[urbanrealtor]

[quote=Russell]Dan, I apologize for the smoking comments and others that may have bothered you. I don’t smoke either…yet.[/quote]
What? Sorry?

I was burning one when you posted that.

In all seriousness, I was not at all offended.

I grew up in the emerald triangle for god’s sake.

But no I do not partake anymore.

I was mentioning it because I was anticipating a cheap shot thrown in with the actual discussion.

I have a thin skin about some subjects but that is not one of them.

[urbanrealtor]

[quote=Russell]Dan, I apologize for the smoking comments and others that may have bothered you. I don’t smoke either…yet.[/quote]
What? Sorry?

I was burning one when you posted that.

In all seriousness, I was not at all offended.

I grew up in the emerald triangle for god’s sake.

But no I do not partake anymore.

I was mentioning it because I was anticipating a cheap shot thrown in with the actual discussion.

I have a thin skin about some subjects but that is not one of them.

[urbanrealtor]

I’ll show you one that just screams non-pro flipper.

1264 Essex. (in 92103)

This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.

I was asked to consult on this by my broker (who was asked by the seller prior to listing).

The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.

Again, I am not always very politic about expressing my opinion to clients or leads.

[urbanrealtor]

I’ll show you one that just screams non-pro flipper.

1264 Essex. (in 92103)

This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.

I was asked to consult on this by my broker (who was asked by the seller prior to listing).

The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.

Again, I am not always very politic about expressing my opinion to clients or leads.

[urbanrealtor]

I’ll show you one that just screams non-pro flipper.

1264 Essex. (in 92103)

This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.

I was asked to consult on this by my broker (who was asked by the seller prior to listing).

The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.

Again, I am not always very politic about expressing my opinion to clients or leads.

[urbanrealtor]

I’ll show you one that just screams non-pro flipper.

1264 Essex. (in 92103)

This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.

I was asked to consult on this by my broker (who was asked by the seller prior to listing).

The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.

Again, I am not always very politic about expressing my opinion to clients or leads.

[urbanrealtor]

I’ll show you one that just screams non-pro flipper.

1264 Essex. (in 92103)

This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.

I was asked to consult on this by my broker (who was asked by the seller prior to listing).

The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.

Again, I am not always very politic about expressing my opinion to clients or leads.

[urbanrealtor]

Are you referring to the trustee sale or to a resale auction?

The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.

Generally, the minimum bid is more than the market value of the property.

Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.

If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.

urbanrealtor at gmail

[urbanrealtor]

Are you referring to the trustee sale or to a resale auction?

The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.

Generally, the minimum bid is more than the market value of the property.

Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.

If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.

urbanrealtor at gmail

[urbanrealtor]

Are you referring to the trustee sale or to a resale auction?

The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.

Generally, the minimum bid is more than the market value of the property.

Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.

If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.

urbanrealtor at gmail

[urbanrealtor]

Are you referring to the trustee sale or to a resale auction?

The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.

Generally, the minimum bid is more than the market value of the property.

Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.

If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.

urbanrealtor at gmail

[urbanrealtor]

Are you referring to the trustee sale or to a resale auction?

The repo auction where the bank’s trustee goes to the courthouse steps and “auctions” the property is public record and usually not terribly beneficial.

Generally, the minimum bid is more than the market value of the property.

Also, there is no inspection or escrow period.
If you spend $200k on a house that is less valuable than the $150k lot it is on (like houses that have had all the copper plumbing pulled out), then you are out of luck. You pay with a cashier’s check and have essentially no protections.

If it is a resale auction (like one of those REDC auctions) it is just a carnival and here is my firsthand description.
http://piggington.com/what_do_you_think_the_winning_bid_will_be#comment-84853
Feel free to ask me any specific questions.

urbanrealtor at gmail

[urbanrealtor]

[quote=macromaniac]You have to love these Realtors today…typical self interest all the time. I bet you it was time to buy in 2005 also because you could get an option ARM loan and cash flow your rental property that was 75% over valued.

Hey Dan, you ever study economics 101? By the way, please show us where it is best to buy right now and why along with average rents with a 15% to 20% rent fade built in over the next two years….cant wait to see that information. [/quote]

I don’t think that what I say is particularly self serving or counterintuitive.
And I don’t own smoke weed anymore (other posters remarks notwithstanding).

To Macro: I have studied Econ. The micro and macro versions do not change what I am describing.

(Incidentally, my last year at UCSD included mathematical modeling of demand equations ala Von Neumann and Morganstern. If you have some helpful info on that front I will listen.)

What I am describing is more tangible than a class or book. The predicted rent fade are not something that are tangible until they actually exist (like 03’s 27 percent increases or 07’s 20 percent drop). Again, I can only describe what I am seeing and the what buyers are wanting. I personally don’t think that a class on econ makes a $536/mth payment (principal and interest on a 1-bedroom place with $10,000 down right now) a terribly bad idea.

Would you disagree?

[urbanrealtor]

[quote=macromaniac]You have to love these Realtors today…typical self interest all the time. I bet you it was time to buy in 2005 also because you could get an option ARM loan and cash flow your rental property that was 75% over valued.

Hey Dan, you ever study economics 101? By the way, please show us where it is best to buy right now and why along with average rents with a 15% to 20% rent fade built in over the next two years….cant wait to see that information. [/quote]

I don’t think that what I say is particularly self serving or counterintuitive.
And I don’t own smoke weed anymore (other posters remarks notwithstanding).

To Macro: I have studied Econ. The micro and macro versions do not change what I am describing.

(Incidentally, my last year at UCSD included mathematical modeling of demand equations ala Von Neumann and Morganstern. If you have some helpful info on that front I will listen.)

What I am describing is more tangible than a class or book. The predicted rent fade are not something that are tangible until they actually exist (like 03’s 27 percent increases or 07’s 20 percent drop). Again, I can only describe what I am seeing and the what buyers are wanting. I personally don’t think that a class on econ makes a $536/mth payment (principal and interest on a 1-bedroom place with $10,000 down right now) a terribly bad idea.

Would you disagree?

[urbanrealtor]

[quote=macromaniac]You have to love these Realtors today…typical self interest all the time. I bet you it was time to buy in 2005 also because you could get an option ARM loan and cash flow your rental property that was 75% over valued.

Hey Dan, you ever study economics 101? By the way, please show us where it is best to buy right now and why along with average rents with a 15% to 20% rent fade built in over the next two years….cant wait to see that information. [/quote]

I don’t think that what I say is particularly self serving or counterintuitive.
And I don’t own smoke weed anymore (other posters remarks notwithstanding).

To Macro: I have studied Econ. The micro and macro versions do not change what I am describing.

(Incidentally, my last year at UCSD included mathematical modeling of demand equations ala Von Neumann and Morganstern. If you have some helpful info on that front I will listen.)

What I am describing is more tangible than a class or book. The predicted rent fade are not something that are tangible until they actually exist (like 03’s 27 percent increases or 07’s 20 percent drop). Again, I can only describe what I am seeing and the what buyers are wanting. I personally don’t think that a class on econ makes a $536/mth payment (principal and interest on a 1-bedroom place with $10,000 down right now) a terribly bad idea.

Would you disagree?

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