"Buying a beach house? Bring Cash"

[Capricious]

"...Thanks to you guys constant negatitivity, good buys are showing up every single day..."


Evidently they are market makers.


If "good buys" are showing up every single day, I think I will
sit on the sidelines today, as a better deal will come along tomorrow.



Now, where did I put those darts....

 

[fisher]

Fisher, I wouldn't even consider handling your's and Shelly's CD accounts, they are too underfunded to purchase even a use red wagon with three wheels. I have you both pretty much figured out cause you are both so anti-growth and anti-investment on this board. You just sit on the sideline's throwing darts. Thanks to you guys constant negatitivity, good buys are showing up every single day and I appreciate both your efforts. If you have cash to invest, there is not a better time than now to invest in RE at the beach. But you have to be smart and know what to buy! I have a simple and basic stratagy with regards to buying RE on the beach, and I am far from a speculator. Keep your money in CD's, keep throwing darts at people who are willing to take a risk cause working at walmart is a good retirement stratagy for you both

Based on of the some posts on the board over the last few months, sounds like you have been thinking more about selling than buying.

Also, I am not throwing darts at anyone that is willing to take a risk. More power to you if you want to take the risk. You were poking fun at Shelly so I was merely poking back by pointing out that I would trust Shelly with my investment dollars based on his/her crytal ball over the last few years versus your crystal ball.

 

[flyforfun]

Based on of the some posts on the board over the last few months, sounds like you have been thinking more about selling than buying.

Also, I am not throwing darts at anyone that is willing to take a risk. More power to you if you want to take the risk. You were poking fun at Shelly so I was merely poking back by pointing out that I would trust Shelly with my investment dollars based on his/her crytal ball over the last few years versus your crystal ball.

Fisher, I am too only poking fun at Shelly. She is a very smart guy and from a distance is probably a nice looking cross dresser. I don't sell unless I can double my money which typically occurs within 4-5 years down there. I am not a flipper and I buy to enjoy, depreciate it out on rentals and buy something else when or if I get tired of it. I also don't buy stuff I can not afford and the last thing I purchased was in 2003. I could have sold everything I own and retired back in 2004-05 but that has never been my goal. I just like knowing that when I do sell, I will make a profit. Guess you could call me a recreational buyer, nor am I in the RE business but have great friends who enjoy it. There have been great buys all though this down turn in the RE market and Bobby J, Smilling Joe and others have pointed them out. I only buy beach or water front and occasionally view properties. I don't buy to sell but to keep with the option to sell. I get no pleasure seeing people who take greater risk than I do suffer or called fools.

 

[SHELLY]

Fisher, I wouldn't even consider handling your's and Shelly's CD accounts, they are too underfunded to purchase even a use red wagon with three wheels.

You underestimate the value of FDIC-insured CDs for storing cash on the sidelines--they're as close to low risk as anything available on the street. I'm holding a modest amount of my portfolio in cash waiting for the dust to settle --at a guaranteed 5% return, that's not too bad.

I have you both pretty much figured out cause you are both so anti-growth and anti-investment on this board. You just sit on the sideline's throwing darts. Thanks to you guys constant negatitivity, good buys are showing up every single day and I appreciate both your efforts.

Glad we could be of service. Too bad everyone didn't listen to our sage advice as much as you did.

If you have cash to invest, there is not a better time than now to invest in RE at the beach.

You first...there's two big auctions tomorrow (but probably no snacks).

The Realtors have been beating the "There's No Better Time to Buy" drum pretty loud for the past 7 or 8 years now. What do you know that those folks who are dumping their properties into the market don't know?

Keep your money in CD's, keep throwing darts at people who are willing to take a risk cause working at walmart is a good retirement stratagy for you both

Thanks for the tip. Although I'm pretty much past the toiling for dollars stage of my life, working is a far better retirement strategy than gambling one's 401K on a depreciating asset class. I did have aspirations of being a "Greeter," that was until recently, when they did away with those jaunty blue smocks.:angry:



.

 

[goofer]

Shel

You didn't address the cross dresser remark. I have no problem with cross dressing since I only wear moo moos after my evening meal !!

