Hereby I will prove how the realty boomers arguments are false.

What are the boomers arguments?

1.) Buy today, houses always increase in value in the long run.
WRONG. House prices cannot increase more than incomes in the long run. This is obvious if you think about it. If house prices go up more than people can afford to pay, buying stops, like it has stopped now.
Even Warren Buffett have pointed out that houses don't increase in intrinsic value. Unless there's a bubble or a crash, house prices simply reflect current salaries and interest rates. If a house is 100 years old, it's value in sheltering you is exactly the same as it was 100 years ago. Then came the maintenance as the house didn't renovate itself. It also has taxes, and insurance - costs that always increase and never go away. The price of the house went up about as much as salaries went up.
To put this is simple perspective, vegetable were costing Rs.5-6/kg when 5 digit salary was a rarity.
Today, the prices have gone up by about 4 times but so have the salaries. So, sounds very much like the reasoning people use now when they talk about how much their father's house appreciated "in the long run" without considering that salaries rose a proportional amount.

2.) Renting is just wastage of money.
WRONG. As said before renting is now much cheaper per month than owning. If you don't rent, you either:

* Have a mortgage, in which case you are throwing away money on interest, tax, insurance, maintenance, costs that increase forever.
* Own outright, in which case you are throwing away the extra income you could get by converting your house to cash, investing in bonds, and renting a similar place to live for much less money. This extra income is sufficient for emergency expenses,retirement etc.

Either way, owners lose much more money every month than renters and that's assuming prices don't correct to very high level & everything is smooth in the economy.

3.) As a renter, you won't have any money left as you will spend them on vacations,cars & hence won't have equity/savings etc.
WRONG. Equity is just money. Renters are actually in a better position to build equity/savings through investing in anything but housing. Renters can get rich much faster than owners, just by investing in conservative stocks & bonds.

* Owners are losing every month by paying much more for interest than they would pay for rent. The tax deduction does not come close to making owing competitive with renting.
* Owners must pay taxes simply to own a house. That is not true of stocks, bonds, or any other asset that can build equity/savings. Only houses are such a guaranteed drain on cash.
* Owners must insure a house, but not most other investments.
* Owners must pay to repair a house, but not a stock or a bond.
* Owners lose their money as house prices reduce. The EMI's remain constant in spite of reduction in rates. At the end of loan tenure, they would have paid almost twice than that of current renters who will buy at logical rates. Keep interest rates in mind. Most of the EMI is not principal amount but interest.

4.) There are great tax advantages to owning a house.
WRONG. Many people believe you can just reduce your income tax by the amount you pay in interest, but they are wrong. Buyers may not deduct interest from income tax; they deduct interest from taxable income. And even then, the tax advantage is not significant compared to the large monthly loss from owning.

If you don't own a house but want to live in one, your choice is to rent a house or rent money to buy a house. To rent money is to take out a loan. A mortgage is a money-rental agreement. House renters take no risk at all, but money-renting owners take on the huge risk of falling house prices, as well as all the costs of repairs, insurance, property taxes, etc.

5.) RE is based on local factors, it's not a national phenomenon. RE of Delhi-NCR,Bangalore & rest of the cities has nothing to do with Pune RE.
WRONG. Lending rates remain the same throughout the country. ALL loans are harder to get. This will drive prices down everywhere.

6.) A rental house provides good income. So, you can rent if you have purchased as investment.
WRONG. Rental houses provide very poor income in hyped areas and certainly cannot cover mortgage payments. Remember there is almost 300% difference between EMIs & rent for the same house.

It's pointless to do the work of being a landlord if you can make more money with no risk, no work, and no state income tax by investing in assured good returns bond.

7.) If owning is a loss in monthly cash flow, but appreciation will make up for it.
WRONG. Appreciation is negative. Prices are going down. It only adds to the injury of already high EMI's.

