will probably about equal whatever tax benefit you might have gotten from the mortgage interest deduction (if you are lucky). Have you checked lately what it costs to replace a roof? Or a furnace? When you rent, you don’t have to worry about what it costs–the landlord does.

Lots of people rush into a home purchase without thinking about how long they might stay in a place. In general, if you think you could move within 3 or 4 years, you might just be better off renting. When you rent, you don’t have to pay 6-10% to move (Realtor’s commission plus a fee to every real estate service provider within 5 miles). When you rent, you just pack up and go.

Overbuilding

In many areas, way too many homes have been built and can’t be sold, so property owners are renting out brand new houses to at least get something coming in.

If you can work it, you might be able to get a great deal on renting a brand new house for a few years, maybe for less than 2/3 of what it would cost you to buy. It might pay to drive around some areas where new houses have been built recently to see if you can find a rental.

Landlords Provide a Real Service

Landlords provide a valuable service–they provide you with a suitable place to call home, without you having to go into debt for decades to buy it. They also repair everything that needs it (at least most do), pay the taxes and insurance, and sometimes even take care of the yard and pay the water bill.

When you get ready to move, you just give notice, pack up, and move! Some landlords will even rent to you for less than their house payment! Renting isn’t for everybody, but it makes sense to lots of people, especially if you can rent a place for considerably less than it would cost to buy, without tying up your money or going into debt.

Regardless of what you do, it can pay to do a little off the cuff comparison of costs before you buy or rent, just to see how things stack up in your area.

Incredibly, rents in Bend compare closest to Roseburg, where they advise Not Buying. And that's for homes in the $175-200K range! That bodes ill for Bend.

This all goes back to ROI that is far below comparable investments. ROI on Bend homes while starting to rise recently, is still far below almost anything in the US.

Don't think that $287K is a bargain, just because we haven't seen prices like these since Summer 2005. It is looking more & more like sub $200K medians will ultimately happen here.

The Outrage of The Week has to AGAIN source from Don Bau-humper:

“We had a lease-back program on our project out at Eagle Crest,” said Pennbrook founder Don Bauhofer. “With the downturn in the market, the company just ran out of money.”

Nevada investor Chad Osorno purchased two homes from Pennbrook in January and February 2007.

He entered into a lease-back agreement with Highland Investors in February, according to his suit.

The companies stopped paying the $3,279 per month rent in November, Osorno’s suit says, and he’s seeking $69,158 in rent, late fees and interest.

You wonder what the THOUSANDS of incorporations that spiraled into the stratosphere over the past 5 years, that's what this is. Sleazeballs like Bauhofer enter into these agreements with almost NO ACCOUNABILITY for paying you.

Should have asked WHAT Highland Partners is? What happened to that MONEY? This thing SOLD you the houses, got a big wad of cash, and then shortly after DEFAULTED.

Where's that BIG WAD of money? That should have remained in the partnership that sold those houses, and it was almost certainly bled out to Bau-humper himself.

This guy was 100% scammed.

Of course, these are some Nevada investors who had no business swimming with the Cent OR sharks. A Sale-Leaseback of a $500K house? WTF? Here's the Humper:

But Bauhofer said the agreements ceased to make sense as the homes’ values dropped from more than $550,000 to less than $400,000. The companies, out of money, stopped making payments, Bauhofer said.

Huh? He sold a $500K house to the guy, he's GOT THE MONEY. Now, he says since the house he SOLD has gone down in value... no wait, it's not that, it's because the shell company that engaged the transaction has run out of money, that he cannot fulfill the transaction.

That's like Dunc saying he can't make his lease payments cuz the building has gone down in value. But then later flip-flops claiming poverty.

See, I have a feeling if some "normal" tried this stunt, and they were hauled into court, they'd LOSE BIG. If some shopkeeper downtown tried this, they'd declare the rent + damages DUE & PAYABLE before they even walked in the court room.

But Bauhofer will probably get away with it. It was a 100% SCAM SALE. There was NO LEASE BACK. Bau-humper had about 2 shits worth of intent to pay this guy his money. He inflated the price, with a commensurate PACK OF LIES about money he was going to pay the dude.

