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Investors - John S. Rabi - 07-09-2008
Interesting article at http://promo.realestate.yahoo.com/vulture-real-estate-investors-swoop-in.html it seems some investors are pouncing on deals.
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Investors - Jared I - 07-09-2008
I think I would call if catching a knife. If you are buying a home to live in it and you can make it work financially, then by all means.
Its like people thinking they are bottom fishing in the tech bubble or today's stock market.
Let the market sit flat without appreciation for a year or two, then buy. Why buy on the way down only to be bled?
RE: Investors - Seeb - 07-09-2008
i think pushing the get it before it's gone hype at this time is questionable
The devil is in the detail
RE: Investors - Hotzcatz - 07-09-2008
My youngest brother is buying properties in Kansas City, rehabbing them and then doing "rent-to-own" with them. So far he's bought, fixed and rented two. This is since last summer. He is really particular about which properties he buys. He says there is another auction next week for over a hundred different properties. At the last auction there were several where the bidding opened at $1,500 and there were no takers. He also said there are several entire city blocks that have been razed flat since the houses in them were foreclosed on and weren't re-sellable after the looters got through with them.
I think we've just begun to see the free falling.
RE: Investors - JerryCarr - 07-09-2008
quote:
Originally posted by Jared I
If you are buying a home to live in it and you can make it work financially, then by all means.
Good advice, Jared. The people who treat their homes like ATMs or an alternative to a good savings plan are often the ones who get into trouble. I know a family who actually planned to finance their kids college with home equity loans, that is until the equity dried up and blew away.
Cheers,
Jerry
RE: Investors - tada - 07-09-2008
this mortgage stuff is like a black box to me- too manhattan-centric. but now they are talking bailout for fannie and freddie. I know the score- the sky is falling??
finally caught a break though. Took advantage of the drop in oil to sell HA.
Other people want to make friends- I just want to make money.
James Cramer
RE: Investors - EightFingers - 07-10-2008
quote:
Originally posted by Hotzcatz
My youngest brother is buying properties in Kansas City, rehabbing them and then doing "rent-to-own" with them. So far he's bought, fixed and rented two. This is since last summer. He is really particular about which properties he buys. He says there is another auction next week for over a hundred different properties. At the last auction there were several where the bidding opened at $1,500 and there were no takers. He also said there are several entire city blocks that have been razed flat since the houses in them were foreclosed on and weren't re-sellable after the looters got through with them.
I think we've just begun to see the free falling.
I live in Kansas City and am not aware of this. What part of town is this happening in?
RE: Investors - John S. Rabi - 07-10-2008
quote:
Originally posted by Jared I
I think I would call if catching a knife...Why buy on the way down only to be bled?...
Catching a knife?! Excuse me, but those people were buying homes for $3,000! Do you really think the prices will go lower than that?![:0]
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Investors - Jared I - 07-10-2008
John,
I know prices can go lower, in the end the city/county will just take them back and raze them. I visit Grosse Point/Wood/Farm/etc outside Detroit a few times a year. What is the use of the buying a house in an area where there are no jobs? Who are you going to rent it to? My good friend is an senior officer withe the MI State Patrol, he says many would prefer to raze the houses and turn them into a nature preserve than the crime that a 3K house brings. The have been a few vigilante burnings of these houses, hows that for what the neighborhood thinks. I have been in these houses, and you get what you pay for.
I bought a house for $1 and but then had to move it to another lot that the city sold me for $25k(I did put a lot into refurbishing the house and foundation and such). This was in SoCal in a historic district, plus I got a Mills Act tax break and it wasn't that long ago.
RE: Investors - Hotzcatz - 07-10-2008
quote:I think it is somewhere downtown or near the river or something, I didn't ask specifically. He looks carefully at the properties and their neighborhoods before buying them since he has several specific requirements for any property he buys.
Originally posted by EightFingers
quote:
Originally posted by Hotzcatz
<SNIP>He also said there are several entire city blocks that have been razed flat since the houses in them were foreclosed on and weren't re-sellable after the looters got through with them.
I think we've just begun to see the free falling.
I live in Kansas City and am not aware of this. What part of town is this happening in?