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The toy buying frenzy has me wondering

bldrinker

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My sister in law takes here family of 4 to Hawaii every year. Seems awesome right? Lol then I find out visa pays for the vacation every year. And she just refi’d her home that she has been in for 20yrs. She owes double what she paid for it!!!

I have a friend that just did a cash out refi and he told me that I was crazy not pulling money out. It’s literally free money he exclaimed!
He said my payment stayed the same and I dropped 5yrs off my loan and they gave me 20k!!!

apparaently he don’t look at the balance due lol. But hey he did get a nice rzr with the money.

point being dumb people are everywhere.
 

YeahYeah01

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My sister in law takes here family of 4 to Hawaii every year. Seems awesome right? Lol then I find out visa pays for the vacation every year. And she just refi’d her home that she has been in for 20yrs. She owes double what she paid for it!!!

I have a friend that just did a cash out refi and he told me that I was crazy not pulling money out. It’s literally free money he exclaimed!
He said my payment stayed the same and I dropped 5yrs off my loan and they gave me 20k!!!

apparaently he don’t look at the balance due lol. But hey he did get a nice rzr with the money.

point being dumb people are everywhere.
DAM!!! Sounds like something my sister would do lol.

I can understand someone taking out a HELOC as an emergency found since you only pay interest on what you actually spend..... But they GAVE me 20k hahahaha! Come on man. It's statements like that me understand how some people got into the interest-only balloon payments.
 

PlanB

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Was in the Can-Am dealer in Havasu a few days ago and they are pretty cleaned out. While we were there they sold a Ski to a guy with a couple of kids in an SUV with out of state plates. They were trying to figure out how to strap in the the back of his vehicle on a hitch rack. Guy looked like he rolled into Vavasu for vacation and bought a new ski for his kids. Weird times...
 

hawgty55

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My reputation is worth more to me than anything I’d ever sell. Anything I got for sale come down look taste smell touch test drive inspect whatever you want.

I would have no problems taking someone out for the whole day in my boas etc.. it isn’t worth selling someone something they could potentially be unhappy with
I believe most people on this website and like there of have the same outlook. Thats one reason i keep trolling the sale adds. Im in the rollbar market myself.
 

outboard_256

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Good Call. Never thought of that one.

Also the refi boom, people hitting their "house ATM". Or as they would like us all to think "Im paying "cash" for this boat!"
A lot of the people I see are still renting. I don't even think buying a house is on their mind at all. I got a theory on they aren't paying rent because they can't get evicted during covid and using that money for new cars and toys.
 

PlanB

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Housing in Havasu seems to still be crazy as well. 3/2 1800 sqft next to us just sold for 680K. The house next to that one (built in the 60's) sold for 350K. The old house sold as soon as it hit the market.
 

YeahYeah01

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Housing in Havasu seems to still be crazy as well. 3/2 1800 sqft next to us just sold for 680K. The house next to that one (built in the 60's) sold for 350K. The old house sold as soon as it hit the market.
It is CRAZY. I'm trying to find one but I'm not going to pay 350 for a 1960's house lol. And the pricing really doesn't make a lot of sense, you'll see one listed for $350 that's pretty nice and then another listed for $380 that needs work, similar in size and layouts.
 

wallnutz

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What source are you using to find RV’s?


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We started out to buy new. We had been saving for a little while. We started shopping to decide what we wanted. After we narrowed it down we picked a few dealers around the country that carried the models we wanted. We had about 8 to 10 dealers from Florida, Texas, Indiana ,and a few in between that we would check their inventories online all the time. Then this Covid shit started and we figured we would hold off thinking the market was going to crash, well it did the opposite. So it started getting harder to find what we were looking for. We upped the dealers we were checking online daily up to about 15. We found what we really thought we wanted in Florida at a La Mesa dealer. We had the deal pretty much worked out, then they sold it out from under us. That’s when we decided a used one that was one or two years old would be ok to look at. We just kept checking inventories at the select dealers and also RV trader. The one we bought actually showed up on RV trader before the dealer put it on their site. Just have to be patient. Our friends that bought the 5th wheel did the exact same thing. Just can’t be afraid to look out of state.
 

