The Dow is below 10,400 as I am writing this. When will the government announce the next bailout to keep the markets up? I’m betting at about Dow 10,000. It’s all manipulation, you know!
The Federal Reserve uses the exchange stabilization fund to do it. I am convinced the “glitch” we had a while back was manipulated to show just who is running the show for an important vote happening in the senate that night. S604 (house version of HR1207) was watered down and quickly voted on the night of the “glitch”
Mortgage application numbers came out this morning…
DOWN…over 40% as the Tax break ran out…
I think you’re right on this one Mike…More Intervention on the way.
I’m surprised that the guy in the video wasn’t wearing big thick Mr. Magoo glasses. You’d have to be wearing Mr. Magoo glasses to find a silver lining in that black cloud! The loan modifications haven’t worked; there is a mountain of loans scheduled to reset in 2011; there is a HUGE overhang of unsold REOs that haven’t even been put on the market; foreclosures are at very high level and expected to get worse; Fannie and Freddie are hopelessly in debt and are receiving an unlimited check from the taxpayers to remain solvent. Where was that silver lining again?
Not to start the same argument over and over again…But its busy out there on the deal making front…I do know the numbers are bad and things may take a downturn for a while but if you have access to capital the deals are there for the taking…Im trying to be humble with my postings, but if you loved real estate the last 10 years you have to REALLY love it here…
But its busy out there on the deal making front...I do know the numbers are bad and things may take a downturn for a while but *if you have access to capital* the deals are there for the taking...Im trying to be humble with my postings, but if you loved real estate the last 10 years you have to REALLY love it here...
I agree and the great deals are likely to be around for a LONG time. There is a multi-year overhang of unsold REOs that aren’t even on the market. This is a great time to get started in the real estate business.
This is a great time to get started in the real estate business.
Its so nice when we can agree on something… :beer
If you can get financing!!! I just did a commercial loan for my repair shop, and wow did I underestimate the task!
It is a fantastic time to be in the RE businsess. Now that the Tax credit is over, I only see even better deals coming down the pike. This should also eliminate more amature investors running up REO’s that are paying close to retail. I love going out there and lowballing these places. If they don’t play, I walk away because I know it’s a matter of time before some else is willing to play by my numbers, and I only see even more people looking to play if they want to get paid. :biggrin
Couple of guys I know, in a close market to mine, have been tearing it up! They are putting out 1-2 rehabs a month paying 40-60 k a piece for capes and ranches, putting in 45-50k in rehab cost, and turning them around for 150-200 k a piece. They are using none of their cash and all private money. They’ve been successfully doing REI for about 2 years and said they couldn’t get any decent deals during the housing bubble.
This could be good or bad news depending on what end you’re on.
manipulation from the plunge protection team?
pretty good fat finger melt-up at 15:40 today…
Just as I expected. We were nearing global catastrophe yesterday (market sentiment) and things are fine and dandy today. Can’t let the sheeple go through the weekend thinking the market is melting down. Gotta keep the illusion going.
BTW, what was the government intervention that bought DOW 10,000? The House and Senate BOTH passed WATERED-DOWN Financial Regulation bills. Price paid and the market once again successfully manipulated by the government.
I welcome a big Real Estate crash, bring it on! Will be easier to find steals (people will get desperate for money) when I finally do get started.
I welcome a big Real Estate crash, bring it on! Will be easier to find steals (people will get desperate for money) when I finally do get started
Hoosier we are in the middle of it now…There are deals everywhere…
Sure, there are deals everywhere, but our Government is still successfully keeping the prices of homes SOMEWHAT inflated. Im talking about a CRASH, not just a decline. (not trying to play word games.)
A few weeks ago I posted that I bought 2- 3 bedroom condo units in Florida for 30k for BOTH (fwiw I PM’d Fdjake the EXACT listing,price,address for proof in case I was called BS by someone here…He was amazed)…They sold in 2007 for 149k…And I paid %10 of that price…In my world I call that a crash,a massive crash at that…Im perplexed at what you constitute a crash as if these type of deals are going on?..Maybe you are waiting for the Detroit scenario to play out across the country,which will NEVER happen…The day that houses are selling far below rebuild cost is here NOW…Does that mean they wont get slightly cheaper,maybe…But who can call a bottom?..I cant …Dont forget interest rates will be most likely soaring in the years to come which will make financing for deals more expensive…But Im sure you factored that into your crash scenario…Inflation is the next shoe to drop…
Dont forget interest rates will be most likely soaring in the years to come which will make financing for deals more expensive..But Im sure you factored that into your crash scenario...Inflation is the next shoe to drop...
a few weeks ago…while working on my 35 cents on the dollar rehab…I was ripping up underlayment in a room.
between the hardwood flooring and sub-floor, the previous owner had used newspaper to do shimming.
the year was 1969…
found an article about where people were griping about the recent interest rate hike to 8.5%…
little did they know it would march up to the 20% neighborhood.
and here we are in alice in wonderland…with hugh monetization and zero rates.
the time is now to build wealth!
btw…a used pickup truck would probably get you to that first 30k a lot quicker than you think….just be sure to use gloves…you don’t want tar under your fingernails at the daytime job…
I not only checked out the condo’s Rookie mentioned, I even talked to the realtor handling the sale…100% TRUE and an absolute STEAL!
The BUST has happened…When you can BUY a COMPLETE home, with working heating system, plumbing, roof, electrical, that you can LIVE in it for LESS than what the L U M B E R cost to build that home…
THAT’S A REAL ESTATE CRASH!!!
Rookie’s condo buy is a perfect example…These weren’t BOMBED OUT units that had been gutted to the studs…They were in good condition with modern, updated kitchens, 2 floors, 2 bedrooms, and 1 1/2 baths.
You can’t buy a new CAR for $15,000…They sold originally for almost $150K…How much LOWER do you think they could possible go???
The CRASH has happened…
BUT…The deals people here get are NOT what MOST people buy…Rookies situation worked because the BANKS won’t go NEAR condos right now especially if the project is less than 50% occupied…The condo Rookie purchased fell into that catagory…So what did he do???
HE BECAME THE BANK!!! He became the bank to another investor, that will deal with all the BS…He gets paid every month…Water heater goes??? Not Roookies problem (ever call your BANK because your heat doesn’t work?) You don’t because it’s not THEIR PROBLEM.
It all comes down to this…Take what you are given and REWORK IT in a way that makes you MONEY!!!
Out of curiosity what are you going to do with these condos rookie???
How do you guys find these? Surely they aren’t on the MLS for that price.