Standard Ponzi Scheme. 100% lies about a HUGE PAYOFF to get your money up front.

OK, moving on.

Lookie here! Little old BendBubble2 is getting some play in the Source:

Real Estate's Dead, But Weeds Look Healthy

Is it just our imagination, or is Bend looking weedier (and seedier) than usual this summer?

A month ago the BendBubble2 blog commented on the proliferation of weeds around town, attributing it to the real estate bust.

“Problem is Bend is hucked-full of empty houses,” wrote “I Hate to Burst Your Bubble.” “These things aren't getting minimal maintenance, they're getting none. And you'd think that after a long, cold winter, things would brighten, and all would be well, and that at the very least, the landscape here would ‘stage’ itself. After all, many front yards are meant to mirror desert scrub. But it's not working out that way.”

IHTBYB proves his point by posting a bunch of photos of really butt-ugly weed-filled yards (plus a lot of colorful, funny and obscene comments).

Why can’t the city do something about all this unsightly – and potentially dangerous – overgrowth that threatens to make Bend look like some 1930s Oklahoma dust bowl town? We spoke with Bend Deputy Fire Chief Gary Marshall to get the straight skinny.

The city has an ordinance requiring property owners to cut down weeds if they become a fire hazard, he explained. The problem, as always, is money.

If the fire department finds high weeds growing within 10 feet of any building, tree or fence it will give the property owner 14 days to cut them down, Marshall said. If the weeds are still not cut after two weeks the owner generally will get “a few more days” to do it.

Finally, the fire department can ask the city public works department to send out a crew to cut the weeds and bill the property owner for the work. The city also can slap the owner with a $250 fine, Marshall said. Trouble is, budget cuts resulting from the real estate collapse mean there aren’t enough city crews to get the job done.

There’s another problem, Marshall said: “We have so many property owners that don’t live in the state. We send them certified letters [telling them to cut their weeds] and we don’t get a reply. We really have no way to go after these people.”

The Eye has no way of knowing how many of those out-of-state weed scofflaws are former real estate “investors” (aka speculators, aka flippers) who just took off for points south, north, west and east when the Bend market went belly-up – but we suspect there are more than a few.

Anyway, if you spot a weed problem you can call the city’s weed control hotline, 541-317-3002, Ext. 3. Good luck.

This exacerbates the problem of selling. It's like a foreclosure in your neighborhood; it brings down the value of your house, even if you're down the street a ways.

Head over to Forum Meadows, and there aren't even fences to break up the sea of weeds. Head over to mapbend.com, and look at Forum Meadows; listings are so thick, you can drill down far enough.

From Nov 18, 2007:

How builders plan to face housing slide

Some aren’t waiting to find the bottom before they jump ship.

Buena Vista Custom Homes, a Lake Oswego-based company that billed itself as one of the nation’s fastest-growing builders when it moved into the Bend market in early 2006, announced Thursday that it will put all 200 of its unsold homes in Oregon up for auction next month, including 29 in Forum Meadows, its brand-new east-Bend subdivision.

“We were overaggressive and too slow to react to the changes in the market, and that has created an oversupply of finished homes,” Buena Vista President Roger Pollock said in a company press release. “Buyers are going to get amazing deals, but we simply have to reduce our inventory.”

Then March 20, 2008:

Bend subdivision faces foreclosure

Elsewhere in Bend, Buena Vista Custom Homes has rented 18 of the 29 homes in its Forum Meadows development near St. Charles Bend since efforts to sell the homes in mid-December at auction failed to produce a single sale, said Mike Higgins, a spokesman for the Lake Oswego-based builder.

“It was done in a loss position, but it was better than the alternative,” Higgins said. “If we can’t sell them, we’ve got to do something. We looked to auction the homes, but it didn’t work. Builders right now are just trying to make the mess go away.”

Lemme guess: Buena Vista Homes WISHES they had SOLD these dogs at auction way back when. Remember, he accused bidders of trying to "steal" these homes with their PATHETIC bids.