DrunkenSailor

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It took me months to close this deal on my Eliminator, as I started well before this bullshit. I have been off the water for almost 12 years, and looked for that right boat for over 1.5yrs. When I found it, instead of going back and forth, I got it. Thats about the only Covid did for me. I did TONS of research and I am a happy guy, and I hope I continue to be a happy guy!
I do have a friend who had his mother in law co-sign on a 150k surf boat. INSANE!!!
Do they have another daughter? LOL

These boat prices are crazy right now! 4500 dollar jet boats now available for 12k!! I'm sure the bubble is on the horizon.
Ive been saying that for 2 years... Still impatiently waiting....
 

wallnutz

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My sister in law takes here family of 4 to Hawaii every year. Seems awesome right? Lol then I find out visa pays for the vacation every year. And she just refi’d her home that she has been in for 20yrs. She owes double what she paid for it!!!

I have a friend that just did a cash out refi and he told me that I was crazy not pulling money out. It’s literally free money he exclaimed!
He said my payment stayed the same and I dropped 5yrs off my loan and they gave me 20k!!!

apparaently he don’t look at the balance due lol. But hey he did get a nice rzr with the money.

point being dumb people are everywhere.
That shit is crazy.
 

77charger

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Once the added unemployment benefit ends the ppp runs out things will turn. A friend told me his gf kid got a new job got layed off got unemployment was now making double and racked up 8-10k not working now wants a toy.
I think glamis will be a bigger shitshow this year glad I’m doing midweeks
 

Fastdadtsmith

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Once the added unemployment benefit ends the ppp runs out things will turn. A friend told me his gf kid got a new job got layed off got unemployment was now making double and racked up 8-10k not working now wants a toy.
I think glamis will be a bigger shitshow this year glad I’m doing midweeks
I didn't even consider the Glamis factor yet. There's going to be sand fleas everywhere. Might be time to invest in belt mfg stock?
 

2Driver

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To put it in perspective the entire yearly US budget, which moves the economy in itself, is 4.7 trillion.

In the past couple months the US pumped 3 trilllion in cash directly into the economy and no one really knows where it went. We have more of a false economy right now than it was in 2006.


28E0FCC8-929E-490E-B23A-0AC9366B8ECF.jpeg
 

Cdog

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To put it in perspective the entire yearly US budget, which moves the economy in itself, is 4.7 trillion.

In the past couple months the US pumped 3 trilllion in cash directly into the economy and no one really knows where it went. We have more of a false economy right now than it was in 2006.


View attachment 905008
While I 100% agree with you I believe the math, culture, demographics and politics indicate it's going to all fall apart anyway. All empires fall...
 

YeahYeah01

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To add to the craziness. We are all but done for the season boating with work coming up. So I figured I would test the waters on selling my boat, we want to to go bigger next year, and I'm banking on the bubble a bit.

Anyway. Listed it-$24,000. 2004 Warlock, 21' 350 Merc, bravo one. In good shape, but needs new carpet. I'm not sure about the hours because the hour meters not working and I've never scanned it. I listed all the pros and cons in the add. Took about 10 mins to for the calls to start people offering full asking sight unseen. This morning a guy calls and offers 25k.

This sh*t is nuts. Guess I listed it too low? I dont know, seemed too high for me but the market is crazy.
 

LargeOrangeFont

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My sister in law takes here family of 4 to Hawaii every year. Seems awesome right? Lol then I find out visa pays for the vacation every year. And she just refi’d her home that she has been in for 20yrs. She owes double what she paid for it!!!

I have a friend that just did a cash out refi and he told me that I was crazy not pulling money out. It’s literally free money he exclaimed!
He said my payment stayed the same and I dropped 5yrs off my loan and they gave me 20k!!!

apparaently he don’t look at the balance due lol. But hey he did get a nice rzr with the money.

point being dumb people are everywhere.

Honestly that does not sound like a bad deal if you didn’t buy a horribly depreciating asset like a RZR with the money.

But to each their own. You can’t put a price on fun with the family I’m told.
 

