questions about the housing market in columbus... (low income, real estate)

[striving 4more knowledge*]

hello im moving to columbus ohio in about a week or so. well i'm going to be training for a job and going to community college as well. i have some great resourses very close to me that i deesperatly want to take advantage of! i have an invester with a great knowlege of the buiss and a contracter close to me as well. moving from orlando the housing market here is terrible. speculaters and predatory lenders screwed the market up here a few years ago.when the bubble burst alot of people relized what they've done when they spent twice as much on a piece of property than they should have. now everybody has been forclosed and nobody can sell a home to save there life! i was woundering was the same issue going on up there?

[Tenzo]

No

[NeoSoulBrotha]

There's a lot of property on the market here. If you're looking to do rehabs for rentals, there's a good market and there's a lot of wholesaler "handyman specials" on the market for under $20k. If you're looking to flip for profit, it's going to be more challenging simply because there's a lot of REO's, foreclosures, and other housing stock on the market driving down values.

Before you do any investing, it would definitely pay to get a feel for the different neighborhoods of Columbus. Check out www.columbusreia.com - there's some good connections there for hard money lenders, wholesalers, property mgt etc.

Do a search on Youtube for Columbus wholesale properties and you'll find a guy named Joe Kowalczek who usually has about 5-6 decent wholesale deals available at any given time. Rob Fill is another well known wholesaler.

[Seafood Guy]

Nope, the recession didn't really affect the housing market here.

And don't just blame speculators and predatory lenders. Blame your own government for imposing the Community Reinvestment Act. It forced banks to make these bad loans to get lower income individuals into homes. If they didn't, their interstate bank operations would be shut down. Or, they could make an equipment or monetary donation to the ACORN Organization which is as much, if not more corrupt than our government.

[coach123]

Depending on the area. Some areas were affected more than others. Overall Columbus is in much better shape than most of the country real estate wise.

[behindenemylines]

Originally Posted by Seafood Guy

Nope, the recession didn't really affect the housing market here.

And don't just blame speculators and predatory lenders. Blame your own government for imposing the Community Reinvestment Act. It forced banks to make these bad loans to get lower income individuals into homes. If they didn't, their interstate bank operations would be shut down. Or, they could make an equipment or monetary donation to the ACORN Organization which is as much, if not more corrupt than our government.

As long as we all agree not to blame anyone who actually took out the loans.

[Seafood Guy]

Originally Posted by behindenemylines

As long as we all agree not to blame anyone who actually took out the loans.

Refer to the casino thread, and why I'm against them.

[Tenzo]

Originally Posted by behindenemylines

As long as we all agree not to blame anyone who actually took out the loans.

I believe the 'predatory lenders' hid in trees and jumped down, beat people unconscious and forged their signature against their will.

It has nothing to do with government regulators forcing them to provide loans to low income people who could not afford the payments.

Evil Evil Corporations.
What would Obama say?
Oh yeah, he was the lobbyist who forced the banks to provide loans to people who could not pay them back.

Well, he can either face the responsibilities of his actions or blame the big corps.

[coach123]

I would just blame the big corps. That just sounds a lot easier.

He sure can talk pretty.

[14thandYou]

Wow, now it's the government *forcing* banks to make loans to people who couldn't afford them that is the source of the problem?

Would these be the same banks that rolled in record profits year after year by making these subprime loans to consumers and raking in origination and servicing fees, and then repackaged the bad debt in ever more creative ways via intentionally convoluted "financial products" that led to even greater financial rewards? I'm supposed to believe the government put a gun to their head and forced this behavior?

Oh, if only the government hadn't involved itself, we'd still be sitting on piles of cash with our 401(k)s and the banks could have gone on raking in the dough. Stupid predatory lending laws.