8.) As soon as prices drop a little, the number of buyers on the sidelines willing to jump back in increases.
WRONG. There are very few buyers left, and those who do want to buy will be limited by increasing difficulty of borrowing now that many house owners are near bankrupt as they don't save anything at the end of the month due to high EMI's.
No one has to buy, but there will be more and more people who have no choice but to sell as their payments rise. That will keep driving prices downward for a long time.

9.) House prices never fall atleast in Pune.
WRONG. If you see the RE scenario of 1996, prices crashed by 50% & took a whole 7+ years to recover.
Exact 1996 scenario may not be there today but strong correction is inevitable across the city.

10.) House prices don't fall to zero like stock prices, so it's safer to invest in real estate.
WRONG. House prices won't be zero, but the equity or the principal amount you paid can be zero or even negative. What you will pay as EMIs later in actual terms is not for the principal amount but only the interest as house prices dip. So, you will be only serving the bank.

11.) Prices will soften gradually, won't crash immediately.
WRONG. Prices are falling off a cliff. No one knows exactly what will happen, but it looks like prices will continue to fall for long time. These are just more manipulation of buyer emotions, to get them to buy even while prices are falling.

12.) The bubble prices were driven by supply and demand alone.
WRONG. Prices were driven by low interest rates and risky loans & good returns for investors in initial phases of boom in 2004-05.
Prices went up, interest rates went up & buyers savings went down. So prices are violating the most basic assumptions about supply and demand.

13.) There is lack of land.
WRONG. Ample of land is available & continue to be even in future in Pune. Sales volume are down. Even in Japan (small country with less land), prices went down. Current prices here are the same as that of 23 years ago. If we really had a housing shortage, there would not be so many vacant rentals.

14.) If you don't own, you'll live in a cheap neighborhood later.
WRONG. For the any given monthly payment, you can rent a much better house than you can buy. Renters live better, not worse. There are downsides to renting, such as being told to move at the end of your lease, or having your rent raised, but since there are thousands of vacant rentals, you can take your pick and be quite happy renting during the crash. There are similar but worse problems for owners anyway, such as being fired and losing your house, or having your interest rate and property taxes adjust upward. Remember, property taxes are forever.

15.) There's always someone predicting a real estate crash.
TRUE, yet irrelevant. There are very real crashes every decade or so. Even a broken clock is right twice a day.

16.) Local incomes justify the high prices.
WRONG. The mortgage should be more than your 3 years earning. It is much higher today. Most are already in danger/red zone.

17.) You have to live somewhere.
CORRECT. But that doesn't mean you should waste your life savings on a bad investment. You can live in a better house for much less money by renting during the down slide in RE.

18.) It's not a house, it's a home.
WRONG. Wherever one lives in it is home, be it apartment, condo, bungalow , mansion or house. Calling a house a "home" is a manipulation of your emotions for profit.

19.) If you don't buy now, you'll never get another chance.
WRONG. History proves otherwise.
Here's a beautiful quote from a analyst:-
"The real issue isn't whether you will be stuck being a renter all your life, she says. Its whether you'll get so scared about being shut out that you'll buy at the market's peak and be stuck in a property you can't afford or sell."

20.) It would take major economic recession or a major earthquake that wipes out this area in order for the price to fall by over 50%.
WRONG. Even today, if the prices fall by 50%, there will still be very few people who can buy at this levels due to uncertainty in jobs & most importantly high EMIs. Also, look at the rental rates for equivalent houses. Which loss per month is larger? EMI or rent?

contd....
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  • In comparing between Mumbai & Pune, & the slums etc. you need to see that Mumbai is more like Merc & cycle while Pune is more like Santro, Swift, i20. Few people in Mumbai hike the avg PPP of the entire city. Hence, no point in comparing slums & billionaires vis a vis Mumbai & Pune.