LargeOrangeFont

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When this all started, I told my wife get ready we are going to buy a "blank" at 50cents on the dollar. The complete opposite is happening. Prices have gone thru the roof on toys. The insanity has got to come to an end soon.
If it comes down hard, it will take a year or 2.

People are leveraged but in different ways this time around. People working in malls and restaurants aren’t the ones buying boats, RVs and other toys anyway.

And with 10% unemployment, there are still 90% of people working.
 

Groper

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Once the added unemployment benefit ends the ppp runs out things will turn. A friend told me his gf kid got a new job got layed off got unemployment was now making double and racked up 8-10k not working now wants a toy.
I think glamis will be a bigger shitshow this year glad I’m doing midweeks
LOL I too was thinking the same, I'll be putting two Prerunners up for sale in the next month with the hope of selling them for the sand seasons feeding frenzy.
Gotta love Sunday to Wednesday in mother G 👍
 

endobear

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Been seriously thinking about selling the sand rail.
Now might be the time to try...
 

was thatguy

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So, out of curiosity, what is the consensus for the value of my 79’ Miller?
Some here have seen it in person, it’s pretty trick, trailer needs work but has new tires.
Ive always figured it be a stretch to get close to $10K regardless of what all’s in it.
My one buddy says go $15K and don't blink?
 

welldigger00

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So, out of curiosity, what is the consensus for the value of my 79’ Miller?
Some here have seen it in person, it’s pretty trick, trailer needs work but has new tires.
Ive always figured it be a stretch to get close to $10K regardless of what all’s in it.
My one buddy says go $15K and don't blink?
Tommy, if the add clearly states the boat runs 100 mph, you’ll get top dollar.


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2Driver

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Anybody wonder why Congress is rushing to shove another 1-3 trillion out. Its not because the econmy has its own legs, its because it will face plant without it. Then comes what do you do with a 30 trillion debt, let alone how to service that.

lol
 

was thatguy

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Tommy, if the add clearly states the boat runs 100 mph, you’ll get top dollar.


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Its gone 86.
Anyone wants a ride it’ll do 80 any day of the week...on pump gas, gps speedometer.

Honestly I’m getting a little old for this hot rod. I’ve had it 15 years and have done so much work and improvements it’s really a one off Miller at this point.
My buddy just sold his pro street ‘63 Chevy II SS for north of $40K, couldn’t get a nibble a year ago. (He didn’t break even but like me he’s had that thing a long time)

He said go $15K and if it doesn’t sell then just keep it.
Im just wondering if that’s even a realistic scenario?
 

Roaddawg

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Its gone 86.
Anyone wants a ride it’ll do 80 any day of the week...on pump gas, gps speedometer.

Honestly I’m getting a little old for this hot rod. I’ve had it 15 years and have done so much work and improvements it’s really a one off Miller at this point.
My buddy just sold his pro street ‘63 Chevy II SS for north of $40K, couldn’t get a nibble a year ago. (He didn’t break even but like me he’s had that thing a long time)

He said go $15K and if it doesn’t sell then just keep it.
Im just wondering if that’s even a realistic scenario?
Worst that can happen is it doesn't sell
 

PaPaG

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I know it is not realistic for huge ticket items like a home but in the end my philosophy is if I can't buy it cash then I shouldn't be buying it.........so many folks are in such deep debt it amazes me. Things are going to be on SALE very soon.... :)
 

grumpy88

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I know it is not realistic for huge ticket items like a home but in the end my philosophy is if I can't buy it cash then I shouldn't be buying it.........so many folks are in such deep debt it amazes me. Things are going to be on SALE very soon.... :)
The premise sounds nice but with the Dave Ramsey approach most of us would have a bus pass ! Haha
 

YeahYeah01

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ha ha ha so true, and yet people people pay for his saving money insight.
While I know Ramsy makes some good points. I listened to one the other that made me question everything.

Lady calls in. Says something to the effect: I have $25k in the bank, $24,500 in student loans and my car is on its last legs. My work is paying my student loans but only so much per year so it will take 4 or 5 years to pay off. What should I do?

