Cullen and Katie: Drowning in debt, parenting is inept | Part #24

Unread post by **rosie_dalia** » Wed Jan 15, 2020 3:27 pm

Selling the house and car won't likely get them out of debt unless they are moving in with her parents and only relying on one car. I think the only other car they have is Katie's Mercedes and isn't that pretty old??

They'll likely purchase another car and they'll have to pay rent or a mortgage on a new place. They won't be walking away from the sales with loads of cash. Honestly, it seems like they'll be lucky to break even on the house and car and they'll STILL have loads of other debt—including upcoming taxes. They also have regular bills every month and kids are expensive.

I really believe they thought YT would just keep growing. I'm curious how much they made in their peak year (2016?)...it must have been a lot!!!

What a mess! They squandered everything away!!! They didn't even have student loans and lived for FREE at her parents' house for several years. Most adults don't have even those "luxuries"!

I'm thinking they still don't understand money. They're probably going to be in debt for years.

Glad I'm not them.

[Also, how did they just discover Aldi? That place is THE BEST!]

Unread post by **chloe6124** » Wed Jan 15, 2020 3:32 pm

brittknee wrote:
chloe6124 wrote: ↑Wed Jan 15, 2020 2:20 pm They said they weren’t blaming anyone. I think they are just trying to tell what their mindset was at the time.

What I meant is that is why they probably feel they don’t need second jobs. I have seen people in far worse shape call into Dave Ramsey. The car and house sold will knock most of that debt out. It’s bad but not as bad as it could be.
He had to sell an iMac computer for $800 to feed his family and that’s not bad? We must be watching different videos than one another.

I meant because the house and car can be sold it could be a lot worse. That knocks a lot of this debt out. The big question is why is the house taking so long to sell. Even though they said they got a good deal they must of overpaid. It is a beautiful home.in a nice area so it surprises me it’s taking so long. They do need side jobs at least until the car and house is sold.

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Wed Jan 15, 2020 3:42 pm

I wonder if they will give a break down of their average monthly income to give viewers an idea of how quickly they could possibly pay off the credit cards. I can't imagine spending so much and going so far into debt with two children dependant on you. They won't be able to responsibly pay any college tuition if they don't have anything saved in retirement. And they have zero personal savings.

When you live paycheck to paycheck, you are always one emergency away from credit card debt, or ultimately bankruptcy. A vet bill, a hospital stay, a broken AC. Shit happens, which is why people have savings, especially with young children. They act like they were so put upon, but those are the kind of expenses everyone deals with at some point.

They act like selling their electronics and other possessions for Christmas presents and groceries will somehow be sustainable. These are likely purchases they put on credit cards in the first place and they are paying interest on it. If they continue making the minimum payments, they will never pay off the debt because the interest will accumulate fast. And instead of selling the items to pay off the credit cards, they are selling stuff to buy more unnecessary stuff (Christmas presents) and some necessary daily expenses, like food, that their monthly income should be covering if it wasn't going towards debt that they could already be defaulting on.

Unread post by **brittknee** » Wed Jan 15, 2020 3:46 pm

chloe6124 wrote: ↑Wed Jan 15, 2020 3:32 pm
brittknee wrote:
chloe6124 wrote: ↑Wed Jan 15, 2020 2:20 pm They said they weren’t blaming anyone. I think they are just trying to tell what their mindset was at the time.

What I meant is that is why they probably feel they don’t need second jobs. I have seen people in far worse shape call into Dave Ramsey. The car and house sold will knock most of that debt out. It’s bad but not as bad as it could be.
He had to sell an iMac computer for $800 to feed his family and that’s not bad? We must be watching different videos than one another.
I meant because the house and car can be sold it could be a lot worse. That knocks a lot of this debt out. The big question is why is the house taking so long to sell. Even though they said they got a good deal they must of overpaid. It is a beautiful home.in a nice area so it surprises me it’s taking so long. They do need side jobs at least until the car and house is sold.

I understand what you’re saying

I think the house isn’t being sold because it’s a $600,000 home that doesn’t necessarily look like other $600,000 homes in that area. For that price in that area that house needs a lot of updating.