    Originally Posted by Venkytalks
    I really pity Pune and Mumbai walas, you are being even more royally cheated by builders than us poor Delhi walas (also being screwed by builders, since 1500psf is all that these flats are worth)

    I always feel that maybe Pune RE buyer hasn't traveled extensively, else why can one see so many pages for projects like Palash+ & likes? Prob is Pune buyers buy at hopless places & hence builders build in useless places. If buyers show restrain in buying at undeveloped areas, builders will be forced to build with good infra; but then not all think with brainrolleyes:. The basic difference between Pune & other cities is, in Mumbai, Delhi-NCR, Bangalore etc. you have professional RE players while in Pune builders are nothing but politicos themselves & hence the difference as Venky rightly pointed out.
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  • Visit on NH4.

    Well, I would just like to inform that couple of days ago while traveling on NH4 bypass, I found the following:-

      Zinnea, Bavdhan looks same as it was few months ago,
      Brooke Side, Bavdhan by Pinnacle isn't yet completed even yet, though I saw some lights in 2 flats. DOn't know who were staying here,
      West wing, Agarwal properties....man how can even people stay in such places, nothing around for miles.
      Many projects from Wakad flyover to Sadanand/Orchid Hotel & later near Chandni Chowk looks almost abandoned. It is the same as it was earlier. The service lane to the NH4 bypass hasn't been completed in many areas through which access to some projects is PROPOSED:D,
      Kumar Papillion, Pashan:- Snails would build faster!!
      Kapil Asmant:- No change, same as it was earlier.
      No new banners for ads of RE, nor any new projects seen:D. The situation is more or less the same as earlier. Just saw a new Merc showroom opened on this stretch, which was the only positive development in general:).
      * I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.* I travel on NH4 many times, but then I don't inspect everything in detail (I don't keep halting as well), & most of the time, it is at night, hence can't see many projects either.....no streetlights (as there are no roads):D.
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  • Arun is Asli in his explanation!

    Originally Posted by puser
    What "exposure" are you talking of Wiseman? Please elucidate on that.


    puser,

    Arun has explained it well. Normally it is okay when economic conditions are stable and jobs are plentiful and interest rates are benign (meaning not threatening to rise and take you to the cleaners).

    The problem in India are 2-fold ...

    - Your home loan is non-recourse. Meaning you cannot file bankruptcy and walk away after sending your keys to the bank (this was famously known in 1980 during the previous bad recession as "jingle-mail" when there were so many keys sent to the bank that any envelop making tinkling sound meant another walk-away from loan, unable to pay). Ultimately, in India, you have to pay, one way or another

    - Instead of increasing your EMI, banks hide the impact of interest rate increase by extending your payment period, implying many more EMIs paid later. Many people do not even know that an extension has been made and it comes later as a nasty surprise.

    We need to see how far interest rates go and for how long and take a call on a case-by-case basis. Right now things seem okay, but with global debt crisis being what it is, anything is possible with interest rates on the upside as funds go scarce and looking for increased returns to offset higher perceived risk on all asset prices ...

    cheers
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  • Originally Posted by wiseman
    puser,

    Arun has explained it well. Normally it is okay when economic conditions are stable and jobs are plentiful and interest rates are benign (meaning not threatening to rising and take you to the cleaners).

    The problem in India are 2-fold ...

    - Your home loan is non-recourse. Meaning you cannot file bankruptcy and walk away after sending your keys to the bank (this was famously known in 1980 during the previous bad recession as "jingle-mail" when there were so many keys sent to bank that any envelop making tinkling sound meant another walk-away from loan unable to pay). Ultimately, you have to pay, one way or another

    - Instead of incresing your EMI, banks hide the impact of interest rate increase by extending your payment period, implying many more EMIs paid later. Many people do not even know that an extension has been made and it comes later as a masty surprise.

    We need to see how far interest rates go and for how long and take a call on a case-by-case basis. Right now things seem okay, but with global debt crisis being what it is, anything is possible with interest rates on the upside ...

    cheers

    Right man, one can't file for bankruptcy here. Banks too have loads of hidden charges. One of my friend purchased a flat (not in Pune) & SBI charged him some 7-8k as processing charges even when it was said 'No Processing Charges....etc.'.

