I've never posted this before....MUST READ and SAVE for future

An absolute great site. You need to know who you're dealing with and who might not be around next month. One of my old banks has an assets in trouble of 106%!! How good can that be? Capital of 26 million but 28 million in troubled assets. You really need this site. It shows quarter by quarter. See how your bank is doing.
It will show you all you need to know. Great info and a huge surprise to me. 2 banks in St. George , utah on last leg. Rich in fl.

Edited: 06/26/2010 at 10:18AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4295 posts
43803 Influence
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Icon_minipost Oct 30 '09, 08:02 AM

I just looked up 2 banks I'm familiar with. I have MORE capital and reserves than THEY do. This is a scary economy!!! Rich in fl.
p.s check it out. You may be better off than your bank!!

Edited: 06/26/2010 at 10:18AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4295 posts
43803 Influence
15 Awards

Icon_minipost Nov 01 '09, 03:07 AM

Anybodys' bank or credit union close or change names this weekend? We should start a thread about that. I expect them to start coming faster soon. Check yours out in this website. Very eye opening. Rich

Edited: 06/26/2010 at 10:20AM

J Scott

Real Estate Investor · Atlanta, Georgia

6089 posts
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Icon_minipost Nov 01 '09, 05:17 AM

I've already had two banks I use get taken over by the FDIC in the past year...

It really wasn't a big deal. I made sure to keep less than $250K in each bank (the FDIC limit), and in both cases I got a check from the FDIC within a week of the takeover for everything we had in the bank.

Edited: 06/26/2010 at 10:20AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4295 posts
43803 Influence
15 Awards

Icon_minipost Nov 01 '09, 06:06 AM

J Scott- Fdic running it or was it turned over or "bought out" by another bank.
We just had Colonial taken over here by BB &t. The attached website shows why Colonial was closed and just how strong B B & T. I hope we don't runk out of banks, like autos.... Rich

Edited: 06/26/2010 at 10:20AM

J Scott

Real Estate Investor · Atlanta, Georgia

6089 posts
66773 Influence
13 Awards

Icon_minipost Nov 01 '09, 11:22 AM

Originally posted by Rich Weese

J Scott- Fdic running it or was it turned over or "bought out" by another bank.
We just had Colonial taken over here by BB &t. The attached website shows why Colonial was closed and just how strong B B & T. I hope we don't runk out of banks, like autos.... Rich

Colonial was one of the two banks that I used that I was referring to...

The other was Omni National Bank, where I was getting a good portion of my rehab loans at the time:

http://www.fdic.gov/BANK/INDIVIDUAL/FAILED/omni.html

They made the mistake of taking back their non-performing assets, and instead of reselling them, they decided to build a portfolio of rentals that they planned to manage until the market turned around.

I guess they hadn't realized that being a bank is much different than being a landlord, and they apparently weren't very good at either...

Edited: 06/26/2010 at 10:20AM

Michael P.

Real Estate Investor · Dallas, Texas

72 posts
804 Influence
3 Awards

Icon_minipost Nov 01 '09, 01:44 PM

Nice website Thanks...

If you are tracking down MLS Listed foreclosures owned by local banks this might come in handy guys. You can research the health of the local bank before you make an offer. You might seriously be able to get that house listed at 1 Million for 500-700k.

Edited: 06/26/2010 at 10:20AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4295 posts
43803 Influence
15 Awards

Icon_minipost Nov 01 '09, 06:59 PM

Michael P- good use of the website on banks. Hadn't thought about it. Rich

Edited: 06/26/2010 at 10:20AM

Aaron Dionne

SFR Investor · Oxford, Michigan

11 posts
93 Influence
1 Award

Icon_minipost Nov 06 '09, 06:45 AM

Yeah, I think it's good information for us to use when looking to buy real estate. I was recently advised to look for apartments by asking small, local banks for a list of their 'non-performing paper'. Now I know who has a larger selection!!!

Aaron

Edited: 06/26/2010 at 10:25AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4295 posts
43803 Influence
15 Awards

Icon_minipost Nov 06 '09, 07:13 AM

Right on Aaron.

Edited: 06/26/2010 at 10:25AM