Gov't Stimulus: Thanks to your $$$ this woman & others is buying $133k home for $42k

[ByLoSellHi]

Quote from trendy:

What I said, and what you conveniently ignore is that I would buy 5 comparable houses to the one in the article. The risk is mine. The cash is yours.

Bank requirements to close? The only requirements they have is "do you have the cash to close?" And yeah, I'm paying cash.

And, what part of I'm not interested in a whole block of 37 units for cash don't you understand?

Oh, and I'm a lawyer not a realtor.

You're not serious, right?

I mean, it's not as if it wasn't clearly expressed that the bank wants to sell the entire project off from my very first mention of the whole deal.

Let's not beat what is now a dead horse.

I don't know of 5 comparable houses to the one in the article off hand, because I was never looking for 20-30 year old, driveway-less, one car garage, old dumpy properties in older, run down areas, when I can find much nicer, new properties in new areas for the prices I'm talking about.

But good luck with your search, and to you and yours.

 

[trendy]

Quote from ByLoSellHi:

You're not serious, right?

I mean, it's not as if it wasn't clearly expressed that the bank wants to sell the entire project off from my very first mention of the whole deal.

Let's not beat what is now a dead horse.

I don't know of 5 comparable houses to the one in the article off hand, because I was never looking for 20-30 year old, driveway-less, one car garage, old dumpy properties in older, run down areas, when I can find much nicer, new properties in new areas for the prices I'm talking about.

But good luck with your search, and to you and yours.

Fine. Let's agree to disagree and call it a night. BTW, I'll still read your copy and paste stuff.

 

[ByLoSellHi]

Quote from trendy:

Fine. Let's agree to disagree and call it a night. BTW, I'll still read your copy and paste stuff.

Fair enough.

Res Ipsa Loquitor.


If you need the name of a truly honest, experienced (60 yo) broker, who's seen it all, and is in Florida, shoot me a PM.

I know a guy that is more in tune with what you seem to be looking for.

 

[bond_trad3r]

Quote from ByLoSellHi:

It was 2 million. 20 was a typo.

I'm not going to just blurt out the names of developments that I've spent X number of hours speaking to banks about and doing due diligence on. Are you crazy?

If you are serious, escrow some serious money, I'll have you sign a non-disclosure agreement, and I'll personally fly down to Florida and meet you, and we'll go to the project together.

The only reason I haven't jumped on that project yet is because others that are wiser than me haven't. I've been watching all the players, and their lack of hunger and unwillingness to close these kinds of deals is bewildering to me. It leads me to the conclusion that there is some more major shit that is either going to hit the banks, or they've got inside information from our friends in government running TARP and TALF and PPIP, and they'll get a much better deal later rather than now.

But I don't bullshit. I'll show you my homework, but not without protection.

And if you're interested in Nevada, Arizona or Utah, you can find deals all day long just like the one I mentioned in Florida there, too.

I'm usually a fan of yours BLSH, but this reeks of bullshit. You sound like a Nigerian shyster; it reads similar to something that would show up in my spam folder.

 

[Now is Now]

Quote from bond_trad3r:

I'm usually a fan of yours BLSH, but this reeks of bullshit. You sound like a Nigerian shyster; it reads similar to something that would show up in my spam folder.

Nah, not this time....read the whole thread.....he knows his "apples"....

 

[ByLoSellHi]

Quote from bond_trad3r:

I'm usually a fan of yours BLSH, but this reeks of bullshit. You sound like a Nigerian shyster; it reads similar to something that would show up in my spam folder.

If you've followed any of my threads in 3 years, you should know that this area is my domain.

If you don't, or don't believe it, it really doesn't matter.

I'm in that great position of knowing where deals are happening, and not needing any investors - this doesn't mean I won't share risk with the same people I have since 1998, as I can trust them to do what they say and because they're all competent and great businesses partners. I have no interest in doing any deals with any expanded group.

Managing relations with business partners is hard enough - I have no desire to attempt the same with 'investors.'

My offer to meet trendy was borne purely out of an 'at the moment burning desire' to prove to him how far off the mark he was, and not because I'm actively soliciting a single investor for anything.

I'm not.

 

[Anaconda]

Quote from trendy:

The home is hardly a dump, and is worth a hellava lot more than 35K. Get real.

In that area of Florida, homes like that go around $25-$50k. Saw it in the numerous realty booklets all over the streets when vacationing there 4th quarter last year.

If it qualifies for the grant, which means distressed neighborhood and/or abandoned property, then the neighborhood is your standard Florida shithole town. $100k or more should be equivalent to a small mansion, not that wannabe luxury trailer.

 

[Anaconda]

Quote from ByLoSellHi:


Scrape together a couple million dollars provable by a letter of credit from a FDIC insured bank, put it in escrow so that I know you're serious, and I'll personally meet with you and show you homes in Florida right now that are three times the size of that house, in brand new condition, built in 2005 or later, near brand new schools, for 140k and far less than that, that you can buy right now (as in no bullshit negotiations, because that's already done), on terms that are so sweet you'll think that the banks have lost their collective minds.

He is not lying. Those values are on point.

A wealthy NYC individual I know just last month went down to Miami and acquired 120 units for 5 million. The bank originally wanted $10 million. The real joke is that the property while being constructed at the height of the RE bubble was projected to be worth $50 million.
I did not believe it either at first and had to ask what the catch was. But there is no catch. He should see a 5-6 year payback of his investment as the rents will be low so that he can maintain high occupancy. The risk will be weather & the high chance that the cheap construction will falter.

Florida is overbuilt, the demand is not there for all those houses & condos. The maintenance costs are way too high and the job market is crap. Florida has this image which rides on the prime coastline towns & South Beach, but the reality is that most of Florida is trash neighborhoods.

 

[zdreg]

Quote from makloda:

Government employees earning minimum wages, depending on federal transfer payments and incentive programs. Is this America's future?

is there something holy about the minimum wage level.?
this woman is earning above the minimum + government employee benefits.

what about people in the private sector who make less and without government job benefits.

these are people who can't get a job in the private sector. the same is true all over the world.

of course. it is america's future. obama, ignorant republicans and americans who have no idea how wealth is created will make it a nanny state.

 

[Cutten]

Quote from scriabinop23:

How is that any different from 90% of the guys on ET living in the upstairs bedroom of their parents' house?

Simple arithmetic - it's different by the 90k the bedroom dweller isn't fleecing the taxpayer for. There's a difference between being lazy, and being lazy whilst using men with guns to steal 90k from hard-working people.