Now these shit-tacular STD's have gone to seed. There should be some sort of Weed Formula for calculating how the height & thickness of weeds in a neighborhood discount area home prices.

By my reckoning, Forum Meadows & several other places will be nearly invisible soon, swallowed up by an onslaught of weeds.

Another interesting stat I ran across this week. Go to Realtytrac.com, and click on Oregon on the map on the home page.

Yes, you see that "1 in 398 homes in foreclosure" gradient, The Highest Foreclosure Rate In the State?

Yes, that would be Deschutes County. More foreclosures per 1,000 homes than anywhere in Oregon.

The Source: Why don't you cover that? I ask you because I know full well The Bulletin would NEVER cover that.

For perspective, the lowest foreclosure rate is in Lake County, with a mere 1 foreclosure per 12, 138 homes. The Meth-ford market is in 2nd place, with a still mild 1:559 ratio.

And of course, we are nowhere near cycle bottoms.

OK, moving on to Rent & Invest The Diff: Well, it had a pretty good week.

I bought Lithia Motors several weeks ago, a little Medford-based car dealership with 110 locations. My own rationale was pretty simple: If these dealerships are worth about $5MM, then they might have rock-bottom cycle-low valuations of $500-600MM, net of debts & S/T payables.

Well, Lithia announced earnings Friday, and they were horrendous. Right?

Then why was the stock up 20%?

Lithia Motors Announces Second Quarter 2008 Results

MEDFORD, Ore.--(BUSINESS WIRE)--

Lithia Motors, Inc. (NYSE:LAD) today announced that net income from continuing operations in the second quarter of 2008 was ten cents per diluted share, excluding after-tax adjustments for asset impairments of $243.4 million (or $12.27 per share) and a net loss from discontinued operations of $2.2 million (or ten cents per share).

Then down in the dregs:

Under SFAS No. 142, "Goodwill and Other Intangible Assets," the Company is required to perform a goodwill impairment analysis on an interim basis if certain events or circumstances indicate that it is more likely than not that an impairment loss has been incurred. Recent restructuring actions taken, including the placing of stores up for sale, an adverse change in business climate, reduced earnings forecast and the significant decrease in the Company's share price required goodwill to be tested on an interim basis in the second quarter. The Company performed the required steps for impairment analysis and concluded that the entire balance of goodwill was impaired. The Company recorded a non-cash impairment charge to write-off the entire balance of goodwill of $210.6 million after tax in the second quarter, of which $24.8 million is classified in discontinued operations. In the quarter, the Company also recorded a non-cash asset impairment charge of $32.8 million after tax related to certain indefinite-lived intangible assets (franchise value) and other long-lived assets, of which $10.0 million is classified in discontinued operations.

They recorded a HUGE $210MM loss from the goodwill on their balance sheet. Did they actually lose $210MM this quarter? No, just an accounting entry.

But it creates a HUGE tax loss carryforward, essentially making most if not all of Lithia's earnings from now on, virtually tax-free. And you can see that they are in small-scale liquidation mode:

On June 2nd, 2008, the Company announced restructuring plans that would generate annualized savings of $18 million. Additionally, the Company outlined a list of steps it is taking to right-size and realign its business. Mr. DeBoer continued, "Those cost savings have all been completed, and we are now on track for $22 million in total cost reductions - as we have recently added an additional $4 million in planned annualized cost cuts. Since the beginning of the year, we have reduced the outstanding debt on our credit line from $184 million to $138 million. We have sold one domestic store and have agreements on six of the thirteen remaining store divestitures. An additional two domestic stores are pending sale as a result of an unsolicited offer, showing a demand still exists for domestic auto retail stores. These store sales are estimated to generate over $35 million in total net cash proceeds."
"Through the second quarter, financing of real estate has raised net proceeds of approximately $65 million. The depreciated value of our real estate portfolio in continuing operations has book value of over $300 million, and we are confident it would appraise for significantly more; we have real estate debt of approximately $220 million - leaving substantial room for additional financing to be completed throughout the remainder of the year. This does not include $22.8 million in development properties and our airplane which are held for sale - many of which have pending buy-sell agreements."

