All Forum Posts by: Mark Key

Originally posted by "Toby_Munk":

OK, really like to see what people have to say on this one.

1) First tell me your area and how much it is down so far from the peak.
2) What do you see the total % loss from the top until we hit the floor?
3) What time frame until we hit the floor?
4) How long to be back up at the same price levels we have seen at the top?

This one is going to be fun to watch.

CALIFORNIA A 500K-550K 8 MONTHS AGO IS NOW 385K 33% IN APRIL 2010 THEY WILL GO UP VERRY MODERATLY IN 2020 THEY WILL BE BACK UP BUT NOT LIKE THEY WERE JUST RECENTLY. I FOLLOW IT CLOSE.

Originally posted by "4rmgt":

The best strategy is to find areas that people HAVE TO LIVE IN. I mean there are three things that people always need.

Food, Water and SHELTER. Now a days, people are going for what the really NEED and not what it takes to keep up with the Jones'. So find those areas, snap up all the properties that can cashflow then sit back, get the monthly checks then when the market rebounds, and it will, sell the property for a tidy some and enjoy life!!

Just my first stab at it!

In my opinion thoes days are long gone but could return in about 15 years or so they say 5 million + people will be moving to california in the next few years so the demand for homes will be up they better have a minimum of 3 years verifiable employment and credit too alot of home owners here are from mexico were 5 family with 5 incomes to suport the loan

Tipical I worked for them there shady

Originally posted by "OCattorney":

I'm exploring this path as a source of revenue and was wondering what your collective opinions are, as to the pros and cons of it, from a business stand point.

Obviously, this will be a legit loan modification service. What are the pricing models people are seeing? I was shocked to hear that some of these "services" charge up to 2 months of mortgage payments (between $5,000 and $7,000 in CA).

I'd appreciate your opinions and experiences with these services, either as a customer or entrepreneur.

It takes alot of intuition psychology and verry hard work to sucseed in this business you have to love chalenges its kind of like paying off a 30 year mtg but the more you learn the easyer it becomes theres alot to know from begining to end most important is working for someone that you can trust if its your own business then you should do fine but you cant do it all by your self originate process underwrite track the loans etc etc etc.......

The feds can easly solve the sub prime problem raise home values and keep rates moderatley low and a few other things as well :idea:

Originally posted by "Heathen":

heloc?

Please advise. What is this?

From your context, my best guess is that it some sort of line of credit (LOC).

That said, it does not make sense that they would freeze it if you are a good client and paying on time. MY LOC is backed by my good name and financial statements submitted a minimum of annually as well as my experience with the bank.

They do have paperwork, previously signed, giving them my personal guarantee, rights to receivables, assignment of rents, first born male child, and right to my body parts upon passing.

WHAT HE MEANS IS WITH VALUES DOWN THERES TALK ABOUT THAT THERES NO EQUITY TO TAP INTO ON A LOC

Originally posted by "YSP":

Originally posted by "BurnsGroup":

Are they to be the next target for purchase or will they also hang on
until their holdings are utterly worthless?

reits are forclosures lagacy are good aquisition mergers 1st trust deeds 401k IRA RETIREMENT INVESTMENTS ENERGY BIG OIL ETC

Originally posted by "BurnsGroup":

Are they to be the next target for purchase or will they also hang on
until their holdings are utterly worthless?

reits are forclosures

There are alot of private lender hedgefunds bear sterns etc that have invested over the last 13 years or so in sub prime and thet dont plan on loseing as far as the banks bailing people out i just dont beleve it thats a smoke screen to make the look sincere what they do is take there down payment and home and get the next guy in and take theres to if they dont man up and pay for it its not something for nothing in this but anymore you almost have to have a degree in economics to understand it confusion is there trick of the trade every business has them theres no crystal ball that says you will have your business/job/same income for the next 30years there finacials change and credit only the strong servive there is psychology within life/money please dont get me wrong a mortgage can work for you if you understand the loan witch is 2 inches thick and only a 3 day recision period but statistics say that you will refi every 5- 10 years need a new car college tuition new born etc and many many other things happen funeral and you need to consolidate and back to 30 years again they have all or most of the angles figured out or at least the important ones what you like is your fault .

The values wont go up again for another ten years or just posibly never again like it was and as far bad loans thats BS there are guidlines that we follow and the bottom line is that banks dont lose its the borrowers that dont better ther situation or flip there property when borrowers want there cash out we get it or just move on to the next qualified candidate we dont wast our time on loans that dont make cents and some of them dont but they do meet the guidelines they dont teach us about finance in school and most people dont even know the definition of the word mortgage we adopted the word from the french the correct pronusiation is mortier meaning death because of the doutfullness of the dept being payed back most people dont own there home there home owns them statistics say that only 1 out of 100 people will actualy own there home in there life time.