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Anyone Buying

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bkondeff

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Jul 7, 2007
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I'm in SW Idaho and was wondering if anyone is doing more than window shopping this RE market.

I am a banker, and spent some years in Calif as an Investment Advisor so I am always amazed at human nature in times like these. The old adage of buy low, sell hi gets really screwed up when people do things like watch the news and read about how crappy the market is and how this time it may never get better because it's a different this time. Likewise when the market is hot, it's going to stay hot because the news tells us that it's different this time. Yet it always goes up and down and the one's that get rich are like Warren Buffet who buys at the bottom and holds on.

Of course I am back in banking because inherently I am a glass is half empty guy and I havn't bought anything yet because I'm afraid of "stagflation", the weak dollar, and our piss poor prospects for who will lead this country.

Has anyone else been following Warren's lead and taking some chances as I know there are deals to be found, if you have the cash and the balls.
 
I'm gonna try and buy a place next week at a sheriff's sale.
With any kind of luck I'll get deal.

My primary interest is because it is right next door, and I'm tired of looking at the mess. Plus, I'll pick up another 17.5 acres added onto the farm. If it works out, I'll clean the place up and probably own a rental.
 
Real Estate is too inefficient of an asset to use as an investment, in my opinion. And, I am guessing if you were to ask Buffet, he would say the same. But, like Buffet, I believe there are some bargains out their in equities, including the Financials, but, unfortunately, they have been like trying to catch a falling knife.

At some point, the market will rotated out of the commodity stocks and into the Finanicals and Consumer stocks, and we will look at this time as a great buying opportunity, but, you have to have a "set" to pull the trigger. In the meantime, I will continue looking to send more money to the Oil Services as they are still cheap despite some of the runups.
 
Still holding GOLD....but looking for raw land deals... bought 10 acres a few months ago... but having trouble finding "steals" on small parcels.....there are some great buys on houses....I don't want to rent them out,so its not for me...I.M.O. the economy is getting worse.... Gold will go over $1000. again .... but will stay there or go up even more. I love me Gold ... Its instant cash!
 
I just tried to catch the falling GM knife and had my hand cut off yesterday. Ouch! Just closed on a quarter section of timbered recreational land east of Missoula a couple weeks ago. Price was right. Good deals pop up when the herd panics.
 
I'm not doing anything more then window shopping. PArtly becasue my financial situation won't let me. So with only 4 homes in the portfolio I'm jsut sitting and trying to figure out how to pull more off :D After switching to my new job "Loan officer" you'd think I'd find some banks that would lend to me but the lending programs are changing weekly... if not daily. 2 years ago if you had a pulse they would lend to you, I should have taken better advantage of it.

Now is the time to buy up houses. I've never had a house vacant. there are pleanty of people to put in them. Unlike alot of guys, I actually like the Rental market. My long term goal was to get into comercial RE but I think now is the time to buy rentals homes. You can get them .50 on the dollar from 2 years ago. Is that really the case ? No.... but they are at good prices. For the amount invested, I still think homes are the way to go. Just taking the Home depreciation value even if you can't cash flow it puts pleanty of coins back in your portfolio.

I'm lending to several guys right now with cash in the bank. the reason they have cash..... is they buy at times like this, not when everyone else is buying :p
 
I've been lucky and gotten 2 homes this year and a 3rd set to close on the 15th. The price has gotten back down to break even on the cash flow, and with the deprecation I'll make money 4-15-09. I wish I did not jump on the bandwagen a couple of years ago, but you live and learn.
Jay
 
Chasen, 2 years ago was a good ban wagon. I jumped on and off putting me in a spot were I could have 20% equity and just have a first loan on 3 of the 4 that I have. (Yah, 20% is relative, I know ;) ) Kudos on buying homes now. Sounds like you're one of the smarter ones.

Most people just look at the Cashflow issue and not the Bottom dollar. I'm not making any money now so it's a Mute point... ;) But when I was, the Depreciation come 4/15 over the last 2 years didn't suck one bit.
 
Upgraded the personal residence last month. Rates are up again but I locked in at a low point. Didn't make any money on the home I sold but I got the house I'm in for $50K less than I probably would have. I'd love to get a rental but even with spotless credit, I had more trouble getting approved this time as I have some school debt.
 
Always looking for deals. Looking at the moment for something in the mountains with room for some horses for a summer home and perhaps a b and b or corporate retreat or something to bring in some income.
 
Got my sheriff's sale property last week.
The hillbillys are still living in the place, so I now have to get the law involved and get them evicted. The property is a dump and is gonna take a major clean-up, guessing the interior is about the same.

Oh well .... will get the place cleaned up once and for all and won't have to look at it, plus picked up about 16 acres of tillable ground that is gonna get turned into game habitat, expanding my place nicely.
 
Steiny said:
Got my sheriff's sale property last week.
The hillbillys are still living in the place, so I now have to get the law involved and get them evicted. The property is a dump and is gonna take a major clean-up, guessing the interior is about the same.
Click to expand...

Eviction of Hillbillies doesn't sound fun. I bet kicking them out is like playing with a yo-yo. Watch Deliverance to get the cultural perspective before you visit the property.
 
Bought the place on the 9th and they still aren't out.
Lawyver had to prepare a writ of eviction, take it to the judge, jude signs off, then orders the sheriff to deliver it.
I think they are gonna deliver it Monday and probably give them about a week to get out.
 
If I had my way, they'd have been out of there on the 10th.

Lawyer says the judge will most likely give them a few days to get out.
That's just the way it works. They won't let you just throw someone out on the street.

I don't want to get crosswise with them, or they're likely to tear the place up worse.
Will follow the letter of the law on this.
 
Steiny
Good choice by going by the letter of the law. I had to kick out a tenet this month for non payment. I gave them a 3 day notice to pay or get out and the good news is that she was out in 4 days. It go called the WTT (White Trash Theater) house after I saw what they did to it.
Good luck
Jay
 
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