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Old 02-28-2011, 08:46 AM
 
151 posts, read 246,228 times
Reputation: 177

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One other note,

There are some condo deals out there which were purchased at the trustee sales, re done, had smart investors put in a one year tenant, even subsidizing their rent in some cases (Only hearsay but it makes sense) in order to show an existing tenant is yielding high rents thus raising the sale price of the condo with an existing tenant. Really an interesting idea but if the buyer is not wary nor does not investigate if he/she can will be able to find a new tenant at the same or similar price once the lease expires, these new buyers may find they are not in the same cash cow position they thought they were. Most of these units I have seen are in HOA areas of very low HOA fees measured in the tens of dollars rather than the hundreds of dollars.

In my opinion, these lower priced condos, with very low HOA fees, will see the bottom soon as they have been and continue to be cherry picked by investors and are being sold at decent prices, relatively, to both investors and owner occupiers. Companies/investors are doing incredibly well purchasing distressed or foreclosed properties, fixing them up sometime with little or no cost involved turning the properties in very short order. These newly resold after being re-habed units now are nearing value positions but again the buyer has to be aware of what the right price is and what location they are purchasing. These units appear very attractive as there is they are being sold as move in ready with nothing to do but enjoy the benefits of the income from the tenant... At least until that tenant moves out.

FOD
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Old 02-28-2011, 11:17 AM
 
Location: North Las Vegas
1,631 posts, read 3,945,920 times
Reputation: 768
Quote:
Originally Posted by MadManofBethesda View Post
How would that even be possible? I thought that banks stopped all financing of condotels about two years ago. If so, anyone who has purchased a unit since then has done so with cash.

BANKS WILL NOT LOAN ON CONDOTELS PERIOD THESE TYPES OF PURCHASES ARE CASH ONLY!!!
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Old 02-28-2011, 12:30 PM
 
Location: North Las Vegas
1,631 posts, read 3,945,920 times
Reputation: 768
If your a home owner that is upside down in their home you will want to read these articles. It looks like the programs to help distressed home owners could be going away.


[SIZE=2]Source: “[/SIZE][SIZE=2]House Committee to Vote on Bills Ending Obama Foreclosure Programs[/SIZE][SIZE=2],” Dow Jones (Feb. 24, 2011); “[/SIZE][SIZE=2]Obama Admin. Says Committed to Helping Homeowners[/SIZE][SIZE=2],” Reuters News (Feb. 24, 2011); and “[/SIZE][SIZE=2]House Committee to Write Bill Ending Embattled Program for Preventing Home Foreclosures[/SIZE][SIZE=2],”[/SIZE]
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Old 02-28-2011, 01:23 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,933,848 times
Reputation: 5051
imo, these programs were crap to begin with... No help for the people that actually pay their damn bills and mortgage!
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Old 02-28-2011, 03:42 PM
 
Location: Paranoid State
13,044 posts, read 13,828,187 times
Reputation: 15839
Quote:
Originally Posted by fishordie View Post
... The other option will be for the huge amount of baby boomers retiring now to have enough incentive to come to Vegas ...
Well, you just described me. I'm a retired baby boomer. I moved to Las Vegas just over a year ago because I really like it here. I like the weather, I like the entertainment, the restaurants, the outdoors... insert everything in the "plus" column that everyone talks about. And the pluses, for me, outweigh the minuses.

My point is some of us (maybe only a trickle) are still moving here.


Quote:
Originally Posted by fishordie View Post
... I am sorry for those folks who lost everything in this economy ...
Let's say you buy 100 shares of stock in, say, Nike. The person from whom you bought those 100 shares lost money on them because of the economy. Do you feel sorry for that guy? I don't. But that's just me.
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Old 02-28-2011, 03:47 PM
 
Location: Paranoid State
13,044 posts, read 13,828,187 times
Reputation: 15839
Quote:
Originally Posted by JohnG72 View Post
...Vegas needs to be a retirement mecca again. There are plenty of approaching retirement age people who WOULD buy in the current Vegas market if they could get a home under $100K with a mortgage...
Uh, why would a retiree take out a mortgage? Without a steady job (retirees by definition don't have jobs), no mortgage. Instead, a retiree pays cash - based on a lifetime of savings.
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Old 02-28-2011, 03:57 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,449,091 times
Reputation: 7615
for the mortgage interest deduction on their federal taxes.
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Old 02-28-2011, 03:59 PM
 
1,347 posts, read 2,444,666 times
Reputation: 493
Quote:
Originally Posted by SportyandMisty View Post
Uh, why would a retiree take out a mortgage? Without a steady job (retirees by definition don't have jobs), no mortgage. Instead, a retiree pays cash - based on a lifetime of savings.
Putting aside the issue of how they might qualify for a mortgage without a job, there's a very good reason why a retiree would take out a mortgage - because they are money ahead if they can make an after tax return on their money which is greater than what their mortgage expenses would be. In other words, a retiree may choose to take a mortgage because of the opportunity cost related to paying cash for a home.
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Old 02-28-2011, 06:44 PM
 
Location: Las Vegas
270 posts, read 534,037 times
Reputation: 212
Quote:
Originally Posted by SportyandMisty View Post
Uh, why would a retiree take out a mortgage? Without a steady job (retirees by definition don't have jobs), no mortgage. Instead, a retiree pays cash - based on a lifetime of savings.
Most retirees I know, including my own parents, could not simply pay cash for a home in retirement. They had to mortgage some amount of it. Not everyone who retires does so with so much spare cash to cover all expenses for 20 or 30 years of retirement plus enough to pay cash for a home. Many have saved diligenty but are still working class folks who must pay over time. Seems to me to be no harm in that as they are taking care of themselves and looking for no handouts.
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Old 02-28-2011, 07:36 PM
 
815 posts, read 2,048,519 times
Reputation: 540
Uh, why would a retiree take out a mortgage? Without a steady job (retirees by definition don't have jobs), no mortgage. Instead, a retiree pays cash - based on a lifetime of savings.

Retirees may have rental incomes, dividends, business notes being paid to them, or many other sources of income. I can get a mortgage based on my pension. In addition to that, if a retiree has a tax sheltered annuity, they must start taking money out of it at age 70.5. A mortgage would offset some of this income.
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