Back in the day...

[Jules Aton]

I started investing in my late 20s during early 90s in up and coming inner city neighborhoods. I lived in and renovated or renovated and rented. Two things I remember that probably don't happen today: 

-First property was a no-doc loan, technically low doc because you still had to provide information but with 30%+ down pretty much anything you wanted was yours.

-Local banks were the best. Bank a few doors down from my residence didn't ever foreclose on a property. I went in one day and manager asked if I would be interested in buying a shell that was in default. It never even hit MLS. I was overwhelmed with projects at the time but paid $35,000 and sold two years later without any improvements for $125,000.

For older investors what are your back in the day stories?

[Jay Hinrichs]

Quote from @JD Martin:

This is a great thread for @Jay Hinrichs . He will have some great ones. My first mortgage was almost 11% and that was a good rate. My first rental I asked the guy at the closing table how much he usually got for rent and he told me he could pretty reliably get 300-400. I almost fell over dead thinking maybe I was going into the wrong business. I still have that house and it rents for a grand these days.

my first house was late 70s that I bought  in those days it was 80 10 and 10  you need 10% cash and normally a private HML would give you the 10% second and bank was the first.. interest on the first was 9% second was 15%.. this was before the Carter interest rate run up.. paid 80k for it in Milpitas CA.. and it was brand new bought it from Shapel .  today probably around 1 mil.

Rentals was not a thought to me in those days I was a land flipper.. had absolutely no interest in being a landlord.. and basically still dont to this day :) yes I have some rentals for tax purposes but not really for wealth building purposes.