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Updated 28 days ago on . Most recent reply

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Ken M.#2 Creative Real Estate Financing Contributor
  • Investor
  • San Antonio, Dallas
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4,612,000 (4.6 mil) HouseHolds Couldn't Pay Their Mortgage This Month -Concerned Yet?

Ken M.#2 Creative Real Estate Financing Contributor
  • Investor
  • San Antonio, Dallas
Posted

What do you mean there isn't a foreclosure tsunami coming this way? Buy right (correctly) now, so you won't regret later.

If you are buying houses at current MLS prices, you are headed for trouble.

The last three properties I bought for my investors were at 85% of current market value AFTER my fee. (yes, I can provide them for you too) What do you think you are doing buying at full cost? Crazy! Plus, they simply took over the 2.75% to 3.5% loans. Properties are in AZ, TX, GA, OH, NOT CA, WA or FL. The market doesn't warrant those areas.

HUD housing report

https://www.huduser.gov/portal/sites/default/files/pdf/Housi...

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V.G Jason
  • Investor
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V.G Jason
  • Investor
Replied
Quote from @Ken M.:

What do you mean there isn't a foreclosure tsunami coming this way? Buy right (correctly) now, so you won't regret later.

If you are buying houses at current MLS prices, you are headed for trouble.

The last three properties I bought for my investors were at 85% of current market value AFTER my fee. (yes, I can provide them for you too) What do you think you are doing buying at full cost? Crazy! Plus, they simply took over the 2.75% to 3.5% loans. Properties are in AZ, TX, GA, OH, NOT CA, WA or FL. The market doesn't warrant those areas.

HUD housing report

https://www.huduser.gov/portal/sites/default/files/pdf/Housi...

Don't think it'll be a foreclosure tsunami, could be wrong.

But definitely believe this is a falling knife; buy right or die by not.  I operate in a host of those markets, and am definitely getting more pressure by agents/sellers than ever before and it's growing. Tons of these (same) agents/sellers were saying they are re-listing Q2 and it'll be okay-- if it's not okay in April, then if there's no fundamental change but constant trend this will be a pretty bad Q3-Q4. 
  • V.G Jason
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