All Forum Posts by: Chris Kane

I'm curious what other members are thinking of the recent sub-prime debacle ( New Century etc..). It's inevitable that there are going to be some lending constraints, it actually already seems like it has begun.. This is a 2 sided issue for investors. Banks might be more willing to liquidate from there books, especially in short sale scenarios, but it is also going to become harder to get investment properties financed. What I am most concerned about is getting my tenants bought in lease-option scenarios. I feel that there is going to be great constraint with sub-prime lending in the next couple of years. Granted in the larger picture there is always going to be a lender that will start up right where the previous failer left off feeling that they can keep a closer eye on the underwritting. What do you guys think? (Especially mortgage peeps :violin: )

i would pass as well. not worth the risk, and i don't see the bank making the necessry margin

I named mine after the street i lived on in college. Grandview Property

yep bad deal

I don't know the details of California real estate, but my advice would be to make sure your getting quite a discount, considering the correction that is currently occuring throughout the state

You got to be more speciefic then that. Short Sales are when lenders take a discount on what is owed, typically when the property is worth less then what is owed. Lenders don't want to foreclose. Short sales consist of lots of paperwork, and there really is no method to the madness when you create good deals. It comes down to timing typically and what kind of markey your in. Here in Cleveland, OH banks understand therwe plight, and are willing to take a hair cut.

I'm a young, investor that has been investing in real estate for the last two years. I've been working in a family business that I have zero passion for the last 2 years since I moved back to Cleveland from out West. I'm in the process of becoming a full-time investor, which is exciting but also a bit nerve wracking in the security sense. I'm a little intimidated about leaving a very cush setup for no salary, perks etc.., but I am certainly passionate about real estate, and feel confident about it supporting me hopefully forever.
What I'm also concerned about is my market here in Cleveland, OH. Our real estate market and economy in general are horrendous, but I know that with that comes opportunities. All in all I'm just excited to finally start doing something on a daily basis that I am passionate about. I've spent the last 6 hours today going through this site, and have found it incredibly helpful. Thanks to whomever is in charge!!!!

I totally agree with this posting Charles. I've been researching global markets intensely for the last 2 years, and feel so optimistic about certain areas for the long term. The problem I have been facing is lack of capital, but I was able to scrap up enough money to buy a lot in a beach community in San Juan del Sur, Nicaragua about a year ago. Not only are there many great monetary investments, but to me which is more important is the investment in your quality of life.
cheers