[temeculaguy]

Thanks muggle, sometimes I post and laugh at my jokes thinking I am the only one who gets them. I should have elaborated about the pricing that should not be based on what others are listing at, “rather what others are selling at.” In this market, very recent comps and pending sales should be what you look at not some guy on the market for 180 days with no offers, unless you want the same results.

jenny, I can’t believe you are actually taking my advice, to be honest i was taking a stab at it and I have no idea where Antioch is, make your realtor earn his/her money and find out what comps are pending just to get a better idea. I do think that a big chunk will get the job done, as muggle pointed out, chasing the rabit down the hole, 5k at a time just keeps you consistently overpriced, get a shotgun, shoot the rabbit and be done with it before things get worse. The house muggle chronicled would probably be sold if he had put up the price he has it at today when he started a few months ago. Let us know how it goes and in six months I bet you will see nicer houses on the same street begging for what you get now.

[temeculaguy]

Thanks muggle, sometimes I post and laugh at my jokes thinking I am the only one who gets them. I should have elaborated about the pricing that should not be based on what others are listing at, “rather what others are selling at.” In this market, very recent comps and pending sales should be what you look at not some guy on the market for 180 days with no offers, unless you want the same results.

jenny, I can’t believe you are actually taking my advice, to be honest i was taking a stab at it and I have no idea where Antioch is, make your realtor earn his/her money and find out what comps are pending just to get a better idea. I do think that a big chunk will get the job done, as muggle pointed out, chasing the rabit down the hole, 5k at a time just keeps you consistently overpriced, get a shotgun, shoot the rabbit and be done with it before things get worse. The house muggle chronicled would probably be sold if he had put up the price he has it at today when he started a few months ago. Let us know how it goes and in six months I bet you will see nicer houses on the same street begging for what you get now.

[temeculaguy]

Thanks muggle, sometimes I post and laugh at my jokes thinking I am the only one who gets them. I should have elaborated about the pricing that should not be based on what others are listing at, “rather what others are selling at.” In this market, very recent comps and pending sales should be what you look at not some guy on the market for 180 days with no offers, unless you want the same results.

jenny, I can’t believe you are actually taking my advice, to be honest i was taking a stab at it and I have no idea where Antioch is, make your realtor earn his/her money and find out what comps are pending just to get a better idea. I do think that a big chunk will get the job done, as muggle pointed out, chasing the rabit down the hole, 5k at a time just keeps you consistently overpriced, get a shotgun, shoot the rabbit and be done with it before things get worse. The house muggle chronicled would probably be sold if he had put up the price he has it at today when he started a few months ago. Let us know how it goes and in six months I bet you will see nicer houses on the same street begging for what you get now.

[temeculaguy]

It’s tough to price real estate based on the list price others are not selling at. Because the rent is 1100 to 1300 and it needs 20k in repairs to rent it out you have to look at the price an investor would find it attractive. I like the heloc for 20k idea, rent it out and payoff the heloc with all the proceeds idea. If you don’t want to be a landlord you will need to get aggressive and not wait for prices to decline before lowering it, catch the one of the last fools, they are out there, go 249k tomorrow and it will go. As an investor I wouldn’t even look at it until it was under 200k (well under). If an investor could buy it for 180k plus 20k to fix it up the loan is $1284 for P&I on the 200k, add taxes, insurance, gardner, maint reserve, etc. and the monthly loss is is 300-500 not counting time between renters or large maintenance. 20-30% cash negative to start is about as much as most investors will go, if there are any left. Some use a rent multiplier of 130-150x rent which puts the high end price at using the high rent and the 150x to make 195k, subtract repairs and that’s 175k at best, using the 1100 rent and the 130x multiplier it is 143k minus the repairs=123k, go find that appraiser who did the 385k appraisal and give him a drug test. I say, congratulations, you are a landlord.

[temeculaguy]

It’s tough to price real estate based on the list price others are not selling at. Because the rent is 1100 to 1300 and it needs 20k in repairs to rent it out you have to look at the price an investor would find it attractive. I like the heloc for 20k idea, rent it out and payoff the heloc with all the proceeds idea. If you don’t want to be a landlord you will need to get aggressive and not wait for prices to decline before lowering it, catch the one of the last fools, they are out there, go 249k tomorrow and it will go. As an investor I wouldn’t even look at it until it was under 200k (well under). If an investor could buy it for 180k plus 20k to fix it up the loan is $1284 for P&I on the 200k, add taxes, insurance, gardner, maint reserve, etc. and the monthly loss is is 300-500 not counting time between renters or large maintenance. 20-30% cash negative to start is about as much as most investors will go, if there are any left. Some use a rent multiplier of 130-150x rent which puts the high end price at using the high rent and the 150x to make 195k, subtract repairs and that’s 175k at best, using the 1100 rent and the 130x multiplier it is 143k minus the repairs=123k, go find that appraiser who did the 385k appraisal and give him a drug test. I say, congratulations, you are a landlord.

