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NotCranky
ParticipantAs far as the couple featured. i think one thing to point out..What really did the couple have to lose? You had a couple who’s future didn’t look promising to begin with, so desperate to ride a rollercoaster for $50k. So doing the RE thing that required little skills for quick buck would have been the best thing for them at the time. Yeah, so they will get a ding on their credit. Yeah, they might even have to file for bankruptcy…The only one who’s really getting hurt here are the banks and eventually the tax payers.
FLU That’s what I was thinking.
They may even squeeze out a little net worth compared to where they would have been. I am sure they have learned a lot of things that have potential to be useful now and in the future.
ParticipantAs far as the couple featured. i think one thing to point out..What really did the couple have to lose? You had a couple who’s future didn’t look promising to begin with, so desperate to ride a rollercoaster for $50k. So doing the RE thing that required little skills for quick buck would have been the best thing for them at the time. Yeah, so they will get a ding on their credit. Yeah, they might even have to file for bankruptcy…The only one who’s really getting hurt here are the banks and eventually the tax payers.
FLU That’s what I was thinking.
They may even squeeze out a little net worth compared to where they would have been. I am sure they have learned a lot of things that have potential to be useful now and in the future.
ParticipantAs far as the couple featured. i think one thing to point out..What really did the couple have to lose? You had a couple who’s future didn’t look promising to begin with, so desperate to ride a rollercoaster for $50k. So doing the RE thing that required little skills for quick buck would have been the best thing for them at the time. Yeah, so they will get a ding on their credit. Yeah, they might even have to file for bankruptcy…The only one who’s really getting hurt here are the banks and eventually the tax payers.
FLU That’s what I was thinking.
They may even squeeze out a little net worth compared to where they would have been. I am sure they have learned a lot of things that have potential to be useful now and in the future.
ParticipantAs far as the couple featured. i think one thing to point out..What really did the couple have to lose? You had a couple who’s future didn’t look promising to begin with, so desperate to ride a rollercoaster for $50k. So doing the RE thing that required little skills for quick buck would have been the best thing for them at the time. Yeah, so they will get a ding on their credit. Yeah, they might even have to file for bankruptcy…The only one who’s really getting hurt here are the banks and eventually the tax payers.
FLU That’s what I was thinking.
They may even squeeze out a little net worth compared to where they would have been. I am sure they have learned a lot of things that have potential to be useful now and in the future.
ParticipantAs far as the couple featured. i think one thing to point out..What really did the couple have to lose? You had a couple who’s future didn’t look promising to begin with, so desperate to ride a rollercoaster for $50k. So doing the RE thing that required little skills for quick buck would have been the best thing for them at the time. Yeah, so they will get a ding on their credit. Yeah, they might even have to file for bankruptcy…The only one who’s really getting hurt here are the banks and eventually the tax payers.
FLU That’s what I was thinking.
They may even squeeze out a little net worth compared to where they would have been. I am sure they have learned a lot of things that have potential to be useful now and in the future.
ParticipantMatt,
You are confusing a sub-market, distressed fixers for investors and certain strategies that I am talking about, with the whole market. Apparently you assume that t the local and national economies be healthy before people buu real estate too???
Mira Mesa looks very interesting, especially in light of Asiannauticas comments. I am not saying everybody go buy today.
I am talking about making money in real estate not calling the bottom and buying a “trophy” house or even a “nice” house. That market stinks(except maybe in Temecula) but even in that there are occasionally good deals.I posted about a successful flip in Chula Vista on a Chula Vista thread. Somebody else just posted what appears to be a smoking REO deal on a house in Point Loma.
“For some reason, I thought you were more bearish on housing…. and that you predicted a longer recovery. … anyways..”
Yes, I think I have been bearish and honest(sometimes too honest). Every house and every deal on every block is not created equal. Guts,sacrifice, enterprise and sweat equity will find room in this market to prosper before we read about the bottom here or anywhere else and long before I call it or even predict it.Even some people who go “upside down” are going to make more money going forward than people who are compulsively negative and lacking in knowlege about real estate investing.
