All Forum Posts by: John T

James,

It was a compliment; I was not questioning your integrity. I was merely questioning how you've been able to go from a newbie to rather experienced in such a short period of time. The 12 hours a day (minimum) explains it.

James,

You joined this forum as a newbie (according to your posts) in May of 2007. In about 9 months you seem to know your stuff. How did you learn so much so fast and now be so involved, especially with distressed real estate?

Right...

Never say never, but why is the real estate selling at such a bargain???

You could buy condo's in south florida for 30-60% of what the original buyers paid for them. But what are you going to do with them?

The only startegy is to hold them for a few years when the market goes north again, but you need deep pockets to do that.

There are too many condos like this in south florida for any other strategy to work.

Now... you can get bargain real estate all day long; I'm just saying sometimes there is a bad reason for it.

Also, what financing are you using to acquire these homes? Are you financing them yourself?

I'm not entirely sure, but isnt any amount under $50K impossible to get a loan for, either with private lenders or banks?

At what discounts of the ARV are you able to get the homes in Detroit?

20 cents on the dollar?

Is the rental market strong enough in Michigan, or more specifically Detroit and other large cities, to justify purchasing these cheap homes and just renting them?

Obviously the cap rate would be absolutely ridiculous. Even if you put $15K in o a home you bought for $5K; that's still only $20K. Depending on bed/bath, it would rent for at least $400/month.

But is it worth it; buying such cheap homes? Doesn't it scare you that the homes are so cheap?

Your thoughts?

The US dollar sees no bottom in sight. It keeps losing value compared to all the other major currencies.

FED keeps cutting rates.

Media keeping everything quiet.

Before you buy a course, read as many posts as you can form this site. Read posts from the past as well. You could also go to the bookstore and read books there, if you don't want to purchase them.

Join your local REIA for networking. You'll meet many other investors there.

carejohn,

What is your email address?