New Home prices are finally dropping - So bought an investment property
 

All the bad news about people getting forclosed on and banks getting scared to lend money is turning out to be a good thing. I went out looking at investment properties today and ended up buying a new 2100 sq ft house that was listed at $200k, it is not completed yet, but they said it should be done by the end of september. I got a good deal on it, they told me if I could do a quick close they would knock $30,000 off the price - but with investment properties they needed $15k down on the home, so it was to good to pass up. The end price was like 164k

lots of forclosures coming up on the market here also, some decent prices if you shop around. Anyone else buying investment houses?

Where is that at in Vegas?

nice, what area?

houses are for panzies. I'm buying commerical real estate these days

Phoenix area, far SE part area

The news said Vegas was the one of the top cities for forclosures

yeah vegas is like #3 in the nation 1:31 in forclosure

jesus christ.

go talk to some bankers. you can take over mortages from people about to be forclosed on. often they will sign it over to you so they dont' fuck up their credit and they have made the down payment - you get them for no money down.


i thought this wasn't possible till i asked 2 bankers about it and each offered me 2 properties exactly like this.

If you have cash on hand, this is certainly a snarfer's market.

rumor on the street is that you can pickup houses for 20 cents on the dollar right now if you know where to look and have a nice group of connections...market is getting nutty out there...hey can anyone lend some money to fucking countrywide already?

Vegas is one of the most great place......
all the nice site are their.....

Wait until ya get the Balloon Bill's or the Interest Rate climb in 6 months after the ARM flexes...

Or did ya get a good Mortgage at a fixed rate?
Not likely with 15K down but...

COuntry wide is fucken toast...
Even the VP cashed out some 14 Million in stock...
He knows that ship is sinking.

Sheesh... Now is that last time I'd choose to buy a home in that market. Next year banks will be begging for anyone to take homes off their hands while they extend their Fed Reserve loans at 5.7% (or whatever percent).

No way I would ever take one of those wierd ARM loans....thats just crazy stuff there, this is a straight investment property. When you go into it as an investment property, and you tell the builder and the bank its investment property, things are a bit different, interest rate is a bit higher and you cannot get in with less then 10% down (through my bank), the 15k is the ernest money, for investors they require 15k down to even start the paperwork, for your personal home, they only ask for $2000 ernest money (around here thats the way it is), interst rate is going to be about 7%, sounds high, but its only for about 2 yrs so its no biggie. In 2 yrs I put it up for sale and collect my profits.

nothing is happening to countrywide, they are still giving out loans

have you looked at the prices of homes recently - new builds?
they are begging people to take them off their hands.

hate to break it to you but from 2 personal sources, no they are not...


I had to help line up funding for a loan that is stalled for a 1m property by some associates of mine...and send them to another lending source...


This lending source with another 12-20 direct lenders on tap told me that all countrywide loans he's seen processing are also now on hold because they don't have a line of credit to lend from...bad bad bad situation for them.

you have to like those "I heard it from someone who heard it from someone" type things, I did not get my info from hearsay, I called them today and was approved for a no-doc loan

call them yourself, get it straight from them. Their number is on their website.

Buckeye? What builder?

I just bought a house in Surprise.But mine is to live in, im 99% sure my house will go down in value in the next year or so but i plan to stay there for a long time and it will bounce back up eventually. I just didnt want to wait any longer get into a house.

Buckeye is way west, I am near Gilbert and Mesa - My home is on 2 acres, its horse property, been here for 3 yrs now, the place I just bought is about 15 miles from my house

builder is DR Horton

Ahh ok i dont know what i was thinking i thought i saw SW phoenix but anyways good luck on the rental

Did you buy in Queen Creek? I built a new home in south Gilbert two years ago and yes there are some killer deals right now, especially in the outlying areas. Are you planning on renting it out once the build is completed?

they bought the paper on my new place within the last 2-3 weeks

Your info sounds old as I believe they just secured a new line of credit of a few billion a couple days ago.

Agree, tho 95% certain we are only at the start of the mortgage problems. But sure - builders/developers are more than desperate.

Yep - they took an $11.5 billion loan a day or so ago - and plan to assign all of that to daily operational needs.