Forum Replies Created
-
AuthorPosts
-
March 22, 2008 at 10:12 AM in reply to: If an Appraisal came in low while in escrow,what to do? #175104
NotCranky
ParticipantYeah JP,
You might as well walk away from the structural stuff unless you are a contractor. I am and I still would stay away from much of it.Even a contractor has to hire and engineer and that can ruin a good deal. Gotta get it priced in.Even the fixer market needs help with price softening. I just speak up on this topic because I like sweat equity and will take some discomfort with a neighborhood or whatever to improve the deal if necessary. This is the last thing on many piggs mind but like I said, I like this part of the business.
ParticipantYeah JP,
You might as well walk away from the structural stuff unless you are a contractor. I am and I still would stay away from much of it.Even a contractor has to hire and engineer and that can ruin a good deal. Gotta get it priced in.Even the fixer market needs help with price softening. I just speak up on this topic because I like sweat equity and will take some discomfort with a neighborhood or whatever to improve the deal if necessary. This is the last thing on many piggs mind but like I said, I like this part of the business.
ParticipantYeah JP,
You might as well walk away from the structural stuff unless you are a contractor. I am and I still would stay away from much of it.Even a contractor has to hire and engineer and that can ruin a good deal. Gotta get it priced in.Even the fixer market needs help with price softening. I just speak up on this topic because I like sweat equity and will take some discomfort with a neighborhood or whatever to improve the deal if necessary. This is the last thing on many piggs mind but like I said, I like this part of the business.
ParticipantYeah JP,
You might as well walk away from the structural stuff unless you are a contractor. I am and I still would stay away from much of it.Even a contractor has to hire and engineer and that can ruin a good deal. Gotta get it priced in.Even the fixer market needs help with price softening. I just speak up on this topic because I like sweat equity and will take some discomfort with a neighborhood or whatever to improve the deal if necessary. This is the last thing on many piggs mind but like I said, I like this part of the business.
ParticipantYeah JP,
You might as well walk away from the structural stuff unless you are a contractor. I am and I still would stay away from much of it.Even a contractor has to hire and engineer and that can ruin a good deal. Gotta get it priced in.Even the fixer market needs help with price softening. I just speak up on this topic because I like sweat equity and will take some discomfort with a neighborhood or whatever to improve the deal if necessary. This is the last thing on many piggs mind but like I said, I like this part of the business.
ParticipantI’ll take any help I can get UCO.
My post wasn’t that great at expressing any of the multiple points I was shooting for and looks like it is open to drawing many conclusions that I would rather not inspire.Just like people got too excited with the granite and appliances combined with easy money and paid more than what the property was worth the reverse effect can happen with hard to get money today and beat up or not so stylish properties. More “worth” can be derived for less money especially with lowball offers and an eye for “worth” that is not apparent to everyone. A willingness to sweat is a big help. Enterprise and somebody elses labor can do the trick too.Having the guts to not care what anyone thinks about the purchase is a must. This is also a good way to avoid being upside down on a house.
I did especially not mean to insinuate that buying the “dogs” is about not being able to afford a turnkey, though it could be. Nothing wrong with getting into a location/neighborhood by buying the worst house there.ParticipantI’ll take any help I can get UCO.
My post wasn’t that great at expressing any of the multiple points I was shooting for and looks like it is open to drawing many conclusions that I would rather not inspire.Just like people got too excited with the granite and appliances combined with easy money and paid more than what the property was worth the reverse effect can happen with hard to get money today and beat up or not so stylish properties. More “worth” can be derived for less money especially with lowball offers and an eye for “worth” that is not apparent to everyone. A willingness to sweat is a big help. Enterprise and somebody elses labor can do the trick too.Having the guts to not care what anyone thinks about the purchase is a must. This is also a good way to avoid being upside down on a house.
I did especially not mean to insinuate that buying the “dogs” is about not being able to afford a turnkey, though it could be. Nothing wrong with getting into a location/neighborhood by buying the worst house there.ParticipantI’ll take any help I can get UCO.
My post wasn’t that great at expressing any of the multiple points I was shooting for and looks like it is open to drawing many conclusions that I would rather not inspire.Just like people got too excited with the granite and appliances combined with easy money and paid more than what the property was worth the reverse effect can happen with hard to get money today and beat up or not so stylish properties. More “worth” can be derived for less money especially with lowball offers and an eye for “worth” that is not apparent to everyone. A willingness to sweat is a big help. Enterprise and somebody elses labor can do the trick too.Having the guts to not care what anyone thinks about the purchase is a must. This is also a good way to avoid being upside down on a house.