He said you should pay off your student loans now... And then started talking about the car. And I stopped listening lol.
 

77charger

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When this all started, I told my wife get ready we are going to buy a "blank" at 50cents on the dollar. The complete opposite is happening. Prices have gone thru the roof on toys. The insanity has got to come to an end soon.
We listed out Fullerton house right after lockdown we were gonna wait til mid April hoping to only lose a few thousand. Got full price but first time buyers also pain in ass they were banking on paying 15-20k under. Well we had to credit 5k but had we not had offer on other home would have told them fuck off.
But they get an 1180sf 1 bath home in ca with high taxes and only put 10k down. Hope they enjoy it.
 

Cdog

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The main ingredient is complacency and no strategy and we have both. LOL its been a good run.

The real concern right now is not, why cant I find a boat or RV to buy, but how to position for the coming. :)
Rv ends up an asset in my mind. Sure glad I have one.
 

welldigger00

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Its gone 86.
Anyone wants a ride it’ll do 80 any day of the week...on pump gas, gps speedometer.

Honestly I’m getting a little old for this hot rod. I’ve had it 15 years and have done so much work and improvements it’s really a one off Miller at this point.
My buddy just sold his pro street ‘63 Chevy II SS for north of $40K, couldn’t get a nibble a year ago. (He didn’t break even but like me he’s had that thing a long time)

He said go $15K and if it doesn’t sell then just keep it.
Im just wondering if that’s even a realistic scenario?
I’d say that’s a solid plan. Trim it high, let it fly.


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Blue

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That said, there are still deals out there. The RV Blue bought looked like he got a reasonable deal on. My RV, I came out reasonable.

I do agree that people are getting all kinds of stupid right now....
We were pretty excited when we finally found the right moho for a reasonable price. We paid $5500 which honestly is what it should be worth tops and I bet I could flip it for $15k this weekend. Only thing I've done so far is fluids, tires, some simple plumbing repairs. It will always be a $5500 moho to me but we really enjoy it and I have no issues dropping another few thousand on a nice interior remodel. My 94 shit box on wheels is paid for and everything works very well for us.

I would say probably 50% of the people we see at various camp sights are in brand new units with the dealer advertising plates still in them.
 

zhandfull

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We were pretty excited when we finally found the right moho for a reasonable price. We paid $5500 which honestly is what it should be worth tops and I bet I could flip it for $15k this weekend. Only thing I've done so far is fluids, tires, some simple plumbing repairs. It will always be a $5500 moho to me but we really enjoy it and I have no issues dropping another few thousand on a nice interior remodel. My 94 shit box on wheels is paid for and everything works very well for us.

I would say probably 50% of the people we see at various camp sights are in brand new units with the dealer advertising plates still in them.
In the same situation, my 2003 is 30' with no slides. Would be nice to have bigger better RV but just hard to justify the cost for using a dozen times a year. I've had this one almost two years now and figure I'm about at break even point over renting.
 

HNL2LHC

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I got one for you all. We bought our house 25 years ago. Let’s just say for $200K. We pulled 70K out to purchase our second home 15 years ago. Refied as well to lower interest rate. We currently owe $160k and the house has been rented for 16 years. In 2008-2009 values went down to mid $300k. We held on for the ride and prices went back up aNd current value is around $650K.

Our neighbored next to our original house was in the same situation when we all bought the homes. Bought at $200k, they pulled cash out to add onto the house 20 years ago. But the difference is that they took some of the $$$$ bought $40k in new vehicles and paid off credit cards About $20k.

When the market crashed in 2008/2009 they owed $375k when it was only worth $350k and bought at $200k. Found out a few weeks ago they are going into bankruptcy giving back the house and moving to Vegas. I am scratching my head how the could be happening in one of the heights of the housing market. Just blows my mind. The great thing is that it is a great example for our son.

Looking back I understand why they are in the position that they are. They always spent too much money on the kids and living a life that they could not afford. It is just too crazy that people do this.
 

