DSP's Loan & Savings Company

[Waveysauce]

There's been a whole lot of discussion regarding the CT condo rental saga and his decision to not rent it out. Realistically, renting it out does seem to actually cause more problems than it solves. Unless he rents it directly to someone he personally knows (like his Aunt) its not always easy to just rent out a property just so you can say you've done it.

There are numerous liability issues attached if things went bad and because its in a poor neighborhood without many rent management companies, its not necessarily as simple as people think it might be.

You could pretty much write about a book about how unfortunate that CT condo is. Purely for the sake of being fair and trying to be somewhat impartial, there are actually reasons you wouldn't or couldn't easily rent out a property, especially if you didn't live nearby or have a reputable person watching over it in your absence.

People do make bad decisions and DSP is not the first or last person to get stuck with an unwinnable property, especially when you consider it wasn't purchased with the idea of being an investment/rental property to begin with.

There's plenty of valid criticism to be had about how he's handled it over the years, but there are many situations in which people can and do get stuck with properties that are nothing more than a hole in their bank accounts.

do we have any idea how much longer he has on the lease? or what the actual truth of the situation is and how he can get out of it

 

[AkAuZtIk]

"We're just going keep going, business as usual, there's no reason for me to keep harping on this anymore. Tax season is over."
End of the year is when we're going to bring this back up (Christmas begathon part 2?), he doesn't want people bringing it up anymore.

This is... a little bizarre, given the financial situation he is describing. He also just seems nonchalant about the whole thing.
So basically, he IS pulling the plug on the tax thing, and gunning for a massive wave of donations at Christmas again. I guess he figures that's the only time he can actually blitz for donations?

None of this is adding up. I'm starting to wonder if he is already planning on selling the house, and now he's just going to wring as much money out of this as he can.

Quite honestly he better be planning to sell the house now. It seems like DSP has now hit the point where he can no longer continue to limp along. Previously he has said he pays his tax payments with credit and must be all out of that. He is no longer treading water, he is sinking. He has the ability to not completely fix everything right away but at the very least drastically improve things quickly. He should be talking to his banks and realtors about how he can sell the WA house and then the CT using the 80k from the WA house to payoff the part he is underwater on the loan. There would be a glorious rant somewhere in here about capital gains tax on the home sale and how unfair that is, this might be countered by the loss on the CT house, not sure how that works, probably needs to happen in the same tax year though too.

This would get him out of the CT house and free up something in the area of 1000 per month in cash flow that he is throwing at that thing every month. Sounds like he would have a bit left over to put towards the tax debt or other general debts. At that point he could do whatever the hell he wants, live where ever he wants. He would probably be smart to find a cheaper city to live in, rent a 2 bedroom apartment at likely less than he is paying per month for the WA house. Get things in order over the course of a year maybe and be in much better shape than he is now. He doesn't even have to change jobs, he can continue to stream games everyday. DSP doesn't have an income problem he has a spending problem.

This or something close to this is what he should be researching right now, do I think he is doing any of this, no.

I said this a few pages back, but just wanted reiterate. He does get some penalty for not paying his business taxes quarterly, but you definitely can without the IRS even giving you a second thought as long as you do pay it all at the end of the year(so next year April). The penalty is not that much and very manageable. He is most definitely tard cumming his contributors by even suggested that he HAS to pay it up front.

He can also file an extension and delay paying his federal this year till october. So if any of what he says about not being able to pay is true, you probably won't see anything "hit the fan" till after October. Or if he goes on a payment plan, then next year this time.

 

[RobVC3]

View attachment 422296


Phil also said he will never mention tax situation during his pre-stream/plug section, but we all know that's just another lie

Also Phil revealed the ULTIMATE SOLUTION to his tax problem:

Spoiler: You Guessed It

View attachment 422297

Was that today?

 

[Authentic Sauce]

do we have any idea how much longer he has on the lease? or what the actual truth of the situation is and how he can get out of it

Its not a lease he bought the house, has about 20 years left on the mortgage. Owes about 100k on it and claims it is worth 60k, if he sold it he would have to bring a check for 40k to the closing.