    What I feel is home loan buyers venture into an agreement with bank as if they are taking car loan for 1-5 years:D & by the time they realise how much more they are paying in reality, time is already gone from their hand. Hence, first the builders loot & then giving the carrot of low interest rates for 'X' yrs, loots the banks as well, leading the pack is ICICI. Hence, you should be equally cautious about choosing bank just as one should while selecting the builder coz you are going to pay to both.
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  • right-time-to-buy-invest-house-property

    I just came across a very good blog...so sharing with u guys:):)...

    http://www.themoneyquest.com/2010/02/right-time-to-buy-invest-house-property.html
    CommentQuote
  • Asli, your "feelings" sound like the "asli" situation after all. I tend to agree.

    Mumbai's revenue is skewed by HQ in Mumbai syndrome - produced in Jamnagar, corporate tax in Mumbai. Delhi is skewed by govt servant syndrome (tax in Mumbai, pay three times private wage in Delhi - for not working!)

    Conceptually, the socalled PPP is invalid for India. Works only for West and East.

    In India, much of your salary gets wasted on things provided for free in other countries.

    You have to put a booster pump and extra water storage because municipality does not have water

    You have to buy an invertor because power cuts are endemic.

    You have to use a car because decent public transport does not exist.

    You have to buy aquaguard because municipality does not treat its water.

    You have to pay more rent because rental property laws are skewed against landlord.

    You have to pay more for your flat because ....... you guys know all the reasons why!

    So the price of a MacD burger is not a good comparison.

    In India you have to do "purchase" all the functions of govt yourselves (law and order depending on your running speed only!!!!) , even before you can think of purchasing something actually worth purchasing.

    It is a giant tax on the middle class.
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  • Originally Posted by realacres
    The basic difference be& tween Pune & other cities is, in Mumbai, Delhi-NCR, Bangalore etc. you have professional RE players while in Pune builders are nothing but politicos themselves & hence the difference as Venky rightly pointed out.


    One of realtives settled in Mumbai was interested in buying property in Pune.
    He was pretty aghast to know we do not have even a handfull of Pro/Midsized Develpers.
    Raheja & Kukreja are the only ones recognisable who operate in Maximum city as well and have minuscale presence in pune.

    Donno why Mumbai Deveopers dont find Pune RE lucrative
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  • Wiseman, a great pot indeed. And this view can come only from an ITG, the one who is closely associated with the industry, nuderstands the real issues and has the ability to see the future.

    I have a lot of views on this ITG v/s non-ITG guys,. Agree with some, disagree with some. Will post a detailed one soon (I hope). Wiseman has summarized the state of IT industry very beautifully. Just a quick one here...

    Folks, please understand that the IT industry is still in its nascent stages. One will hardly hear of anyone retiring from an IT company as of now. Majority of the staff is under 40 with hardly 10-15% being more than 40 years of age.

    The real boom started from 95-96 peaked during the dot com period, then again went down in 2001-2002 and then continued to be buoyant for another five years. By this time, the guys started in 95-96 are probably the happiest lot as they are sitting in reasonably senior positions in the large IT companies. Folks who started in 99-2000 are now in the middle management. But post 2002, when there was a mad rush for hiring and entry level salaries started rising, thats where the real fun started. The industry saw a rapid growth and companies captialized on the opportunities. Just imagine... Infosys' strength was around 13000 in 2001 and in the next 5 years, the count increased to almost 80000. As wiseman also mentioned, things will get stabilized and the real issues will have to be confronted with. The major challenge these days is the upgradation of skills. With every passing year, the count of experienced people in the industry increases whereas there are not so many opportunities. Wages will stagnate and the liabilities will start raising their head.

