Real estate horror stories

[spider348]

Quote from gnome:

Oh pishawww... I could pay Millions in cash.. just don't want to buy the top of the market...

top 'o the market ? I am in the area buying
50cents or less on the dollar. Know builders sitting on 7fig customs (well now in the mid-high 6's) trying not to be foreclosed on. Albeit some areas are holding value well. Denver didn't rocket up like CA, AZ, NV in recent years so we might not take it in the shorts IMO

 

[HedgefundTrader2]

Quote from commoditiestrdr:

My one friend bought a home in Florida. He paid 950k for the home on a variable rate.

He still tries to make an argument that the market will rebound....he's getting ready to lose his house.

What happens when interest rates go up to 8 or 9 percent eventually they will.

I am into buying real estate at 50 cents on the dollar. I have been scannng foreclosed properties and lifting few into a manged portfolio. That is what most pros are busy with.

 

[drsteph]

Quote from spider348:

top 'o the market ? I am in the area buying
50cents or less on the dollar. Know builders sitting on 7fig customs (well now in the mid-high 6's) trying not to be foreclosed on. Albeit some areas are holding value well. Denver didn't rocket up like CA, AZ, NV in recent years so we might not take it in the shorts IMO

House next to me was a knockdown with McMansion built on it in a high-end area in Florida. Now on the block. He paid 1.2mill for it. Made some 'upgrades'. I wish him luck - I'd only give him $800,000 and that's on a good day.

 

[JB3]

Well, my house is paid off. Small place.

Just sitting on cash now, waiting for the foreclosures to hit the tape. Then we'll start seeing the fire sales when the banks are forced to unload.

The US governement is trying its hardest to slash rates and give out rebates to stop the inevitable. Regular folks just can't live paycheck to paycheck just to sustain their house. Once you get behind, it's as good as gone for many of these folks living it up in their mansions on average wages.

You know what they say about presidential cycles. And I'll be renting out my current house and upgrading when it comes, of course, probably still a few years away. I'll be buying when the curve is completely flattened.

 

[HedgefundTrader2]

Quote from JB3:

Well, my house is paid off. Small place.

Just sitting on cash now, waiting for the foreclosures to hit the tape. Then we'll start seeing the fire sales when the banks are forced to unload.

The US governement is trying its hardest to slash rates and give out rebates to stop the inevitable. Regular folks just can't live paycheck to paycheck just to sustain their house. Once you get behind, it's as good as gone for many of these folks living it up in their mansions on average wages.

You know what they say about presidential cycles. And I'll be renting out my current house and upgrading when it comes, of course, probably still a few years away. I'll be buying when the curve is completely flattened.

People still have JOBS thats why you will never see drastic lows in prices. Unemployment figures at 5% thats healthy in any economy. You will never see the down turn as long as people pay their mortgages

 

[Longhorns]

Quote from day7793:

You will never see the down turn as long as people pay their mortgages

You are a perma-bull fool. All your posts are identical.

You must be related to stock_trad3r. Are you his not-so-bright uncle?

P.S.- Please tell us again about those fantastic granite counter tops and recessed lights that you have. They sound so spectacular.

 

[mokwit]

Imagine, being able to do your washing in a room in your own house whilst viewing the garden to the sound of piped in music. This is the stuff of successful investors and entrepeneurs, nay a Titan of finance.

BTW, how can you be buying property at 50c on the $ when there is NO recession? (unless you are just a tool with long hairs [sic] who is making it all up)

 

[Longhorns]

Quote from mokwit:

BTW, how can you be buying property at 50c on the $ when there is NO recession? (unless you are just a tool with long hairs [sic] who is making it all up)

Great call mokwit. I'm so used to his b.s. that I missed his glaring contradictions...

Quote from day7793:

I am into buying real estate at 50 cents on the dollar. I have been scannng foreclosed properties and lifting few into a manged portfolio. That is what most pros are busy with.

Followed by....

Quote from day7793:

People still have JOBS thats why you will never see drastic lows in prices. Unemployment figures at 5% thats healthy in any economy. You will never see the down turn as long as people pay their mortgages

He's somehow buying real estate at 50 cents on the dollar (like the PRO that he is)...yet he's arguing that there is no downturn and we won't see drastic lows in prices.

BUSTED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[TradEStar]

Quote from traderdragon2:

day7793,

Stop being a fucking idiot already. gnome is a trader. Traders dont buy shit that is about to go down 30% you fucking moron. What part of HE DOESNT WANT TO LOSE MONEY dont you udnerstand?

Who let the tard in here? Shut the fuck up already. You sound like paris hiltons purse dog, you little twit.

I second this motion! Plus, you NEVER do actually own a home..you can pay full cash for the house at the closing, and then for the next 30 years pay over 10k to 15k a year in property taxes to rent the land from the government!!!

 

[HedgefundTrader2]

Quote from Longhorns:

You are a perma-bull fool. All your posts are identical.

You must be related to stock_trad3r. Are you his not-so-bright uncle?

P.S.- Please tell us again about those fantastic granite counter tops and recessed lights that you have. They sound so spectacular.

Getting little Jealous there enh? Yes I have a beautiful home, a luxury home compared to your one bedroom shunted crab hole. Ahh this property has lots of land and trees and I am typing this from my spacious bedroom lying on gold brocade imported bed cover and hooked to a wireless network.

PS: The house has 7 flat screen TVs one in master bathroom, so I can watch the market while taking a dump.