All Forum Posts by: Account Closed

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I know of a guy from your neck of the woods that pocketed $5 million from a pre construction condo flip on Maui during the boom. I wonder if he tied it up with no money down. Talk about crazy easy $$$.

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Exactly what I was thinking when clicking on the link. I guess it differs based on your expectations and where you live. For me, being "really rich" starts at $20 million. And I'm assuming I will have to step over a few bodies to get there if I ever do.

Tony are there any new condo developments taking pre construction deposits on any of the Islands right now? Or anything in the planning stages? I've been waiting to hear about new developments for a while now.

Goldman Sachs is moving into real estate now too and buying bulk single family homes for rentals. And just to make sure they always win, they will not play fair. They certainly have the money to pursuade people to work with them and only them. Oh joy.

Let me share with you what I have learned since jumping back into several Florida markets last fall. I have gone through several different realtors since then and have tried to learn from my mistakes in finding the right folks to work with.

Be patient since you too will probably have to go through several rounds of realtors to find the right person who makes you their priority. You are in one of the hottest markets in the entire country so having the right agent is crucial. I would say the most important factor for you is to work with someone who lists many REOs and short sales and is well connected with other agents who do the same. It really is about who you know if you want any chance at first dibs at a good deal.

I would also ask your potential realtor how many investors they are working with currently and how she/he makes it fair so each one can get houses. If they are working with too many investors you will be low man on the list and never get a deal from them.

Finally I would ask them how busy they have been and how late they have been working this year. I want someone who is popular and busy but who also answers my emails and texts when needed and is not a 9 to 5er. This will also give you an idea on how fast they will act on deals when they hit MLS. If someone isn't motivated and drags their feet you won't get any good deals.

If I lived in Florida I would definitely get my license, that sounds like a good idea since you are going to care the most about your business. Just make sure you get networked in with other agents who get good listings....

The market is going up because of cheap money. Hopefully it's a redo of 2003-2005 now. Lol. I've noticed most of the higher end homes in my hood in Seattle over $1 million are all pending now after sitting for a year. There is one over $3 million that finally went pending after sitting for over 2 years. In Florida where I invest I am seeing double digit appreciation on the low end homes and inventory is very tight. I hope it lasts although it's only going to make things more competitive most likely.

Some pretty sketchy wholesalers out there. I particularly like the ones who sell you an overpriced junker that will take forever to fix up , offer to provide you with their contractors to do the rehab (at a premium price), and then finish you off by lending you hard money at 12% and 4 points. Not sure how these folks live with themselves.

Hope it goes well but sounds fishy. There are sellers out there that just try to keep the home in perpetual short sale mode and keep churning contracts. I dealt with a "seller" who stopped paying his mortgage while he had a renter in the house and was collecting rent checks. It was in his best interest to never have the short sale close.

Wall Streeters themselves are going to affect real estate prices more so than stock prices. Big fish jumping into the game....

http://www.bloomberg.com/news/2012-03-13/private-equity-buying-u-s-foreclosures-for-hot-rentals-net-8-mortgages.html

So it's not on MLS, zillow, trulia?