lorenwoods2

Ha! ya that was a bit of a rant... and a bit off topic...although related. I know you are a smart guy Michael, and have talked with you on the phone a couple times. And although i have a pessimistic viewpoint with what is going on...I am happy that you are not as pessimistic as me...and gives me a bit more hope then I currently have about the potentially disastrous outcome with all the new policies and nationalization of everything.

That isn't, strictly speaking, true, although they might throw you out (or worse) after you make your offer. Market rent at $1800 and they owe $300k? Offer them a 10 year sandwich at $1200 for $300k. Lease it as a regular rental for a nice cash flow, sell for a profit when the market turns around. Without being too much of a debbie downer or getting too political... But you say "sell for a profit when the market turns around." I am not a pessimist by nature...but what makes you so sure things will just turn around? You have a President (*cough* communist *cough* Marxist) saying, heeeey dooooon't wooooorry about it if you can't make your mortgage payments, relax...you can just give your home over to us and rent from the government, whaaat the (expletive)???? If that comes to fruition... the housing market will never recover, with the U.S. government being a landlord! America is in a transitioning phase...but where are we going??? I don't know...and I don't think anyone knows... Oligarchy? Socialists? fascists? communists? This is scary stuff. We are abandoning the capitalism way, because of a handful of greedy capitalists like Madoff to name one of a few... and making everyone equal.... and hard work, desire, and motivation are things that are being punished... and that doesn't even take into account the high increase in state taxes...AND that Obama is going to screw the middle class on taxes that won't even come close to paying for all his breathtakingly stupid ideas like the government running healthcare and cap and trade. You do not raise taxes when an economy is trying to come out of a recession, you simply do not do it...he lacks the fundamentals of knowing what made this economy great. And then you have someone like Barney Frank recently within the past couple weeks saying... that freddie and fannie need to be taking more risks...and lowering their lending standards even more, when lowering lending standards to meet minority quotas is the one of the MAIN things that caused the housing collapse along with land use restrictions. HELLO! lowering lending standards creates MORE foreclosures Mr. Frank and congress! Government regulation is why the economy stinks to high hell right now... and they want to intervene more??? If that is the case, count me emphatically out of real estate investing in any capacity. Because you can not design a better way to cause the collapse of America by continuing and increasing the lowering of lending standards. I wish I could say when the market turns around...but there is no evidence it will in my opinion...

I guess what I was trying to ask, now that I think of it...in a buyer's market, like we are in right now...Will there be more CA's done then in a seller's market...? Since most homes are not appreciating now or anytime soon, hence the backend profit won't be as much as in a seller's market where the home is appreciating over a year or two??? Or am I way off?...and that backend profit we get is built in from the start?

Thanks for the replies guys MIKE

With the correction in this housing market that is currently going on, which God only knows how long will last...Do CA's become more attractive then a L/O? MIKE

CS1977- Your goal before the end of the year was to make 25k I think you said...you wrote about how you successfully closed two deals in your diary by April I think...How many did you end up with for 2007?

Great info and ideas Mr. Quarles! Thank you. Mike

MichaelC- Nope, it is not down, I just entered the site address in the browser after I read your reply, and it came straight up. I've known about this site for a while, it is a pre-foreclosure site (and seems like it is at least pretty reputable) for Houston, Chicago, New York, Los Angeles, Dallas, and Washington D.C. And yes, I think you have to pay a monthly fee to access the the contact info for the listings that come up when you initially go to the site. "myhousedeals DOTcom." Mike

What do you guys think of the site myhousedeals DOTcom, as far as finding potential leasue purchasing deals? It is limited to a handful of cities, albeit major cities...and on the headlines of each home, it gives reasons for selling, a lot of which are divorce/moving soon/can't make payments. Just wondering what people think of that site as a source! Thanks, Mike