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Old 05-29-2009, 03:15 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,933,848 times
Reputation: 5051

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they did that to some homes in cleveland.. under $100, they were condemned.. what people didnt realize is that the homes had to be demolished (part of the deal) in 60 days, if you didn't you owed the city for the demolition ($30k)!
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Old 05-29-2009, 04:26 PM
 
Location: Rockport Texas from El Paso
2,601 posts, read 8,507,287 times
Reputation: 1606
Its at least a good time to learn the Las Vegas market, but then again not sure investors in Las Vegas are logical thinkers, hence the huge boom and bust.
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Old 05-29-2009, 04:39 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 951,658 times
Reputation: 217
Quote:
Originally Posted by rpachigo View Post
Lots of properties falling out of escrow. People can't seem to close the deal. I just got two properties dumped in my lap today that fell out of escrow.
In about two weeks I will have my cash to buy two properties in Vegas. I will make cash offers 5%-10% less than the asking price. I will not go back and give a "best and final" offer, and we'll see where it goes. They can accept offers all day long that are over list and cross thier fingers it will close. I'll sit back and wait for the phone call asking if I can close in ten days or less (I won't raise my offer either). I will report my stories here. This is going to be fun, if not that at least entertaining.
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Old 05-29-2009, 05:22 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,933,848 times
Reputation: 5051
Quote:
Originally Posted by rpachigo View Post
Lots of properties falling out of escrow. People can't seem to close the deal. I just got two properties dumped in my lap today that fell out of escrow.
wow.. that must have hurt... aren't they heavy?
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Old 05-29-2009, 06:45 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,449,091 times
Reputation: 7615
just curious...do you think that many investment buyers who bought in the past did so with the old thinking that the gambling industry was recession-proof...that LV would still thrive in a recession? (not proven in this economy)
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Old 05-29-2009, 07:37 PM
 
385 posts, read 1,258,077 times
Reputation: 86
Quote:
Originally Posted by gtbguy View Post
In about two weeks I will have my cash to buy two properties in Vegas. I will make cash offers 5%-10% less than the asking price. I will not go back and give a "best and final" offer, and we'll see where it goes. They can accept offers all day long that are over list and cross thier fingers it will close. I'll sit back and wait for the phone call asking if I can close in ten days or less (I won't raise my offer either). I will report my stories here. This is going to be fun, if not that at least entertaining.
Good strategy. Specify cash/owner occupant.
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Old 05-29-2009, 07:46 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661
Quote:
Originally Posted by gtbguy View Post
In about two weeks I will have my cash to buy two properties in Vegas. I will make cash offers 5%-10% less than the asking price. I will not go back and give a "best and final" offer, and we'll see where it goes. They can accept offers all day long that are over list and cross thier fingers it will close. I'll sit back and wait for the phone call asking if I can close in ten days or less (I won't raise my offer either). I will report my stories here. This is going to be fun, if not that at least entertaining.
The strategy is of course suicidal. You never buy anything good.

But hell it can be most entertaining to watch the dedicated theorist insert himself onto his own petard.

But list for the edification of all what it is you intend to buy...a brief spec so the invited onlooker can judge how well you did in the end...buying things five or ten percent below asking requires no skill if you pick those 15 or 20% over the comps.

It should be fun...I await your sweeping victory demonstrating how little those of us in the business know about it.
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Old 05-29-2009, 08:33 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 951,658 times
Reputation: 217
Quote:
Originally Posted by horseplayer View Post
Good strategy. Specify cash/owner occupant.
Good advice, I'll do that.
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Old 05-29-2009, 08:41 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 951,658 times
Reputation: 217
Quote:
Originally Posted by olecapt View Post
The strategy is of course suicidal. You never buy anything good.

But hell it can be most entertaining to watch the dedicated theorist insert himself onto his own petard.

But list for the edification of all what it is you intend to buy...a brief spec so the invited onlooker can judge how well you did in the end...buying things five or ten percent below asking requires no skill if you pick those 15 or 20% over the comps.

It should be fun...I await your sweeping victory demonstrating how little those of us in the business know about it.
I'm not trying to buy the cheapest homes just ones that are in quality areas for the best possible price. I am sure in 6-12 months all what I bought could be purchased cheaper. Oh well, you can't time the bottom and if you own good s&*t you have nothing to worry about. I'm in it for the long haul like 7-10 years and $25K less a few months from now won't make any difference in 2017 or 2018. I don't think too many people get hurt if you give any markets TIME to come back. VEGA$ is still an awesome place to hang out.
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Old 05-29-2009, 08:45 PM
 
Location: Santa Fe, NM/Phoenix/Puerto Vallarta
424 posts, read 951,658 times
Reputation: 217
Quote:
Originally Posted by ocean2026 View Post
Its at least a good time to learn the Las Vegas market, but then again not sure investors in Las Vegas are logical thinkers, hence the huge boom and bust.
Very good point.
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