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Discussion Starter #1
Ave any of you started to buy some of the property's your taking care of and turn them into rentals or just flip them?
 
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Used to. Won't now. I think this largely depends on your area of the country...here nobody can qualify for a mortgage.
 
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FremontREO said:
Used to. Won't now. I think this largely depends on your area of the country...here nobody can qualify for a mortgage.
Interesting. Why can't people qualify for a mortgage?

Right now your credit score can be as low as 600 and get financing.
 
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Our problem is extremely low wage scale and no jobs, shifting of population with the young moving to "where the jobs are".
 
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FremontREO said:
Our problem is extremely low wage scale and no jobs, shifting of population with the young moving to "where the jobs are".

Ive been to Iowa! That does not surprise me, it is FULL of illegal mexicans.
 
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I know a couple semi-retired fellas that buy 2 summer fixups in iowa then 2 winter fixups in az. been doing for over 10 years. Both drive/live in over 1mm Prevost motorhomes. The wives work juzt as hard as the men. Classic rags to riches story
 
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Framer53 said:
Why can't people qualify for a mortgage?
Right now your credit score can be as low as 600 and get financing.
As stated, RE is very regional, but my recent experience is even though people can qualify on paper, the financial institutions don't want to lend money on mortgages. It seems like they are looking for ways to nonqual people and/or their properties.

Think about it--it's a HEAVILY GOVERNMENT REGULATED (and driven) market. They have the power to stick you into the dirt...and have recently. Not a lot of businesses want to do much with their cash relative to involving the government until the clowns in charge now are gone and some semblance of reality appears.
 
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Redliz75 said:
Ive been to Iowa! That does not surprise me, it is FULL of illegal mexicans.
Over the last 10 years I've been very active on a few national net boards and posted subjects trying to find out more about that mysterious "11 million" number of illegals here that's been used for the last 20 years.

What I've found is only sparsly populated areas or w/o any manufacturing haven't been overrun with mexicans. This means the upper new england area (maine/vermont/nh) and ND/MT/SD*.

Other than that, any honest discussion about what's really happening with illegals is punished by the PC/business types.

*Rural areas with indian reservations also have been colonized by mexican drug gangs for the indian's government checks and autonomy from the federal/local police. Guess indians also need supermeth to moderate the alcohol...
 
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I would like to purchase REO's that aren't on the market when I graduate. It seems like a mutually beneficial setup - I get REI properties BMV and banks get rid of bad assets.


If you do not purchase the property, you could possibly "birddog" it to a local real estate investor.
 

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CO762 said:
Over the last 10 years I've been very active on a few national net boards and posted subjects trying to find out more about that mysterious "11 million" number of illegals here that's been used for the last 20 years.

What I've found is only sparsly populated areas or w/o any manufacturing haven't been overrun with mexicans. This means the upper new england area (maine/vermont/nh) and ND/MT/SD*.

Other than that, any honest discussion about what's really happening with illegals is punished by the PC/business types.

*Rural areas with indian reservations also have been colonized by mexican drug gangs for the indian's government checks and autonomy from the federal/local police. Guess indians also need supermeth to moderate the alcohol...
It's the same way in AZ.
 
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