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#21
11-20-2007, 10:46 AM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] [ QUOTE ] After reading every post in this thread that basically is negative on your idea I can say you can probably do some buying. [/ QUOTE ] I disagree. OP is not nearly ready to buy anything. Learn then buy. "Ready, Fire, Aim" sounds like a bad approach to me. [/ QUOTE ] You can tell all that from the 4 or 5 sentences that he's posted in this thread? [/ QUOTE ] Yes, it is most obvious from the fact that he plainly states that he doesn't know what he's doing, and then later, that other than having bought a condo he's got no RE experience. That leads me to believe that some education is in order. [ QUOTE ] [ QUOTE ] aren't inflection points reached when the market sentiment is very, very much one sided? [/ QUOTE ] Don't get me wrong. I'm a huge advocate of buying RE right now. Now IS the time to buy. Now IS NOT the time for the OP to buy. That's because he doesn't know what he is buying and why. 'Investing' with No plan, no knowledge, and no understanding......hhhhmmmmmmm.......I'd rather play craps. [/ QUOTE ] Again I don't know how you can have that much insight into OPs knowledge or plans. [/ QUOTE ] The OP stated that he has no experience. Then when pressed to identify which market he believes is a good one to invest in, he replied something along the lines of 'whichever can make the most money'. Not too well thought out. Other than the specific comments that OP has made, I can tell based on the quality of the questions he poses that he doesn't really have any real thought out plan. [ QUOTE ] [ QUOTE ] Why not make some bids at low prices and see what you can come up with? [/ QUOTE ] OP - you're not ready yet. Learn first then buy. [/ QUOTE ] What specifically has he stated that you can draw this conclusion from? [/ QUOTE ] Reread the OPs posts in this thread. He says specifically that the has no experience. He is asking questions that are very very basic. Any basic education in RE would answer the OP's questions. I'm not attacking the OP, I'm just saying that its important in any investment to really understand what you are buying, what your goals are, realisitc expectations for ROI, etc. The OP's questions make me think that he has not thought any of this through. I don't know what the OP knows. If I'm way off base here, then I'll apologize. Either way, the advice I gave in this thread comes from significant RE experience, and is correct even if it doesn't apply to this exact poster. 
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#22
11-21-2007, 11:14 PM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] [ QUOTE ] too soon [/ QUOTE ] i was thinking this might be the case too...any thoughts on this point? how much worse is the housing market going to get? [/ QUOTE ] I would look at the reports. Foreclosures are on public record, you can look at the numbers. Currently the numbers show that more people are going in to foreclosure every month. [/ QUOTE ] Soko, where can I find this information? Thanks
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#23
11-22-2007, 01:38 AM
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Re: thinking of buying some foreclosed properties
Foreclosures will continue at a high rate at least through mid-year 2008. A ton of ARM resets are coming in Jan/Feb. Those people won't go into default until April or May. It will take until Jul/Aug for those to complete the foreclosure process.
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#24
11-22-2007, 02:38 AM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] too soon [/ QUOTE ] i was thinking this might be the case too...any thoughts on this point? how much worse is the housing market going to get? [/ QUOTE ] I would look at the reports. Foreclosures are on public record, you can look at the numbers. Currently the numbers show that more people are going in to foreclosure every month. [/ QUOTE ] Soko, where can I find this information? Thanks [/ QUOTE ] I believe the county recorder's office, if your county is anything like mine.
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#25
11-22-2007, 11:02 AM
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Re: thinking of buying some foreclosed properties
I know 4 guys who have been buying foreclosure properties for over a decade now.
The houses are renovated and sold. Also own apt buildings, rental houses, etc. If you're interested in investing in the MD/PA/WV area, PM me with your e-mail/phone number and we'll get ahold of you.
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#26
11-22-2007, 12:27 PM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
After reading every post in this thread that basically is negative on your idea I can say you can probably do some buying. Although sentiment on this forum hardly has any scientific basis, aren't inflection points reached when the market sentiment is very, very much one sided? Why not make some bids at low prices and see what you can come up with? [/ QUOTE ] True, but in my experience things tend to get worse for a lot longer than people think they are going to. Things are bad now and getting worse. And when they recover, they don't turn on a dime and start going up. I don't think you need to be afraid that you're going to miss the bottom of the real estate market if you don't do anything right now.
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#27
11-26-2007, 04:06 PM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] [ QUOTE ] After reading every post in this thread that basically is negative on your idea I can say you can probably do some buying. Although sentiment on this forum hardly has any scientific basis, aren't inflection points reached when the market sentiment is very, very much one sided? Why not make some bids at low prices and see what you can come up with? [/ QUOTE ] Market sentiment is most certainly not one-sided yet, if you include the existing homeowners. [/ QUOTE ] ???? Don't understand this. Are you saying that every home owner should want to dump their homes before it's decidedly one sided? [/ QUOTE ] I'm saying that the sentiment of those with potential to transact matters, not what some people on the sideline are saying. I don't see homeowners trying to get out en masse - I see the exact opposite.
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