Any appraisers buying these foreclosures?

[Walter Kirk]

I'd love to invest in a couple of houses this winter, unfortunately I have made so little money appraising this year and I have no money to invest.

 

[Last Jack]

Walter you can still do deals w/out money but you have to dig deeper to find them and you need to be quicker to act when you do. The easiest way is to purchase options on a property headed to foreclosure and wholesale it to other investors. You make less per deal but you can do them with little of your own money and after 3-4 you may have enough money put together where you can now start the fix 'n' flip process.

 

[Verne Hebert]

You ought to be. You wont make money appraising property. I am holding 7 rentals; no cash to buy. I am selling two now to clear debt. Our market is stable and the rental market is strong.

buy it right. leverage as much as possible.

 

[Doug Wegener]

Price still going down 4% a month here. I think I'll wait for the bottom.

 

[Riick]

......Many of the houses have been rehabbed sometime within the last five years, so there is not much wrong with them. I believe that a GRM between 50 and 60 or lower is obtainable in this market, and I don't know if the market prices can fall much further.

In a sense, doesn't matter if market falls further.
GRM of 50-60 with little or no repairs, and Section 8 tenancy.
You're talking about Real Estate Heaven, a Gurnsey Milk-Cow !
Get 10-15 of those honeys, and you'll be sipping drinks on the beach for the next 50 years.
Grab -n- Go.

 

[DTB]

Price still going down 4% a month here. I think I'll wait for the bottom.

If you didn't clean up on the boom, you won't know when the bottom shos up either. (You, meaning the rhetorical you)

 

[Steve Metz]

I think there are other investments out there better than real estate. I have made a lot of money shorting the stock market.

 

[Riick]

I think there are other investments out there better than real estate. I have made a lot of money shorting the stock market.

The above statement is the BEST indicator that the RE market might be getting closer to a bottom than I've seen before.
Thank You Sir!

BTW.. shorting the market is not investing it is speculation.

 

[Terrel L. Shields]

GRM of 50-60

Your key ingredient. I made an offer recently, rejected but would have been a 60 GRM, easy. A GRM below 100 will cash flow in my market ($60,000 house makes 600 a month.) GRM's above that I would reserve for a place to live.

I think you will have plenty of time to be choosey over the next 2 years.

BTW, disturbing piece on PBS tonight about people walking away from homes and leaving valuables, even pictures, urns with a deceased ashes, computers, furniture, toys, even a Big Screen TV, etc. crazy. Even if it brought only a dollar why wouldn't you just sit it in the yard and have a quick yard sale? Companies are paid to "trash out" the place, dumping dumpsters full of beds, furniture, dishes, etc. The outfit was trying to give all they could to charities but the charities couldn't handle it all.

 

[John "Corky" Harry]

Terrel . . . I had heard about the "walk-aways" and finally ran across one in my area the other day. According to the listing agent, the folks just packed a suit case and left in the middle of the night. They left the furniture, pictures, kids toys and what clothes couldn't fit in the suitcases. This was a $500,000 or better neighborhood. Sad.