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Free registration at the forum removes this block.I have partners, they are pulling back now too. They own a lot and the future is uncertian. Maintaining liquidity in this market is important. You don't want to burn all your cash and than choke and die if you can't sell anything for 12-18 months. If the market does something other than crash it doesn't take long to whip out the checkbook and start writing contracts.
No one who is alive has seen anything like this before. This makes the 80's look like a burp. Buyers are few and far betwee and only cheap houses seem to be selling. Prices on houses for sale are starting to free fall, and you would think that means rents will do allright. Well no, I have never seen so many rentals on the market. Prices on those are dropping to. Like I just said to my friend over the phone 5 minutes ago, the RE market in my area no longer exists. Their simply is no market. Just vulters are left and their are only so many of them.
I caught a falling knife on my first deal and got cut, so my profit will be very small on that one. On my second I should make out allright. I'm working on taking control of a 3rd with none of my money.
No one is going to be doing much of anything around here until spring. If I could afford to I would just take next year off.
If your looking to buy and hold long term for rentals now is a great time to buy. Although I would caution against over extending.
so I take there are not FHA loans in your area, Hatteras?
What is your cost/sq.ft?
I'm seeing properties built in 2004 go for $44/sq.ft. (obviously, not the perfect locations, in some submarkets in FL) but there is no way a new construction could compete in a market like that.
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