HNL2LHC

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It is CRAZY. I'm trying to find one but I'm not going to pay 350 for a 1960's house lol. And the pricing really doesn't make a lot of sense, you'll see one listed for $350 that's pretty nice and then another listed for $380 that needs work, similar in size and layouts.
Yeah that was the case for a year or more while we were looking. Havasu is interesting that way. Also ran comps on our house bought in Dec and a friends 5 doors up the street. Crazy times for sure. $350k for a house we bought in Dec for $260k. But I couldn’t find a replacement until things crash. Oh, well just going to keep chugging along with the RV garage, pool and casita. Maybe I will be able to sell it for $600k. LOL
 

JFMFG

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My reputation is worth more to me than anything I’d ever sell. Anything I got for sale come down look taste smell touch test drive inspect whatever you want.

I would have no problems taking someone out for the whole day in my boas etc.. it isn’t worth selling someone something they could potentially be unhappy with
That’s because you’re a stand up guy there isn’t many people left around like you.
 

Nanu/Nanu

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So... I wasn't in the housing market during the last crash, but something seems similar. If my memory is correct weren't people taking out equity of their homes because the banks we're approving crazy loan amounts paired with low income. Fast forward today the banks are getting these refis squared away setting owners up for success with a cash out option for emergency use or home renovation not toys. Is the Morale of the story if you give the people money we go shoppin'!?
 

Nanu/Nanu

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My reputation is worth more to me than anything I’d ever sell. Anything I got for sale come down look taste smell touch test drive inspect whatever you want.

I would have no problems taking someone out for the whole day in my boas etc.. it isn’t worth selling someone something they could potentially be unhappy with
This was my attitude when I was a male escort as well.
 

angiebaby

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A friend of ours owns a Polaris dealership in St. George. He said this his best year ever so far.

I got one for you all. We bought our house 25 years ago. Let’s just say for $200K. We pulled 70K out to purchase our second home 15 years ago. Refied as well to lower interest rate. We currently owe $160k and the house has been rented for 16 years. In 2008-2009 values went down to mid $300k. We held on for the ride and prices went back up aNd current value is around $650K.

Our neighbored next to our original house was in the same situation when we all bought the homes. Bought at $200k, they pulled cash out to add onto the house 20 years ago. But the difference is that they took some of the $$$$ bought $40k in new vehicles and paid off credit cards About $20k.

When the market crashed in 2008/2009 they owed $375k when it was only worth $350k and bought at $200k. Found out a few weeks ago they are going into bankruptcy giving back the house and moving to Vegas. I am scratching my head how the could be happening in one of the heights of the housing market. Just blows my mind. The great thing is that it is a great example for our son.

Looking back I understand why they are in the position that they are. They always spent too much money on the kids and living a life that they could not afford. It is just too crazy that people do this.
We are doing that right now. We just refinanced and took our down payment back out. The plan is to wait until the market goes back to normal, or crashes and purchase a second home. This is not our forever home we are in and we didn't take out so much that we anticipate being upside down. We never intended to pay it off. We do not owe more than we paid for it 7 years ago because we essentially just took our down payment out to use as a down payment on an additional property. Currently, we have a lot of equity, even after the refi. I don't know if that is the smart thing to do or not, but that's our plan. Can't grow your money if you don't take risks. At this point and time, it's really no risk, until we purchase the second property.
 

HocusPocus

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This buying frenzy also applies to firearms as well. My son just turned 21 and was excited to be able to purchase his first handgun and completed the Ca Safety test but now can't find any of the guns he was looking to buy.
 

zhandfull

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I keep reading banks are tightening up on lending. Doesn’t seem like it.
 

getch

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I was too young to be caught up in the last housing crash, but trying to not make those mistakes. Currently refinancing the house, just to save money with these low rates and have no intentions of spending the savings or pulling anything out.

We had no intention of selling our boat either but threw it up after seeing these prices and it sold for 3x more than we paid for it 2 years ago.

If this buying frenzy continues into desert season all the desert toys will be for sale as well.

I’ll admit, it’s been very hard not to spend money right now. Watching everyone buy new toys can make me a little envious, but I know selling now, sitting back and taking a little break from it all will pay off in the end.
 
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