RE is a bitch aint it?

[afroyale]

Where are all my real estate investors, speculators, and Donald Trump wannabes at? Y'all licking your wounds yet?

There are so many foreclosures it's beyond ridiculous and about to get worse. If you're on the sidelines, please stay there... it's not a buyers market yet. I predict the real bargains are coming. Hold on tight.

 

[BronxBomber]

Its not a buyers market yet? I know Im trying to get rid of my condo and jump in a new house something bigger. Yo to everybody stay away from these spots with associations. They can rape you foreals.

Seem like a buyers maket to me.

 

[cranrab]

i guess it depends on how limited your product base is.

if you're investing in homes, i would suggest a cautious approach.

sadly, selling vacant land (as in trashcanster, palmdale, and other sucker land areas as far north as california city along the 14 and 15 highways) is very profitable.

savvy con artists have temporarily left the flipping game and moved into the euphemistically named "land banking industry". it goes like this: purchase parcels of vacant desert land from retirees and trusts for $6K to $10K, and sell them to suckers (err, i mean prudent speculators) who are gambling on development. pitch them rosy pictures of bullet trains to las vegas, airports, new construction, and indian casinos, and you can easily collect 500% ROI MINIMUM for some dirt, dust and tumbleweeds.

i detest the CA real estate industry, and got my license last year just so i could educate myself further. but this is the new market for the unethical salespeople looking to make easy money fleecing people out of their money.

 

[afroyale]

Its not a buyers market yet? I know Im trying to get rid of my condo and jump in a new house something bigger. Yo to everybody stay away from these spots with associations. They can rape you foreals.

Seem like a buyers maket to me.

Market Meter


Sellers .....................Fools........................Buyers
----------------------------X-->>------------------------



According to my meter, it's a fool's market.

 

[Lick]

i guess it depends on how limited your product base is.

if you're investing in homes, i would suggest a cautious approach.

sadly, selling vacant land (as in trashcanster, palmdale, and other sucker land areas as far north as california city along the 14 and 15 highways) is very profitable.

savvy con artists have temporarily left the flipping game and moved into the euphemistically named "land banking industry". it goes like this: purchase parcels of vacant desert land from retirees and trusts for $6K to $10K, and sell them to suckers (err, i mean prudent speculators) who are gambling on development. pitch them rosy pictures of bullet trains to las vegas, airports, new construction, and indian casinos, and you can easily collect 500% ROI MINIMUM for some dirt, dust and tumbleweeds.

i detest the CA real estate industry, and got my license last year just so i could educate myself further. but this is the new market for the unethical salespeople looking to make easy money fleecing people out of their money.

It is not sad to me bruh… I am receiving very good deals and even better deals on the homes in foreclosure.

I have never been in the flipping game… I do everything I can to buy, rent & hold.

I guess it is how you see things… Is the glass half empty or half full???

Stay up!

 

[Lick]

Market Meter


Sellers .....................Fools........................Buyers
----------------------------X-->>------------------------



According to my meter, it's a fool's market.

I paid 5K for a home that appraised at 615K… The debt was 358K… ReFi and pulled 50K (Tax free) and now selling it at 570K (Lower than the new appraised value of 638K) and I still made more that the average working American if you can do the math… Just for the record… I LOVE BEING THE FOOL!

I am glad we have people like you in this World bruh… I need people just like you to pay me rent that I will use to pay my mortgages that add to my wealth. However, I wish they were not my brothers.

5% or 95%... I choose to be in the 5% group.
Stay Up!

 

[Lick]

Its not a buyers market yet? I know Im trying to get rid of my condo and jump in a new house something bigger. Yo to everybody stay away from these spots with associations. They can rape you foreals.

Seem like a buyers maket to me.

I agree my brother… If you have a FICO score of 650 or higher, 5, 10 or 15% down you can jump on the foreclosures that are growing throughout the US!

With a little money the banks will love you and you are in control because they don’t want the house on their books… They want the note… The note is their asset.

Stay Up Bruh!

 

[Disanddat]

I paid 5K for a home that appraised at 615K… The debt was 358K… ReFi and pulled 50K (Tax free) and now selling it at 570K (Lower than the new appraised value of 638K) and I still made more that the average working American if you can do the math… Just for the record… I LOVE BEING THE FOOL!

