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"Didn't you know, the market stinks..."
9 posts by 8 users
T C.Residential Real Estate AgentLos Angeles, CA 
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So, I just got off the phone with a friend of a friend. He is a consultant for investors, and invests himself in business ventures. I know he has contacts with real estate investors, but the first thing he said after I asked him for some contacts was, " Didn't you know, the market stinks." Well, ok, I did know that the sub-prime mortgage mess has caused the bubble to burst, but there still seems that people are buying and selling real estate. What have you seen in terms of your investing? Besides lending hassles for conventional buyers, are you seeing less investing in general? He pretty much said I was stupid and " naive" to want to jump into real estate investing at such a tumultuous time. I see it as great deals to be had! (By the way, he never did give me any names Give me your take. |
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Jared C.Real Estate InvestorFort Wayne, IN 
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I believe there is money to be made in any market, slow or not. Yes, the subprime market is crap, but depending on the market people are still buying houses. Everybody I know tells me I am crazy for trying to flip in this market. As long as I know what I'm doing I don't worry about what anybody else thinks. My advice is to educate and arm yourself with what you need to be successful in this business. Don't jump in if your not ready! Join your local REIA club and learn from those that are doing it. |
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MikeOHReal Estate InvestorOhio, Ohio 
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What have you seen in terms of your investing? Besides lending hassles for conventional buyers, are you seeing less investing in general? Things are actually quite good in the rental business. In addition, I have not had an troubles or hassles in obtaining conventional financing. Borrowing money seems to be as routine as it always was. The good thing is that the deals are better and the tenants are better too. Mike |
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Shane W.Real Estate InvestorRocky Face, GA 
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Its just a different market now. In my market selling retail hit a wall since June of 2007. Its not impossible to sell it just takes longer here. Currently, 90% of everything I do is Rent To Own and this area of my market is thirving. I'm buying as much as I can since I'm finding plenty of good deals. As far as funding ofr conventional buyers, I don't have a problem getting people financed. My mortgage broker can do 575 or better its just the buyers are all scared off with the press and everyone talking doom and gloom. Shane |
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Tracy H.Property ManagerLa Mirada, CA 
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I do BPOs, and from what I've seen, the market is going to continue to drop for another 18-24 months. The demand for housing was and still is being artificially inflated because lenders were loaning money to people who had no business getting those loans. There are still some good deals out there, check REOs, some of the lenders are getting pretty desperate. In general though, I personally won't be putting a penny into real estate for a while until the market settles a bit. |
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Lynn Z.
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Even in our flat market the prices of the houses that are selling is higher every quarter. There are homes that have " reduced" on the signs but overall
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Jimmy R.Real Estate InvestorSan Francisco Bay Area, California 
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as far as im concerned, it is a great time to buy.. not so good to sell. But if you can hold on to a property for a couple years (renting it out), you will see a good return on your investment. |
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Brian S.Real Estate InvestorStandish, MI 
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I think alot of people got burned. I've spent the day looking at the sales history of a bunch of properties here in Mid-Michigan that are currently for sale. Some of them sold for as much as $97k in 05 and now are in REO for $32. Tons of these houses being listed are being sold for less than they were 3, 4, or 5 years ago. Many are going back to prices of 97 or 98 which just seems crazy to me. Seems like the perfect time to buy at the right price! I have no experience but I continue to learn everyday and I'm talking with lenders and agents and checking out properties and hopefully will get something done here on my first property within the next two weeks. |
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Lynn Z.
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Friends of mine visited relatives in Ft. Worth. They picked up a flyer for a house they LOVED. A brick four square that looked stately and well worth the $264,000. The husband checked out the market and there were 50 other houses for sale in that one area. Scared they off. |
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Posted: 01/11/2008 at 04:28PM
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