 

[fisher]

Fisher, I am too only poking fun at Shelly. She is a very smart guy and from a distance is probably a nice looking cross dresser. I don't sell unless I can double my money which typically occurs within 4-5 years down there. I am not a flipper and I buy to enjoy, depreciate it out on rentals and buy something else when or if I get tired of it. I also don't buy stuff I can not afford and the last thing I purchased was in 2003. I could have sold everything I own and retired back in 2004-05 but that has never been my goal. I just like knowing that when I do sell, I will make a profit. Guess you could call me a recreational buyer, nor am I in the RE business but have great friends who enjoy it. There have been great buys all though this down turn in the RE market and Bobby J, Smilling Joe and others have pointed them out. I only buy beach or water front and occasionally view properties. I don't buy to sell but to keep with the option to sell. I get no pleasure seeing people who take greater risk than I do suffer or called fools.

So, you say that there are lots of great buys out there right now and this is a great time to invest. Do you consider a great buy one that will double in 4 to 5 years? If so, are you predicting that if someone takes one of these great buys, that they will double their money in no more than 5 years? If you answer yes, please point me in the direction of these properties so I can take a hard look at them. I would certainly like to double my money on another piece of RE.

 

[SHELLY]

Shel

You didn't address the cross dresser remark. I have no problem with cross dressing since I only wear moo moos after my evening meal !!

Oh, aren't they just divine?

.

 

[Bob]

"For lenders the mantra today is don't trust, verify. Stated income loans, popularly known as liars' loans, are history. Expect to be asked to produce proof of your income. When it comes to affordability, lenders want to see that you earn enough to sustain payments on two loans - and don't want to see your total housing payments (first and vacation) top 40 percent of your income. At the height of the boom, that cap was more like 55 percent.

On top of that, says Michael Lefevre, chief executive of the National Association of Mortgage Professionals, you may have to show that you have six months' worth of home payments in reserve in case you lose a job or have any kind of financial calamity."

"If you need to rent out your home to afford it, count on lenders taking a hard look at how much you plan to charge. You may have to spend $500 to $1,000 for an appraiser to do a rental analysis to make sure your assumptions are reasonable."




There go the investulators.


.

There are plenty of stated programs available, from Wells Fargo on down. Where are you getting your info? EndofWorld.com?

 

[SHELLY]

There are plenty of stated programs available, from Wells Fargo on down. Where are you getting your info? EndofWorld.com?

:scratch:


How about Wellsfargo.com?




From Wells Fargo's Q3, 2007 Company Earnings Conference Call (Oct 16, 2007):

Wells Fargo Financial has not originated any interest-only, stated income, option ARMs or negative amortizing residential real estate loans. All U.S.-based debt consolidation loans are originated by Wells Fargo Financial team members. We do not use any brokers or correspondents in this business.

Wells Fargo Financial does not do any national advertising campaigns. New real estate customers primarily come from outbound calling to customers with an existing Wells Fargo relationship and where we can clearly demonstrate a tangible benefit for our customers by improving their financial situations through debt consolidation. We conservatively underwrite these loans with full documentation and require income verification. The average FICO score on this portfolio was 642 and 64% of the portfolio had a FICO above 620.

- HOWARD ATKINS, SENIOR EVP AND CFO, WELLS FARGO & CO

https://www.wellsfargo.com/pdf/press/3Q07_Recorded_Comments.pdf

.

 

[Pirate]

:scratch:


How about Wellsfargo.com?




From Wells Fargo's Q3, 2007 Company Earnings Conference Call (Oct 16, 2007):

Wells Fargo Financial has not originated any interest-only, stated income, option ARMs or negative amortizing residential real estate loans. All U.S.-based debt consolidation loans are originated by Wells Fargo Financial team members. We do not use any brokers or correspondents in this business.

Wells Fargo Financial does not do any national advertising campaigns. New real estate customers primarily come from outbound calling to customers with an existing Wells Fargo relationship and where we can clearly demonstrate a tangible benefit for our customers by improving their financial situations through debt consolidation. We conservatively underwrite these loans with full documentation and require income verification. The average FICO score on this portfolio was 642 and 64% of the portfolio had a FICO above 620.

- HOWARD ATKINS, SENIOR EVP AND CFO, WELLS FARGO & CO

https://www.wellsfargo.com/pdf/press/3Q07_Recorded_Comments.pdf

.

Thats scary when a 620 is a good benchmark for a loan portfolio.