ParticipantMatt,
You are confusing a sub-market, distressed fixers for investors and certain strategies that I am talking about, with the whole market. Apparently you assume that t the local and national economies be healthy before people buu real estate too???
Mira Mesa looks very interesting, especially in light of Asiannauticas comments. I am not saying everybody go buy today.
I am talking about making money in real estate not calling the bottom and buying a “trophy” house or even a “nice” house. That market stinks(except maybe in Temecula) but even in that there are occasionally good deals.I posted about a successful flip in Chula Vista on a Chula Vista thread. Somebody else just posted what appears to be a smoking REO deal on a house in Point Loma.
“For some reason, I thought you were more bearish on housing…. and that you predicted a longer recovery. … anyways..”
Yes, I think I have been bearish and honest(sometimes too honest). Every house and every deal on every block is not created equal. Guts,sacrifice, enterprise and sweat equity will find room in this market to prosper before we read about the bottom here or anywhere else and long before I call it or even predict it.Even some people who go “upside down” are going to make more money going forward than people who are compulsively negative and lacking in knowlege about real estate investing.
ParticipantMatt,
You are confusing a sub-market, distressed fixers for investors and certain strategies that I am talking about, with the whole market. Apparently you assume that t the local and national economies be healthy before people buu real estate too???
Mira Mesa looks very interesting, especially in light of Asiannauticas comments. I am not saying everybody go buy today.
I am talking about making money in real estate not calling the bottom and buying a “trophy” house or even a “nice” house. That market stinks(except maybe in Temecula) but even in that there are occasionally good deals.I posted about a successful flip in Chula Vista on a Chula Vista thread. Somebody else just posted what appears to be a smoking REO deal on a house in Point Loma.
“For some reason, I thought you were more bearish on housing…. and that you predicted a longer recovery. … anyways..”
Yes, I think I have been bearish and honest(sometimes too honest). Every house and every deal on every block is not created equal. Guts,sacrifice, enterprise and sweat equity will find room in this market to prosper before we read about the bottom here or anywhere else and long before I call it or even predict it.Even some people who go “upside down” are going to make more money going forward than people who are compulsively negative and lacking in knowlege about real estate investing.
ParticipantMatt,
You are confusing a sub-market, distressed fixers for investors and certain strategies that I am talking about, with the whole market. Apparently you assume that t the local and national economies be healthy before people buu real estate too???
Mira Mesa looks very interesting, especially in light of Asiannauticas comments. I am not saying everybody go buy today.
I am talking about making money in real estate not calling the bottom and buying a “trophy” house or even a “nice” house. That market stinks(except maybe in Temecula) but even in that there are occasionally good deals.I posted about a successful flip in Chula Vista on a Chula Vista thread. Somebody else just posted what appears to be a smoking REO deal on a house in Point Loma.
“For some reason, I thought you were more bearish on housing…. and that you predicted a longer recovery. … anyways..”
Yes, I think I have been bearish and honest(sometimes too honest). Every house and every deal on every block is not created equal. Guts,sacrifice, enterprise and sweat equity will find room in this market to prosper before we read about the bottom here or anywhere else and long before I call it or even predict it.Even some people who go “upside down” are going to make more money going forward than people who are compulsively negative and lacking in knowlege about real estate investing.
ParticipantMatt,
You are confusing a sub-market, distressed fixers for investors and certain strategies that I am talking about, with the whole market. Apparently you assume that t the local and national economies be healthy before people buu real estate too???
Mira Mesa looks very interesting, especially in light of Asiannauticas comments. I am not saying everybody go buy today.
I am talking about making money in real estate not calling the bottom and buying a “trophy” house or even a “nice” house. That market stinks(except maybe in Temecula) but even in that there are occasionally good deals.I posted about a successful flip in Chula Vista on a Chula Vista thread. Somebody else just posted what appears to be a smoking REO deal on a house in Point Loma.
“For some reason, I thought you were more bearish on housing…. and that you predicted a longer recovery. … anyways..”
