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July 19, 2007 at 5:28 AM in reply to: Is the liquidity tide finally rushing out of Wall Street? #66502
Chris Scoreboard Johnston
ParticipantMy best friends brother runs a small MBS fund that is doing fine. He is very picky about the notes he buys, and as a result experiences very low fallout. Even with that being the case, I still declined when he asked me to put some $$ in during the beginning of 2006. These big guys that have to take on alot of crap to get the good stuff are paying for it now, as we all knew they would.
There are never enough chairs when the music stops.
ParticipantMy best friends brother runs a small MBS fund that is doing fine. He is very picky about the notes he buys, and as a result experiences very low fallout. Even with that being the case, I still declined when he asked me to put some $$ in during the beginning of 2006. These big guys that have to take on alot of crap to get the good stuff are paying for it now, as we all knew they would.
There are never enough chairs when the music stops.
July 14, 2007 at 8:06 AM in reply to: Help from Realtors: what’s my friend’s house worth now? #65810ParticipantI am not sure by reading the original post, that these people are trying to sell this home. I got the impression the poster was just hoping his friends had lost money on paper to prove he was right about the RE downturn. I would certainly hope that my friends are not rooting against me like that, or they need to be replaced.
July 14, 2007 at 8:06 AM in reply to: Help from Realtors: what’s my friend’s house worth now? #65873ParticipantI am not sure by reading the original post, that these people are trying to sell this home. I got the impression the poster was just hoping his friends had lost money on paper to prove he was right about the RE downturn. I would certainly hope that my friends are not rooting against me like that, or they need to be replaced.
ParticipantLoaning money to friends is never a good idea, regardless of the dynamics of this individual situation. The exception would be that the amount is so trivial to you that if it completely vanishes you will not care, and it will not effect your feelings toward the person at all. I speak from experience in this area, although it was not an RE transaction.
As to the merits of the transaction itself, it is my feeling that this is no time to try and make money in RE. Buying into something that is declining, which also has poor fundamentals, is not a good backdrop for a profitable investment.
ParticipantLoaning money to friends is never a good idea, regardless of the dynamics of this individual situation. The exception would be that the amount is so trivial to you that if it completely vanishes you will not care, and it will not effect your feelings toward the person at all. I speak from experience in this area, although it was not an RE transaction.
As to the merits of the transaction itself, it is my feeling that this is no time to try and make money in RE. Buying into something that is declining, which also has poor fundamentals, is not a good backdrop for a profitable investment.
ParticipantThis is a very suspicious post to say the least. Please state a specific residential property or two that was bought in LA last year and sold this year for 6% more. House prices are declining not rising, I have many clients in LA who are in RE related businesses, and not one of them tells me that prices are rising in residential.
I am much less bearish than most here on RE, and have been consistently bullish on stocks for quite some time, but to say that everything is humming along just fine economically is a bit disengenous.
ParticipantThis is a very suspicious post to say the least. Please state a specific residential property or two that was bought in LA last year and sold this year for 6% more. House prices are declining not rising, I have many clients in LA who are in RE related businesses, and not one of them tells me that prices are rising in residential.
I am much less bearish than most here on RE, and have been consistently bullish on stocks for quite some time, but to say that everything is humming along just fine economically is a bit disengenous.
ParticipantThe take that anyone who is buying is an idiot just cracks me up. Someone who cannot even generate enough income to buy a 600k house is supposedly smarter than someone who has made millions due to their intelligence or skill in something ( inheritance aside ). There may be some exceptions to this, but in general I doubt very seriously that median income people have more intelligence than above median income folks do.
I will say this, I would rather be a millionaire and be an “idiot”, than be a genuis and be poor.
ParticipantThe take that anyone who is buying is an idiot just cracks me up. Someone who cannot even generate enough income to buy a 600k house is supposedly smarter than someone who has made millions due to their intelligence or skill in something ( inheritance aside ). There may be some exceptions to this, but in general I doubt very seriously that median income people have more intelligence than above median income folks do.
I will say this, I would rather be a millionaire and be an “idiot”, than be a genuis and be poor.
ParticipantWho cares if you hurt someones feelings? When I bought my place, I offered what I felt it was worth give or take 50k. You are not going to break bread with the sellers, toughen up! My offer represented a 150k drop from the asking price, and 700k form the original asking price. The counter was only 50k above my offer, so we split the difference and the deal went down.
Do you want to make friends, or get a good deal?
ParticipantWho cares if you hurt someones feelings? When I bought my place, I offered what I felt it was worth give or take 50k. You are not going to break bread with the sellers, toughen up! My offer represented a 150k drop from the asking price, and 700k form the original asking price. The counter was only 50k above my offer, so we split the difference and the deal went down.
Do you want to make friends, or get a good deal?
Participantjg – I just have to ask why you are rooting so hard for a recession and an RE crash? Is it to prove yourself correct, or do you just want to see people suffering? I have heard from the people that have met you, that you are a very nice guy, so I do not understand why you are so eager to see bad things happen.
Participantjg – I just have to ask why you are rooting so hard for a recession and an RE crash? Is it to prove yourself correct, or do you just want to see people suffering? I have heard from the people that have met you, that you are a very nice guy, so I do not understand why you are so eager to see bad things happen.
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