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View Full Version : What is the best Real Estate deal you know of?



FREIND OF AA AND TA
03-28-2007, 06:05 AM
With all the crap talk about rentals we should post some of these screeming deals here.
Some of us would truly dig that!!:D

BEER&WATER
03-28-2007, 06:28 AM
??? deals on rentals or for sale ???

SummerBreeze
03-28-2007, 06:29 AM
I bought a foreclosure place 18 years ago with a house on it on 4 acres for 180K
I sold off 2 of the 4 acres and parceled into 1 acre each
Put in a road and utilities sold the one acre lots for 150K each to a builder
The builder build houses and each sold for 600K each. My house is worth over 500K now with the improvements.
Timing played a big factor in this deal
There is so many deals out on the market. What might work now may not work 2 years from now.
Reading and doing your home work helps in planning ahead

ChumpChange
03-28-2007, 06:33 AM
Stay away from 5-9 unit residential rentals. Why? Too long to type the story but an appraiser told me so.

DCBob
03-28-2007, 06:59 AM
Stay away from 5-9 unit residential rentals. Why? Too long to type the story but an appraiser told me so.
Like to know what his/your take on 5-9 units is? They've been good to me ;)

ChumpChange
03-28-2007, 07:16 AM
Like to know what his/your take on 5-9 units is? They've been good to me ;)
Not saying they are bad to hold onto. Just not a good time to buy into them. The sales price on these are astronomical when compared to the annual gross rents, at least in the Los Angeles/OC areas. Appraisals coming in short, especially income approach. Appraisers cutting back sales comparison approach as well.

DCBob
03-28-2007, 07:20 AM
Not saying they are bad to hold onto. Just not a good time to buy into them. The sales price on these are astronomical when compared to the annual gross rents, at least in the Los Angeles/OC areas. Appraisals coming in short, especially income approach. Appraisers cutting back sales comparison approach as well.
Gotcha, thanks for the 411. BTW, what do ya think about rolling Ca units into out of state nnn commercial right now?

ChumpChange
03-28-2007, 07:32 AM
Gotcha, thanks for the 411. BTW, what do ya think about rolling Ca units into out of state nnn commercial right now?
Depends on the state. Stay out of Texas. I have seen A LOT of my borrowers going to different states and the properties cash flow with 20% down, something you don't see in California. I've seen good NNN properties in Utah, Ohio, Alabama, Mississippi and all have seemed to work out so far for my customers. These are properties to hold onto, not flip down the road for something bigger. The mass amounts of appreciation is just not there to cover the sellilng fees.
On the other side of the spectrum, I have also been asked by a couple borrowers if they could deed the property back to the bank as well, one being in the St. Louis area(8 unit residential). That specific property was property managment. When you get so far away from home, you have to find a property manager you trust, otherwise, you can be taken to the bank.
I had a borrower purchasing 45 units in Tempe, AZ. The existing owner had a ASU student running the propety for him(idiot). He was renting out the units cash to his buddies and telling the owners there was just high vacancy. Make sure that you are close enough to monitor your investments.

DCBob
03-28-2007, 07:35 AM
Depends on the state. Stay out of Texas. I have seen A LOT of my borrowers going to different states and the properties cash flow with 20% down, something you don't see in California. I've seen good NNN properties in Utah, Ohio, Alabama, Mississippi and all have seemed to work out so far for my customers. These are properties to hold onto, not flip down the road for something bigger. The mass amounts of appreciation is just not there to cover the sellilng fees.
On the other side of the spectrum, I have also been asked by a couple borrowers if they could deed the property back to the bank as well, one being in the St. Louis area(8 unit residential). That specific property was property managment. When you get so far away from home, you have to find a property manager you trust, otherwise, you can be taken to the bank.
I had a borrower purchasing 45 units in Tempe, AZ. The existing owner had a ASU student running the propety for him(idiot). He was renting out the units cash to his buddies and telling the owners there was just high vacancy. Make sure that you are close enough to monitor your investments.
Thanks, you can't beat that advise ;) Hey........it was free too!

FREIND OF AA AND TA
03-28-2007, 07:38 AM
OK you guys are messed up!!!! I mean deals on the market right now!!!!! I don't need real estate advice, I need to find the sreemin deals!!!!:D
Who do you know that is desparate? What investment have you seen and gone, "Dam thats a good deal"
Then why the hell didm't you buy it?
If it was because of cash, there are all kinds of finder fees to be had or partnerships.

