[CA renter]

I agree, SD Realtor!

Nobody has to read the OT stuff, and it helps keep us entertained while we wait for the credit cycle to bottom.

Besides, we need to keep our debating skills honed. 🙂

p.s.: I wanted to apologize to you, SD Realtor, if it seemed my comments were making light of renting troubles in the other post. That was not my intention, and completely sympathize with you on the problem of finding a good rental, as we also have a larger family. After so many years of hearing the “bitter, jealous renter” comments, I just get defensive about renting. I sincerely hope you find a nice house at a great price for you and your family!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

The comments about being ultra-contrarian — and needing some sort of affirmation — are spot on, IMHO.

Once upon a time, we had to scour the internet for any kind of information that just might hint of a downturn.

These days, the downturn is obvious to absolutely everyone. It’s all about the waiting now.

There is also “information overload” now, and it would take so much longer to go through all the reports, statistics, articles, etc. and some of us are tired of spending our lives on the internet searching for the truth (speaking as a blog/internet addict who would spend 8++ hours/day doing research).

Still reading RE sites almost every day, but not being as thorough. I’ve long predicted that we’d know the bubble had burst (and gotten near a bottom) when everyone turns away from RE-related sites, TV shows, and conversations. We still have a long way to go, but at least we aren’t in that most painful part of waiting…waiting…waiting, like 2004-early 2007. That part sucked! 🙂

[CA renter]

The comments about being ultra-contrarian — and needing some sort of affirmation — are spot on, IMHO.

Once upon a time, we had to scour the internet for any kind of information that just might hint of a downturn.

These days, the downturn is obvious to absolutely everyone. It’s all about the waiting now.

There is also “information overload” now, and it would take so much longer to go through all the reports, statistics, articles, etc. and some of us are tired of spending our lives on the internet searching for the truth (speaking as a blog/internet addict who would spend 8++ hours/day doing research).

Still reading RE sites almost every day, but not being as thorough. I’ve long predicted that we’d know the bubble had burst (and gotten near a bottom) when everyone turns away from RE-related sites, TV shows, and conversations. We still have a long way to go, but at least we aren’t in that most painful part of waiting…waiting…waiting, like 2004-early 2007. That part sucked! 🙂

[CA renter]

The comments about being ultra-contrarian — and needing some sort of affirmation — are spot on, IMHO.

Once upon a time, we had to scour the internet for any kind of information that just might hint of a downturn.

These days, the downturn is obvious to absolutely everyone. It’s all about the waiting now.

There is also “information overload” now, and it would take so much longer to go through all the reports, statistics, articles, etc. and some of us are tired of spending our lives on the internet searching for the truth (speaking as a blog/internet addict who would spend 8++ hours/day doing research).

Still reading RE sites almost every day, but not being as thorough. I’ve long predicted that we’d know the bubble had burst (and gotten near a bottom) when everyone turns away from RE-related sites, TV shows, and conversations. We still have a long way to go, but at least we aren’t in that most painful part of waiting…waiting…waiting, like 2004-early 2007. That part sucked! 🙂

[CA renter]

The comments about being ultra-contrarian — and needing some sort of affirmation — are spot on, IMHO.

Once upon a time, we had to scour the internet for any kind of information that just might hint of a downturn.

These days, the downturn is obvious to absolutely everyone. It’s all about the waiting now.

There is also “information overload” now, and it would take so much longer to go through all the reports, statistics, articles, etc. and some of us are tired of spending our lives on the internet searching for the truth (speaking as a blog/internet addict who would spend 8++ hours/day doing research).

Still reading RE sites almost every day, but not being as thorough. I’ve long predicted that we’d know the bubble had burst (and gotten near a bottom) when everyone turns away from RE-related sites, TV shows, and conversations. We still have a long way to go, but at least we aren’t in that most painful part of waiting…waiting…waiting, like 2004-early 2007. That part sucked! 🙂

[CA renter]

The comments about being ultra-contrarian — and needing some sort of affirmation — are spot on, IMHO.

Once upon a time, we had to scour the internet for any kind of information that just might hint of a downturn.

These days, the downturn is obvious to absolutely everyone. It’s all about the waiting now.

There is also “information overload” now, and it would take so much longer to go through all the reports, statistics, articles, etc. and some of us are tired of spending our lives on the internet searching for the truth (speaking as a blog/internet addict who would spend 8++ hours/day doing research).

Still reading RE sites almost every day, but not being as thorough. I’ve long predicted that we’d know the bubble had burst (and gotten near a bottom) when everyone turns away from RE-related sites, TV shows, and conversations. We still have a long way to go, but at least we aren’t in that most painful part of waiting…waiting…waiting, like 2004-early 2007. That part sucked! 🙂

[CA renter]

I’ll say it again…the sales are UP rather dramatically in the lower-end areas. It’s rather stunning, actually.

While following a random sample of listings, there is a definite pattern. Homes priced in the $100K range (look in 92057) are **flying of the market**, and according to Jim Klinge’s site, a number of them are being bought by investors.

As of this moment, you could probably break even or get a slightly positive cash flow on most of these as rentals. However, what happens when all these new houses come onto the rental market? What will likely happen to rents in those areas, especially if the job market continues to deteriorate? Then, the fundamentals don’t work again, and the prices continue to fall.

Also, remember that all these low-priced sales serve as comps. We need somebody to set the downward-moving market prices for these houses. Might as well be somebody other than us! 😉

[CA renter]

I’ll say it again…the sales are UP rather dramatically in the lower-end areas. It’s rather stunning, actually.

While following a random sample of listings, there is a definite pattern. Homes priced in the $100K range (look in 92057) are **flying of the market**, and according to Jim Klinge’s site, a number of them are being bought by investors.

As of this moment, you could probably break even or get a slightly positive cash flow on most of these as rentals. However, what happens when all these new houses come onto the rental market? What will likely happen to rents in those areas, especially if the job market continues to deteriorate? Then, the fundamentals don’t work again, and the prices continue to fall.

Also, remember that all these low-priced sales serve as comps. We need somebody to set the downward-moving market prices for these houses. Might as well be somebody other than us! 😉

[CA renter]

I’ll say it again…the sales are UP rather dramatically in the lower-end areas. It’s rather stunning, actually.

While following a random sample of listings, there is a definite pattern. Homes priced in the $100K range (look in 92057) are **flying of the market**, and according to Jim Klinge’s site, a number of them are being bought by investors.

As of this moment, you could probably break even or get a slightly positive cash flow on most of these as rentals. However, what happens when all these new houses come onto the rental market? What will likely happen to rents in those areas, especially if the job market continues to deteriorate? Then, the fundamentals don’t work again, and the prices continue to fall.

Also, remember that all these low-priced sales serve as comps. We need somebody to set the downward-moving market prices for these houses. Might as well be somebody other than us! 😉

[CA renter]

I’ll say it again…the sales are UP rather dramatically in the lower-end areas. It’s rather stunning, actually.

While following a random sample of listings, there is a definite pattern. Homes priced in the $100K range (look in 92057) are **flying of the market**, and according to Jim Klinge’s site, a number of them are being bought by investors.

As of this moment, you could probably break even or get a slightly positive cash flow on most of these as rentals. However, what happens when all these new houses come onto the rental market? What will likely happen to rents in those areas, especially if the job market continues to deteriorate? Then, the fundamentals don’t work again, and the prices continue to fall.

Also, remember that all these low-priced sales serve as comps. We need somebody to set the downward-moving market prices for these houses. Might as well be somebody other than us! 😉

[Author]

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