Agreed about Mr. DeRosa...
He has been with us here through thick and thin!
And I should also say that I also believe that the smoke and fire allegory has it's place.
You know, many years ago, when I had first joined the Navy and was newly married, I was given the wonderful opportunity to own a week at a resort condominium... you got it: a timeshare.
I was hungry to get my hands on some real estate. I wanted it so bad I could taste it, but I knew realistically it was out of my reach. When I went to the presentation, I had never heard of anything like a timeshare before. It sounded like a real estate partnership to me... I was sold before the pitchman ever made his pitch. I was operating out of my own hopes, desires and yes, fears (being in the Navy, I was afraid I would never own property <g>).
The decision to enter that transaction was one of the poorest decisions I've ever made. We took out a loan with a high interest rate, governed by the rule of 78ths (?) - that is, a loan in which you pay off mostly interest first. Therefore, if you want to get out of the high interest loan later, you still have a disproportionate amount of principal left, according to the way standard loans are calculated. So, we were stuck with it. At the time of the purchase, we also paid a maintenance fee to be placed in a trust fund, the proceeds of which would pay for the annual maintenance of the property. As it turns out, the maintenance was not done for a couple of years and the developer skipped town with the money.
The time share owners stepped in when the property was about to be foreclosed for back taxes. The RCI certification had been lost and the place was generally a dump. A special assessment was made to clean the place up and pay off the back taxes and a yearly maintenance fee is also billed.
My wife and I have never been back to the place since we originally purchased it. Rental fees each year have never covered the maintenance fees. But, I have never tried to rid myself of the property.
Why?
Because twice a year (when I write the maintenance check and send it off AND when I do my taxes), I am reminded: as sold before the pitchman ever made his pitch. I was operating out of my own hopes, desires and yes, fears. I knew nothing about the set-up before I went in... I sure know a lot about what can happen now. <g>
I do not blame the salesman for what happened nor really even the developer... instead, I have chosen to take this as a lesson about what can happen when one operates out of emotion in such a situation.
At times, I have to relearn that lesson - even beyond my annual reminders. Buying Digitcom near the top (I was one of those fooled) and not cutting my losses earlier are such examples...
BTW, holding Digitcom now comes from a more objective analysis of the situation. I might still be wrong, but at least I know the risks.
Lazarus |