DCBob
03-28-2007, 07:44 AM
OK you guys are messed up!!!! I mean deals on the market right now!!!!! I don't need real estate advice, I need to find the sreemin deals!!!!:D
Who do you know that is desparate? What investment have you seen and gone, "Dam thats a good deal"
Then why the hell didm't you buy it?
If it was because of cash, there are all kinds of finder fees to be had or partnerships.
Huhhh :confused: Oh yeah, this is your thread :D

NOTALENT
03-28-2007, 07:45 AM
Yeah, where are the deals!!!:D I need to get rich and start a portfolio!!!:)

OutCole'd
03-28-2007, 07:47 AM
I wish I could add something to this thread, I loose my ass on real estate every time. My home & building are doing great right now, but I'm sure they'll tank when I'm ready to sell.

FREIND OF AA AND TA
03-28-2007, 07:47 AM
Don't get me wrong, I love free advice and stuff! I just don't want the thread going backwards. I hear plenty of I AM THE RE GOD shit around here. I just want good deals. Not many yet in So Cal and my IRA is burning a hole in my pocket.
Carry on!:D

ChumpChange
03-28-2007, 07:48 AM
I know of a vacant eight unit residential property in St. Louis, MO. In a bad part of town, one of the tenants murdered on the front lawn, another shot one block from property. Kind of keeps people away. You can probably buy it for money owed, around $180,000. :D

FREIND OF AA AND TA
03-28-2007, 07:48 AM
I wish I could add something to this thread, I loose my ass on real estate every time. My home & building are doing great right now, but I'm sure they'll tank when I'm ready to sell.
Dude, who pooped in your cheerios!!! Nice attitude!!!! You need to go to www.thesecret.tv and buy a dvd!!!:D

ChumpChange
03-28-2007, 07:49 AM
I wish I could add something to this thread, I loose my ass on real estate every time. My home & building are doing great right now, but I'm sure they'll tank when I'm ready to sell.
That's why you refi and take all the cash out now! :D
My wife is looking for what moulding she wants right now and I'll let you know.

FREIND OF AA AND TA
03-28-2007, 07:50 AM
I know of a vacant eight unit residential property in St. Louis, MO. In a bad part of town, one of the tenants murdered on the front lawn, another shot one block from property. Kind of keeps people away. You can probably buy it for money owed, around $180,000. :D
Getting closer but I will pass:D I have two of those in Texas if anyone is interested. One in Dallas and one in Clevland.

OutCole'd
03-28-2007, 07:51 AM
Dude, who pooped in your cheerios!!! Nice attitude!!!! You need to go to www.thesecret.tv and buy a dvd!!!:D
:D I'm still game and would love to do some more investing in some commercial properties when the right project comes up.

FREIND OF AA AND TA
03-28-2007, 08:02 AM
:D I'm still game and would love to do some more investing in some commercial properties when the right project comes up.
Lets build the breakfast joint out in front of the Islander together!

OutCole'd
03-28-2007, 08:07 AM
Lets build the breakfast joint out in front of the Islander together!
I'm afreaid we'd eat & drink all the profits.

cjordan
03-28-2007, 08:17 AM
What is the best real estate deal I know of? ;)
How about developers SELLING their commercial property's at 4-5 Caps, paying 15% tax and sitting back to wait for some of the newer AND (usually not or) highly, highly, leveraged buyers try to make a go of it. Some of them expect to be able to buy thier same property back in a few yrs at .80 cents on the dollar. :) :jawdrop:

meaniam
03-28-2007, 08:49 AM
No telling what will happen in the next few months but we know one day it will stabilize and proceed to go north. But for now, I think I will work on shorting stock. The sub prime lenders have been a gold mine the past 3 months. With New Century and Freemont. I'm thinking countrywide. And Citi. Both are higher risk. Need to find something else to short. I’m thinking after the election maybe Honeywell and Boeing.
But in real estate I think land. And the closer to the freeway the better. But probably stay away from the high desert with land.
One more thing kb homes just came to our office announcing they will be starting cookie cutter homes, up in the high desert from 150k. This could work or it could backfire. If you are considering investing. hell payment be near 1000
Oh don’t forget about watching Temecula and surrounding area. they have really tanked, has to be the worse area. For loss of value. May see some real great deal coming from there. When I flip thru ivmls. 1 out of 3 homes there are short sale foreclosed bank owned. The banks will have to get comptive soon on those court steps

SHOTKALLIN
03-28-2007, 09:11 AM
Large acre Commercial parcels in the Victorvile and Adelanto area near the Airbase. The base is being converted to a tri state logistical airport. Big companies are building wharehouses there for shipping to CA, NV, AZ. There are Railroad lines up and down and across the 15 and 40. Walmart already has a million sq ft wharehouse off the 15 in Applevalley.
The only problem is the city is trying to take peoples land because they want the profits.