Yes, I think I have been bearish and honest(sometimes too honest). Every house and every deal on every block is not created equal. Guts,sacrifice, enterprise and sweat equity will find room in this market to prosper before we read about the bottom here or anywhere else and long before I call it or even predict it.Even some people who go “upside down” are going to make more money going forward than people who are compulsively negative and lacking in knowlege about real estate investing.
Participant“I think you may be over estimating the amount of people who can pull 60k out of their ass and go put it down on a home in MM. How many responsible buyers do you know who DIDN’t get a home in the last few years that have 20% down? … besides a few/a lot of us piggies”
There are many people with 150k to buy two of them or 420k to buy 4 of them and a lot more first time buyers that will get in one way or another. Are we denying that there are a lot of houses in escrow in MIRA MESA? Those people got prequalified.
“And finally all of the arguments presented so far assume that there will be no recession, loss of jobs, etc. If there is a recession as many believe may happen, and job losses increase, don’t expect rents to remain at current levels. And don’t expect all the tenants to pay the full amount and on time. In difficult times, families will be living together, taking in roommates, people will leave this relatively expensive area for cheaper places like Texas, and so on. These same factors will also contribute to even lower home prices as well if they play out as expected.”
Good investors build knowlege of this into their game plan.They know we will pull out of a recession and that if they do not get greedy with the rents they will be fine. Historically low rates will work in their favor. They would probably take losses on their money in other markets anyway Many have gotten on the sidelines from the stock market recently or will be doing so soon.They may sacrifice at first, maybe a few years and they probably have positive cash flow from earlier investments to help out.They know that the payout will be good 20 years from now.This is a legitimate pyramid.
Many people on the other hand always think everything is wrong with everything . They are expert fault finders. They exaggerate the negative and are not “I’ll find a way to make it work” types(at least not with Real Estate).
Take the house that AN posted for instance nothing to say you can’t offer less that 300k on houses like that, repair it add a master suite, Up the rent $3OO and have an improved asset.
Oh yeah, another pigg says construction will come to a complete halt, so that won’t ever happen.People won’t be allowed to swing hammers for a while, evidently.
I think one should still pace themselves, probably wait at least until latesummer2008 and definitely write low ball offers, if they are going to write offers, but it is getting a lot closer to being a investor’s market.
Participant“I think you may be over estimating the amount of people who can pull 60k out of their ass and go put it down on a home in MM. How many responsible buyers do you know who DIDN’t get a home in the last few years that have 20% down? … besides a few/a lot of us piggies”
There are many people with 150k to buy two of them or 420k to buy 4 of them and a lot more first time buyers that will get in one way or another. Are we denying that there are a lot of houses in escrow in MIRA MESA? Those people got prequalified.
“And finally all of the arguments presented so far assume that there will be no recession, loss of jobs, etc. If there is a recession as many believe may happen, and job losses increase, don’t expect rents to remain at current levels. And don’t expect all the tenants to pay the full amount and on time. In difficult times, families will be living together, taking in roommates, people will leave this relatively expensive area for cheaper places like Texas, and so on. These same factors will also contribute to even lower home prices as well if they play out as expected.”
Good investors build knowlege of this into their game plan.They know we will pull out of a recession and that if they do not get greedy with the rents they will be fine. Historically low rates will work in their favor. They would probably take losses on their money in other markets anyway Many have gotten on the sidelines from the stock market recently or will be doing so soon.They may sacrifice at first, maybe a few years and they probably have positive cash flow from earlier investments to help out.They know that the payout will be good 20 years from now.This is a legitimate pyramid.
Many people on the other hand always think everything is wrong with everything . They are expert fault finders. They exaggerate the negative and are not “I’ll find a way to make it work” types(at least not with Real Estate).
Take the house that AN posted for instance nothing to say you can’t offer less that 300k on houses like that, repair it add a master suite, Up the rent $3OO and have an improved asset.
Oh yeah, another pigg says construction will come to a complete halt, so that won’t ever happen.People won’t be allowed to swing hammers for a while, evidently.