I did especially not mean to insinuate that buying the “dogs” is about not being able to afford a turnkey, though it could be. Nothing wrong with getting into a location/neighborhood by buying the worst house there.ParticipantI’ll take any help I can get UCO.
My post wasn’t that great at expressing any of the multiple points I was shooting for and looks like it is open to drawing many conclusions that I would rather not inspire.Just like people got too excited with the granite and appliances combined with easy money and paid more than what the property was worth the reverse effect can happen with hard to get money today and beat up or not so stylish properties. More “worth” can be derived for less money especially with lowball offers and an eye for “worth” that is not apparent to everyone. A willingness to sweat is a big help. Enterprise and somebody elses labor can do the trick too.Having the guts to not care what anyone thinks about the purchase is a must. This is also a good way to avoid being upside down on a house.
I did especially not mean to insinuate that buying the “dogs” is about not being able to afford a turnkey, though it could be. Nothing wrong with getting into a location/neighborhood by buying the worst house there.ParticipantI’ll take any help I can get UCO.
My post wasn’t that great at expressing any of the multiple points I was shooting for and looks like it is open to drawing many conclusions that I would rather not inspire.Just like people got too excited with the granite and appliances combined with easy money and paid more than what the property was worth the reverse effect can happen with hard to get money today and beat up or not so stylish properties. More “worth” can be derived for less money especially with lowball offers and an eye for “worth” that is not apparent to everyone. A willingness to sweat is a big help. Enterprise and somebody elses labor can do the trick too.Having the guts to not care what anyone thinks about the purchase is a must. This is also a good way to avoid being upside down on a house.
I did especially not mean to insinuate that buying the “dogs” is about not being able to afford a turnkey, though it could be. Nothing wrong with getting into a location/neighborhood by buying the worst house there.Participant“The influx of REOs definitely drive down the price, but the quality of a lot of REOs is in doubt and some of them might have been severely damaged. Price may be low in these kind of properties but who wants them??”
Me.
Wealth, is in residential real estate in a few places.
Location
The dirt.
Cash flow derived from rents.
Any tax break.
Sweat.
Benefits to future income stream/wealth building IF equity grows and rents go up relative to aquisition and holding costs.
ect.It is not in…
nice cabinets,
Nice paint.
Granite counter tops etc. etc.The prices you say are holding up are doing so to a large degree because of the perceived element of luxury, not value. From an economic point of view,I would be concerned about buying those more than the low priced “undesirable” stuff for the next few years. If you can afford the luxury, go for it.
Participant“The influx of REOs definitely drive down the price, but the quality of a lot of REOs is in doubt and some of them might have been severely damaged. Price may be low in these kind of properties but who wants them??”
Me.
Wealth, is in residential real estate in a few places.
Location
The dirt.
Cash flow derived from rents.
Any tax break.
Sweat.
Benefits to future income stream/wealth building IF equity grows and rents go up relative to aquisition and holding costs.
ect.It is not in…
nice cabinets,
Nice paint.
Granite counter tops etc. etc.The prices you say are holding up are doing so to a large degree because of the perceived element of luxury, not value. From an economic point of view,I would be concerned about buying those more than the low priced “undesirable” stuff for the next few years. If you can afford the luxury, go for it.
Participant“The influx of REOs definitely drive down the price, but the quality of a lot of REOs is in doubt and some of them might have been severely damaged. Price may be low in these kind of properties but who wants them??”
Me.
Wealth, is in residential real estate in a few places.
Location
The dirt.
Cash flow derived from rents.
Any tax break.
Sweat.
Benefits to future income stream/wealth building IF equity grows and rents go up relative to aquisition and holding costs.
ect.It is not in…
nice cabinets,
Nice paint.
Granite counter tops etc. etc.The prices you say are holding up are doing so to a large degree because of the perceived element of luxury, not value. From an economic point of view,I would be concerned about buying those more than the low priced “undesirable” stuff for the next few years. If you can afford the luxury, go for it.
Participant“The influx of REOs definitely drive down the price, but the quality of a lot of REOs is in doubt and some of them might have been severely damaged. Price may be low in these kind of properties but who wants them??”
Me.
Wealth, is in residential real estate in a few places.
Location
The dirt.
Cash flow derived from rents.
Any tax break.
Sweat.
Benefits to future income stream/wealth building IF equity grows and rents go up relative to aquisition and holding costs.
ect.It is not in…
nice cabinets,
Nice paint.
Granite counter tops etc. etc.The prices you say are holding up are doing so to a large degree because of the perceived element of luxury, not value. From an economic point of view,I would be concerned about buying those more than the low priced “undesirable” stuff for the next few years. If you can afford the luxury, go for it.
-
AuthorPosts