[temeculaguy]

It’s tough to price real estate based on the list price others are not selling at. Because the rent is 1100 to 1300 and it needs 20k in repairs to rent it out you have to look at the price an investor would find it attractive. I like the heloc for 20k idea, rent it out and payoff the heloc with all the proceeds idea. If you don’t want to be a landlord you will need to get aggressive and not wait for prices to decline before lowering it, catch the one of the last fools, they are out there, go 249k tomorrow and it will go. As an investor I wouldn’t even look at it until it was under 200k (well under). If an investor could buy it for 180k plus 20k to fix it up the loan is $1284 for P&I on the 200k, add taxes, insurance, gardner, maint reserve, etc. and the monthly loss is is 300-500 not counting time between renters or large maintenance. 20-30% cash negative to start is about as much as most investors will go, if there are any left. Some use a rent multiplier of 130-150x rent which puts the high end price at using the high rent and the 150x to make 195k, subtract repairs and that’s 175k at best, using the 1100 rent and the 130x multiplier it is 143k minus the repairs=123k, go find that appraiser who did the 385k appraisal and give him a drug test. I say, congratulations, you are a landlord.

[temeculaguy]

can you also ask the question “Did anyone tell you that when you borrow money you might have to pay it back?”

[temeculaguy]

can you also ask the question “Did anyone tell you that when you borrow money you might have to pay it back?”

[temeculaguy]

can you also ask the question “Did anyone tell you that when you borrow money you might have to pay it back?”

[temeculaguy]

I’m with perry on the materials and labor costs not increasing. It is supply and demand like everything else, even months ago large builders renegotiated up to 20% reductions from sub contractors and for the most part the subs agreed. The talk about dealing with illegal aliens is just that, talk. There are twice as many in California now than in the 1990’s, labor costs will stay flat or go down in the next two years because the construction work force swelled to meet demand in the last five years, it doesn’t contract quickly.

[temeculaguy]

I’m with perry on the materials and labor costs not increasing. It is supply and demand like everything else, even months ago large builders renegotiated up to 20% reductions from sub contractors and for the most part the subs agreed. The talk about dealing with illegal aliens is just that, talk. There are twice as many in California now than in the 1990’s, labor costs will stay flat or go down in the next two years because the construction work force swelled to meet demand in the last five years, it doesn’t contract quickly.

[temeculaguy]

I’m with perry on the materials and labor costs not increasing. It is supply and demand like everything else, even months ago large builders renegotiated up to 20% reductions from sub contractors and for the most part the subs agreed. The talk about dealing with illegal aliens is just that, talk. There are twice as many in California now than in the 1990’s, labor costs will stay flat or go down in the next two years because the construction work force swelled to meet demand in the last five years, it doesn’t contract quickly.

[temeculaguy]

O.K. Chris, you are probably right about the liklihood for the whole year but the odds of a cut on tuesday was between 7% and 12% depending on which day you looked at it, my point was that the op mentioned all the speculation pointing toward a cut that didn’t come. What will happen infuture meetings, that’s harder to tell until the data comes out that precedes the meeting. I agree with you that they will usually wait to pull that lever until they have to because there are only so many bullets in that gun, and what’s the famous line about having limited ammo, wait till you see the whites of their eyes.

[temeculaguy]

O.K. Chris, you are probably right about the liklihood for the whole year but the odds of a cut on tuesday was between 7% and 12% depending on which day you looked at it, my point was that the op mentioned all the speculation pointing toward a cut that didn’t come. What will happen infuture meetings, that’s harder to tell until the data comes out that precedes the meeting. I agree with you that they will usually wait to pull that lever until they have to because there are only so many bullets in that gun, and what’s the famous line about having limited ammo, wait till you see the whites of their eyes.

[temeculaguy]

O.K. Chris, you are probably right about the liklihood for the whole year but the odds of a cut on tuesday was between 7% and 12% depending on which day you looked at it, my point was that the op mentioned all the speculation pointing toward a cut that didn’t come. What will happen infuture meetings, that’s harder to tell until the data comes out that precedes the meeting. I agree with you that they will usually wait to pull that lever until they have to because there are only so many bullets in that gun, and what’s the famous line about having limited ammo, wait till you see the whites of their eyes.

[Author]

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