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  • June 11, 2008 at 4:01 PM #13012
    waiting hawk
    Participant

    Well this is a historic day for this bear of RE. First property is located in Hesperia CA (property is for my brother which I am buying for him while he puts over 50% down, no stated loan for him even with over 50% down, its been tough). House was foreclosed on for 300k and we picked it up for 120k. He loves it and perfect for his business selling motorcycle parts (mainly overseas with our dollar being cheap) He stops paying I will throw his ass out for a 50k remaining loan lol (I am only one of title). This house is move in ready.

    Other property is MINE. We just sent in their counter (greedy ass banks). Property is a 2nd home (cabin in Arrowhead). Foreclosed on for 230k and we got it for 117k. This is only going 30% down. Both we gotten even lower from list price. Having a realtor that specializes in foreclosures helped negotiating with these stubborn banks. It was a hell of a battle (lots of cuss words used on my part) and I think the wife hates me now talking about it all day, night, evening, morning. Now we only have about 1 more year for that primary (area still 100k to high but we gettin there).
    Feels strange buying a 2nd home while renting, but I have always been out there and strange anyways. When I close I will post a video (cabin got a view of the whole damn valley below) the lights at night are amazing. BTW we had to fight off all kinds of idiots by showing proof of funds and everything else to get them to go with us vs someone else that would not be able to close. Also using the listing agent on one of the properties help also (some other offers seem to go into the trash lol).
    I told him earlier that if any fall through we wait for fall/winter. There are to many knuckle heads out there this spring guys. Any good deal I saw, others we all over it. I was looking at one foreclosure in the mountains and friggin got stuck. While someone came and pulled me out 2 other different people were looking at the same foreclosure (I got pulled out and split it wasnt anything close to what I wanted).
    I will keep you posted.

    June 11, 2008 at 4:16 PM #221396
    cv2
    Participant

    This is amazing:

    $300K to $120K, -60%
    $230K to $117K, -50%

    I am curious why you are pulling the trigger now.

    In San Diego, I have not seen really good deals.

    June 11, 2008 at 4:16 PM #221514
    cv2
    Participant

    This is amazing:

    $300K to $120K, -60%
    $230K to $117K, -50%

    I am curious why you are pulling the trigger now.

    In San Diego, I have not seen really good deals.

    June 11, 2008 at 4:16 PM #221543
    cv2
    Participant

    This is amazing:

    $300K to $120K, -60%
    $230K to $117K, -50%

    I am curious why you are pulling the trigger now.

    In San Diego, I have not seen really good deals.

    June 11, 2008 at 4:16 PM #221500
    cv2
    Participant

    This is amazing:

    $300K to $120K, -60%
    $230K to $117K, -50%

    I am curious why you are pulling the trigger now.

    In San Diego, I have not seen really good deals.

    June 11, 2008 at 4:16 PM #221563
    cv2
    Participant

    This is amazing:

    $300K to $120K, -60%
    $230K to $117K, -50%

    I am curious why you are pulling the trigger now.

    In San Diego, I have not seen really good deals.

    June 11, 2008 at 4:23 PM #221568
    waiting hawk
    Participant

    I hear ya man. I always said on my website over the years, “when the numbers work great, I am buying). Numbers are great on “few” properties out there. Now I still hope the market crashes further cause I still neeed a primary lol. My thinking is this, I can easily lose 20-40k in a cabin (that would be about 1995 prices if that played out), but there is no way in hell I can be smiling with a 100-200k loss from my primary. There are so many foreclosures that are not even listed yet. Plus never forget that IE and San Diego are night and day. IE might as well be Phoenix.

    June 11, 2008 at 4:23 PM #221548
    waiting hawk
    Participant

    I hear ya man. I always said on my website over the years, “when the numbers work great, I am buying). Numbers are great on “few” properties out there. Now I still hope the market crashes further cause I still neeed a primary lol. My thinking is this, I can easily lose 20-40k in a cabin (that would be about 1995 prices if that played out), but there is no way in hell I can be smiling with a 100-200k loss from my primary. There are so many foreclosures that are not even listed yet. Plus never forget that IE and San Diego are night and day. IE might as well be Phoenix.

    June 11, 2008 at 4:23 PM #221505
    waiting hawk
    Participant

    I hear ya man. I always said on my website over the years, “when the numbers work great, I am buying). Numbers are great on “few” properties out there. Now I still hope the market crashes further cause I still neeed a primary lol. My thinking is this, I can easily lose 20-40k in a cabin (that would be about 1995 prices if that played out), but there is no way in hell I can be smiling with a 100-200k loss from my primary. There are so many foreclosures that are not even listed yet. Plus never forget that IE and San Diego are night and day. IE might as well be Phoenix.

    June 11, 2008 at 4:23 PM #221401
    waiting hawk
    Participant

    I hear ya man. I always said on my website over the years, “when the numbers work great, I am buying). Numbers are great on “few” properties out there. Now I still hope the market crashes further cause I still neeed a primary lol. My thinking is this, I can easily lose 20-40k in a cabin (that would be about 1995 prices if that played out), but there is no way in hell I can be smiling with a 100-200k loss from my primary. There are so many foreclosures that are not even listed yet. Plus never forget that IE and San Diego are night and day. IE might as well be Phoenix.

    June 11, 2008 at 4:23 PM #221519
    waiting hawk
    Participant

    I hear ya man. I always said on my website over the years, “when the numbers work great, I am buying). Numbers are great on “few” properties out there. Now I still hope the market crashes further cause I still neeed a primary lol. My thinking is this, I can easily lose 20-40k in a cabin (that would be about 1995 prices if that played out), but there is no way in hell I can be smiling with a 100-200k loss from my primary. There are so many foreclosures that are not even listed yet. Plus never forget that IE and San Diego are night and day. IE might as well be Phoenix.

    June 11, 2008 at 4:29 PM #221579
    Tone
    Participant

    Thanks for the update, WaitingHawk.

    I was a big fan of your website back in the day. One of the big barometers for me indicating that it’s time to buy a house again, is when most of the well known bears on this site start jumping back into the market.

    I’m still waiting, but this is definitely a little light at the end of a very long tunnel.

    June 11, 2008 at 4:29 PM #221597
    Tone
    Participant

    Thanks for the update, WaitingHawk.

    I was a big fan of your website back in the day. One of the big barometers for me indicating that it’s time to buy a house again, is when most of the well known bears on this site start jumping back into the market.

    I’m still waiting, but this is definitely a little light at the end of a very long tunnel.

    June 11, 2008 at 4:29 PM #221549
    Tone
    Participant

    Thanks for the update, WaitingHawk.

    I was a big fan of your website back in the day. One of the big barometers for me indicating that it’s time to buy a house again, is when most of the well known bears on this site start jumping back into the market.

    I’m still waiting, but this is definitely a little light at the end of a very long tunnel.

    June 11, 2008 at 4:29 PM #221431
    Tone
    Participant

    Thanks for the update, WaitingHawk.

    I was a big fan of your website back in the day. One of the big barometers for me indicating that it’s time to buy a house again, is when most of the well known bears on this site start jumping back into the market.

    I’m still waiting, but this is definitely a little light at the end of a very long tunnel.

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