I know it has been quiet here, and that makes sense to me.
I recall starting to invest back in 1998, and to tell people that "I buy houses" was a unique thing, and got me some strange looks.
Then fast forward to 2003-06, and it became more common to hear people say "me too", because everyone was buying houses.
Heck, there were several reality TV shows on weekly about buying houses.
Thing is, the market crashed nationwide........or, as I prefer to say, the market corrected itself.
We are still not completely done with the fall in values.
However, we are close.
A house worth $60k now, that was valued at $120k a few years ago, really is and always was a $60k house.
So, why stop buying?
There are deals, trust me.
And yes, many seem to think if you invest these days it must with be private money, or flipping short sales......or buying for cash from banks.
That is malarky.
Creative methods still work...........thing is, yes, it does take more effort to find quality deals.
Imagine this scenario...............
A seller calls, they have owned their house for 35 years, and refied 12 years ago. They owe $65k on a home worth $90k now, BUT, they have lost income, and happen to have another place to live.........a vacation home owned free and clear.
Payments are low, there are 18 years left on the mortgage, and market rent exceeds outgo by $400/month.
and the folks in the house, are burned out emotionally and want out now.........so much that they are packed already.
Do ya think there is a deal here?
I do..........which is why I bought it this week............no cash out of pocket, seller's covering the next three months payments, and leaving behind appliances, and a shed full of landscaping equipt. because part time the husband had a lawn business.
But my RE agent buddy told me today........"Jim, unless you are using cash to short sale or buy bank owned properties, you will not get any deals."..........I paid for his lunch, and then gave him a flyer for this place, telling him I will either sell rent to own, or agreement for deed..........after taking his $4k for the lawn care equipt........he had a trailer to haul it away.
Bad market? not for this biker............what have YOU been up to......
Oh, and we opened a new bar last week too...
Opportunity is there for those willing to grab it, so stop whining and get off your posterior..........million dollar ideas are just that, until you act on them.....then they become million dollar paydays.
Post up folks, let's get MB cranked up again, I'll come back from now on and share.....I'm on a buying spree..............
BikerJim/Jim FL out.............
Always did like your post. Most things short and to the point.
I never did see a slow down in my RE market but then I was a delinquent tax sale person. I bought most of my stuff at county tax sales. However I did buy 3 or 4 HUD forclosures in past 2 or 3 years. Haven’t even looked at the HUD homes for a while. I do not like the company that is selling them in my area and I can not understand how they are marketing them. It’s a mess. I just gave up on them.
I want to downsize, eliminate a few of the properties I have. In fact I only bid on and got the certificate on one tax sale property last year. I usually got between 20 and 30 certificates each year. Of course a lot of them were redeemed but I did good most of the time.
So, to back you up on your post, the market is still there. You just have to decide what you want to do and go get it.
I did expand, branch out like you did. You opened a bar, I opened a car lot. Gave me something else to worry about. Like where to put all the money I am going to make.
Buy Low - Sell High
Collect Early - Pay Late