It's not entirely clear whether he's saying that Lithia will clear $35MM on six store, or 7. Either way, it looks like they are being forced to sell at cycle-low valuations of about $6MM/store.

And these stores are fairly decent sized operations. Lithia grosses $3.2BB on these 110 stores, or about $30MM per. So that $6MM sale price is actually a bargain... maybe.

So Lithia created a HUGE tax loss carryforward Friday, announced $.10/earnings after severe cost reductions, and showed they can sell dealerships at prices that put a valuation on the whole shebang at around $500-600MM, about half of it distributable tax free.

The market value of Lithia is $108MM.

So why do IHTBYB tout his stock? Well, I have said repeatedly that Rent & Invest The Diff is THE DOMINANT investing theme for Cent OR. Can't buy RE, you'll get killed. Can't buy bonds, you'll end up with toxic shock with the crap being sold (and now bought back) by Citicorp, USB, and others.

That leaves stocks & commodities. I faded the oil frenzy hard, because I saw $150 crude hitting a demand wall. I personally am consuming FAR LESS. people are engaging in some wholesale behavior changes that will be tough to undo in the S/T.

We're still consuming to much, and I still think inflation is a Big Problem, but commodities as an investment medium is black hole to me. I know me, and I would be easily scared out of a position. Besides, it's leveraged to much. Commodities is too much like pure gambling.

So I am buying small-scale, workout-situations that are negative delta on oil. But their real, and required feature is Deep Value. I saw stocks that hit 80-90% discounts from fair value in mid-July. And I bought several, not in huge amounts, and I scaled down.

I missed a few, such as US Airways & Six Flags which had a One Day Wonder implosion.

But I remain with what I've got, they are situations that I've studied to the extent I am able, and I still feel like they have a rough row to hoe, but they seem very undervalued in some instances.

This is what works for me. It may not be good for you. I can only recommend a widely diversified domestic & foreign blend of stocks & bonds (corp & gov't) for people who want minimal risks per the highest unit of return. This works.

Finally, some are saying that I have been disrespectful to recently deceased Cent OR RE participants. Really?

OK, use your browser search feature (Ctrl-F) right now and look for these people's names.

There is NOTHING derogatory about any of these people. NOTHING.

Have I said the RE game they were involved with is full of sleaze, slime, scum, Ponzi Scheme con-men? Well, maybe not, but it is. These guys were playing with sharks.

But I never disparaged these guys. I disagree with their choice of investments. But I never said anything against them. Look for "Audia" on this page:

• This McDonald guy buys Meyers chunk of the Shire for an unknown amount in May, and not even 2 months later, jumps over Benham falls? Really? That's an awful long distance to cover from doubling up on REd, to committing hari kari, in such a short time.
• And Jay Audia shot himself? This is another vulture job in the works that seems to have driven it's principle to his grave awful fast.
• It's getting awful strange. Start combing the obits. Audia supposedly shot himself, a crime so easily done by someone else, a 2 year old could have planned it. McDonald's story just doesn't add up at all.
• Anyway, be concerned about your privacy. I'm not AT ALL convinced the Audia & McDonald deaths are suicides. There's a LOT of money being lost, and it would not surprise me in the least that deluded RE speculators would approach some seedier types to do a refi, to bridge the financing gap & keep a project alive.
• I don't know who this Jay Audia guy is, but he swooped in on what is now the Mirada parcel, bought it at a pretty good discount, and was going to make low-end laborer shacks. We've talked about this in the past actually. I've actually put pictures of Mirada right here in this blog.
• Apparently Mirada, at steep land price discounts, still did not work out. And this Audia guy took it to heart. Too bad. But it illustrates a point.
• Jay Audia, I'm sure was a nice guy. But he bought into The Bend Dream, like thousands of others. But it's a DREAM folks. This place doesn't really have a sustainable economy.
• And it's because the media WON'T let us BURN. Audia in the papers as a WARNING? No. Put out that fire. What's after Audia then? Someone going postal?
• See, Jay Audia is the collateral damage of this firestorm. There will ALWAYS be losses. Anyone whose been in Cent OR for the Summer season KNOWS there's always going to be a spark.
• But no one wants anyone to know that. They think that ARTIFICIAL CONTAINMENT is a sustainable practice, it is not. Jay Audia killed Jay Audia. But in some measure John Costa killed Audia. KTVZ killed Audia. Hell, even Alan Greenspan had a hand in it.
• Jay Audia would be alive today were the NASDAQ recession allowed to run its course. But no, Greenspan had to resurrect the Cali-Banger ASAP. Who cares about Round 2, that's Not My Watch.
• Drugs. Business Closures. Murder. Suicide. Speed traps. Bank failures. Homocide. Fannie. Freddie. Foreclosures. The Plaza. Meth dens. Robbery. Embezzlement. Fraud. Jay Audia.

