Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-27-2011, 09:09 AM
 
Location: Clermont Fl
1,715 posts, read 4,761,698 times
Reputation: 1245

Advertisements

Quote:
Originally Posted by newt View Post
Years ago, I used to admire people that made money “investing” in properties—buying them cheap and flipping them for big profit. Now that I’m older and realize how damaging speculating in a basic need such as shelter has been to our society, I’m not so enamored.
The only speculating that is damaging is from investors that did not know what they are doing. I myself stoped buying and watched the market go up and drop and now back to buying from the same so called investors. Every true investor I no stoped and said what a bunch of losers for buying right now
Reply With Quote Quick reply to this message

 
Old 10-27-2011, 10:02 AM
 
3,398 posts, read 5,085,912 times
Reputation: 2422
Quote:
Originally Posted by newt View Post
"Would you prefer the decrepit home sit there until it finally gets condemned and bulldozed leaving a pile of trash behind? I'm certainly open to alternatives if you have them?"

What I would prefer is that people quit trying to get rich quick off of flipping houses. This whole speculative “greed is good” mindset has contributed to the world’s economic woes and made houses unaffordable for average people that just want to buy a family home. I don’t have kids, but I feel sorry for young people trying to raise a family and get by on an income that hasn’t kept up with regular inflation, let alone the astronomically inflated prices for homes that occurred during the bubble, due in large part, to speculative fever. Now as prices are falling somewhat, it is the strong-handed speculator that steps in once again to snatch away any advantage from the regular guy.
What are you talking about? Houses are more affordable now than they have been in along time and there is plenty of it out there. I have not had a problem finding homes for lower to moderate income families. Yes, occasionally someone gets outbid by a cash buyer, but they ultimately find something and with the programs out there often they are renovated, new carpet and paint and very nice inside.
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 10:04 AM
 
Location: Columbia, SC
10,907 posts, read 21,866,487 times
Reputation: 10539
Quote:
Originally Posted by Linda Lentz View Post

That just happened to us too, Regions bank turned our offer down because it had a VA loan attached to it. The bank accepted a MUCH lower cash offer. The cash offer could close 3 weeks earlier than us . It is nice to know regions bank feels three weeks of their time is worth more than the 23 yrs my husband put in the army. I work in the health field & my husband is an ems helicopter pilot. We would be sued if we ever gave preference to a cash paying patient, over a tricare/ medicare / hmo patent. Regions Bank made us feel like we were dirt because we were using a Va loan. It sickens me to see miltary members treated so disrepectfully.
Don't use Regions Bank
Would the home have qualified for a VA loan? You know, the home has to be in move in ready condition and pass a VA inspection. The bank, had the accepted your offer, had no guarantees that it would have been able to close and they aren't going to make any repairs requested by VA. I've had VA loans turned down period by banks for that reason or countered that loan type would have to be conventional even on foreclosures that would have met VA standards for that reason. Don't take it personal and it isn't a knock on military, it's just the banks aren't willing to get into a situation where they take a contract that they can't close due to conditions of the loan.

You're comparing apples and oranges in your comparison of treating patients to selling a house.
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 10:05 AM
 
3,398 posts, read 5,085,912 times
Reputation: 2422
Quote:
Originally Posted by tworent View Post
The only speculating that is damaging is from investors that did not know what they are doing. I myself stoped buying and watched the market go up and drop and now back to buying from the same so called investors. Every true investor I no stoped and said what a bunch of losers for buying right now
I have seen so many do it yourself fix ups from people that thought they were investors. It is good for me because I can get them cheap. What people on here don't realize is that most families don't want anything that is a fixer. Who else is going to buy these except an investor?
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 11:05 AM
 
455 posts, read 635,568 times
Reputation: 307
Quote:
Originally Posted by newt View Post
"Would you prefer the decrepit home sit there until it finally gets condemned and bulldozed leaving a pile of trash behind? I'm certainly open to alternatives if you have them?"