I am glad we have people like you in this World bruh… I need people just like you to pay me rent that I will use to pay my mortgages that add to my wealth. However, I wish they were not my brothers.

5% or 95%... I choose to be in the 5% group.
Stay Up!

You acting like we ,(or at least I) ,know where to get these foreclosures, if everyone knew how would you get to sell it at 570k , everyone would be buying foreclosures instead of the regular market.

If I saw a 200k condo selling for 100k of course I would buy it in a heartbeat (all other things being equal). I just don't know where to get those deals (I must admit I have never dedicated a full day in finding out, the way the market is now I will probably try harder to find out.

 

[afroyale]

You acting like we ,(or at least I) ,know where to get these foreclosures, if everyone knew how would you get to sell it at 570k , everyone would be buying foreclosures instead of the regular market.

If I saw a 200k condo selling for 100k of course I would buy it in a heartbeat (all other things being equal). I just don't know where to get those deals (I must admit I have never dedicated a full day in finding out, the way the market is now I will probably try harder to find out.

Yeah, Lick is talking out his ass. Ask him who's gonna pay over half $million, today, for a shit hole in Gangsland USA? All he has done is put himself $50K+ in debt. He rented $50K+ from a bank.

A house, or anything for that matter, is worth only how much someone is willing to pay for it. An appraised value DON'T MEAN SHIT at the moment. Sellers can't get that idea into their thick skulls. Real estate only goes up? yeah riiiight! It's gonna be a blood bath within the next 3 years. We are no where close to the bottom. Save your money fellas. Hold on tight.

 

[cranrab]

Yeah, Lick is talking out his ass. Ask him who's gonna pay over half $million, today, for a shit hole in Gangsland USA?

afroyale,

your posts are becoming as repetitive and humorous as those of whiteboytx.

lick didn't indicate the neighborhood or even the region of his foreclosure purchase. how can you be sure your criticisms are accurate then, for his situation?

A house, or anything for that matter, is worth only how much someone is willing to pay for it. An appraised value DON'T MEAN SHIT at the moment. Sellers can't get that idea into their thick skulls.

actually, in terms of real estate sales, appraised value NEVER means anything. real estate sales are based on the GREATER FOOL theory. and that is that the next person to purchase the same property at a higher price is a GREATER FOOL. that is the idea that buyers need to absorb.

 

[Lick]

Yeah, Lick is talking out his ass. Ask him who's gonna pay over half $million, today, for a shit hole in Gangsland USA? All he has done is put himself $50K+ in debt. He rented $50K+ from a bank.

A house, or anything for that matter, is worth only how much someone is willing to pay for it. An appraised value DON'T MEAN SHIT at the moment. Sellers can't get that idea into their thick skulls. Real estate only goes up? yeah riiiight! It's gonna be a blood bath within the next 3 years. We are no where close to the bottom. Save your money fellas. Hold on tight.

Bruh… You NEED to stop for a sec and think BEFORE ya post! Ya sounding like chicken fucking little (The sky is faling!) or something….
Try to stay up my brother!

 

[Lick]

You acting like we ,(or at least I) ,know where to get these foreclosures, if everyone knew how would you get to sell it at 570k , everyone would be buying foreclosures instead of the regular market.

If I saw a 200k condo selling for 100k of course I would buy it in a heartbeat (all other things being equal). I just don't know where to get those deals (I must admit I have never dedicated a full day in finding out, the way the market is now I will probably try harder to find out.

Well… You said it… I have put a lot of time, money (Books, CD’s, and Seminars) into learning this game. The Rich Dad Poor Dad book was the main one that got me going and many other followed after.
Here is a very short list to help you out bruh;
Missed Fortune 101, The Millionaire next door, The ABC’s of Real Estate Investing, Loopholes of The Rich and (this should be a favorite of brother Afroyale) The Coming Crash in The Housing Market.
This is only the internet my brother. Therefore, I’m not concerned what a cat will say about me. However, there are some young cats here trying to come up in life and may be lead in another direction only to find out later he should have done otherwise.
The truth is that our brother (Afroyale) has opened the door for a cat to crack his ass with put downs and name calling. I would love for this side of the board to move away from that type of adolescence and let us be about business.
Stay Up!