Unread post by **lmmomSD** » Wed Jan 15, 2020 3:51 pm

chloe6124 wrote:
brittknee wrote:
chloe6124 wrote: ↑Wed Jan 15, 2020 2:20 pm They said they weren’t blaming anyone. I think they are just trying to tell what their mindset was at the time.

What I meant is that is why they probably feel they don’t need second jobs. I have seen people in far worse shape call into Dave Ramsey. The car and house sold will knock most of that debt out. It’s bad but not as bad as it could be.
He had to sell an iMac computer for $800 to feed his family and that’s not bad? We must be watching different videos than one another.
I meant because the house and car can be sold it could be a lot worse. That knocks a lot of this debt out. The big question is why is the house taking so long to sell. Even though they said they got a good deal they must of overpaid. It is a beautiful home.in a nice area so it surprises me it’s taking so long. They do need side jobs at least until the car and house is sold.

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It's not selling because it is a big dated overpriced behemoth. And there are nicer updated houses in the same neighborhood for $200K less and some $300K less. That's why it was such a stupid purchase. Even when they bought it, there were houses for sale in the neighborhood for MUCH less.
It may be "nice", but there's one house for $300-someK where the current owner is offering a $5000 "decorating allowance". It's not going to sell until someone just falls in love with it and doesn't care about money. And there aren't many people like that...
And if they are saying that they "got a good deal", they must have been high when they bought it, lol. Maybe some of the price got knocked down, but it wasn't a "good deal"
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Unread post by **chloe6124** » Wed Jan 15, 2020 4:02 pm

lmmomSD wrote:
chloe6124 wrote:
brittknee wrote: He had to sell an iMac computer for $800 to feed his family and that’s not bad? We must be watching different videos than one another.
I meant because the house and car can be sold it could be a lot worse. That knocks a lot of this debt out. The big question is why is the house taking so long to sell. Even though they said they got a good deal they must of overpaid. It is a beautiful home.in a nice area so it surprises me it’s taking so long. They do need side jobs at least until the car and house is sold.

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It's not selling because it is a big dated overpriced behemoth. And there are nicer updated houses in the same neighborhood for $200K less and some $300K less. That's why it was such a stupid purchase. Even when they bought it, there were houses for sale in the neighborhood for MUCH less.
It may be "nice", but there's one house for $300-someK where the current owner is offering a $5000 "decorating allowance". It's not going to sell until someone just falls in love with it and doesn't care about money. And there aren't many people like that...
And if they are saying that they "got a good deal", they must have been high when they bought it, lol. Maybe some of the price got knocked down, but it wasn't a "good deal"
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So that begs the question how did it get appraised for the amount it did to allow them to get a loan . Sounds like they got ripped off in price if other houses are cheaper in the neighborhood. If that’s the case it will never sell without taking a couple hundred thousand hit. They may end up in foreclosure if that’s the case. That might be the only way to get rid of it.

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Unread post by **chloe6124** » Wed Jan 15, 2020 4:03 pm

Anyone know the price history of that house and how much previous owners paid?

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Unread post by **Lovethesnark** » Wed Jan 15, 2020 4:09 pm

Nothing about that house was a good deal. It had been put on the market a few times and was eventually taken off because no one wanted it. Did they even pay attention to the other homes in the neighborhood? There should have been other homes on the block in the same price range, but that one was the only one that was over $600K and it needed major updates.

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Unread post by **lmmomSD** » Wed Jan 15, 2020 4:12 pm

chloe6124 wrote:Anyone know the price history of that house and how much previous owners paid?

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Here's the price history from Zillow, if that's trustworthy

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Unread post by **chloe6124** » Wed Jan 15, 2020 4:15 pm

So it seems the house then is worth the price they are trying to sell it for. I know they say the higher the price of a house the longer it takes to sell because there are fewer buyers with the bigger price tag.

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Unread post by **rosie_dalia** » Wed Jan 15, 2020 4:15 pm

chloe6124 wrote: ↑Wed Jan 15, 2020 4:03 pm Anyone know the price history of that house and how much previous owners paid?

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C&K bought it for $640K and the last recorded sale (former owner) was also $640K the year before. They have it listed for $620K, but they'll probably be lucky to get $600K. Then there are the Realtor fees and closing costs, etc., so they'll be lucky to get $550K-$560K after the sale is finalized.