What I would prefer is that people quit trying to get rich quick off of flipping houses. This whole speculative “greed is good” mindset has contributed to the world’s economic woes and made houses unaffordable for average people that just want to buy a family home. I don’t have kids, but I feel sorry for young people trying to raise a family and get by on an income that hasn’t kept up with regular inflation, let alone the astronomically inflated prices for homes that occurred during the bubble, due in large part, to speculative fever. Now as prices are falling somewhat, it is the strong-handed speculator that steps in once again to snatch away any advantage from the regular guy.
Why is it an undesirable "greed is good" mindset for a contractor to make a living refurbishing homes? If they do it right, these people add a lot of value to these homes (as has been said earlier in the thread). I certainly empathize with the frustration of your post, but how is it any less "greedy" to want to buy a house really cheap and get mad when somebody else wants the same house and is willing to pay more?
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 11:16 AM
 
3,398 posts, read 5,085,912 times
Reputation: 2422
Quote:
Originally Posted by southernsmoke View Post
Why is it an undesirable "greed is good" mindset for a contractor to make a living refurbishing homes? If they do it right, these people add a lot of value to these homes (as has been said earlier in the thread). I certainly empathize with the frustration of your post, but how is it any less "greedy" to want to buy a house really cheap and get mad when somebody else wants the same house and is willing to pay more?
We do this for a living. Not only does that buyer get a really nice house, but they are always sold under market value, because to make a living at this you need to sell them quickly. Everybody wins.
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 12:35 PM
 
Location: Columbia, SC
10,907 posts, read 21,866,487 times
Reputation: 10539
Quote:
Originally Posted by tworent View Post
The only speculating that is damaging is from investors that did not know what they are doing. I myself stoped buying and watched the market go up and drop and now back to buying from the same so called investors. Every true investor I no stoped and said what a bunch of losers for buying right now
Interesting your "true" investor friends quit buying. I've always thought any true investor knew to "buy low" which is where we are now.

NC-great point about selling below market. Couldn't rep you but it keeps me from having to respond in like kind to that post. This thread seems to mostly be sour grapes from a few people that lost a home they wanted to a cash investor without any real thought for the value they add.
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 12:42 PM
 
Location: The Triad
34,090 posts, read 82,528,650 times
Reputation: 43648
Quote:
Originally Posted by Brandon Hoffman View Post
Interesting your "true" investor friends quit buying. I've always thought any true investor knew to "buy low" which is where we are now.
I think he was referring to the bad years.
In my own case I cashed out in late 2006 to early 2007...
and stayed out of even looking until 2010.

Other things that have happened since '07 that play a large part in keeping me from getting back in...
or even needing to get back in, but that's a big part of why I hang here.

Last edited by MrRational; 10-27-2011 at 12:53 PM..
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 01:06 PM
 
3,398 posts, read 5,085,912 times
Reputation: 2422
Quote:
Originally Posted by Brandon Hoffman View Post
Interesting your "true" investor friends quit buying. I've always thought any true investor knew to "buy low" which is where we are now.

NC-great point about selling below market. Couldn't rep you but it keeps me from having to respond in like kind to that post. This thread seems to mostly be sour grapes from a few people that lost a home they wanted to a cash investor without any real thought for the value they add.
It is more about knowing what to buy. There isn't a when to buy. It is possible to find the right thing in any market.
Reply With Quote Quick reply to this message
 
Old 10-27-2011, 02:25 PM
 
Location: Albuquerque
5,548 posts, read 16,033,213 times
Reputation: 2756
Quote:
Originally Posted by newt
What I would prefer is that people quit trying to get rich quick off of flipping houses.
So what you would prefer is that people engage in an occupation that doesn't get in the way of your agenda?

Oh, and BTW, I doubt that anyone who flips houses for a living consider it a "quick" way to "get rich."
If it was, I would try it it, .... but I know better ...

If it's so easy, why don't you do it? With your enormous profits, you could "give back" and stuff ...
Quote:
Originally Posted by newt
... people trying to raise a family and get by on an income that hasn’t
kept up ... strong-handed speculator that steps in once again to
snatch away any advantage from the regular guy.
If the regular guy had his deal snatched away from the "speculator" then the regular guy was simply buying beyond their means.

If the regular guy wants to be sure of getting this or that property, then they need to lower their sites and try bidding on something more modest so that they can afford to pay top dollar and keep the "speculator" from winning the bid.

Last edited by mortimer; 10-27-2011 at 02:56 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top