Real estate market crashing down right now? - Page 2 - GoFuckYourself.com

minusonebit · 06-09-2006, 06:10 PM

Everyone has been over this time and time again. Its real simple. What goes up *WILL* come down. And vice versa. Real Estate has been going up for some time, now its coming down.

Pornwolf · 06-09-2006, 06:45 PM

Quote:

Originally Posted by Herb Kornfield

I rent rooms out for $150 a week on a 8 bedroom house.

Bought it for $30k cash in Philly and now the casino's are moving in ... Its now able to get $600k at a sale. ... Time to cash out and get a new rental house

Where is that Herb? I just picked up some property in Philly off of Front St.

will76 · 06-09-2006, 08:29 PM

Quote:

Originally Posted by Greg B

How in the heck do you find the time to do all this and run your online business too? Charging $600 is sweeet. Some people don't get the fact that they can get a great house for that much so they depend on guys like you to provide shelter which they'll pay for. Do you hire handymen to maintain them all?

I just bought my first one (trailer). I don't own much rental property, we mainly build new construction and sell.

How do i do it all? work about 80 hours a week and have partners on each of my different companies.

BTW, where do i find a great house for $600 a month? If i put down 50% i guess it is possible, but assuming they put down 20% down which is what most people do, especially those who buy cheap houses. A $600 mortgage/insurance bill each month = 75K house. And a house for that price you going to have a lot of upkeep expenses.

You can't get into a "decent" house for less then about $1,000 a month even if you live rural area.

will76 · 06-09-2006, 08:52 PM

Quote:

Originally Posted by Lenny2

Do you not understand english???

In "some areas" it's doing fine, but that's like saying "a handful of stocks" are doing well despite the stock market crashing.
When the overall market bubble bursts, the bubble bursts....just because 2 zip codes out of 100 hold their value doesn't mean the bubble isn't bursting.

Capice?

Hey before you give me the english lesson why don't you try some simple english reading comprehension for yourself. Read my post again.

Quote:

Originally Posted by Will76

there are plenty areas where the market is still strong or holding. It is not bursting.

Do you understand the difference between "some" and "plenty". I said Plenty, not some. Plenty is not 2 out of 100 in my book.

Hopefully you can get the reading part down so you can read this article for your next lesson on real-estate.
http://money.cnn.com/2006/05/15/real...ices/index.htm

Highligt on this part " Sixty markets recorded double-digit gains from a year earlier and 16 metro areas experienced price declines."

I know that some areas are declining. However like i said there are also PLENTY of areas where the real estate market is still gaining or at the very least holding.

next time you might want to refrain from the sacasm till you know what you are talking about.

will76 · 06-09-2006, 09:03 PM

Quote:

Originally Posted by Adam_WildCash

I have been involved in the Real Estate market here in Australia for many years and in my opinion is that there is only one really bad time to buy.
When you can't afford to keep it!
By that i mean the only time you will ever loose money is when you a forced to sell.
I am friends with a lot of people who have large car yards, luxury boat manufacturing and sales and are worth many millions of dollars, all have the same advice "you will only ever make money from Real Estate".
There companies are just income to buy more property.

The other saying is "It's not timing in Real Estate it is time"

Exactly. If you are buying a $300K house because you think you can flip it for $400K but yet you really can't afford an extra thousand a month and the market drops then 2 things will happen.

1. You will dump it and HOPE to just lose your 20% downpayment to get out of it. You may come out of pocket depending upon how bad the sales drop in that area.

2. You try to rent it lol. If you are in this situation you obviously did not think "what if the market drops" lol. Chances are if you bought a 300K house put down 20% you till going to owe in the $2000 range a month in notes,insurance, property tax, could be a LOT more depending upon your property tax. NOw how many people in a bad market can afford to pay that much for rent? probably none. By the time you reduce your prices way down to rent you still going to be coming out of pocket 1K++ a month. Not to mention every month it sits it is costing you a lot more then that.

When you buy to flip make sure you have a plan B.

Good post. Good points.

Jon Clark - BANNED FOR LIFE · 06-09-2006, 09:05 PM

I got out of real estate for porn and domains a couple years ago and it was the best move I ever made!

will76 · 06-09-2006, 09:08 PM

Quote:

Originally Posted by Pornwolf

For someone who isn't making money on the internet that sounds like a good plan, but for someone that pulls $40k easily online dealing with all those low income renters and properties seems like a major pain in the ass.

Couple miss conceptions here. actually a bunch.

1. I don't deal with many rentals, however i do like the idea of buying up a bunch of trailers, moving them to trailer park, building on the land, etc...
2. If/When i ever do this i would be grossing $12,000 a month from it. I would hire someone at $500 a week to deal with it. It would never take a minute of MY time.
3. There is nothing stable with the adult online industry. Diversity is the key, even if you start other businesses that make less then your main one. Realestate is about as safe as you can go and is long term.

will76 · 06-09-2006, 09:12 PM

Quote:

Originally Posted by minusonebit

Everyone has been over this time and time again. Its real simple. What goes up *WILL* come down. And vice versa. Real Estate has been going up for some time, now its coming down.

Thats not true. I could name a million things that differ, but to just mention a few of favorites. GAS PRICES, Min Wage, Cost of living.

Snake Doctor · 06-09-2006, 09:15 PM

Quote:

Originally Posted by will76

Hey before you give me the english lesson why don't you try some simple english reading comprehension for yourself. Read my post again.

Do you understand the difference between "some" and "plenty". I said Plenty, not some. Plenty is not 2 out of 100 in my book.

Hopefully you can get the reading part down so you can read this article for your next lesson on real-estate.
http://money.cnn.com/2006/05/15/real...ices/index.htm

Highligt on this part " Sixty markets recorded double-digit gains from a year earlier and 16 metro areas experienced price declines."

I know that some areas are declining. However like i said there are also PLENTY of areas where the real estate market is still gaining or at the very least holding.

next time you might want to refrain from the sacasm till you know what you are talking about.

I never said the market already crashed or the bubble already popped.....but it's coming for sure.
Even after all the speculators drove up the NASDAQ in the late 90's it still made some gains before the bottom fell out, but it would have been very wise to sell before that bubble popped as well.

You're saying some areas had double digit gains this year and that's true....because there were still alot of speculators buying this year, but they're all in for a rude awakening in 2007.

06-09-2006, 06:10 PM	#51
minusonebit So Fucking Banned Join Date: Feb 2006 Location: [email protected] Posts: 7,391	Everyone has been over this time and time again. Its real simple. What goes up WILL come down. And vice versa. Real Estate has been going up for some time, now its coming down.

06-09-2006, 09:05 PM	#56
Jon Clark - BANNED FOR LIFE North Coast Pimp Join Date: Dec 2005 Location: 304-534-757 Posts: 9,395	I got out of real estate for porn and domains a couple years ago and it was the best move I ever made!