Real Estate Crash! ARMs due & people goin' broke!

[Greg B]

Glad I got back into real estate! Friggin' foreclosures are coming in faster than we can count! I can snag up million $ homes for fucking pennies on the dollar!

Either Lensman from GFY or Legendary Lars predicted this and I saw it coming too.

Pal of mine has AWESOME real estate and corporate funding ties and I'm bowled over with the steals. I guess people thought they could roll on with those adjustable rate mortgages til the wolf came knockin' at the door.

Really some great bargains! I mean with $100k stashed away for a rainy day I can snag up ten big properties and flip them fuckers for under market value quick! It's like being a kid in a candy store!

Anyone else dealing with these real estate trends?

[Peaches]

I need to get over my paranoia of buying buildings. Right now I'm doing well with land and I'm keeping some liquid for when I break down and buy a building. I love land.

[Greg B]

Originally Posted by Peaches

I need to get over my paranoia of buying buildings. Right now I'm doing well with land and I'm keeping some liquid for when I break down and buy a building. I love land.

In some places land is cheap. In my hometown the prices shot up to $150k an acre. A freakin' acre! I remember 10 years ago when it went for $4k! The land is worth more than the houses for cryin' out loud.

Good thing for investor loot. When ya find a hot property you can sell fast you make a mega profit.

[gonzo]

Originally Posted by Greg B

In some places land is cheap. In my hometown the prices shot up to $150k an acre. A freakin' acre! I remember 10 years ago when it went for $4k! The land is worth more than the houses for cryin' out loud.

Good thing for investor loot. When ya find a hot property you can sell fast you make a mega profit.

Got a place out there for a Dog Farm?

She bought em a plasma TV last month!

[Greg B]

Originally Posted by gonzo

Got a place out there for a Dog Farm?

She bought em a plasma TV last month!

What in Sam Hill are you talking about?

Dogs? Plasma TVs?

[Hammer]

Does it feel good to profit at the expense of others?

I've invested in real estate for over 25 years now and never once touched a foreclosure and never will and I still do just fine.

For every foreclosed house that you gloat over buying there's a family somewhere that is suffering.

[Peaches]

Originally Posted by Greg B

In some places land is cheap. In my hometown the prices shot up to $150k an acre. A freakin' acre! I remember 10 years ago when it went for $4k! The land is worth more than the houses for cryin' out loud.

Good thing for investor loot. When ya find a hot property you can sell fast you make a mega profit.

That's what it's doing here. 1/2 lots I could have bought for $4K 5 years ago are going for $75K now. Auctions are my favorite. Bought a lot there for $1000 a few years ago and it's worth about $85K now

Next thing I see happening where I live are tear downs. Lots of crappy houses built in the 70's. on primo land.

[Mike AI]

Investing in real estate should be left to the professionals.

The reason their is such a bubble now is 20-30% of the Re market was filled with speculators, most of the first timers - and they are going to get hammered.

[Greg B]

Originally Posted by Mike AI

Investing in real estate should be left to the professionals.

The reason their is such a bubble now is 20-30% of the Re market was filled with speculators, most of the first timers - and they are going to get hammered.

Real Estate is always filled with speculators. People thinking they can make a quick buck. Not realizing there are more factors involved. I'm lucky that I've got a long track record for finding properties that grow in value as well as other RE factors. I've never lost on RE. Having family in construction and rehab helps too as well as having architectural skills. I work wood, masonry and many other areas of rehab and aesthetics so putting equity and raising value is fun for me.

That's why there's going to be good pickens soon because so many speculators overinflated things and people overextended themselves.

Choosing the right thing and doing the right thing is where you make money in RE.

[Greg B]

Originally Posted by Peaches

That's what it's doing here. 1/2 lots I could have bought for $4K 5 years ago are going for $75K now. Auctions are my favorite. Bought a lot there for $1000 a few years ago and it's worth about $85K now

Next thing I see happening where I live are tear downs. Lots of crappy houses built in the 70's. on primo land.

Right on for you! Wish I had held on to that last house. The land would have doubled by now. Not all is lost though. I've got enough funding to do some serious purchasing of properties I would want to keep.

You're smart that you snagged what you did when you did.