Originally posted by slimjimmy brother does that for run down repos, puts a little money in, and makes a killing. He is a heat and AC contractor, and does a house over the winter to fill in when business is slow.
It's a good time to buy though. I just bought a repo house for $60,000.00 les than it's market value.
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I just heard from someone who follows this stuff that if the insurers of the banks start going under, (if the US government does not intervene that is), it will cause the market to drop a few thousand points and not simply a few hundred points as it is now!!! Actually he said that WHEN the insurers start to go under and not IF.
Now back to the soup, when the time comes I think I should be the first one in line after having warned you all!!
Originally posted by duecera coworker bought 2 houses out around livermore, ca, as an investment when the building boom was on. huge tracts of new 2-stories with tiny lots. now he can't sell em, can't rent em, and is stuck with the mortgages.
fairly astute observation. another factor would be the nuber of second homes people have bought, and will one day have to unload.
Originally posted by whodeyi'll supply the rocks, y'all supply the carrots, potatoes, meat, cabbage, spices, and firewood.
I just heard from someone who follows this stuff that if the insurers of the banks start going under, (if the US government does not intervene that is), it will cause the market to drop a few thousand points and not simply a few hundred points as it is now!!! Actually he said that WHEN the insurers start to go under and not IF.
Now back to the soup, when the time comes I think I should be the first one in line after having warned you all!!
Originally posted by invigorateIf you contract to buy anything, including homes, with payments you can't afford. If a lending house is foolish or underhanded enough to give you a loan you can't repay. Both of you deserve to suffer the consequences and all financial losses.
Mortgages are becoming more expensive - despite relatively low interest rates.
Repossessions - esp in US are accelerating. The banks are running out of liquidity so easy credit is scarce.
Does lending need to get more expensive and cumbersome to ensure this does not happen again?
Why aren't the repoesessed houses resold at a discounted rate to keep ...[text shortened]... to sub prime mortgages habitated and in turn help to keep the rest of the world economy afloat?
Let the reckless gamblers loose their investment. Let lending institutions who practice unsound lending go out of business. If general economy take a hit in the short term, removing these illigitimate participants from business will make economy stronger in the long term.
Do not reward bad behaviour. No government should become involved, it will only embolden the miscreants and this faulty business practice continue. It's not the governments responsiblility to be a nanny!
Originally posted by invigoratePeople need to stop taking out debts they are not able to pay.
Mortgages are becoming more expensive - despite relatively low interest rates.
Repossessions - esp in US are accelerating. The banks are running out of liquidity so easy credit is scarce.
Does lending need to get more expensive and cumbersome to ensure this does not happen again?
Why aren't the repoesessed houses resold at a discounted rate to keep ...[text shortened]... to sub prime mortgages habitated and in turn help to keep the rest of the world economy afloat?
Originally posted by invigorateI'd buy a house outright if I had 100k pounds. I'd buy one somewhere...even if it were fairly desolate.
I don't believe they have to unload. They may take their profit in a high market, but if the property is yielding rent they are unlikely to sell.
If you had £100k today where would you put it?
Interest rates are falling, stock markets are falling, property prices are less than stable. You wont get much oil or gas for your money.
I would argue in t ...[text shortened]... ommercial/residential mixed use building - generally year one will produce about 6% before tax.
Or maybe I'd hold it for a year then buy. Depends how I thought the market would go. If I did that I might buy CDs until then.
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Originally posted by zeeblebotYou mean he borrowed a bunch of money and now has to pay it back despite his poor investment of that borrowed money, right?
a coworker bought 2 houses out around livermore, ca, as an investment when the building boom was on. huge tracts of new 2-stories with tiny lots. now he can't sell em, can't rent em, and is stuck with the mortgages.
This fellow should subdivide those houses into small, cheap rooms and rent to UC Berkeley students. Campus dorms get to over $1k a month each for a pair of roommates (I think...I'm thinking of the Foothill dorm I stayed in and some of the others too).
Or, market to the Hindu population. Livermore has a big temple of theirs.
Or live in it and stop paying rent. Sell the other house.
Or let your hard times relatives stay there.
Use it for storage for an ebay based business. Rent it as storage space for someone else.
Market to scientists going to Lawrence Livermore labs. Market to rodeo fans, people that love high end libraries, artists who like Maria Alquilar...
Advertise the fact that the oldest burning lightbulb is there.
Originally posted by zeeblebotI would but there is a new governmental tax on rocks and the price of produce is going up as well. Also affording gas to get to the store to buy the rest is equally problematic. Don't get discouraged though because I've got some cardboard we can boil and with a little bit of salt it does'nt taste that bad. 😉
i'll supply the rocks, y'all supply the carrots, potatoes, meat, cabbage, spices, and firewood.
Originally posted by duecerNot sure about NE.
my wife tells me ( realtor) that the prices in New England have bottomed out. The problem isn't cost; banks are just very strict about who they will lend to right now. You need 20% down, and perfect credit history. If you have cash, now is a good time to invest in real estate.
Florida is one of the states i was reading about. Was considering some property down there but going to wait at a year. Market is in freefall...