Will i go bankrupt ?

[britishbulldog]

I have unsecured personal debts of £50k and a mortgage of £170k,i have a house worth £225k with income of £3k a month gross.I have two children to fee and a expensive wife ! who likes shoes !

I have the following decent domains :

Get.tv
Horror.tv
Sextext.com
Sex-text.com
Cheaphotel.net
Clickpoker.com
Clickcasino.com
downloadringtones.co.uk

Revenue and traffic minimal !

Oh i have "elitemodels.com" bringing in $500 a month on a simple adsense site not spending a penny on advertising,just through pure type ins with 12k uniques a month !

These are probably the best i have,the other 100 are probably worth between $10-$200.

Should the sh*t hit the fan could these bail me out ? and if so by how much ?

All opinions appreciated ! Thanks !

 

[JuniperPark]

1) The US real estate market is now entering a real etsate market death spiral that could rival Japan's 80% drop in the last decade. The interest-only loan's balloon payments hit en-mass in 2007, and any of those loan holders who hasn't doubled their income will be in foreclosure. Oh - and by lawm credit card minimum doubled this month, and bankruptcy got much tougher 6 months ago. If the UK market follows the US market it will be ugly. VERY ugly. Sell now, rent for 2-3 years, but cheap foreclosures.

2) Wife has to go on job and on a budget. Shoes from come from her portion of her 'discretionary' budget.

3) .TV? Did DNForumer's not warn you about those?

 

[britishbulldog]

Yep but i just liked those two : horror.tv and get.tv,they fit the extensions very well !

Yep its nerve racking and the worst part was i never bought gold at $450 !

 

[JuniperPark]

My friends who study such things tell me that silver has much pore potential than gold.

And .INFO has more potential than .TV.

 

[Luc]

Jupiter. so it is advisable to keep money in the bank or will it be worth approximately the same amount as toilet paper in a few years? i am referring to US dollars of course.

 

[JMJ]

Yeah GWB's temporary fix BS is about to hit the fan. Everywhere you look houses are for sale I can look out my window and see three signs down the road. You don't seem to be in a bad position atleast you haven't done like the rest of these fools and believed the RE boom was more than just a bunch of smoke and mirrors on a spiraling economy and went out and bought you a much bigger house with the equity you thought you had in your current only for it to still be on the market.

Actually considering getting back into brokering mortgage loans because I feel another refinance explosion on the horizon. Lots of people going to need bailing out.

 

[JuniperPark]

Jupiter. so it is advisable to keep money in the bank or will it be worth approximately the same amount as toilet paper in a few years? i am referring to US dollars of course.

I get a bit lost in discussions of what makes currency hold/lose value, but the "smarter than me" people think the US dollar will continue a decline but not "crash". The big issue there is the US's extreme dependence on foreign oil, the fact that every major oil-producing nation hates us, the fact that the US is not seriously pursuing non-oil technology, and, worst of all (for the US) is that China and India are getting their act together and industrializing, which means buying more oil at higher prices. Bush is doing absolutely NOTHING to send the country in the right direction in this major, critical issue, most likely because his friends in Texas make more money when the price of oil goes up. It's greed squared.

 

[Steen]

I have unsecured personal debts of £50k

At least it's unsecured. DON'T pay it off with a loan secured by your home.

Retaining your home should be your #1 priority.


Just my opinion.

 

[JMJ]

I could be wrong but I think with the new BK law "in the US " your home is no longer safe from bankruptcy. But even if not all the creditors have to do is get a judgement against you and attach a lien to the house.

 

[aacommerce]

You folks really think the that US economy will crumble?

Seems to much like a doomsday theory to me. I can see the US currency appreciating in the near future, It probably depends on if the executive branch is Democratic or Republican in the upcoming term, if you look at it historically Democrats have curbed inflation, while Republicans have increased it. Its very systematic.

As for real estate - I can see a marginal drop - 20-30% at most, its just not feasible for any larger drops. 80% is insane - this isn't the depression.

 

[Shaggy]

BB, how old are your kids? Does your wife have a job? Does she care that you are in debit? Does she care to help and find a job? Those are the questions you need to be asking.

Also, take care of your debit. Do not buy anymore domains until that is taken care of. Your debit is the most important right now. Not buying names.

 

[britishbulldog]

Kids are 13 and 8,yep she just got herself a part time job and now she cares about debt cuz shes had to go out work ! Yep shag youre right i may have to release most of my domains and keep maybe one or two !

 

[ERCollins]

Those domains are worth enough to get you out of a small bind, but not enough to save your arse if you get in big trouble.

Step 1: Emergency, lose of job no income.
Bills are due in 5 days.

Step 2: Post your domains for sale.
(only problem is the people spending big bucks on domains
are not around)

Step 3: You end up selling that $500 a month domain for $2500 to feed the kids and pay the bills.

Domains are not like stocks you cant call your broker and say sell and have cash in 5 days.

So i dont use my domains as a emergency bank account.

I would say keep adding to your portfolio till it has enough income to support you from monthly revenue in a time of need.

 

[britishbulldog]

Nice advice slim ! youre right is there anybody spending bigbucks on domains ?