I think one should still pace themselves, probably wait at least until latesummer2008 and definitely write low ball offers, if they are going to write offers, but it is getting a lot closer to being a investor’s market.
Participant“I think you may be over estimating the amount of people who can pull 60k out of their ass and go put it down on a home in MM. How many responsible buyers do you know who DIDN’t get a home in the last few years that have 20% down? … besides a few/a lot of us piggies”
There are many people with 150k to buy two of them or 420k to buy 4 of them and a lot more first time buyers that will get in one way or another. Are we denying that there are a lot of houses in escrow in MIRA MESA? Those people got prequalified.
“And finally all of the arguments presented so far assume that there will be no recession, loss of jobs, etc. If there is a recession as many believe may happen, and job losses increase, don’t expect rents to remain at current levels. And don’t expect all the tenants to pay the full amount and on time. In difficult times, families will be living together, taking in roommates, people will leave this relatively expensive area for cheaper places like Texas, and so on. These same factors will also contribute to even lower home prices as well if they play out as expected.”
Good investors build knowlege of this into their game plan.They know we will pull out of a recession and that if they do not get greedy with the rents they will be fine. Historically low rates will work in their favor. They would probably take losses on their money in other markets anyway Many have gotten on the sidelines from the stock market recently or will be doing so soon.They may sacrifice at first, maybe a few years and they probably have positive cash flow from earlier investments to help out.They know that the payout will be good 20 years from now.This is a legitimate pyramid.
Many people on the other hand always think everything is wrong with everything . They are expert fault finders. They exaggerate the negative and are not “I’ll find a way to make it work” types(at least not with Real Estate).
Take the house that AN posted for instance nothing to say you can’t offer less that 300k on houses like that, repair it add a master suite, Up the rent $3OO and have an improved asset.
Oh yeah, another pigg says construction will come to a complete halt, so that won’t ever happen.People won’t be allowed to swing hammers for a while, evidently.
I think one should still pace themselves, probably wait at least until latesummer2008 and definitely write low ball offers, if they are going to write offers, but it is getting a lot closer to being a investor’s market.
Participant“I think you may be over estimating the amount of people who can pull 60k out of their ass and go put it down on a home in MM. How many responsible buyers do you know who DIDN’t get a home in the last few years that have 20% down? … besides a few/a lot of us piggies”
There are many people with 150k to buy two of them or 420k to buy 4 of them and a lot more first time buyers that will get in one way or another. Are we denying that there are a lot of houses in escrow in MIRA MESA? Those people got prequalified.
“And finally all of the arguments presented so far assume that there will be no recession, loss of jobs, etc. If there is a recession as many believe may happen, and job losses increase, don’t expect rents to remain at current levels. And don’t expect all the tenants to pay the full amount and on time. In difficult times, families will be living together, taking in roommates, people will leave this relatively expensive area for cheaper places like Texas, and so on. These same factors will also contribute to even lower home prices as well if they play out as expected.”
Good investors build knowlege of this into their game plan.They know we will pull out of a recession and that if they do not get greedy with the rents they will be fine. Historically low rates will work in their favor. They would probably take losses on their money in other markets anyway Many have gotten on the sidelines from the stock market recently or will be doing so soon.They may sacrifice at first, maybe a few years and they probably have positive cash flow from earlier investments to help out.They know that the payout will be good 20 years from now.This is a legitimate pyramid.
Many people on the other hand always think everything is wrong with everything . They are expert fault finders. They exaggerate the negative and are not “I’ll find a way to make it work” types(at least not with Real Estate).
Take the house that AN posted for instance nothing to say you can’t offer less that 300k on houses like that, repair it add a master suite, Up the rent $3OO and have an improved asset.
Oh yeah, another pigg says construction will come to a complete halt, so that won’t ever happen.People won’t be allowed to swing hammers for a while, evidently.
I think one should still pace themselves, probably wait at least until latesummer2008 and definitely write low ball offers, if they are going to write offers, but it is getting a lot closer to being a investor’s market.
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