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Old 11-09-2007, 10:14 PM
 
Location: southern california
55,237 posts, read 72,484,664 times
Reputation: 47456

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Quote:
Originally Posted by Yeledaf View Post
Has anyone checked rates lately? No pain. A little sweat. No nasty stock market to worry about. Time to invest in a fixer-upper....then flip it when everyone is over their snit next Spring....

Graph the Trend from bankrate.com (tm):

Or, you could just join the crowd snivel and b*tch
snivel and b*tch
snivel and b*tch.
When you could be getting rich.
flipin is good.
even better buy it pay it off and buy nother
pay it off buy nother pay it off
domino effect.
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Old 11-10-2007, 12:49 AM
dgz
 
800 posts, read 2,919,864 times
Reputation: 670
Quote:
Originally Posted by Yeledaf View Post
Bingo.

You can learn to do that stuff yourself. Just practice on a spot that doesn't show, until you're sure of yourself.

You don't have to do it all at once.
Yes, exactly! There is no reason that anyone can't learn to do these things on their own. Many of the big box DIY stores offer all kinds of demos on how to do everything from setting tile to putting down flooring.

Also, I have found that even when I've made a mistake, and I've had to correct it, it still has cost far less than if I had paid someone else to do it.
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Old 11-10-2007, 06:05 AM
 
3,778 posts, read 7,234,679 times
Reputation: 4906
Don't become the greater fool in the process.

http://www.nytimes.com/2007/11/09/us...in&oref=slogin
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Old 11-10-2007, 06:53 AM
 
4,965 posts, read 3,939,028 times
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The key is dont over extend yourself. Only borrow what you can pay back. It is a wonderful time to buy, for a long term investment. The days of flippers are really over.

Long term and dont over extend.

d
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Old 11-10-2007, 09:42 AM
 
12,620 posts, read 17,704,777 times
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Quote:
Originally Posted by Hawkeye48 View Post
Now could be a good time to pick up a foreclosure house as well.
Especially young couples starting out they can get a better deal usually because the bank wants to unload it as quick as possible.

Last edited by Miborn; 11-10-2007 at 09:43 AM.. Reason: spelling correction
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Old 11-10-2007, 09:52 AM
 
5,092 posts, read 9,611,767 times
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hmmm, Yeledaf, would not you have had us all buying stock the past few months, as well

I think I will chart my path a little bit around your advice, thank you all the same.

Looking at the numbers -- rather than mindless slogans -- the heavy fallout from the ARMs does not even start to hit until next March through May 2008. That is when the biggest slugs of ARMs reset to higher rates. The trend has been about 3 to 4 months past the reset to foreclosure, and the bank has to unload the property at least a couple of months later. All that adds up to the that the price drop bloodbath does not really get started until next Summer through the Fall. Since collapse compounds, there is no real guess where the bottom will be. What is going on now is probably just the warm-up before the real show gets started. Going to make for a fun election cycle, no?

But if you would like to "invest" in some property now, Yeledaf, and fix it up real nice for me and the kids, I may be interested in bidding on the (bankruptcy / foreclosure) auction in a year or two.
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Old 11-10-2007, 10:26 AM
 
Location: Pinal County, Arizona
25,107 posts, read 34,391,056 times
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Quote:
Originally Posted by Yeledaf View Post
Has anyone checked rates lately? No pain. A little sweat. No nasty stock market to worry about.
Actually, for those who want to be owner occupants, now is a fantastic time to buy

AND, for those who are investors, and are willing to look at long term investing, now is also a great to buy - low prices and great rental prices - good ROI
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Old 11-10-2007, 11:35 AM
 
6,585 posts, read 22,403,189 times
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My neighborhood used to be a good place for flippers to come in, removate and then sell quickly for a profit, but right now the two houses that were bought and renovated during the 1st part of the summer, still sit For Sale in November.
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Old 11-10-2007, 09:57 PM
 
Location: Forests of Maine
29,749 posts, read 47,557,573 times
Reputation: 17618
We have owned a number of run down slums.

We have bought when they are run-down and undervalued, in need of lots of repairs [but all repairs were within my ability of things to fix].

Never pay a penny down-payment, always finance 100%. We have done zero-down mortgages every decade since the 80's.

Never pay any mortgage payment using your own money. There is always too many folks out there with money in their pockets who will pay you 'rent' so that you can make your mortgage payments.

Your hard earned money is better spent elsewhere, never on mortgage payments.

I am not a fan of flipping either.

Keep each property going and it is building Net Worth, while it is sheltering you from taxes. When you flip one, it is harder to shelter the profits. You are forced to re-invest in 'like-kind' property, and even then the basis builds up.
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Old 11-12-2007, 01:43 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
20,844 posts, read 37,540,192 times
Reputation: 20908
Quote:
Originally Posted by baystater View Post
Not yet. I really don't care about the interest rate. It the price that counts. ...I'm not willing to catch a falling knife and I not going to over pay on an investment. 2 more years here and then........Buy, Buy , Buy!..
I'm with baystater, (wait awhile) I feel the ARMS will be hurting folks for the next 2 yrs. (my 4% 7/1 rolls in 2009) but.... I am also wondering if the special rates for LTCG's in 2009 and 2010 (expiring) will introduce more props into the flood. (probably in low cost units currently used as investment props)

I'm living in a real strong RE market, so no significant price erosion EXCEPT for expensive (empty) spec homes.

I don't think we've seen the bottom yet, but some areas may avoid the bloodbath.

I try not to buy something that I can't cashflow if things get rough.

Rents are only~ $1200/ month, so I can't justify paying over $150k, for residential I only buy rural props with view so I guess I won't be buying too soon, since lots are still over $150k

As I look to a more 'passive' retirement I am selling almost all my investment props to get favorable tax treatment, and I may just get into some TIC's in retirement centers. They currently are paying 9% + 3% equity growth / yr. I might be happy with that return, if I can collect while on the beach in Tahiti, and no leaky roofs or toilets to repair. (or whining / no pay tenants). I'm also considering "land-leases" on some remaining commercial dev land I have. That seems pretty 'low input'

I transitioned from residential into commercial ~ 7 yrs ago, and it was like retirement

evict in an instant, tenants keep the place up, you are only renting a shell so no 'fix-hassles', i(f you get a good roof), triple net is an added bonus when taxes have gone up 200% in 5 yrs.

I feel very fortunate that I have done fairly well, but... really only about 13%/yr in my RE investments, so no real difference to my equity holdings, (~17%) but I like having 30% of my net worth in something tangible
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