DSP's Loan & Savings Company

[This+]

What do you mean renting? He "owns" it as in took out a loan for the property. He doesn't "rent" it.
When he took out the loan it was for $120k
Now the property is worth $60k

So he still owes $120k (minus what he has paid off over 10 years, which is assumed to not be a great amount). His only option is to sell it at a huge loss. The problem is the bank will not allow the sale. So his only real option is to stop paying the loan, in which case the property gets sold by the bank and he still has to pay off the entire loan.

I think he meant renting out the house to other people.

While that makes some semblance of sense, why would he even fucking still be renting out a house he doesn't live in and hasn't lived in for years, I haven't followed him all that much recently but has he ever gave a reasoning for that at all?

He did rent it out to his aunt for a while but for some reason that I can't remember she stopped staying there (I think he said it was because of her health or something like that).

 

[Gout of Redemption]

What do you mean renting? He "owns" it as in took out a loan for the property. He doesn't "rent" it.
When he took out the loan it was for $120k
Now the property is worth $60k

So he still owes $120k (minus what he has paid off over 10 years, which is assumed to not be a great amount). His only option is to sell it at a huge loss. The problem is the bank will not allow the sale. So his only real option is to stop paying the loan, in which case the property gets sold by the bank and he still has to pay off the entire loan.

I never knew he owned the property at all, I always thought he rented it and when he moved he just wouldn't stop paying the rent of it for some reason.

 

[NiggoPls]

I never knew he owned the property at all, I always thought he rented it and when he moved he just wouldn't stop paying the rent of it for some reason.

How do you even come to that conclusion with all the information available here? The fact that Phil owns two properties he's still paying for comes up on nearly every other page in the general DSP thread.

 

[funny games]

First time poster. But I gotta believe he either VASTLY exaggerates his financial difficulties or he has something in his back pocket for the future.
Best case scenario for him if you take him at his word is simply maintaining...but even maintaining leaves zero for the future.
I think he does this for as long as he can and then plays the card that he’s been saving. Optimistic...I know.

 

[Pablo Birmingham]

What do you mean renting? He "owns" it as in took out a loan for the property. He doesn't "rent" it.
When he took out the loan it was for $120k
Now the property is worth $60k

So he still owes $120k (minus what he has paid off over 10 years, which is assumed to not be a great amount). His only option is to sell it at a huge loss. The problem is the bank will not allow the sale. So his only real option is to stop paying the loan, in which case the property gets sold by the bank and he still has to pay off the entire loan.

A very loose estimate on what Dave owes based on 10 years, 3% down payment for FHA, and using 2008 interest rates of 6.5%.

Spoiler

 

[Christopher Alyre Fleming]

First time poster. But I gotta believe he either VASTLY exaggerates his financial difficulties or he has something in his back pocket for the future.
Best case scenario for him if you take him at his word is simply maintaining...but even maintaining leaves zero for the future.
I think he does this for as long as he can and then plays the card that he’s been saving. Optimistic...I know.

Shortly after he moved to Renton when he was still doing pretty well on YT, he stated multiple times that his savings had been "completely wiped out" on the down payment, moving expenses & cost to furnish his new place. He even took out loans to finance a portion of furnishing his new place. Back then he really had no reason to lie so I believe him when he says he has no savings.

 

[JamFlowMan]

Something from long ago popped into my head today. Don't remember when he said it, it may have been on an Ask the King episode, but I swear Phil once said he charges his taxes to credit cards.

So, with the way he is really hammering this shit into his fan's heads, even putting a notice on his weekly schedule, has he already paid his taxes with a credit card and just running a usual scam, or could he not be able to use credit and that is why he is so desperate for money? Recently he said the bank denied him something with his house, either refinance or take out a mortgage, because of how poor his credit was. Unfortunately all of this info came from Phil so who knows what is true and what isn't. Just thought it was worth a discussion.

 

[actually]

I think he just knows that screaming "TAXES" in December got him $10k, and he's banking on being able to do it again. I suspect his "POOR ME" birthday totally-not-a-fundraiser stream will be done with a similar goal in mind.

 

[Sparkletor]

Phil's current car: did he buy it or lease it?

 

[actually]

Said he bought it, I think.

 

[James Smith]

Since I think the days of last minute whale pledges are over, especially considering he's not suspended anymore:

As far as I can tell this month's Patreon pledges will get him around $876.11 at midnight.

• He gained 10 Patrons worth $75.73
• He lost 15 patrons worth $115.38
• He got 5 one-time pledges worth $15.14

All said and done he walked away making about $120 less than last month.