Phat Daddy
03-28-2007, 09:22 AM
Large acre Commercial parcels in the Victorvile and Adelanto area near the Airbase. The base is being converted to a tri state logistical airport. Big companies are building wharehouses there for shipping to CA, NV, AZ. There are Railroad lines up and down and across the 15 and 40. Walmart already has a million sq ft wharehouse off the 15 in Applevalley.
The only problem is the city is trying to take peoples land because they want the profits.
I see you've been doing your homework. I thought I was the only one who knew about this.;) :D

Deano
03-28-2007, 09:23 AM
What is the best real estate deal I know of? ;)
How about developers SELLING their commercial property's at 4-5 Caps, paying 15% tax and sitting back to wait for some of the newer AND (usually not or) highly, highly, leveraged buyers try to make a go of it. Some of them expect to be able to buy thier same property back in a few yrs at .80 cents on the dollar. :) :jawdrop:
That kind of crap happens with the buyers too. We sold a 20 unit and carried a second for the scum bag for about 500k. He defaulted and was going to buy it back at auction and leave us high and dry....We took the bank president to the auction and he wrote a cashiers check right there...that guy was fuked,lol. He lost about 200k on the spot.:D

DCBob
03-28-2007, 09:37 AM
Large acre Commercial parcels in the Victorvile and Adelanto area near the Airbase. The base is being converted to a tri state logistical airport. Big companies are building wharehouses there for shipping to CA, NV, AZ. There are Railroad lines up and down and across the 15 and 40. Walmart already has a million sq ft wharehouse off the 15 in Applevalley.
The only problem is the city is trying to take peoples land because they want the profits.
Thats some scary shit right there :jawdrop: Beware of government run amuck:mad:

cdog
03-28-2007, 09:59 AM
http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc&printer=1;_ylt=AtX9T6DkGHhdVTp69C8WWq1g.3QA
I've read that Toyota is looking to buy closed down GM plants. Could get interesting.

Rvr Swpr
03-28-2007, 10:03 AM
There is talk that a high speed train to vegas is going to originate from Victorville in near future. 15000 car parking lots. The Tanger area looks interesting.

Deano
03-28-2007, 10:14 AM
There is talk that a high speed train to vegas is going to originate from Victorville in near future. 15000 car parking lots. The Tanger area looks interesting.
Interesting. Maybe a pimp/hoe clothing/liquor store set up would be good around the area.

SHOTKALLIN
03-28-2007, 01:36 PM
I see you've been doing your homework. I thought I was the only one who knew about this.;) :D
Yes....The bullet train is also comming.;)

WYRD
03-28-2007, 02:18 PM
I hear you can get screamin deals in Detroit, MI:D

Deano
03-28-2007, 02:24 PM
I hear you can get screamin deals in Detroit, MI:D
Cheap enough to rip down and sell the lumber off to make a profit:D You might be onto something. I know a couple of lumber brokers...:idea:

Rvr Swpr
03-28-2007, 02:44 PM
Yes....The bullet train is also comming.;)
A group from Las Vegas says they can get a train running 5 years sooner than the Bullet people,the bullet would originate out of L.A.

SHOTKALLIN
03-28-2007, 02:56 PM
thats what i heard:D

dumbandyoung
03-30-2007, 01:54 PM
stay away from short sales too! Just got burned by 2 end of last year!:(

H20 Toie
03-30-2007, 02:21 PM
Well i just bought a house in Hasley canyon on 2 acres that i thought was a great deal. now i will have room to park all the toys.

ChumpChange
03-30-2007, 02:29 PM
Anybody here being forclosed on? Maybe that will be a deal? :D

YeLLowBoaT
03-30-2007, 02:34 PM
5 acres of land, with a stream, pine trees, water, power, phone( to the street) 5 miles outside of town for 37k and I OWN IT...( well ok so I still ow 30k on it...) that was last year. And no I won't tell you were, but I will say its near a "resort" town and outside of CA. I plan on building a house on it and moving out of CA.

acatitude
03-30-2007, 02:45 PM
hope you enjoy oregon yellowboat do they have the internet there yet:D

ChumpChange
03-30-2007, 02:51 PM
hope you enjoy oregon yellowboat do they have the internet there yet:D
I thought Erik Estrada was selling in Washington? :D

YeLLowBoaT
03-30-2007, 02:52 PM
You know the funy part is most of the town is ethier retired LEO or firemen from CA... That being said, most of them don't care what happends in CA... they are just glad they got the fook out. Housing market is hurting there too( lots of people used thier houses in socal to buy there), but what I like... is you can go to a job site and not see a mexican or hear one word of spanish...The wages are better, and all bond/ins/ workmens comp is so much cheaper its not even funny.( my uncles bond @ 2mil is cheaper then my quaterly payment on my 500k bond...)