    The real fun will start once the taxation at 30% begins (somehow I doubt if it will happen soon - not for the next 2-3 years at least and extensions will probably be granted). The margins will be under pressure even more and their would be further squeeze. And if a double dip is coming, then things will take an ugly turn.
    Also, there was a mad rush to buy a home during 2004-07. But now even the IT guys are very cautious simply because they too have tasted the difficult situation and the current prices force them to stay out. Builders are still thinking that ITGs have lot of many. Some may still be doing the deals. But the numbers are now negligible. ITGs don't have black money and thats where the problem is. Govt sector folks can exploit the black money channel (only those who are willing to compromise with their prinicples). And the real challenge for a private sector guy is his post retirement income. If one studies the overall incomes during the entire lifetime (including post retirement), then a govt employee will probably far outrun the one employed in pvt sector. Though I wonder how many of ITGs are really thinking about it.

    Generally, every sector has all kinds of people, good, bad, ugly, sensible, individuals with lot of family liabilities, people with no family liabilities etc... So, based on certain interactions with a small set of people, the views shouldn't be generalized. Yes, there was a mad rush in 2004-07 period. But now that has waned. Earlier, almost dailiy, I used to get sweets from my colleagues (yes, I am from IT :-)) for a home purchase and I started wondering whats happening. Now those are very few and far between and the emotions too have changed. Earlier, people used to be happy. But now, they are not upbeat about announcing it. Probably stressed by the burden of debt. Some like me are still looking for a good deal and have waited for 3 years and will probably have to wait for another 3 years.

    Will write back with a more detailed post later
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  • Originally Posted by pjain2
    Some like me are still looking for a good deal and have waited for 3 years and will probably have to wait for another 3 years.

    Great post.
    At the middle of IT career with family, I see retirement would be approaching in 10-15 years (may be before :D)
    Obviously building liquid & equity fund which see me through bad times & retirement.

    Do not want a debt which causes meaningless-stress & EMI of 4-5 times rent. Waiting to pay reasonable price for home.

    Wiseman, thanks for posting on floating-rate (teasing rate) :D
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  • Realacres, Wiseman, Ash, Venky, Pjain, Hitmady (and several others who I haven't named) - I've learnt a lot from you, merely by reading your posts and by interacting with you on this forum (or just this 106 page thread!). Thanks for sharing your experiences and thoughts!! :)

    Wiseman - you are truly wise in your understanding of finance, RE etc.

    Venky - your previous post about the "inefficiency tax" or "corruption tax" or "living in India tax" was quite insightful! I can see how it would impact PPP numbers as well. It would be interesting to put a number to this extra "tax" that we pay. Would you say it is 20%?

    Back to my previous point about metros, I tried doing some crude analysis on metros. Tried pasting my findings directly in the thread, but it gets pasted as a chunk of text without any formatting. Hence, I'm attaching the Excel file itself. Hope we can derive something useful from the numbers!
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  • Beware! Teaser rate is even worse than floating rate!!!

    Originally Posted by hitmady
    Great post.
    At the middle of IT career with family, I see retirement would be approaching in 10-15 years (may be before :D)
    Obviously building liquid & equity fund which see me through bad times & retirement.

    Do not want a debt which causes meaningless-stress & EMI of 4-5 times rent. Waiting to pay reasonable price for home.

    Wiseman, thanks for posting on floating-rate (teasing rate) :D



    Hitmady (and all the others),

    Any fool can learn a little Finance and a little RE. Whats more important is to get lucky in implementation!:D

    For example, I got lucky that I bought Koramangala at 7 bucks a Sq.Ft and timed it so that the next 25 years would be the greatest credit-fueled boom in the world and (lucky me), my purchase would be right in the heart of the location that would make the most of this boom. Similarly the purchase of some really great stocks around that time. Similarly, I presume this would also be the case when Nats made a purchase of property in 2003. He got lucky to buy at the right time.

    All this is luck to a large extent and anybody who says they knew what was coming is lying to a large extent!;)

    But to expect these things to go forward under the same assumptions is being foolish. The world is a hugely different place now and we ar surely going to face the hangover of the excesses of the past 25 years in the next few years. As others have pointed out, the sweets have become few and far between and the Kadva taste will start showing up soon for those who are not prepared and who refuse to see the writing on the wall.