When they were talking about getting "a good deal," I'm pretty sure they meant their LAST house. Not this one.

Unread post by **Em1899** » Wed Jan 15, 2020 4:17 pm

What was so wrong with the last house?

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Unread post by **rachelmomma3** » Wed Jan 15, 2020 4:20 pm

I’m sure there are so many youtubers just as bad if not worse with their finances. The sad part is all these “family vlogs” are blowing every cent on themselves and have nothing saved for their kids! Which without those kids most of these greedy assholes wouldn’t even have channels- I’m looking at you britneyandbaby, jessfam, & dailybumps!

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Unread post by **rosie_dalia** » Wed Jan 15, 2020 4:37 pm

By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

Unread post by **lmmomSD** » Wed Jan 15, 2020 4:41 pm

Bottom line though, is that it's only "worth" what someone will pay for it. And it's overpriced for the neighborhood. That's the biggest mark against it. There are nicer homes in their neighborhoods for less. And if someone wants to spend that kind of money on a house, there are ones available that don't need as much updating.

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Unread post by **brittknee** » Wed Jan 15, 2020 4:49 pm

chloe6124 wrote: ↑Wed Jan 15, 2020 4:02 pm

So that begs the question how did it get appraised for the amount it did to allow them to get a loan . Sounds like they got ripped off in price if other houses are cheaper in the neighborhood. If that’s the case it will never sell without taking a couple hundred thousand hit. They may end up in foreclosure if that’s the case. That might be the only way to get rid of it.

From my experience it also has to do with how the market was doing at the time of the purchase of their home. The value of their home and the area they are currently it could have gone down in the few years they've lived there.

Unread post by **lmmomSD** » Wed Jan 15, 2020 4:50 pm

Em1899 wrote:What was so wrong with the last house?

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That's exactly what I wonder. They said they only planned to be in it for 5 years. And when 5 years were up, boom! Gotta sell it. It wasn't that bad a house. The high deck was an issue, but the kids weren't going to be little forever. And it wasn't that bad, I thought. But Katie is still saying that they need a bigger house than the old one. And wasn't it 2700 SF? How much crap do they have?
I think they got a bug up their butts to move because Kelley and Jay bought their house, and Bryan and Missy bought their big house and E&J built the ice palace, and they just _had_ to get a big fancy house too.

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Unread post by **Boymomma123** » Wed Jan 15, 2020 4:55 pm

They were talking about the old house being a great deal when they bought it not the current house.

Yes, the house is worth 600,000, probably because of the square footage. It is one of the larger homes in the neighborhood that have been for sale. However, there are other houses currently for sale in that country club that are just as nice and cheaper. So if someone just simply wants to live in that neighborhood why would they pick the most expensive one that potentially needs the most work? They just admitted for the whole world to hear that the AC unit broke 6 months ago and Cullen "fixed" it. I am sure he did fix it but if it is an older unit I am sure if will need replaced soon. Just because a house is "worth" a certain amount does not mean anything until someone is willing to pay it.

I just can't believe all of the red flags there were during their buying process that they just ignored. I do take some satisfaction knowing that we were all right here. We knew they couldn't afford that house and non of their lifestyle choices made sense.

I really used to like them, I found them through their videos talking about their miscarriages when I was going through my own. They used to be relatable and not like all of the other family channels. I feel bad for the kids.

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Unread post by **Lovethesnark** » Wed Jan 15, 2020 4:57 pm

rosie_dalia wrote:By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

Maybe they intended to put some of that money into renovations for the house, but spent it on stupid shit before the renovations happened?

Unread post by **Groovynik** » Wed Jan 15, 2020 5:04 pm

They bought furniture and are surprised at the price? hello?! don't you ask what the price is before you buy the damn thing? Hindsight's 20/20 but c'mon now and he wants to get rid of the fish tank because it's a part of what's adding to their debt? so now the fish have to die because you didn't have the brains not to buy a 20 gallon tank? and my favorite is the letter from the government for 2,000 dollars, you seriously don't have 2g in the bank to just get the IRS off your back? Sell the Mom wagon that oughta put some change in your pocket..I wouldn't be surprised if Grandberry hadn't been footing the bills for the past year ..