I sure hopes that someone on his staff slaps him upside the head and makes him retract.

I live in North Jersey, Bergen County and am looking for some places where I could buy property that'll cash flow.I wanted to get people's opinions on Jersey City; where do you think the city is heading, the good/bad areas in the city and any other opinions you have on JC.

A local Realtor associate told me today that it is against federal banking law, but again I don't know if this is true or not.

You hit the nail on the head with this statement Scott; "Remember - If you have a good shooting stance, you are neither running fast enough nor using cover effectively."

Never mind all the costs associated with the two transactions, the new roof that had to be put on, the new sewer line, the city's assessment for sidewalks, four coats of paint and a complete set of appliances.So, do I think you should buy this new residence at retail?

Most banks get a number in their head and they don't budge, even if you show them piece after piece of evidence that their valuation isn't realistic.

What you do have to consider on the condo is potential association dues, possible rent wars/competition with other landlords in the complex, possibly lower future appreciation values on the condo vs. sfr, etc.

It may be decades until we see the markets of 5 years ago.As far as the downward trend and the sub-prime crisis as it relates to REOs, I think we will continue to head downward (it will get worse from an economy perspective) for another year or two then will turn upward.Of course the 'downturn' is when you buy and the 'upturn' is when you sell, if you choose to sell.The hardest part, of course, is getting the lenders to lend.

Also, you should have an observer at a safe distance if you are in (literally) over your head.

My family and I did just a bit of single family investing before heading to multifamily projects, we learned some great lessons with management companies and don't do any day to day tenant managmenet ourselves now either.