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Byron - I don't know if I would be termed a lowballer or not but I will try to answer your question honestly.
I believe that in my market, houses are seriously overpriced - by at least 30%, and may fall even further.
Just for clarification, Anthony;
You feel houses are overpriced by 30%? First, where in NJ are you?
Now, is that 30% over the price at which you think it would be worth it, or 30% over what the comps are selling for?
People will listen to someone who has actually succeeded at something before they listen to someone who has merely played a part in the success of others.
I've read a lot of the bantering on this thread, and some has been interesting to read; however, what I've been waiting to read about is some of the success stories. So far I've only heard about the missed opportunites.
Rather than go back and forth with the one upsmanship, which is not helping anyone, why not some of the successful investors share some of the successes, and go into some detail about the transaction(s).
I've read a lot of the bantering on this thread, and some has been interesting to read; however, what I've been waiting to read about is some of the success stories. So far I've only heard about the missed opportunites.
Rather than go back and forth with the one upsmanship, which is not helping anyone, why not some of the successful investors share some of the successes, and go into some detail about the transaction(s).
I do know someone who just had a 25% lowball accepted (closing hasn't happened yet, can't give out details). He threw and threw and threw and finally something stuck .
Location: On another site. This one is lame :) Trying to give it a second chance though.
105 posts, read 71,175 times
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Quote:
Originally Posted by Captain Bill
I've read a lot of the bantering on this thread, and some has been interesting to read; however, what I've been waiting to read about is some of the success stories. So far I've only heard about the missed opportunites.
Rather than go back and forth with the one upsmanship, which is not helping anyone, why not some of the successful investors share some of the successes, and go into some detail about the transaction(s).
Well what would you like to know?
I'm not Carleton Sheets, so I don't plan on walking anyone through it. If you have any specific questions, I'd be happy to try and answer them depending on what they are.
I've read a lot of the bantering on this thread, and some has been interesting to read; however, what I've been waiting to read about is some of the success stories. So far I've only heard about the missed opportunites.
Rather than go back and forth with the one upsmanship, which is not helping anyone, why not some of the successful investors share some of the successes, and go into some detail about the transaction(s).
How about buying a $60K appraised property for $12,500, or a 5 unit apartment building paid $17K, or several houses, completely signed over for $1.00, and assumption of back taxes, total cost average 30% of appraisals. Lots of success stories out there.
I do know someone who just had a 25% lowball accepted (closing hasn't happened yet, can't give out details). He threw and threw and threw and finally something stuck .
He's happy.
I'm throwing a 3rd offer tomorrow at the property thats been on the market for 2 1/2 years. I have nothing but time.
How about buying a $60K appraised property for $12,500, or a 5 unit apartment building paid $17K, or several houses, completely signed over for $1.00, and assumption of back taxes, total cost average 30% of appraisals. Lots of success stories out there.
He didn't say there weren't. He asked if some of the architects of these successes might share their wisdom & insight, or at least some details. Do you search for a particular type of property, do you bother with listed properties or just go after forclosures, etc.
No one says you aren't successful. Some of us would like to see if we might learn something from your success.
You feel houses are overpriced by 30%? First, where in NJ are you?
Now, is that 30% over the price at which you think it would be worth it, or 30% over what the comps are selling for?
Central, in an area affected by commuters moving ever further out.
Prices rose in my area at least 125% over the past 7/8 years with some hot spots up to 150%.
That 30% (at least) would be an average, and over what I believe fair market value would be if not for loose credit. I think that the economy is worsening and the tightening of credit will affect the market and bring prices back in line with incomes. NJ is premium, and will always be more expensive than OK or Kansas but when housing runs at 7/8/9 times the appropriate incomes, things are just out of whack.
That said, I think NJ will contract slowly, the areas seeing the earliest (and greater) drops being the areas which saw a large influx of commuters who couldn't afford the areas they probably REALLY wanted. I do think the big train towns will feel the pain, but probably later.
From what I have seen, prices have contracted to around 2004 (selling, still holdouts for a big payday out there) in the outer regions. I think they will drop lower this year, plenty of people planning on listing, some will get aggressive and they will pull others down.
I could of course be wrong. But I'm pretty comfortable with that prediction, I think the stats and fundementals back me up. I'm one of those who has been saying for years that there was a bubble and took plenty of abuse a couple of years ago from people who insisted that it was a new paradigm and "real estate always goes up". I've receieved a few apologies since.
I will buy, and in Central within a year or so. I have a solid downpayment and stellar credit so financing doesn't worry me. Buying for the long term so I'm not looking for rock bottom - just want to be in the "reasonable" zone again, and with a PITI that doesn't keep me awake at nights.
My last home purchase was a 6 year old town-home at 12% below the one that sold the week before, three houses down, and the unit I purchased was larger.
You have an opinion, I have a track record. Ultimately it doesn't matter. I will continue to do what I do, you can continue to live in fear of someone who sat for a test.
I just came here to tell the OP not to listen to the agents. It's not that they don't know what they're talking about, it's that they DO know what they're talking about. What they're talking about is benefiting them, not the OP.
Have a Happy New Year!
Why some many years ago my father was in a gaming hall in KY when a fellow at the craps talbe made 29 passes in a row. The old man rode with him for a good bit in the middle and actually made 10 Gs when that was a lot of money. Think the player was the best crap shooter ever? Think my father should be singled out as a brilliant craps maven for riding with the guy?
Your achievements if just fine. They punch your ticket one tiny spec way up in the left hand corner. Now do it again 200 times.
How about buying a $60K appraised property for $12,500, or a 5 unit apartment building paid $17K, or several houses, completely signed over for $1.00, and assumption of back taxes, total cost average 30% of appraisals. Lots of success stories out there.
When were these deals made?
What is the NOI on the 5 unit bldg?
How many homes did you purchase for $1.00?
What were their values?
How were you able to negotiate a $1.00 deal?
These are serious questions, and everyone on the thread stands to learn from your experiences.
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