Real-Estate, What Happened to Me
So I finally got enough money through stock trading because of my scheme with buying and short selling Wachovia stock, that I decided it was time to pop the question to my fiance and buy a little house out in the country. It didn't take us long at all to find a house.
My fiance and I fell in love with this little old 1904 2 bedroom, 3 bathroom 3,200 square feet farm house. It has 2 stories and a basement. It needs some renovations, especially because some of the floor tile contains aspestoes. It also has a barn that was transformed in to a three car garage and
I had 250,000 dollars in my bank account reserved just for this. Along with 100,000 for my stock trading.
We came to a decision with how bad the stock market was that we would pay for half the house and then I would use the other half to trade stocks until the end of the year. At the end of the year, I would then pay off the loan.
I went to the loan guy at Suntrust Bank (who I do all my banking with, and I tried to work out a deal. He asked me how much we made a year. I said "Between this year and last year, I made close to 400,000 dollars after taxs as a stock trader and my wife made about 24,000 working for her parents.
He asked me how much I made a week. I told him that as a stock trader I could make a lot, like last week I made a small fortune, but some weeks I lose money. I was telling the truth.
He gave me an excuse and didn't give me a loan.
So I am worth about 350,000 dollars (that's my bank account), my fiance is worth half of that and I could pay for the house right there, and only needed to borrow money for two months, yet he still didn't give me a loan for a 185,000 dollar house? It didn't make any sense to me. I mean I could have written a check for it, and I still couldn't borrow any money.
On top of that, my credit score is perfect. Whenever I used my credit card, I pay off the balance every month and I bought a car last year, borrowed half the money, and then paid it back after six months to really create my credit score. I've bought stocks on margin and paid back every cent.
This just doesn't make sense to me. Does it make sense to anyone else?