 

[labrocca]

You need to kill that personal debt. At one point I was in the hole for about $220k+ now I am even again thankfully (except for mortgage). You should sell Elitemodels and try to get $20k+ for it. That should go directly into that personal debt. Then you should kill yourself to get rid of the rest. Nothing is better than waking up in the morning with zero debt. Just by making this thread you are making it known that it bothers you and it should. Making $3k per month isn't gonna help you get rid of $50k when you have kids and mortgage.

For me to get out of my debt I sold my business, sold my house, and moved to Vegas. I bought a BIGGER house, another car, 400 domains and sites, and I still have money. I paid all my debt off and now I don't even have a job and don't plan to get one either. Consider your situation and how you can change it. If you are making money on the web realize you could move to a cheaper area or another part of the country (or even another country).

 

[JMJ]

You folks really think the that US economy will crumble?

Seems to much like a doomsday theory to me. I can see the US currency appreciating in the near future, It probably depends on if the executive branch is Democratic or Republican in the upcoming term, if you look at it historically Democrats have curbed inflation, while Republicans have increased it. Its very systematic.

As for real estate - I can see a marginal drop - 20-30% at most, its just not feasible for any larger drops. 80% is insane - this isn't the depression.

I don't think it will crash but I think we have many years of things not being so good ahead and all of it has to do with the Bush administration. Social Security is pretty much no longer. Large corporations are slashing retirement and health plans like their cutting butter with a steak knife. My dad got a notice from his job of 16 years 6 months ago that he can no longer look forward to retirement and in addition they will no longer be paying any of his health premiums. This is from a 100+ year old American Company.

Moving their operations out of the country to save a few bucks while foreign corporations are moving in. Hundreds of billions of dollars going out of the country to foreign aid and/or to rebuild several countries when my son's school doesn't even have an airconditioner. I could go on and on..

I hate to be a pessimist but it brings back a discussion with a bunch of my coworkers the weeks leading up to the last election. Myself and mabey one other person were the only people who weren't gungho republican. At that time I was very insistant on the interest rate drops being a bad thing and It's turning out to be right. Another one of my arguments was regarding his lavish spending spree and tax cuts killing our economy and drasticly devaluing our dollar turned out to be right there aswell. None of them wanted to hear anything about it one even going as far as quoting everything he learned in economics class about how those two things would make the dollar greater.

 

[Edwin]

Forget the pipedream that the domains you own will bail you out - while there may be a little cash in them, you have to find more realistic ways of improving your situation. So long as - even in the back of your mind - you think there's a chance your domains are the key, you won't face your problems squarely enough.

I agree with the previous poster - do whatever you can to wipe out that personal debt. And if selling all your domains is part of that solution, that's the road to take. EliteModels.com might bring you $10,000 and perhaps another $5,000 for all the rest (with 90% of that being horror.tv) so that's a step in the right direction.

Good luck!

 

[Shaggy]

I would say keep adding to your portfolio till it has enough income to support you from monthly revenue in a time of need.

And then go into more debt. It cost money to make money, but money right now, BB doesn't have.

GET OUT OF DEBIT!!!! That should be your many concern. Don't buy more names, sell them. Find another job that you think you can make more money with. Have your wife find a fulltime job and not buy shoes. Limit what you get, your kids will understand later. Its the best feeling when you pay off your credit cards and bills. Then after you do that, you can then think about getting back into this biz. Keep your elitemodels, because that may help you. Do not sell it unless you get a good offer on it. Sell the other names that are not making you any money right now. Don't worry about your mortgage, you will always have that. Just take care of the 50k of personal debt.

Labrooca also had some good ideas, if you are willing to do that.

Final thought - GET OUT OF DEBIT!!!

 

[labrocca]

If elitemodels is making $500 per month then he should be able to get $20k imho. Maybe even more. It's a strong name in a good field. How can you say that it's only worth 10x monthly revenue or LESS?

 

[friday]

I think you should develop the domain elitemodels.com a bit more.

Get some help and start making some real money from the site, you should be able to make a lot more than you get right now if you reworked the site. Contact DNF In house for a quote to redesign the site, add more pages/content and add a module like this for aspiring models to showcase e.g. http://demo.modelnetwork.com/submit.cfm. For $200-$400 you should be able to make multiples of what you do right now in a year or so. Also, try selling an ebook on 'how to be a model' on the site. g/l

I have unsecured personal debts of £50k and a mortgage of £170k,i have a house worth £225k with income of £3k a month gross.I have two children to fee and a expensive wife ! who likes shoes !

I have the following decent domains :

Get.tv
Horror.tv
Sextext.com
Sex-text.com
Cheaphotel.net
Clickpoker.com
Clickcasino.com
downloadringtones.co.uk

Revenue and traffic minimal !

Oh i have "elitemodels.com" bringing in $500 a month on a simple adsense site not spending a penny on advertising,just through pure type ins with 12k uniques a month !

These are probably the best i have,the other 100 are probably worth between $10-$200.

Should the sh*t hit the fan could these bail me out ? and if so by how much ?

All opinions appreciated ! Thanks !