EDIT: He got one last-minute $1 pledge that he took about $0.89 from right away, and got charged at the beginning of the month too for another $0.89.

As far as I can tell this month's Patreon pledges will get him around $877.89 at midnight.

• He gained 10 Patrons worth $76.62
• He lost 15 patrons worth $115.38
• He got 5 one-time pledges worth $15.14

 

[James Smith]

DSP seems to have lost 9 patrons worth $65.59 day one this month.

 

[Raven'sChild]

His newest scheme to raise money is begging his YouTube viewer send him Tips. He put a link to his Twitch Tips page in the description of his latest Week In Preview video on YouTube which he directed those viewers who do not go to his Twitch streams to use to send him Tips via the application... as well as having stream viewers send tips while he not streaming.

 

[Pure Snort]

DSP seems to have lost 9 patrons worth $65.59 day one this month.

Day one is where Patreon processes payments for the current month I believe, so this is where large chunks of money disappear due to payments bouncing or last months patrons dropping support at some point. It'll probably go up a few days again for the bounced payments, but overall looks like he's bleeding patrons in the past couple of months.

 

[James Smith]

Day one is where Patreon processes payments for the current month I believe, so this is where large chunks of money disappear due to payments bouncing or last months patrons dropping support at some point. It'll probably go up a few days again for the bounced payments, but overall looks like he's bleeding patrons in the past couple of months.

Nah. He used to have patrons with declined cards during the first day who were later successfully charged. Anymore they don't end up fixing their cards or they're just cancelling.

 

[gobbogobb]

Nah. He used to have patrons with declined cards during the first day who were later successfully charged. Anymore they don't end up fixing their cards or they're just cancelling.

You mean mommy found out and reversed the charges.

 

[Haunter]

So, trying to understand the confusing (at least to me) bullshit surrounding Phil's Business Tax thing, I came up on Washington State's Voluntary Disclosure Program, which "encourages unregistered businesses to comply with Washington tax laws and to voluntarily register and pay prior tax obligations". The penalties for Phil's "four years plus the current year" of unpaid business taxes would "either be partially or fully waived".

If he indeed wasn't registered as a business as he claims, because his CT tax guy told him not to, then his new tax guy, that Phil pays "thousands of dollars to", would point this out right?
https://dor.wa.gov/doing-business/register-my-business/voluntary-disclosure-program

(Also, glancing over this explanation of how a taxes are collected from a delinquent account puts Phil's "all-of-a-sudden-out-of-nowhere-shaken-down-by-the-taxman" story to shame).
https://dor.wa.gov/file-pay-taxes/late-filing/delinquent-tax-collection-process

 

[Sparkletor]

What is the housing market like in Phil's area? If he hypothetically had to sell his house to pay taxes how long do you speculate it would take?

I find the "lose my house" reasoning very questionable. If Phil was really in such dire straits there are many options before selling his house.

 

[actually]

What is the housing market like in Phil's area? If he hypothetically had to sell his house to pay taxes how long do you speculate it would take?

I find the "lose my house" reasoning very questionable. If Phil was really in such dire straits there are many options before selling his house.

The "lose my house" excuse is abject bullshit. He would have to actively not pay for quite some time before they went after the house. It's interesting to note that he's already starting to lay the payment plan groundwork by briefly mentioning it. So come April 15th, 17th, or whatever date he decides, it'll be "Christmas miracle come early, we did it guys, I'm keeping the house, my attorney got me on a payment plan!" followed by "But I still need your help to just barely make these payments."

 

[Christopher Alyre Fleming]

What is the housing market like in Phil's area? If he hypothetically had to sell his house to pay taxes how long do you speculate it would take?

Phil got incredibly lucky & purchased that place in Renton just at the start of a Seattle housing boom. The Pacific Northwest has had the hottest real estate market in the country over the past several years. Phil purchased his condo for $265k in early 2014. Since then, identical condos in that same development have sold for well over $300k.

Now, Phil has been trying to refinance his mortgage in order to payoff his revolving debt, but the bank won't work with him because his income to debt ratio is shit. Despite what other detractors think, I believe Phil is just barely treading water between his 2 mortgages, "business" loans & credit card debt, car payment, $400 internet etc. It is possible that a $5k tax bill could break his very tenuous balancing act.

If he sells, I believe he would make a tidy profit with a very short turnaround. He doesn't want to sell now though because he's hoping the value of that condo will continue to rise substantially in the next 3 - 5 years to the point where he can pay off everything. He's banking on that condo in to pay off all his debts as well as the Connecticut place. That's why he's so worried about having to sell now. I'm convinced all Phil's plans hinge on selling that place in 3 - 5 years for a huge profit.