 

[Lick]

Yeah, Lick is talking out his ass. Ask him who's gonna pay over half $million, today, for a shit hole in Gangsland USA? All he has done is put himself $50K+ in debt. He rented $50K+ from a bank.

Just for the sake of argument bruh this home did not workout the way I wanted. I buy and hold but the tenant in this one did not pay rent for a year and I am selling it quickly to keep my FICO up. I still come out ahead and the money I will reinvest in Real Estate somewhere in GA… I plan to do some Real Estate business with a brother from this board. So I could go through some changes and keep that home but why? If I was in love with it then yeah… But it is just business… In closing;
Say what you will about Robert Kiyosaki (Millionaire) and or Donald Trump (Billionaire). However, I will take advice, buy their books and pay to hear them speak. You on the other hand I don’t know if you even own a brick and I am an investor with Corps and property! Need I say more?
Stay Up!

 

[afroyale]

Just for the sake of argument bruh this home did not workout the way I wanted. I buy and hold but the tenant in this one did not pay rent for a year and I am selling it quickly to keep my FICO up.

Aha! So I called your bluff. If this forum is meant to disseminate good information, we gotta stop painting a rosy picture of everything. There are pros and cons to every business idea. Lay out the pitfalls and let hardworking people who are trying to make it decide for themselves.

Back to your bad investment. For a whole year, your tenant hasn't paid a dime.

Let's do some math:

1. Purchase price: $5K
2. Loan to clear debt: $385K
3. Tenant lived rent-free for a year: $24K ($2K estimated monthly rent).
4. $50K HELOC
5. Upkeep and other upfront maintenance expenses (since this is a foreclosure): $10K ... estimated.

Total Damage: $474K


You can't sell below that price, so better cross your fingers and hope that out of the hundreds and thousands of FOR SALE signs, some fool would plunk down $615K for a house in Shootemup City, California... right across from a liquor store and Mr. Quick Bail Bonds.

 

[Lick]

Aha! So I called your bluff. If this forum is meant to disseminate good information, we gotta stop painting a rosy picture of everything. There are pros and cons to every business idea. Lay out the pitfalls and let hardworking people who are trying to make it decide for themselves.

Back to your bad investment. For a whole year, your tenant hasn't paid a dime.

Let's do some math:

1. Purchase price: $5K
2. Loan to clear debt: $385K
3. Tenant lived rent-free for a year: $24K ($2K estimated monthly rent).
4. $50K HELOC
5. Upkeep and other upfront maintenance expenses (since this is a foreclosure): $10K ... estimated.

Total Damage: $474K


You can't sell below that price, so better cross your fingers and hope that out of the hundreds and thousands of FOR SALE signs, some fool would plunk down $615K for a house in Shootemup City, California... right across from a liquor store and Mr. Quick Bail Bonds.

YES! Let's do some math: I am in default on this one but not in foreclosure… The lender do not want the house, they want the note! That is the very reason they are working with me… I close escrow on the 29th at 570K like I posted. I come out of this 75K from a 5K investment… Like I said, some people see the glass half full and some see it as half empty… Bruh… That is only one home… How much did you make?
Bruh… You try to stay Up!

 

[Zyin]

what are yall doing for education?

I have been investing for 11 yrs and just the past year began to look into this R E Investment University and was very surprised when I LIKED it.

the info for the school is www.equitywithintegrity.com

It is the only thing I know of strictly for real estate investing that is ACE accredited.

Would love to hear of anything that matches up.

 

[Lick]

what are yall doing for education?

I have been investing for 11 yrs and just the past year began to look into this R E Investment University and was very surprised when I LIKED it.

the info for the school is www.equitywithintegrity.com

It is the only thing I know of strictly for real estate investing that is ACE accredited.

Would love to hear of anything that matches up.

I'll check it out my brother... Hit me up!