acatitude
03-30-2007, 04:03 PM
and yu want to live where there are a bunch of ex leo and firefdighters???? you hate them and then will be posting about how big there retirement checks are and its not fair to other oregonian homos etc etc:D :D

CMATT21
03-30-2007, 04:36 PM
I see you've been doing your homework. I thought I was the only one who knew about this.;) :D
Maybe you can take the profits from that deal and step up from your cheetah.

al cole'holic
03-30-2007, 04:56 PM
...last week a Silverthorne went for $822k at auction, was appraised for $1.2M. Talk about S M O K I N G!!
It takes money to make money though, the $900k in bank drafts in his hand made all the difference :D

locogringo
03-30-2007, 05:07 PM
I buy 3-5 homes a month currently here in SoCal and 80% of them are where I negotiated short sales on them (where the properties are behind on payments and the banks accepts a lesser amount than what is owed)
I have a pretty good wholesale buyers list that I sell the properties to that we don't have time to work on, but will happily add anyone to this list if you are looking for deals in SoCal. The typical deals we get are from as high as 80% ltv to a low of 70% ltv sometimes less.
Short sales are the wave of the future and it is only going to get better and better over the next 5-7 years.

totenhosen
03-30-2007, 05:14 PM
There is talk that a high speed train to vegas is going to originate from Victorville in near future. 15000 car parking lots. The Tanger area looks interesting.
thats been talked about for the last 20 years.

acatitude
03-30-2007, 05:26 PM
anybody here a commercial RE agent in the vegas area?? Pheonix or Tucson?

acatitude
03-30-2007, 05:31 PM
That's why you refi and take all the cash out now! :D
My wife is looking for what moulding she wants right now and I'll let you know.
smart pplayers dont sit with a lot of equity as it has no rate of return. refi at a low rate and use that money to make a few points more then your interest refi rate. thats how people make money

Phat Daddy
03-30-2007, 07:11 PM
Maybe you can take the profits from that deal and step up from your cheetah.
I don't have a Cheetah, I have 2 Eliminators.

In2Deep
03-30-2007, 07:17 PM
There are some pretty good deals..and getting better... out here in the KC area. Just bought one in Oct. Thinking lake next.

riverroyal
03-31-2007, 11:53 AM
from,house is a short sale around 580,,,,,rent in my hood is between 2800 and 3400

throwerb
03-31-2007, 04:06 PM
Good deal here where I live north of Nashville, 16 units, 2bd 2 bath each renting for $650 a month, 1.1 mil. You can still buys condos here for 90k and rent for $800 a month, sales are still strong here.

Dave4XTC
04-03-2007, 06:45 PM
Here is one that worked pretty good for me so far!
:D all the way to the bank
Here is the guys info-
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We are in the Business of Locating, Negotiating and Packaging Non-Listed Multi Unit Investments out of state for Qualified Investors.
( High Equity Potential Cash Flowing Multi-Units, Newly Constructed w/ 0-5% Vacancy Rates in Phenomenal New Mexico Locations Verifiably Expanding Well Above Average! )
I work as a conduit connecting Developers with Investors, Investors with Developers, Lenders, Brokers, Agents, Appraisers, Inspectors, Insurance Reps, Property Management teams, Tax Consultants, Estate Planers, Trust Attorneys, General Contractors, Sub Contractors, Laborers and so on to successfully strategize and package positive Real Estate Investments for Syndication.
We currently have 10-20 smaller Investment packages available from $142K -$3.7Mil and 3 larger land developments above $5Mil each piece.
Aprox. $25Mil in Non-Listed Inventory Available.
Our Investment packages include every necessary component to purchase, manage, maintain and successfully own producing multi-units out of state…
We are your One Stop Shop!
PLEASE NOTE: No Broker Co-Op, Developers ARE NOT paying Points, Commission, Finders and or Consulting fees. So please if you are an Agent, Broker or just looking for information don’t waist your time or mine… Pre-Screening and Confidentiality Agreement Required.
Reply to: RESyndications@aol.com

Concept1
04-03-2007, 07:57 PM
Awesome deals are direct from builders in AZ. 30 to 60 day out specs are going for like 45K off the price including upgrades! I have 2 of them in excrow right now..

locogringo
04-03-2007, 08:58 PM
OK, you asked...
The lure of short sales is only going to get better in the upcoming months to years.
Example 1:
Owed on house... $977,000
First of $760,000
Second of $190,000
First discounted to $740,000
Second discounted to 15,700.
Sold for $935,000
Property was worth just over a million.
Example 2:
Owed on house... $179,000
One mortgage only.
Discounted to $124,000
Sold to wholesale buyer for $189,000
Property was worth $300,000
These are the two most recent ones from last month.

Dave4XTC
04-11-2007, 08:18 PM
Short sales will be very very nice:devil: