How can 100% condo ownership help me?

Discussion in 'Professional Trading' started by spinn, Dec 31, 2008.

  1. spinn

    spinn

    I own my condo outright.

    It is in the Washington DC suburbs and is probably worth $180-200k.

    I own my car outright, which is probably worth $7k. I also have a trading account with about $20k in it.

    My bills are about $1200 which includes everything. I am making enough to pay this and put away $500-700 a month, at best. DC aint cheap.

    I am working full time but the issue, and my reason for posting this question, is my declining health. My adrenal glands are failing and I feel like I have the flu 24/7 and am having a harder and harder time crawling to work and suffering 40 hours a week.

    I have been studying markets for 8 or so years and have a method I am comfortable with but have not been able to trade.

    So.....is there any way the equity in my home can help me if I am forced to leave my job as I fear may be the case in the next few months? I have enough to trade as I am comfortable with both currencies, futures and options. I am obviously short of having enough to avoid the PDT rule however.

    I am hoping to find a way to be able to take cash out of my condo while rates are so low. I am just looking for some out of the box ideas.

    I am not considering this because I want to trade full time with that small of an account. I fear that, in six months, I may have no choice.

    I have perfect credit and no disability plan at work.
     
  2. Why not do things the typical American way. :p

    Withdraw 95% of your home equity using an Adjustable Rate Mortgage, and then buy 3x leveraged ETFs...using margin....and in the mean time live off 25% interest rate credit cards.

    That's the American dream :eek: :D
     
  3. You could borrow a modest amount... maybe $50K... then you wouldn't have to deal with the PDT rule.

    And out of your current $500-$700/mo you could handle the payment.

    Then if you had to quit your present job and were concerned about having a house payment, just repay the loan. Of course if it's likely your situation will change in as little as 6 months, may not be worth the bother.

    Otherwise, having no house payment is a good thing if your work situation is questionable.
     
  4. spinn

    spinn

    Thanks Gnome....that is along the lines of what I am thinking.

    The payment on $50k would be $277 with $220 going to interest which is manageable. And that is tax deductible, assuming I last the year at work

    Toronto trader I know what you are saying......it annoys even me. But if I had done that I would not own on my car and house.

    I still remember the janitor in my high school who had a car payment higher than his mortgage.

    I wonder if he is living in his 27 year old Cadillac now?
     
  5. jtnet

    jtnet

    if you dont have a house payment or car payment. what do you spend 1.2k on? cable 50$ gas 50$ water 10$.. food maybe couple hundo
     
  6. spinn

    spinn

    Condo fee $330, car insurance and phone $150, $150 payment on 0% interest rate credit card (total balance $7k from 2005 medical bills), but the real problem is in medications and supplements which are not covered by health insurance for about $500 a month.

    The $1200 or so was before food figured in.
     
  7. rwk

    rwk

    The PDT rule does not apply to currencies, futures, or options on currencies or futures.
     
  8. heres a better advice.

    Take that $500 you save a month, Only need 1/2 of it , $250 . Get yourself a yearly gym memmbership.


    Reason why you are sick cause you an ice cream eating, couch laying non active cancerous fattie

    Workout!
     
  9. spinn

    spinn

    You are one sick pathetic dude, posting messages on ET on New years Eve....is drinking alone all it is cracked up to be?

    I am in the gym 4 or 5 days a week, weigh 205 and bench 300, even though I feel like hell.

    I am sorry trading isnt working out for you trollweb, I always wonder who is still long Google from the $650s.....not any more.
     

  10. First of all, New years have passed long time ago for me.

    #2nd, If you do workout, start restricting your salt, and sugar intake.
    In fact, stop eating anything with added sodium or sugar.
    Cook everything yourself.



    All health problems are 99% self induced , yours included, I looked up your "issue" low and behold, adrenal glands had to do with problems with salt processing.


    I bet you love eating those salty french fries and that overladen corn syrup coke. <b>As I said, almost all health problems are self inflicted Just like a losing trade without a stop.</b>
     
    #10     Jan 1, 2009