    Also, please note that floating rate itself is bad enough an effect on your home loan payouts. When you take a home on debt and that too at excessive prices, you have 2 Betaals riding on you (and Vikram had a hard time handling even one!). The builder who takes 10-15 lakhs in excess when you buy a 60 lakh home (in advance!) and then the banker who takes another equal amount from you in terms of interest.

    Now come the really interesting point. Around 2 years ago, I warned my brother who had an 8.5% floating rate loan to switch to fixed rate with a 0.75% spread, telling him that indications were that rate would go upto 11-12% (he didnt!). Now, not only has rates gone upto 11-12%, even the spread to switch to fixed has risen to over 1%. Double Whammy. And to top it, while you could've switched in a day in those boom-boom days, today banks are far more careful and fully scrutinise you since the RBI is breathing down their neck because of the almost epidemic levels of NPAs going around.

    Now coming to Teaser Rates! This is the straw that actually broke the American Home owners back. You get a loan at an interest rate thats far below the real rate. Then, after 2-3 years, not only the actual rate kicks in, the difference you did not pay during the teaser days get added back to your principal amount making the loan amount even bigger. Bigger principal, higher rates get together to bankrupt the helpless home owner (who foolishly thought he actually owned the home!). Millions of people who bought at very highly excessive prices and kept their noses just above water at teaser levels are now underwater (the estimate is 10 million homedebtors are not underwater). To compound this home prices have fallen by as much as 60% in states like California (I'm talking statewide median prices and not just a few examples). Research has shown that when prices fall 25% below loan amount owed, the buyer loses interest and starts walking. Expectation is number of foreclosures will at least double from these levels due to this situation making it almost sure that the US will double dip and probably also slip into depression. Commercial RE is in even deeper sh** and coupled together you know where the largest ship (US) in the fleet is going!

    There is now a term for this in the US. HomeDebtor!!!

    And if you think that the Global Depression that coming up (with EU also almost surely heading into Sovereign Debt Default situation - even Germany and France) does anyone still think only India will stay afloat in a sea of sinking ships?

    Be very careful when you do your calculations and keep a healthy buffer in your calculations to accomodate sub-standard economic prospects in the coming decade, high inflation taking away a disproportionate amount of your salary for daily living, other reasons why you will NOT have as much money to throw into your EMIs as you imagined. And don't expect home prices to keep shooting up and covering your A** in case you need to sell in a hurry. With so much inventory around selling also is going to become a slow and tedious process.

    Protect your interests first before getting into a sticky EMI and homedebtor situation - not after! :)

    cheers
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  • Every one should read this one!!!

    Originally Posted by ash7979
    I just came across a very good blog...so sharing with u guys:):)...

    ]http://www.themoneyquest.com/2010/02/right-time-to-buy-invest-house-property.html


    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    100% my sentiments. Need to hook up with this guy!!! :D

    cheers


    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    100% my sentiments. Need to hook up with this guy!!! :D

    cheers


    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    100% my sentiments. Need to hook up with this guy!!! :D

    cheers


    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    100% my sentiments. Need to hook up with this guy!!! :D

    cheers
    CommentQuote
  • Originally Posted by wiseman
    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    cheers


    And for Builder it would be Sell in Haste and Enjoy at Leisure!
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  • Why do we need "Ramesh Ramanathan of Janagraha" to tell us that EMI/EMI Tenure will go up with increase in interest rate ? Guess any one who takes floating raten is wise enough to know exactly what that means .
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  • Originally Posted by wiseman
    Ash,

    Its as if this guy and me share the same brain!!!

    He talked about thinking unconventionally!

    He even quoted my favorite quote, "Buy in haste, Repent at Leisure" which has been used in so many of my posts!!!

    100% my sentiments. Need to hook up with this guy!!! :D

    cheers


    Yeah wise, when I was reading this blog, it reminded me about ur posts on this forum;);)
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