This is just a flash headline article - I’m sure there will be some serious articles on the subject later.
http://www.marketwatch.com/story/housing-etfs-turn-lower-on-weak-sales-data-2010-06-23
I feel bad for all the people that bought a new home thinking that the market was getting better while, it was only artificially propped up.
We may see the residual effects of this with even more mortgages underwater. This is what happens when the government gets in between the consumer and the market. I like to call it Obamanomics…
Obamanomics...
It has the same attributes as cancer…it devours the organism.
Your Doctor tells you…each as much as you want…especially high calorie content foods like the Whopper:
http://www.thegimcrackmiscellany.com/wp-content/uploads/2008/09/whopper.jpg
The odds are that it’s a loosing battle.
Enough with the government cheese…
They’re trying though…banging the table at G20 for more of it…Germans know better…they’ve carted their currency via wheelbarrow.
-Mike
If you have one, I wouldn’t get rid of your wheelbarrow…we’re headed that way.
More Obamanomics…
http://finance.yahoo.com/news/Calif-Fla-other-states-to-get-apf-4192203296.html?x=0
“New” home sales plummeted. Yeah, no kidding. No new home starts means there are not many new homes to sell.
This was on the news last night, and then they happened to mention that “existing” home sales were up 19%.
19% more than freakin’ nothin’ isn’t great, but it is not a 33% drop in the total housing market.
When I was younger (remebering the years 200-2004ish) I remember seeing dozens of new houses being built all the time. No over exaturation. DOZENS, in this SMALL TOWN. You could count on there being 70-80 new houses being built a year during that time.
I havent seen a new house built in about 3-4 years since then…
Guys, not to steal words from rookie, but I"m a capitalist first. Before politics. Your making a big mistake if you write off this real estate sale. I’m up almost 300K for the year, flipping commercial properties. And I have a deal in the works that will double that number.
Don’t get so caught up in this that you don’t make money, it’s people like us that will fix the real estate problem, not government.
Yes Sir! I like to think I am helping to empower the economy at this point.
John in nc,
I curently flip residential homes , small time 2-3 a year with hopes of working up to flipping commercial and higher end residential.
Can I ask how you got to your current position in RE investing?
And can you offer some advice , what things should I work on learning to take my investing to the next level?
Thanks - Dennis
Guys, not to steal words from rookie, but I"m a capitalist first. Before politics. Your making a big mistake if you write off this real estate sale. I'm up almost 300K for the year, flipping commercial properties. And I have a deal in the works that will double that number.Don’t get so caught up in this that you don’t make money, it’s people like us that will fix the real estate problem, not government.
sounds like fdjake…finally got through to flyboy…
j/k with you John. Great work!
-Mike
ripping up more underlayment today…pain in the a$$ job…but somebody’s gotta do it.
John…
I think you should post some of the pictures you’ve been sending me on that commercial property you scored. Before and afters…
You did a great job on that project! You kept your costs to a minimum, did just enough to TRANSFORM that property, and…
YOU LISTENED!!!
Nice job…I can’t wait to see what you grab next…
As I’ve said here NUMEROUS TIMES…If you’re sitting on the sidelines during THIS SALE…You’re losing TIME & MONEY that you will NEVER be able to make up.
Ask JOHN how long it would take him to put the kind of CASH in the bank this one project netted him…The answer is DECADES…
D E C A D E S for almost any American…YEARS of back breaking work and sacrifice… To do what John did in 3 MONTHS!!!
:beer :beer :beer :beer :beer
This happened to a guy who at one time drove me CRAZY telling me there weren’t deals like this out there. :banghead
But JOHN is one smart dude…He found a property, did his research, asked for some advice from someone that has done this numerous times…THEN…He did what 90% of people NEVER DO…
HE LISTENED and did EXACTLY what he was told to do…Even down to color suggestions for that building!
Great job man.
By the way…You owe ME and MY SON and plane ride someday!!!
By the way......You owe ME and MY SON and plane ride someday!!!
now there’s a deal…
getting to meet the master flipper in person…at 30,000 feet!