He can also file an extension and delay paying his federal this year till october. So if any of what he says about not being able to pay is true, you probably won't see anything "hit the fan" till after October. Or if he goes on a payment plan, then next year this time.

He could delay payment, I see it like this though. If he doesn't have the 4k now how is he going to have the 12 to 16k months from now, its clear he has never put money aside for taxes. Something has to change, either more income, seems unlikely, or lower expenses, he seems in capable of doing that. If he waits for it to hit the fan in October he will have to scramble to sell house, he would be better off getting it in order now and start moving forward. Going on a payment plan or waiting to pay at the end of the year just delays dealing with the problem and makes it a bigger problem for him.

 

[johnny5150]

Phil relying on new releases to save him isn't the smart thing to do. far cry 5 was a hype game and it did very little to phil's money situation .

 

[N0thingICanDo]

Was that today?

Ya its at the beginning of the stream, Phil had 415 to begin the day and counted he had 6 new subs during his hour long prestream and claimed that it makes no sense by the end of prestream when he went to update the number it was only 417, little does he know that 4 of those 6 subs were renewed subs but Phil is too street smart to comprehend that

 

[Faded]

Phil relying on new releases to save him isn't the smart thing to do. far cry 5 was a hype game and it did very little to phil's money situation .

It's almost as if. The thing that sells you. THe thing that people come for. Is how you present yourself and act 24/7. It's like they are buying into you as a person. As the entertainer for whenever they need entertaining.

Not just "x game here". For 4 hours.
(And the rest of the stuff, outside of the gameplay doesnt matter.... lol)

 

[N0thingICanDo]

Question:
WHICH ONE IS IT?

Phil's Answer:

Spoiler: This Shocks Me

I BET YOU DIDNT SEE THAT cahming, Ackackack

 

[Waveysauce]

Its not a lease he bought the house, has about 20 years left on the mortgage. Owes about 100k on it and claims it is worth 60k, if he sold it he would have to bring a check for 40k to the closing.



He could delay payment, I see it like this though. If he doesn't have the 4k now how is he going to have the 12 to 16k months from now, its clear he has never put money aside for taxes. Something has to change, either more income, seems unlikely, or lower expenses, he seems in capable of doing that. If he waits for it to hit the fan in October he will have to scramble to sell house, he would be better off getting it in order now and start moving forward. Going on a payment plan or waiting to pay at the end of the year just delays dealing with the problem and makes it a bigger problem for him.

I am so damn curious why he bought it at that price in the first place... seriously WTF? Copped that much price wise in a low end market in a shitty area? Its almost as if he saw it and determined it was good enough for him to live the next couple decades in

 

[DarkSoulsPhil]

I am so damn curious why he bought it at that price in the first place... seriously WTF? Copped that much price wise in a low end market in a shitty area? Its almost as if he saw it and determined it was good enough for him to live the next couple decades in

Especially since renting is a very viable option in markets that are at their peak. Australia has a huge housing problem where youth can't own houses so they rent. When the market comes crashing down, they can then get into the housing market with prices that have dropped.

Phil could have rented the condo, since it was close to work and possible for him to stream from for a year or two to save, THEN buy a house. Especially with some market research but then again thats very unlike Phil.

 

[Authentic Sauce]

I am so damn curious why he bought it at that price in the first place... seriously WTF? Copped that much price wise in a low end market in a shitty area? Its almost as if he saw it and determined it was good enough for him to live the next couple decades in

Seems like an early example of DSP letting his ego drive bad decisions and being ignorant of a topic. To be fair to him, DSP is not the first and will not be the last person to pay too much for a home and be upside down on it. What I find most curious is that he does not appear to have learned from this. His current plan seems to bank on holding the WA house and for it to continue to go up in value. The CT condo is a first hand example for him that housing does not rapidly go up forever, it can and will correct. His ego makes him think selling the WA house would be him losing, honestly it would be a win, he's just too blind to see it.

