Any appraisers buying these foreclosures?

[miktay]

I'm just curious to see if any appraisers out there are starting to buy up these foreclosures. I am starting to see the prices of homes in the $30,000-$40,000 range. They are nothing great, properties that sold in the $150,000 range during the peak of the boom.

Given a CD pays 3-4% and the stock market doesnt pay anything, I would like to get some input from appraisers who are entering the market as investors.

Are you renting or repairing and reselling? Is the rental market now soft for SF homes due to all the vacant homes? Are you using bank financing or other sources? Are you buying newer type homes or older fixer uppers?

When I went to college for appraisal, the professors all said appraisal is a great place to start for a couple of years while you are learning the investment business. That was 20 years ago and I haven't invested yet.

Would have liked to buy in the 90's and sell in 2003.

Whole lotta bickerin' goin' on. Back to Paul's question.

Yes, I did about 18 months ago. Bought 2 SFR's. 1-20% down / 1-cash.
Tried flipping them, but the buyers dried up. So both are rentals, which Im fine with.

The majority of wealthy "average joes" that I know of became wealthy with real estate. Lot's of bitter and sarcastic folks who knock RE investing usually die struggling to make ends meet.

 

[murray stroupe]

Re;Investment & Speculation

I've always thought (and was taught) that rentals should always produce a healthy positive cash-flow.
Why else would you own them; for the aggravation???

INVESTMENT: "The use of money through various vehicles, or an individual's time and effort, to make more income or increase capital, or both.
"The term `investment' infers that the safety of principal is important.
"On the other hand, speculation connotes that risking principal is acceptable."
.

======================
Both funny & precise post.

Looked up the precise definition for gambling;''To play....wager'' Its found close to the word garbage .Noticed some like to play @ investing, play @ stock speculation.

Part of it's personality.An experienced ,older, REALTOR friend has enough capital & carpentry skills to fix up houses.
But instead,he likes to work on his own house much of the time,pick produce from garden;
& enjoys selling/listing houses, commercial property, helping buyers.

 

[SkyeBlue]

for the buy & hold folks or for the reluctant landlord-

When you are researching the rental market and vacancy numbers for your area, where do you get your figures?

What method do you use to gather info on expected dollar amount you can get from your rental? Other rentals in the area? Calling on available for rent now?

thanks