Here's someone's reaction on BendBB:

Up until a few weeks ago, I thought a person had every right to be anonomous on the web, but seeing IHTBYB's writings about Jay Audia changed my mind. When anonymity is used to cause unneccessary and unwarranted pain to a family, it is much like using the right of free speech to yell FIRE in a crowded theater.

Huh?

You know, whoever you are, if Audia is a friend of yours, I'm sorry for your loss. I know people who knew him, and I heard he was a nice guy.

But there is NOTHING in this blog disparaging the guy.

"Jay Audia, I'm sure was a nice guy."

I don't know the guy, but I assume the best.

You are missing the point. I want people to WAKE THE FUCK up. Is it worth KILLING yourself over a RE deal gone bad? I would say HELL NO.

It WAS a warning shot that there may exist the possibility that there are some unscrupulous types who will attempt to engage you in a transaction. That is what happens when the money starts flowing, it attracts scammers, grifters, and in some cases much worse.

This is a person who wanted to distort the FACTS as much as possible, and try to take a punitive action against me. Of course, I would never confirm or deny such silliness.

But you might want to consider the idea that outting someone will be done erroneously. Certain situations can develop in situations like that, and they can have fairly unfortunate circumstances for those involved. These people own arms in abundance, and they don't take kindly to unpleasant strangers at their door.

The Eastside don't abide that shit, motherfucker.

I guess what I find most unbeleivable about this, is that people at first blush seem to believe this! Personally, I would take any such pronouncements with a HUGE grain of salt. My skepticism would be nearly 100%. Besides, what if it is correct? How will I ever KNOW that? What would I do anyway?

If you want to "out" someone using some sort of warped logic, that is your business. I guess all I can say is I disagree with it. Fuck, Buster has equated me & Dunc, me & Tim, and basically me & most other people on this thing. Fuck, it's like it's me talking to myself on this thing.

The only thing that worries me about this? Comment from BendBB:

It's very dangerous to believe an address posted on the Internet. Someone can be trying to get back at someone and post an address.

And if anyone gets hurt or harassed, the lawmen will be looking at IP. If you hid your IP, they'll be looking at ISP records.

Posting someone's address in this context can easily be construed as some sort of retaliation. Why else would you do it? Try to imagine the following scenario:

1) This person is NOT ME.
2) They are well-armed.
3) They are not pleasantly predisposed to a hostile visitor on their doorstep spewing bullshit.

Your little outting WILL come back to you. You'll need to be explaining to a Judge why you felt you needed to initiate a series of events that may have an unpleasant outcome. Think about it.

And whoever did this will almost certainly construe such statements as a threat of some sort. Of course it is not. It is a POSSIBLE consequence of YOUR ACTIONS, not mine.

"Outting" someone is an action so idiotic & fraught with negative consequences, you have to wonder about person doing it. I actually encourage people to go read BendBB's thread on this (anon proxy, of course). The comments are, as usual, the most interesting part.

Anyway, I guess stuff like this is inevitable. All I can say is I have respect for the dead, no matter the circumstances. Audia & McDonald and others MAY have made choices in the investment arena that contributed to their demise. MAYBE. If so, I just disagree with their decision to kill themselves. IT AIN'T THAT BAD. My Lord. It's just fucking real estate. Your life is WAY more important than that.

All I am saying is If You Are About To Invest In Something That Could REMOTELY Cause You To Kill Yourself:

DON'T.