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Old 11-29-2011, 05:38 PM
 
7,109 posts, read 9,730,113 times
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When the tsunami hit the market in CLT I was stuck with (4) houses. After quite a long period of time I sold one about 3 or 4 months ago and re-invested in another house out of state. Now all of a sudden I have offers to purchase on all three of the remaining properties and will sign off on them in the next 24 hours.

Two of the three are all cash. The prices are so low that if my grand daughter broke her piggy bank she would have enough money to buy them, The third is owner financing (that's me) that has terms that make me feel I have sold my soul to the buyer and given away any thoughts to prudent investing. I was/am so anxious to move on that I agree to just about anything the buyer asks for. It's degrading to say the least. I doubt he will ever pay the balloon due in 5 years but yet I go with the flow because I want to move forward with my business of investing.

My point---anybody can sell their house in Charlotte it's just a matter of how well one can deal with the vultures sitting on your backyard fence.

I'm not particularly proud of myself right now but only time will tell if I made the right decision.
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Old 11-29-2011, 09:55 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,667,962 times
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Pink, when you and others were flipping houses during the mania times of say 2005, you weren't complaining when times were very good, right?

Now the buyers finally have some bargaining power the past couple years and your complaining?

I just don't get that people get into that business and know full well its a business. There is no "selling your soul". Maybe if you compare it to what you were getting 6-8 years ago, yeah, but those days are over. You will get what the market wants to give you for your home.

My post may seem "cold" but its the truth. Your post sounds like alot of whining and I don't think deserves much sympathy....sorry.
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Old 11-30-2011, 04:43 AM
 
1,163 posts, read 1,963,394 times
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Not to be calloused, but I have to agree with CJ. The market is now functioning more rationally, without the artificial price inflation fueled by unsustainable lending practices.

I applaud you for taking the hit and unloading the properties. You'll probably be very happy you did.
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Old 11-30-2011, 05:25 AM
 
7,109 posts, read 9,730,113 times
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Not whining one bit. You're reading me wrong because I left out what I have been doing for the past 2 1/2 years in another market place. I have taken full advantage of market conditions and moved on to a very viable market.

Prolly, what I was trying to say was I ACCEPT the market as such but I have not been a seller for so long (only buy, develope and rent now) that it was hard for me to have the terms dictated to me on selling. That's all...nothing more that a little ranting.

CJ--BTW, this is what I do for a living.There are several aspects of real estate of the business that included "flipping" during that part of time where opportunties existed. It's not my total business, nor do I have any regrets. I took enough money off the table to make the net worthwhile.
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Old 11-30-2011, 05:34 AM
 
7,109 posts, read 9,730,113 times
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Quote:
Originally Posted by amploud View Post
Not to be calloused, but I have to agree with CJ. The market is now functioning more rationally, without the artificial price inflation fueled by unsustainable lending practices.

I applaud you for taking the hit and unloading the properties. You'll probably be very happy you did.
Thank you for the kind words. My callouses have hardened over the years.LOL.

What gives you the impression that "the market is now funtioning more rationally"? Clearly, I can cite 3-4 reasons that may not be the case. But, this may not be the place for that discussion.

A little closer to home---read the new thread about a house "being Cheap at 40K +" and tell me what is "funtionally rational" about that investment philosophy that is different than what I did 5 years ago,albeit at a higher price point?
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Old 11-30-2011, 05:40 AM
 
Location: Beautiful Rhode Island
6,837 posts, read 11,108,845 times
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quote:"I applaud you for taking the hit and unloading the properties. You'll probably be very happy you did."

Or you may kick yourself if the market recovers.
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Old 11-30-2011, 05:59 AM
 
Location: State of Being
35,885 posts, read 67,141,087 times
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Quote:
Originally Posted by Hollytree View Post
quote:"I applaud you for taking the hit and unloading the properties. You'll probably be very happy you did."

Or you may kick yourself if the market recovers.
That recovery will be a while off . . . and as it is, if OP has found a different area wh/ is working for him now . . . the best thing to do was most likely just dump the property and move on. The bottom line is still the bottom line . . . there are still taxes on the property to be paid while it is sitting on the market . . . and maintenance issues plus security of an empty property . . . crime is spreading in some areas. Don't need to be caught up in that set of problems.

At some point, having to be responsible for properties becomes as big an issue as having a spreadsheet that shows them as assets. Cash in hand can be a better position than a net worth statement under some circumstances.
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Old 11-30-2011, 06:00 AM
 
7,109 posts, read 9,730,113 times
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Quote:
Originally Posted by Hollytree View Post
quote:"I applaud you for taking the hit and unloading the properties



Or you may kick yourself if the market recovers.
I doubt it seriously.No amount of recovery will change my opinion of the investment opportunties that will come along for the type of businesss I'm in.
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Old 11-30-2011, 06:05 AM
 
7,109 posts, read 9,730,113 times
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Quote:
Originally Posted by anifani821 View Post

At some point, having to be responsible for properties becomes as big an issue as having a spreadsheet that shows them as assets. Cash in hand can be a better position than a net worth statement under some circumstances.
You forgot losses in calendar year 2011 which will be a bonus for me next April 15th. I'v insisted that all deals be closed in Dec. or....no deal.
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Old 11-30-2011, 06:07 AM
 
Location: Charlotte
162 posts, read 351,264 times
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I'm currently trying to sell my house. Been on the market since late August. I haven't had an offer, but a good amount of visits. There is a certain point at which it makes it impossible for me to sell. I understand it's a buyer's market, but I'm selling mine to buy a larger house for my family. I can't do that if I sell my soul and give in to the buyer just to move it. Buyers also have to understand even though they have the power, they need to be realistic about their expectations of price.

I completely agree prices were inflated. However, I bought mine in late 2001/early 2002. While it was nice, I know my house wasn't worth the amount people were paying in my neighborhood in 2005-2006. But on the same hand, don't think for one second I'm going to sell it for equal to or less than what I paid in 2002.

My opinion is this mess it's both the banks and buyers faults. Greedy banks offered anyone and everyone a mortgage for however much you wanted. People were stupid enough to actually buy the houses they couldn't afford.
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