-Mike
it was old and flexed from the strain of waves…but I still miss the Reserve…especially walking the storm tunnels late at night…listening to audio books:
http://dlund.20m.com/images_newest/Res080107a.jpg
Ask JOHN how long it would take him to put the kind of CASH in the bank this one project netted him.....The answer is DECADES.......D E C A D E S for almost any American…YEARS of back breaking work and sacrifice… To do what John did in 3 MONTHS!!!
Great point fdjake!
This really IS the key…compressing money making to the shortest possible timeframe.
-Mike
Sure I’ll post a before and after.
Before (Old pic but looked the same) Bought 190K
http://img526.imageshack.us/img526/8813/garagem.jpg
After. Sold for 400K
http://img708.imageshack.us/img708/589/dscf0428q.jpg
FDJake, I’ll be more than happy to give you a plane ride, it’s the least I could do. Problem is, they wont let you in the cockpit anymore. And we all know how fun riding in back is! And you wouldn’t want to ride with me in a small plane, havent flown one of those for at least 10 years, so I would be a mess.
Great job John,
I see several run down commercial properties here.Did you have any problem with financing?I’d like to find out more about this.
Congrats John In NC,
I commend you for getting out there and experiencing what its like to be needed in the current RE market…Im perplexed why so many feel the need to be bearish…I do understand if you dont have access to funding that things seem out of reach…Many are flocking to private money nowadays and I ve been inundated with investors willing to put down %50 of their money into deals and then seek hard funds for the remainder…The deals are out there as you can see…You listened to fdjake,who has a wealth of information on these type of projects…Thats the beauty of this forum…So many people of different talents and we can bounce ideas and gain $$$ from it all…Capitalism is a good thing…Im happy for you and keep picking the right deals and watch it snowball from here…
A couple of comments here…
The entire plan here was to create EYE APPEAL from the street on this project…RE-READ some of the original posts John wrote about this property prior to buying it.
My advice to him was to take a building that was basically sound, and create something that OTHER business owners would want to LEASE or BUY.
That was done with the following ideas…
First off…The building was painted 2 different colors and obviously was added on to at some point. It just looked half assed…By COLOR MATCHING the paint on the “factory painted” metal building and painting the 2 story original structure that color (tan)…The two buildings were PULLED TOGETHER as one structure.
Next up…Some paving repairs, seal coating and striping…These things sound SIMPLE. and because they are…most people skip that part of the rehab…You CAN NOT believe the difference this makes on a commercial property.
Pulling these buildings together aesthetically is where the VALUE was created.
John had the deal, he had the location…What he DIDN’T have was a property OTHERS could see as DESIRABLE!!! By using some basic ideas he CREATED a desirable building…SO DESIRABLE in fact that it was SOLD before he owned it 3 months!!!
NEVER, EVER, EVER under estimate the true VALUE that is behind SUBTLE AESTHETIC CHANGES to a property located in a HIGHLY VISIBLE AREA…THOUSANDS of cars, investors, business owners, and CUSTOMERS of those business owners drove by that building EVERYDAY.
USE that to your advantage!!!
One of my philosophies when doing this type of commercial project is to ALWAYS start with the OUTSIDE REHAB FIRST…That BUILDING is a HUGE BILLBOARD…Just SEEING it transformed will create INTEREST. If done properly, and with and eye towards the total “look” of the property, BIG TIME interest can be created with relatively low levels of expeditures.
GREAT JOB John…Don’t worry about the plane ride. You can make it up to me with a CONSULTING FEE on the next one! :beer :beer
Sure beats the SH*T out of whacking dishwashers with baseball bats in the middle of residential neighborhoods huh John???
Buddy…As I said to you when you were first contemplating this purchase…
If you do this one right…You’ll sell every single one of your pain in the ass RESIDENTIAL RENTAL PROPERTIES and you’ll never look back!!!
Remember what started this JOHN???
MY RENTALS ARE DRIVING ME CRAZY!!!
How “crazy” did this little GEM drive you???
But hey…What do I know???