Why? i did this/me and my wife in our off time....more her than me she was from Mexico City and did all he hiring out ....my Spanish was sub par..... not her level....painting/flooring/cleaning she did all the pricing out stuff.
In shock at the asking price of single family homes in no growth, low density areas
- Thread starter GON
- Start date
Top of the cycle curve !
$32,000.00 was lots of money back then. I bought my first house in 1976 for $62,000.00 and it was a scary amount of money. Got some room mates and survived.
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Employed at the top of the mortgage finance food chain so acquiring REO props would result in poor optics publicly and it's border line illegal.
Growing up my uncle would tell me that his tenants that rented from him [ apartments and rental homes] drive nicer cars, take expensive vacations and have boats, motorcycles ,sports cars that sit in the garage, fancy furniture and clothes than he had. My uncle was well off.
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Owen Lucas
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Thank you for your insight. Very benevolent to donate to charity, just make sure your research is right. So many charities abuse their money even United Way doesn't seem trustworthy now. Maybe Saint Jude's Children's Hospital. You sound like the kind of guy that probably has done all your research / estate planning, but just so the others know...so many charities are scams.
Totally worth it, and it paid off.
Who cares about optics anymore, it's clown world, even back then. The guys who push the limits and take risks get rewarded....fortune favors the brave.
Well seeing as it would cost me my job and possibly face federal prosecution ya, I'll take a hard pass.
Owen Lucas
$100 Site Donor 2023
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The part about getting info early on? I'm not familiar with the industry, is this secret or something? How does everyone else find out? They all show up to the same auction right and have the same chances I presume.
Buyers aren't aware of the potential loss, actual condition, etc. It also doesn't look good if there's a loss which is viewed as being subsidized by the taxpayer for the benefit of an "inside employee".
My wife was lead in Spanish auto repo finance....Wells Fargo sent out notice for repo homes for sell....we had to bid like everybody else ......she was in auto finance repo... not real estate. It was strange sometimes 30 people would show up to bid on a house/condo.....sometimes ony 3 or 4 would....the cheaper the house....the more would show .....homes pushing 200k ......only a few would bid.
Were these cash buyers or did they need financing (pre approved) up to a $___ limit ?
I hope there’s another housing bubble and prices drop.
Your still young , maybe get involved with boys with no dad around. You might hit it off with a young kid and really make a change for him . It would be a great legacy for you .
Its not the age its the mileage....I have multi health issue's i must deal with daily.....some will never improve.....I was a heavy smoker till I was 31 and gave it up.... now im paying the price.
Sorry , I guess I mispoke without knowing your situation.
You are so right.....lots of them goes to CEO bank accouts.
I have gave money in the past to Saint Judes....some Shiners hospitals also and being an extreme animal lover some local ones for pets ....
In short I will be dead within 5 years maybe less....I know its coming......but im ok with it.....my wife died almost 4 years ago so to me I would rather go than me being stuck in some crappy home sucking the life out of my bank acount with people pretending to care about you thinking you will leave them money etc.....
My late father gave to shiner's also so I'm continuing it for him . The only time I felt good days after he passed was taking a heavy check to our local no kill shelter . A month later their newsletter came out and said words about the donation , I went in my den and really sobbed , he was gone but still doing good .
I have no idea what he is taking about .....WFC sending out a public list of repo homes for sale and bidding on them like 30 other people ....im sure some other WFC may have been bidding also.....my wife was in WFC auto repo bad loans...and had no insight to real esate anymore than the guy on the street....I was good friends with an ex Microage finance guy who worked for BOFA in Phoenix.....he carried lots of my loans....80 percent......like says BOFA is in the banking biz not real estate......same with any bank.....they want to unload it ASAP.
Dont worry.....It cant keep going up .....it will crash....when your average guy cant buy a house....and that day is here you will see another major drop in prices.
Sadly i had friends in the last bubble buy into homes with interest only loans .....buying 1.2 million dollar homes in Scottdale only to loose it all. One killed himself with heroin ....sad
Well, we MAY see a turn around in the price of homes sooner than expected. I was thinking next year or the year after home prices would be coming down... but now I am not so sure because ...
I would not be so surprised to see the 30 year mortgage rate bounce up to near 5% in the coming months. Time will tell.
Is no secret in here, that I say, the payment is always the same, the public can afford a certain payment and that's it.
Either the home seller is getting the money in the home price OR the bank is getting the money in higher interest rates.
Home prices are determined by what the public can afford. I am seeing the first crack in only one Fed official but it is a crack in policy thinking feeling that they may have to front load interest rate increases because they have under calculated how strong inflation is.
Im not predicting just relaying, I like this stuff. Find it interesting... Im looking forward to higher rates, they are way to low and the Fed? They are always behind the eight ball moving too slow to adjust.
I would not be so surprised to see the 30 year mortgage rate bounce up to near 5% in the coming months. Time will tell.
Is no secret in here, that I say, the payment is always the same, the public can afford a certain payment and that's it.
Either the home seller is getting the money in the home price OR the bank is getting the money in higher interest rates.
Home prices are determined by what the public can afford. I am seeing the first crack in only one Fed official but it is a crack in policy thinking feeling that they may have to front load interest rate increases because they have under calculated how strong inflation is.
Im not predicting just relaying, I like this stuff. Find it interesting... Im looking forward to higher rates, they are way to low and the Fed? They are always behind the eight ball moving too slow to adjust.
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