All Forum Posts by: Mike Seluk

Hi Jeff! Mike from the REIA here, glad to see that you've showed up! :mrgreen:

I guess I'm just not used to seeing 'genuine' desperation. Too many people around where I am are just giving up.

Do you think they'd consider a deed in lieu of foreclosure because the amount owed is close to market value?

I guess I don't see why the bank would be flexible on getting shorted 6k. That's not *that* bad compared to some of the ugly stuff that's going on, so why wouldn't they expect to get the full amount back, even if it means having to pay up after the house is gone and sold?

I don't think that's the same thing. I mean, if they sell it for what they owe, they get out from under it but lose their equity. The bank gets their money. In a short sale, the bank determines the amount of loss they're willing to take.

I'm a noob still who's still getting a feel for how a lot of this works, but those things you guys have mentioned seem to be consistant with my own observations.

Cash, pertaining to people selling stuff, I'll have to agree. I'm a gearhead, and I've always came out ahead on my hotrodding projects by buying and selling stuff to fund the hobby. So I read ads a lot, and have noticed the 'luxuries' flooding the market: car projects that ran out of money, weekend cruisers, motorcycles, Waverunners, boats, anything that requires lots of high-octane go-juice. I've cashed in quite well on this by re-selling!

And as for housing, there's still a pretty major disparity between what the agents think stuff is worth and what people are willing to pay around here. I've been scouring the area for a while, and some stuff has just been sitting for MONTHS. Some of the places looked like good deals, too. I've been out looking at properties and have only found one that seemed to be a really good deal - that one got picked up quick. I'm now wondering if THAT price is where the bar will now be set.

Good to know that people who have 'been there and done that' are taking a bit of a break. For me, that means more time to get my ducks in a row and save up some more. It's all getting pretty exciting now.

For me, going to the REIA meetings has been great. I'm getting an idea of what the local climate is like and I'm also meeting all kinds of people there. Agents, appraisers, all different kinds of investors, tax advisors, etc... In my area, they're all great people and willing to answer all of my newbie questions. It's helped me to see how I can go from where I am to where I'd like to be. Before, I just wanted to get there, but didn't know even where to start.

There's a memeber of our local REIA that does this - A LOT. He spoke about it at length for us a couple weeks ago and while the guy makes piles of cash, you wouldn't want to be in a bidding war with him.

He kept saying how you have to know your stuff inside and out, because if his 'opponent' slips, he won't leave them any slack. The guy was vicious! After he was done, myself and some of the other members were asking each other, 'Was that supposed to be motivational?!' You got the sense that the guy left nothing on the table. I'd probably wait till he's outta town before trying to move in on that game. lol

Steve-O,

Gas is now 3+ times what it was 10 years ago. 10 years ago, I graduated from high school. I remember paying ~$1.00 for a gallon of the regular stuff.

Maybe it's the merlot talking, but what I think you're overlooking is the standard of living of a couple that makes $200k a year. I'll bet they don't drive Hondas or Saturns. IOW - They're probably not KEEPING as much of that 200k as they could. Americans are funny like that...you know...living above their means and all... Seriously - how many couples do you think actually sit around and go, "We're making a pile of money right now - let's SAVE it and buy real estate when the market crashes!" Maybe a couple, but definately not the majority.

Anyway, I agree. It's a good time to BUY! I'm hoping to buy more real soon!

Hey William, I downloaded that and have been going over it. It's not that long, but I'm trying to digest it and will be looking up some terms and things for a bit.

Thanks for the conversation the other night. I'm still reading, reading, reading right now.

While I agree that the actual motivation behind Ethanol is probably a different kind of 'Green' ($$$), I don't see it causing damage to any engine that was made to use it.

I don't mind it, and in fact, I can't wait until I can get some E85!! That stuff is like 105 octane!! :mrgreen: