All Forum Posts by: Ralph S.

I would think it is already upside down, given the sale date and price. The note would have to be severely discounted to get any attention, and even then, the note buyers strategy would have to include taking back the property on default.

When do you think the bottom will happen? While nobody can accurately predict either top or bottom (it took the Govt a year to declare a recession), everyone still has to plan for the future and you know what they say about opinions.

Third quarter, 2010. We won't know until Q2 2011.

One party rule, and the Dems approach of tax & spend, we haven't even begun to see the the consequences of the devaluation of the dollar and high unemployment and inflation that took place during the 70's. Uncontrolled pork barrel spending on top of massive bailouts and a socialist move to entitlements. We're robbing Peter to pay Paul, and before we bottom out, we'll be suffering the consequences of robbing Paul.

So, your opinion? Everybody's got one.

Both right, but to explain how the "Best" deals never make it to the MLS, consider Mike's seller who just "wants to get rid of it." Instead of learning about Mike, she walks into any brokers office and says the same thing to the agent behind the counter. The agent goes to list the property, and has 48 hours to get it on the MLS. Is that agent filling out listing forms, or an offer form? They will either buy it themselves or call an investor and pick up both sides of the commission. When I was an agent, these were listed on the MLS, but instead of giving all the details, it would simply say "sold before print" and was listed only because the MLS requires it so they can include the sale in their statistics.

Ralph

Alf
I have such a spreadsheet. Email me if you're interested.
Ralph

Your question is a broad one, and you give little about yourself. So, my response can only be as generic as the question.

Look before you leap. Read, learn and study. Join a REI group in your area.
Evaluate all your options, evaluate yourself, and develop a business plan that is right for you, not necessarily what others might say.
Organize your team.
Work the plan.

BP is a great place to learn, regardless of the level of your RE understanding, abuse it.

Good luck.

Ralph

Read your first post.

"no knowledge of any lead based paint hazards on the property."

If the seller hasn't had it tested, and if a qualified LBP inspector hasn't found a hazard, Joe Homeowner has no knowledge.

78 or 87. I think you're right.

If the option is assignable, sell the option.

Jeff

To acknowledge a "Lead Paint Based Hazard" is to acknowledge, as seller, that you have had the property tested for lead based paint, and the testing shows that paint to be flaking and peeling (a hazard). If you haven't had it tested (and those over the counter test kits have proven unreliable), then you truly have no knowledge of any hazard.
Any home built before 1987 (when LBP was outlawed), could have LBP. That disclosure is not asking if LBP is present, but whether you have knowledge of a hazard.

Ralph

Yea, when I lived in WI, they had the utility thing, and I heard MI or MN had the rent thing. Something about putting kids out on the street in zero degree weather. Almost every year, I'd have a tenant or two get their utilities shut off in March.