More good news. The coming housing market crash.

[DriftBusta]

36 minutes ago, Anler said:

yeah do it, rent relief will probably be coming soon. Get as much as you can. 

Knock on wood, so far so good this month.  Only a couple stragglers, which is normal.  Our governor banned evictions until July I think.

[Anler]

1 minute ago, DriftBusta said:

Knock on wood, so far so good this month.  Only a couple stragglers, which is normal.  Our governor banned evictions until July I think.

they did similar here. I heard something about up to 1 year mortgage relief too? they are going to tack it on to the end of the term? 

[JEFF]

41 minutes ago, Ez ryder said:

it is fucking stupid.  I know guys getting money and have not stoped working there guys at all 

The PPP loan is to make sure you keep your employees on payroll. If you lay them off you have to pay it back.  

[spin_dry]

1 hour ago, Ez ryder said:

multi units won't drop much if at all.

even in 09 they stayed strong . in bad times people need to rent when they loose there house.

if you like to deal with single family rentals it will be good time to buy .

imho single family is a massive pita with way to much fucking around on maint and major looming costs at multiple locations 

even duplex is iffy 

Your market is far different than it is here. Apple to oranges. Prices will drop. They did in 2010. I’ve had no problems with my tenants. I know the area well and the people in it. 

[ArcticCrusher]

8 minutes ago, Anler said:

they did similar here. I heard something about up to 1 year mortgage relief too? they are going to tack it on to the end of the term? 

I believe that's what they're doing here.

 

[spin_dry]

51 minutes ago, DriftBusta said:

TIming works for me.

I've been raising rents for the past year on everyone.  Mostly just to piss moto off.

I’ve been holding the line on rent. I know where I need to be at and have excellent tenants. This is Wisconsin. Pay here sucks. 

[ArcticCrusher]

3 minutes ago, spin_dry said:

Your market is far different than it is here. Apple to oranges. Prices will drop. They did in 2010. I’ve had no problems with my tenants. I know the area well and the people in it. 

The smaller guys who are leveraged too much will get squeezed, like always.

 

[spin_dry]

Just now, ArcticCrusher said:

The smaller guys who are leveraged too much will get squeezed, like always.

 

I’ve wanted to expand. Prices just haven’t been all that friendly though. This is a time of some excellent opportunities. I know the location in I want to be in. Just waiting for the right opportunity. 

[Ez ryder]

35 minutes ago, spin_dry said:

Your market is far different than it is here. Apple to oranges. Prices will drop. They did in 2010. I’ve had no problems with my tenants. I know the area well and the people in it. 

tenants are not the prob.  I just don't like single family rentals . I guess 1 or 2 would be ok if that is all you had .

just a lot more money to run a bunch single family every one has its own bills and it's own roof furnace h20 heater tax bill on and on . that is why imho 4 plex or larger only . but again if only dealing with 1 or 2 I get singel family sort of 

lol one of my customers prob over 90 units must be getting divorced or has a girlfriend he needs,to keep happy.  

having us do a kit and bath remodel in a mpls unit prob 90+ yrs old nice building but 

 

[Ez ryder]

Edited April 16, 2020 by Ez ryder

[Angry ginger]

1 hour ago, Anler said:

they did similar here. I heard something about up to 1 year mortgage relief too? they are going to tack it on to the end of the term? 

that is a shitshow and will take billion of government dollars after it BK's all the big servicers.  Servicers have to allow 90 days then can extend on that to 6 months.  At the end of 90 most want to require 4 payments to be made.  the reason for that is they have to lay out the payments to the bond investors even though they aren't bringing it in so can't wait years to get it back.  GNMA has stepped in and given some help on FHA and VA loans but FHFA (fannie and freddie) told the industry to fuck themselves on help even though the gov decided to allow the forbearence. 

We don't usually service and until we sell the loans off to fannie/freddie we can tell the client no go but fannie/freddie won't buy them if the customer wants forbearance or if they lot their job after closing even though we now verify day of closing they still are working.  

 

 

[Anler]

3 minutes ago, Angry ginger said:

that is a shitshow and will take billion of government dollars after it BK's all the big servicers.  Servicers have to allow 90 days then can extend on that to 6 months.  At the end of 90 most want to require 4 payments to be made.  the reason for that is they have to lay out the payments to the bond investors even though they aren't bringing it in so can't wait years to get it back.  GNMA has stepped in and given some help on FHA and VA loans but FHFA (fannie and freddie) told the industry to fuck themselves on help even though the gov decided to allow the forbearence. 

