Help I Live In A Dead Market, Not Flat DEAD
I see all of the gurus with their must have system or book that tell of the money to be made in realestate and they live in florida or arizona where you can trip over investment opportunitys. how about somebody who is making it in a dead market, I live in metro Detriot where less than 10,000 layoffs dont even make the news, a for sale sign on every corner, 6-9 months on market and price reductions of 20-40K. I have been a professional handyman for the past 9 years and know houses inside out so I have the hands on knowledge, but selling ice to eskimos who have a pile of their own. please help anyone who is or has lived it.
Sounds like low rent rental houses might be booming?
Quote:
On 2006-01-26 20:09, torchinski wrote:
I see all of the gurus with their must have system or book that tell of the money to be made in realestate and they live in florida or arizona where you can trip over investment opportunitys. how about somebody who is making it in a dead market, I live in metro Detriot where less than 10,000 layoffs dont even make the news, a for sale sign on every corner, 6-9 months on market and price reductions of 20-40K. I have been a professional handyman for the past 9 years and know houses inside out so I have the hands on knowledge, but selling ice to eskimos who have a pile of their own. please help anyone who is or has lived it.
torchinski,
Glad to meet you.
From what you describe you are outside investor heaven and have not figured out what to do to enter the pearly gates.
I remember a few years back someone told me about the same thing you did about their area, only they were in Dayton, Ohio. If you have ever been to Dayton about the only thing going for Dayton is they have great Greek Salads.
So anyway I traveled on out to Dayton to meet with one of my students, actually the one who said there were no deals there. In 45 days we did 10 deals averaging $25K a deal and really had pocket change involved. in the deals.
So you have not looked in the right places for the key to get in the gates.and then find all the sellers and buyers in Detroit.
John $Cash$ Locke
[addsig]
with all of your promise land and youre complaining...
Buy some darn houses and sell them....
I dont care how bad the market is if a house is sold everyday make sure you own it...
[addsig]
easy to say in california, in detroit it is a totaly different market and buying is the easy part, we have a glut of houses, the selling part is quite the challenge, I was looking for people who have lived through a flat market to offer help!
sounds great, define deals, lease option? subject to? rehab? what did you do to get those deals done?
Quote:
On 2006-01-26 20:46, JohnLocke wrote:
torchinski,
Glad to meet you.
From what you describe you are outside investor heaven and have not figured out what to do to enter the pearly gates.
I remember a few years back someone told me about the same thing you did about their area, only they were in Dayton, Ohio. If you have ever been to Dayton about the only thing going for Dayton is they have great Greek Salads.
So anyway I traveled on out to Dayton to meet with one of my students, actually the one who said there were no deals there. In 45 days we did 10 deals averaging $25K a deal and really had pocket change involved. in the deals.
So you have not looked in the right places for the key to get in the gates.and then find all the sellers and buyers in Detroit.
John $Cash$ Locke
not the case, the rental market is really struggling with the ease of mortgage money rents are low, people who can fog a mirror and have a job are buying or moving because they lost their job, last week ford announced the elimination of 30,000 jobs last year gm lost something like 12 Billion, the local economy is intricately linked to the auto industry which has taken it in the pants for the past 5 years.
Quote:
On 2006-01-26 20:26, Ruman wrote:
Sounds like low rent rental houses might be booming?
Quote:
On 2006-01-26 20:09, torchinski wrote:
I see all of the gurus with their must have system or book that tell of the money to be made in realestate and they live in florida or arizona where you can trip over investment opportunitys. how about somebody who is making it in a dead market, I live in metro Detriot where less than 10,000 layoffs dont even make the news, a for sale sign on every corner, 6-9 months on market and price reductions of 20-40K. I have been a professional handyman for the past 9 years and know houses inside out so I have the hands on knowledge, but selling ice to eskimos who have a pile of their own. please help anyone who is or has lived it.
torchinski,
What is being said here is there are deals everywhere, you need to pick a plan that will work for you.
There are buyers and sellers in all markets, find a need and fill it in your market.
John $Cash$ Locke
[addsig]
thank you for the response, you seem to know a lot about the subject. what I am looking for is a suggestion on what direction to take, what method works in a dead market? you mention pick a plan any suggestions on a plan that works in a dead market, I read the write up on your ebook and have myself spent money on the gurus each saying how much is out there to be made after buying their book or attending their boot camp both of which I have done. what I would like to know from somebody that has been there is what is a good plan to take in a dead market? what did you and your student do in dayton?
Quote:
On 2006-01-28 19:56, JohnLocke wrote:
torchinski,
What is being said here is there are deals everywhere, you need to pick a plan that will work for you.
There are buyers and sellers in all markets, find a need and fill it in your market.
John $Cash$ Locke
I think tbird is on the right path…
Depressed markets are usually full of depressed and frustrated sellers who just want to dump their houses for whatever reason. They don’t want to put another dime in the property.
The few houses that are selling at full FMV are those that are well located, clean and updated. The key is to clean and upgrade your purchase to be the most attractive in it’s market.
Jim
thanks for the response, let me know if I am in my own way? the metro detroit area is directly linked to the auto industry who has been soo beat up the last 5 years that the few people around with jobs are looking over their shoulders for the ax also, the trickle down effecr is going on, ford lays off 30,000 people and it effects jobs 3 levels down on the supplier chain. seems that the blue collar guy is lucky to have a job let alone buy a house. sure it is a great time to buy the issue is the selling part, any advice?
Quote:
On 2006-01-29 12:10, jimandlacy wrote:
I think tbird is on the right path…
Depressed markets are usually full of depressed and frustrated sellers who just want to dump their houses for whatever reason. They don’t want to put another dime in the property.
The few houses that are selling at full FMV are those that are well located, clean and updated. The key is to clean and upgrade your purchase to be the most attractive in it’s market.
Jim