 

[kjxxxx]

YES! Let's do some math: I am in default on this one but not in foreclosure… The lender do not want the house, they want the note! That is the very reason they are working with me… I close escrow on the 29th at 570K like I posted. I come out of this 75K from a 5K investment… Like I said, some people see the glass half full and some see it as half empty… Bruh… That is only one home… How much did you make?
Bruh… You try to stay Up!

Some lenders do want the house. The banks usually have an investor that has the note and they will take your house. If it has value in it they will take it get a tax write off. In GA them banks don't care. The lawyers want to make money and once that department gets alerted its all automatic.

 

[Lick]

Some lenders do want the house. The banks usually have an investor that has the note and they will take your house. If it has value in it they will take it get a tax write off. In GA them banks don't care. The lawyers want to make money and once that department gets alerted its all automatic.

Okay... In California they only want it if you have 20% or better in equity. However, thanks for the information cause GA is the next State I'm investing in.
Stray Up!

 

[m2m]

what are yall doing for education?

I have been investing for 11 yrs and just the past year began to look into this R E Investment University and was very surprised when I LIKED it.

the info for the school is www.equitywithintegrity.com

It is the only thing I know of strictly for real estate investing that is ACE accredited.

Would love to hear of anything that matches up.

Man, stay away from Nouveau Riche AT ALL COSTS and I put emphasis on the word costs; it's basically more Multi-Level Marketing bullshit.

If I remember correctly it's something like 16-24K for all the classes but they'll cut your "tuition" in half if you bring someone else into the program. The company itself may be reputable but the people doing the program are shady as fuck cuz they all want to recoup that tuition money.

If you really want to learn the business, search for REI clubs in your area. There's tons of them and they usually only charge 20-50 bucks a meeting with no commitment. If you don't like it, go to another one.

But stay far away from NRU.

 

[Lick]

Man, stay away from Nouveau Riche AT ALL COSTS and I put emphasis on the word costs; it's basically more Multi-Level Marketing bullshit.

If I remember correctly it's something like 16-24K for all the classes but they'll cut your "tuition" in half if you bring someone else into the program. The company itself may be reputable but the people doing the program are shady as fuck cuz they all want to recoup that tuition money.

If you really want to learn the business, search for REI clubs in your area. There's tons of them and they usually only charge 20-50 bucks a meeting with no commitment. If you don't like it, go to another one.

But stay far away from NRU.

Good looking out if what you say is true…. I have not had the time to check them out. However, I did go to their web site and they now have my email addy and I have not received one thing from them yet. So if you you say is true I will post it like a MOFO!
Stay Up!

 

[Real1]

Afro,

To answer you question, I continue to do well in Real Estate. Real Estate is cyclical. Money is made and lost in all cycles. There were folks losing money during the market boom of 2000-2005. There are folks that built a fortune in slow markets in the 80's and 90's. With that said, my rentals are still producing cashflow have tons of equity. My rehab projects are purchased at about 50% to 60% of value including the repair costs, I still re-assign contracts that I have on properties.

Alot of my "competition" has gotten day jobs or starting selling Pre-paid Legal, Tahitian Noni Juice, or whatever.

I don't speculate. I don't buy at retail or anywhere near.

Here is what one thing I'm LOVING about this market:

Condo conversions/ condo sales have slown down. This means that tired landlords with multi-unit buildings have gotten a dose of reality. They can no longer sell a 5 unit building (all 1 bedroom apartments for that rent for $800 per unit) for $500,000 just because you can spend $100,000 to convert to condos and sell each condo for $180,000.



I'll finish with saying, you CAN, WILL, and DO lose money in any type of investing. I've done well, some have done far better, some have done far worse. Thanks for asking.

 

[SpiritualPorn]

It is not sad to me bruh… I am receiving very good deals and even better deals on the homes in foreclosure.

I have never been in the flipping game… I do everything I can to buy, rent & hold.

I guess it is how you see things… Is the glass half empty or half full???

Stay up!

Laying low looking for the deals

BTW.....INTERNATIONAL!!!

Thats all I will say

 

[Lick]

Laying low looking for the deals

BTW.....INTERNATIONAL!!!

Thats all I will say

So my brother,
Are you looking to a villa in Spain or Gambia?

Stay Up!