We don't usually service and until we sell the loans off to fannie/freddie we can tell the client no go but fannie/freddie won't buy them if the customer wants forbearance or if they lot their job after closing even though we now verify day of closing they still are working.  

 

 

How many trillions do you need? 

[Angry ginger]

2 minutes ago, Anler said:

How many trillions do you need? 

the non bank servicers like Pennymac,  Newrez, Cenlar and Quicken might need a tril or so.  the bank servicers can already run to the fed window for free money but they have actually gone the most conservative and shut off most of their buying unless it's a perfect loan.  

working on a nice 20% down loan, good credit right now who a month ago would have been at 3- 3.25.  today he's going to pay 3.5 and a couple points to get his loan bought.  everyone pays one way or another for the governments action.  

 

 

 

[Ez ryder]

2 hours ago, JEFF said:

The PPP loan is to make sure you keep your employees on payroll. If you lay them off you have to pay it back.  

yeah keep them on payroll I am talking about not slowing down at all full speed ahead in fact I know last week 1 had his guys alk on a 55hr week . but yeah he needs,a loan.  

[Usedtoskidoo]

3 hours ago, Zambroski said:

My daughter is there now.  Said it’s like a ghost town compared to how it normally is.

I bet. emptied out 2 months early.

Ill be looking for a nice little canal house I can sit my ass at when Im old and grey

[Guest]

5 hours ago, Ez ryder said:

think he is on a primo primo  chain of lakes in NMn . so my guess his cabin is worth more than your primary residence.  

My guess is you're probably wrong.

[Guest]

Something tells me this bail-out of every junk business out there is going to be a clusterfuck. Obama bailed out GM, but that was GM, basically a great company.

But bailing -out some fucktard that has a pizza place or some other shit-hole, so he can keep his employees on, is insane. Those people will NEVAH pay back the government...……….let them try to collect from those dinks. It ain't gonna happen.

The tax payers are gonna take a massive hit on this. It's Trump's way of surviving.

[Guest]

1 hour ago, Usedtoskidoo said:

I bet. emptied out 2 months early.

Ill be looking for a nice little canal house I can sit my ass at when Im old and grey

Timing is EVERYTHING in real estate. 

A friend of mine got a 1.2 million dollars place on Pine Island ( Fort Myers ) for 625 thou. About 10 years ago.  Owner wanted to bail, had money, had another big place. Market was depressed, my buddy stole it. 

[snoughnut]

11 minutes ago, Polaris 550 said:

Something tells me this bail-out of every junk business out there is going to be a clusterfuck. Obama bailed out GM, but that was GM, basically a great company.

But bailing -out some fucktard that has a pizza place or some other shit-hole, so he can keep his employees on, is insane. Those people will NEVAH pay back the government...……….let them try to collect from those dinks. It ain't gonna happen.

The tax payers are gonna take a massive hit on this. It's Trump's way of surviving.

STFU you brain dead mongrol, I'd rather see the little guy get some help rather than some rich cocksuckers who don't need it.

[JEFF]

3 hours ago, Ez ryder said:

yeah keep them on payroll I am talking about not slowing down at all full speed ahead in fact I know last week 1 had his guys alk on a 55hr week . but yeah he needs,a loan.  

Correct. Free money!! Who wouldn't want theirs?

[pjameven]

18 hours ago, spin_dry said:

Good time to position for more rental property.  
 

https://www.google.com/amp/s/www.ccn.com/low-mortgage-rates-cant-stop-a-u-s-housing-market-crash/

You are like the grim reaper....lol!  I agree with you on properties

[DriftBusta]

2 hours ago, Polaris 550 said:

Timing is EVERYTHING in real estate. 

A friend of mine got a 1.2 million dollars place on Pine Island ( Fort Myers ) for 625 thou. About 10 years ago.  Owner wanted to bail, had money, had another big place. Market was depressed, my buddy stole it. 

Yup. I have a buddy who has a property he bought to flip down in Jupiter, and he might just have to take it in the ass on this one, because $1.2 million condos might not be real popular right now.

[Ez ryder]

48 minutes ago, JEFF said:

Correct. Free money!! Who wouldn't want theirs?

I know I am a idiot . but I won't take it . but I am getting real close to saying fuck em all and only taking cash and just working out of my truck . 

poss dump some rentals 

[Ez ryder]

2 hours ago, Polaris 550 said:

My guess is you're probably wrong.

don't think so 

[Guest]

3 hours ago, snoughnut said:

STFU you brain dead mongrol, I'd rather see the little guy get some help rather than some rich cocksuckers who don't need it.

So, you think you're bigger, smarter, and more powerful that I am in business/life/politics?