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Any Real Estate Investors here?

M

mox369

New Member
Joined
Feb 20, 2009
Messages
19
Hey guys, i am newer to the forum and am a real estate investor and was wondering if there are any others here on the forum, whether you are full time or part time makes no difference. Just curious what part of the country you are investing in and what you specialize in(rehab, wholesaling, rentals, creative financing)
 
I lend money to the real estate investors.

Right now, they aren't doing so well.
 
I work for a real estate developer in southwest Missouri near Branson. It is SLOW right now, to the point where we're starting to get concerned. He also owns lots on the Porto Cima golf course at the Lake of the Ozarks and we've been trying to unload those 50 lots for months now. Tough time to find buyers.
 
I used to work for a developer here in Miami. Things slowed down a while ago so I went into the management side. I was very lucky. Developers are dropping like flies here. Banks are not lending so the developers are forced to just shell buildings. Hopefully things will change soon but down here it doesn't look good.
 
Yeah developers up here have gotten hit hard with a lot of inventory and incomplete projects, not somethin you like to see. On the buying side of things though its like Christmas for us. We have been turning down some great deals because we have so many coming in! We are also running into a lot of investors who aren't doing anything because of the credit crunch......they just need to adapt and start buying creatively! So if any of ya wanna come do some real estate here in Des Moines, there are more than enough deals to go around!

CoventryCat86 are you lending privately with your own finances or do you work for a lender?
 
mox369 said:
Yeah developers up here have gotten hit hard with a lot of inventory and incomplete projects, not somethin you like to see. On the buying side of things though its like Christmas for us. We have been turning down some great deals because we have so many coming in! We are also running into a lot of investors who aren't doing anything because of the credit crunch......they just need to adapt and start buying creatively! So if any of ya wanna come do some real estate here in Des Moines, there are more than enough deals to go around!

CoventryCat86 are you lending privately with your own finances or do you work for a lender?
Click to expand...

Creative financing is some of what got us all in this hot water. I am a mortgage banker with a large private bank here in Texas and I see MANY "investors" croaking out there. Just a generalization, but the market is flooded with investor scams right now, looking to rip off people who still have money & credit. BEWARE. If it sounds too good to be true, it probably is, especially when it is not through a bank. There are a few programs out there to rehab homes with 102% financing, purchase a home with USDA loans up to 105%, but they are available to owner occupying homeowners. Many areas of the country’s real estate market are under stress if not freefall home prices. My company works with many professional real estate investors, we place limits on the number of properties financed/owned, and most deals require 25% - 30% or more down. Most non-institutional private financing, if you qualify, is available at high rates of interest on a very short-term basis. Investors do your research. Distressed homeowners beware.
 
Wife and I buy tax liens in Louisiana and Wyoming. There should be a lot this year...
 
I've been (and still am) very tempted to try to get into the rental property business. I've always thought about the potential for income from buying distressed/foreclosed property coupled with the high demand for rentals right now since people can't qualify to buy homes anymore. Also, we live in a summer vacation destination (Northwest MN, lake country). My parents are coming up here this summer for a month, and they're shelling out $3500 for a one bedroom cabin with a loft that's on a mediocre lake. And we really shopped around and that was the best deal to be had. With that in mind I'm seriously thinking about crunching the numbers and looking into financing my own undertaking.
 
Rebel Herfer: I agree, most investors out there that are trying to buy creatively do not have good training or knowledge and end up financially hurting themselves and the homeowner that they are working with.

Some people think that if they have bought a book and watched "Flip this House" that they can be successful in real estate, now some have done that and are successful, but probably 90% have failed. Formal education is needed just like in any other profession.

Gonz, that is crazy how high those rents are, im sure you have already thought about this but how many months out of the year is it rented? 3? 4? Not sure if there is any demand up there for the winter...ice fishing or snowmobiling maybe? Just a thought!

CoventryCat86 thats what i thought, but just wanted to clarify! Are you lending for rehabs then or large rental complexes?


bfisher88: Id love to chat with ya sometime, i love talking about real estate, getting to do something i truly love is amazing! Short Sales are where its at!
 
Anytime you want man. Short sales work out well for everyone involved. Banks get rid of a bad loan quickly, owners don't get foreclosed on and salvage their credit, and we get paid on whatever spread we can get. Works out well. I've got 10 deals under contract that I'm negotiating right now.
 
mox369 said:
CoventryCat86 thats what i thought, but just wanted to clarify! Are you lending for rehabs then or large rental complexes?
Click to expand...

I don't know what you mean by "large." Some are single family, some are multi-family.
 
It was really just a stab in the dark as far as what projects you were lending for. So are you in for the long haul on these properties or planning on getting your money out fairly quickly and moving onto something else...i only ask so many questions because im curious!
 
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