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#22
11-08-2007, 06:56 PM
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Re: Real estate newbie
Am pretty confident that a recession has never begun immediately after two straight quarters of the levels of GDP growth that we have just experienced, the credit crisis is more isolated than King wants to believe. That is not to say we will never have another recession, just that I don't see it as imminent.
Jimbo 
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#23
11-08-2007, 07:15 PM
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Re: Real estate newbie
[ QUOTE ]
Actually no. This is the time of the cycle that the true real estate investors pray for. [/ QUOTE ] The true real estate investors are going broke right now. Looking for ways to walk away from their mortgages, all 10 of them. Biggest housing bubble in the history of mankind, mortgage rates are creeping back up, banks don't trust each other nor do they trust anyone right now, which is making it even more difficult for anyone to secure a loan right now. I anticipate housing prices in California to drop 50-65% from their peak. Even Goldman Sachs, a company that is about to get smashed, came out with a research report saying the homes in Cali are 35-40% overvalued based on their models. Hopefully it is not the same models used to price their CDO's and other derivatives as those are B.S.
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#24
11-08-2007, 07:17 PM
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Re: Real estate newbie
[ QUOTE ]
Am pretty confident that a recession has never begun immediately after two straight quarters of the levels of GDP growth that we have just experienced, the credit crisis is more isolated than King wants to believe. That is not to say we will never have another recession, just that I don't see it as imminent. Jimbo [/ QUOTE ] those GDP numbers are adjusted using bogus inflation numbers. put in the real numbers and we are in a recession. the credit crisis hasn't even begun, they haven't even sung the national anthem yet.
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#25
11-08-2007, 07:38 PM
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Re: Real estate newbie
[ QUOTE ]
I would like to hear more about how to find motivated sellers who are willing to sell for a 30% discount off of current listings. Thats about what I would need to profitably invest here in AZ. [/ QUOTE ] Well, the first problem is that you aren't going to find these listing in the MLS. You could buy foreclosures, negotiate short sales, buy adandoned properties, buy from estates, buy from old ladies whose assets will be lost to Medicaide anyway, buy at auctions, buy from wholesalers, buy from other investors ........ Thats all I can think of off the top of my head.
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#26
11-08-2007, 08:03 PM
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Re: Real estate newbie
[ QUOTE ]
The true real estate investors are going broke right now. Looking for ways to walk away from their mortgages, all 10 of them. Biggest housing bubble in the history of mankind, mortgage rates are creeping back up, banks don't trust each other nor do they trust anyone right now, which is making it even more difficult for anyone to secure a loan right now. [/ QUOTE ] The true real estate investors sold out a few years ago. Do you think anyone with a decent head on their shoulders couldn't figure out that some parts were in a huge bubble in 2002-2005? And virtually anyone with 20% down, good credit, and a stable job history can get a loan right now.
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#27
11-08-2007, 08:40 PM
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Re: Real estate newbie
True real estate investors make money in any market. They understand the market cycles and play each market cycle accordingly.
Real estate speculators are the ones getting burned. You guys are pretty fixed on what you think about real estate because of all that crap the media has been pushing down your throats. All I have to say is thanks to you guys, the market will keep going down even lower. Too bad this subprime fiasco hasn't effected Canada yet. The hopes for a market crash in my city is still 1-2 maybe 3 years ahead.
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#28
11-08-2007, 09:24 PM
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Re: Real estate newbie
[ QUOTE ]
[ QUOTE ] I would like to hear more about how to find motivated sellers who are willing to sell for a 30% discount off of current listings. Thats about what I would need to profitably invest here in AZ. [/ QUOTE ] Well, the first problem is that you aren't going to find these listing in the MLS. You could buy foreclosures, negotiate short sales, buy adandoned properties, buy from estates, buy from old ladies whose assets will be lost to Medicaide anyway, buy at auctions, buy from wholesalers, buy from other investors ........ Thats all I can think of off the top of my head. [/ QUOTE ] Any suggestions on where to start looking for these types of esoteric situations? How do you typically run across one of your acquisitions?
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#29
11-08-2007, 10:55 PM
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Re: Real estate newbie
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I would like to hear more about how to find motivated sellers who are willing to sell for a 30% discount off of current listings. Thats about what I would need to profitably invest here in AZ. [/ QUOTE ] Well, the first problem is that you aren't going to find these listing in the MLS. You could buy foreclosures, negotiate short sales, buy adandoned properties, buy from estates, buy from old ladies whose assets will be lost to Medicaide anyway, buy at auctions, buy from wholesalers, buy from other investors ........ Thats all I can think of off the top of my head. [/ QUOTE ] Any suggestions on where to start looking for these types of esoteric situations? How do you typically run across one of your acquisitions? [/ QUOTE ] foreclosures - county court house, foreclosure auction, advertising negotiate short sales - find preforeclosures at the courthouse, advertise buy adandoned properties - drive around and make a list of potentials. Take list to county courthouse and find out the owner. If you can't find the owner's contact info, hire a skip trace service to locate them. buy from estates - obituaries, estate sales buy from old ladies whose assets will be lost to Medicaide anyway - advertise buy at auctions - check the auctions section of the paper, or use google buy from wholesalers - REI club buy from other investors - REI club
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#30
11-09-2007, 12:35 AM
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Re: Real estate newbie
[ QUOTE ]
[ QUOTE ] [ QUOTE ] I would like to hear more about how to find motivated sellers who are willing to sell for a 30% discount off of current listings. Thats about what I would need to profitably invest here in AZ. [/ QUOTE ] Well, the first problem is that you aren't going to find these listing in the MLS. You could buy foreclosures, negotiate short sales, buy adandoned properties, buy from estates, buy from old ladies whose assets will be lost to Medicaide anyway, buy at auctions, buy from wholesalers, buy from other investors ........ Thats all I can think of off the top of my head. [/ QUOTE ] Any suggestions on where to start looking for these types of esoteric situations? How do you typically run across one of your acquisitions? [/ QUOTE ] You do realize that what he mentioned is the entirety of the motivated seller market? (Within reason)
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