 

[OneDaySon]

Selling the house isn't even that bad of a thing. It's too big for him anyways, its a money drainer for him, he doesn't need an "office" for his "work" and his maid certainly doesn't need an "office" I mean Leanna needed that room as an office more than her, all she does is literally play Overwatch in it. They can downsize to a home or apartment that they can afford and has a decent number of rooms for them. Plus as revealed in that one leaked video, if he sells his house he gets a lot of money. Certainly enough to find somewhere else to live and pay off all his taxes.

Really the only bad thing about selling the house is that he sees it as a "defeat" which is really fucking dumb because apparently he doesn't see using his birthday to beg for money as a defeat at all.

 

[Raven'sChild]

I am so damn curious why he bought it at that price in the first place... seriously WTF? Copped that much price wise in a low end market in a shitty area? Its almost as if he saw it and determined it was good enough for him to live the next couple decades in

Indulge me as I attempt to delve into the mind of DSP... *insert swirly animation*
1) This Khando is close to my job at the sleazy mortage lender *cough* I mean Best Buy *cough* I mean my Customer Service Rep job at the company that sold helicopter parts *cough* where I helped the company via my 'Continuous Improvement training' sell helicopters.
2) o0oo this place has literally doubled in value. If I buy it now, I can make a bundle selling it in a few years when it has quadrupled in value. It couldn't possibly be a housing bubble like the tech bubble//energy bubble/stock bubble/mutual funds bubble that all recently burst. I'll also accept all these low, low introductory rate credit cards because what could possibly go wrong? I have a Business degree in Finance after all.
3) Huh, I'm underwater on my mortgage on my Khnado. Re-finance using some of the help the government is offering folks who bought over priced real estate with bad mortgages due to all that predatory lending I should know all about seeing as how I worked at such a place and put folks into mortgages I knew they could not afford? Nah... I'll move all the way to the other side of the country and buy a town home in a gated community in a State that has one of the fastest rising real estate prices in the country without doing any research what so ever as long as my accountant *cough* Tax Attorney assures me this State doesn't have a person income Tax. My febble, aged aunt is going to foot the bill for my Khando forever and ever until it's paid off. It's all gravy after that. It's not like I can plan on some magical inheritance from my parents after all. Best to buy a Lottery Ticket every week.

 

[grump]

There's been a whole lot of discussion regarding the CT condo rental saga and his decision to not rent it out. Realistically, renting it out does seem to actually cause more problems than it solves. Unless he rents it directly to someone he personally knows (like his Aunt) its not always easy to just rent out a property just so you can say you've done it.

There are numerous liability issues attached if things went bad and because its in a poor neighborhood without many rent management companies, its not necessarily as simple as people think it might be.

You could pretty much write about a book about how unfortunate that CT condo is. Purely for the sake of being fair and trying to be somewhat impartial, there are actually reasons you wouldn't or couldn't easily rent out a property, especially if you didn't live nearby or have a reputable person watching over it in your absence.

People do make bad decisions and DSP is not the first or last person to get stuck with an unwinnable property, especially when you consider it wasn't purchased with the idea of being an investment/rental property to begin with.

There's plenty of valid criticism to be had about how he's handled it over the years, but there are many situations in which people can and do get stuck with properties that are nothing more than a hole in their bank accounts.

I don't buy not being able to get rid of it. Theres always foreclosure if he's in as dire a situation as he wants us to believe and theres almost always better options available than foreclosure.

 

[Raven'sChild]

I still stand by my speculation that his parents helped him buy that CT condo by co-signing the loan, giving him the down payment and then paying the mortgage payments for an uncertain number of months/years after he got laid off. He seemed pretty laid back in that video where he talks about having just lost his job and going to give being a 'full time YouTuber' a try back when doing this for a living was unheard of. This is a newly unemployed guy with a $1,500/ month mortgage (it has been assumed) plus utilities, car insurance and groceries ( aka take out ). He goes on to buy every new release at $60+/- a pop BEFORE landing his Machinima Pay-per-View contract with seemingly no cares in the world.*
* https://www.youtube.com/watch?v=So7wLuuDiHA Start @8:27 where Phil lost his job, applied for Adsense, lost it, went ot blip.Tv, got kicked, then got picked up by Machinima in March, 2011. All these upheavals and no panic about his fiances. Sept. 2017...Panic! #Safe tha House! with little to no mention of saving the CT Khando. I venture his parents still pay that bill or part of it and THAT is why he doesn't sell, because he can't!

 

[BrunoMattei]

I still stand by my speculation that his parents helped him buy that CT condo by co-signing the loan, giving him the down payment and then paying the mortgage payments for an uncertain number of months/years after he got laid off. He seemed pretty laid back in that video where he talks about having just lost his job and going to give being a 'full time YouTuber' a try back when doing this for a living was unheard of. This is a newly unemployed guy with a $1,500/ month mortgage (it has been assumed) plus utilities, car insurance and groceries ( aka take out ). He goes on to buy every new release at $60+/- a pop BEFORE landing his Machinima Pay-per-View contract with seemingly no cares in the world.*
* https://www.youtube.com/watch?v=So7wLuuDiHA Start @8:27 where Phil lost his job, applied for Adsense, lost it, went ot blip.Tv, got kicked, then got picked up by Machinima in March, 2011. All these upheavals and no panic about his fiances. Sept. 2017...Panic! #Safe tha House! with little to no mention of saving the CT Khando. I venture his parents still pay that bill or part of it and THAT is why he doesn't sell, because he can't!

It's certainly possible. I've said it before and I'll say it again, Phil has always been coddled by his parents.

 

[Christopher Alyre Fleming]

It's certainly possible. I've said it before and I'll say it again, Phil has always been coddled by his parents.

I looked up his parent's residence & it's clear they are not wealthy people with thousands in the bank to give their NEET son every time he's in a bind. I would feel like garbage if my senior citizen parents had to give me money all the time cause I refuse to properly plan & manage my finances.

 

[Raven'sChild]

I looked up his parent's residence & it's clear they are not wealthy people with thousands in the bank to give their NEET son every time he's in a bind. I would feel like garbage if my senior citizen parents had to give me money all the time cause I refuse to properly plan & manage my finances.

They are old enough to have paid of the 'family home' and thus be able to help pay a portion of their son's CT Khando...which they may or may not be invested in or tied to as having co-signed the mortgage. ALso I am sure he tells them he is in dire straight financial and can't afford the entire bill after the Aunt, who has since pasted away is not longer taking up the slack.

 

[Waveysauce]

I still stand by my speculation that his parents helped him buy that CT condo by co-signing the loan, giving him the down payment and then paying the mortgage payments for an uncertain number of months/years after he got laid off. He seemed pretty laid back in that video where he talks about having just lost his job and going to give being a 'full time YouTuber' a try back when doing this for a living was unheard of. This is a newly unemployed guy with a $1,500/ month mortgage (it has been assumed) plus utilities, car insurance and groceries ( aka take out ). He goes on to buy every new release at $60+/- a pop BEFORE landing his Machinima Pay-per-View contract with seemingly no cares in the world.*
* https://www.youtube.com/watch?v=So7wLuuDiHA Start @8:27 where Phil lost his job, applied for Adsense, lost it, went ot blip.Tv, got kicked, then got picked up by Machinima in March, 2011. All these upheavals and no panic about his fiances. Sept. 2017...Panic! #Safe tha House! with little to no mention of saving the CT Khando. I venture his parents still pay that bill or part of it and THAT is why he doesn't sell, because he can't!

wouldnt be too shocking.....at least 2-3 times in the past few years he admitted that he had to borrow a little bit from his parents

 

[johnny5150]

those tax papers are blank paper.