FB: Liberty League

[Jonny Utah]

JU, you living in Boston?

If you don't mind me asking.

Tags forget about Boston, can't you buy a house in Roachester for like $47k nowadays?

I do live in Boston.  

[Senor RedTackle]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

Good advice.  TGP and Mrs considering hanging onto duplex after buying our other place, but a close CBA (that's cost benefit analysis for you herbs), the profit margin was so thin, we didn't think it would be worth the schlep if we got a call at 5 PM to drive into LA during rush hour to deal with a clogged toilet or some other BS/

Thank you TGP- these guys will chip there teeth soon enough on trying to play landlord.  Since when do we have a bunch of Ginger's from "flip that house" on LLPP?




PS- +1k for using the word "herbs" correctly

RT is floored that Reg just busted out a Ginger pic from Real Estate Pros.

True story: RT is hooked on Real Estate Pros (Sat's at 9pm EST on TLC). They're going to be offering franchises of Trademark Realty. RT is interested in getting one for the capital district in NY. RT traded a few emails w/ Ginger (RT kept the emails as proof) last Sun. She invited RT down to the big seminar in Charleston, SC on 7/27 to hear the owner of Trademark speak about the franchises. RT can't attend but Ginger said they'd be up in the northeast soon.

btw....RT would like to roll w/ ginger

[labart96]

thx reg -

underwriting guidelines on new loan originations have tightened up considerably since the subprime crash.  not so many wannabe flippers are going to be able to be invited to the party anymore.

sorry, but those, as we say, are the breaks:

http://www.youtube.com/watch?v=UYFDYX4i2EY

[Senor RedTackle]

JU, you living in Boston?

If you don't mind me asking.

Tags forget about Boston, can't you buy a house in Roachester for like $47k nowadays?

Eh, the Rochester market is surprisingly resilient here from what I've seen (which may not be a good indicator). I'd like to see what Boston has to offer.

RT would debate the quality of the Rochester market with you. (RT is from the Rock). Kodak is in it's final act. Xerox is surviving but no where near what it was in the 80's. Paychex is strong but doesn't employ enough to support an entire city. The 2 largest employers are Wegman's and the UofR. Alot of those jobs are hourly and don't necessarily support alot of home buying. However, Rochester is a good market for rentals...RT wouldn't envision alot of flips in Rochester. It's a double edge sword...RT almost moved back there b/c homes are so much cheaper than Saratoga/Albany for comparable stuff. The flip side is that the resale market isn't there.  Oddly enough, taxes are alot higher in Rochester.

FYI...the real estate market historically goes in 7 year cycles. Go look it up...published fact

[Regulator]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

Good advice.  TGP and Mrs considering hanging onto duplex after buying our other place, but a close CBA (that's cost benefit analysis for you herbs), the profit margin was so thin, we didn't think it would be worth the schlep if we got a call at 5 PM to drive into LA during rush hour to deal with a clogged toilet or some other BS/

Thank you TGP- these guys will chip there teeth soon enough on trying to play landlord.  Since when do we have a bunch of Ginger's from "flip that house" on LLPP?




PS- +1k for using the word "herbs" correctly

RT is floored that Reg just busted out a Ginger pic from Real Estate Pros.

True story: RT is hooked on Real Estate Pros (Sat's at 9pm EST on TLC). They're going to be offering franchises of Trademark Realty. RT is interested in getting one for the capital district in NY. RT traded a few emails w/ Ginger (RT kept the emails as proof) last Sun. She invited RT down to the big seminar in Charleston, SC on 7/27 to hear the owner of Trademark speak about the franchises. RT can't attend but Ginger said they'd be up in the northeast soon.

btw....RT would like to roll w/ ginger

I could have swore Reg heard Ginger ask Richard "why is this kid writing me in the 3rd person?"  and  "who would actually try to start a real estate in upstate NY, isn't that in Canada or something?

Good luck LLPP on all your real estate adventures, after all, if it's so easy for everyone on TV to do it, then you guys should right?

Here is a tip, watch the show "Buy Me"...for anyone who has tried to sell a house in a market like we are in right now and will be in for a while, you will feel right "at home".

[Tags]

thx reg -

underwriting guidelines on new loan originations have tightened up considerably since the subprime crash.  not so many wannabe flippers are going to be able to be invited to the party anymore.

sorry, but those, as we say, are the breaks:

http://www.youtube.com/watch?v=UYFDYX4i2EY

Banks won't raise the bar that much, they'll still compete like crazy for your business. Although you're right, I presume the initial shock will tighten up on the amount of cheap money given out to people with no business plan other than buy low, sell high 6 months later.

[Senor RedTackle]

sorry, but those, as we say, are the breaks:

was the Kurtis Blow reference intentional?

[Tags]

Reg, you're a bit pessimistic this evening. I think I am the one driving the discussions (RE: wanting to break into real estate) - I'm well aware it's not easy, and that you should go into it with you're eyes open.

Perhaps you need:

[union89]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

TDT, Where is that cat living? Frederick? That is in like the middle of bumble F!  If he needs help shopping for apartments or houses, have him "hit me on the hip"

Another classic for the LLPP

Exactly.....I got in and got out very quicky due to these problems.  IMO, it's a headache and not worth it.

[Senor RedTackle]

Reg, you're a bit pessimistic this evening. I think I am the one driving the discussions (RE: wanting to break into real estate) - I'm well aware it's not easy, and that you should go into it with you're eyes open.

Perhaps you need:

you beat RT to the puch. Why is Reg so ornery about real estate tonite? Reg must be about to embark on his own real estate empire on I-90 between Roch and Alb and he is not taking well the possibility of amateur hour in his new venture

[pg04]

This is why got the HIZZZZZZZZZZELL out of WNY.

[Tags]

JU, you living in Boston?

If you don't mind me asking.

Tags forget about Boston, can't you buy a house in Roachester for like $47k nowadays?

Eh, the Rochester market is surprisingly resilient here from what I've seen (which may not be a good indicator). I'd like to see what Boston has to offer.

RT would debate the quality of the Rochester market with you. (RT is from the Rock). Kodak is in it's final act. Xerox is surviving but no where near what it was in the 80's. Paychex is strong but doesn't employ enough to support an entire city. The 2 largest employers are Wegman's and the UofR. Alot of those jobs are hourly and don't necessarily support alot of home buying. However, Rochester is a good market for rentals...RT wouldn't envision alot of flips in Rochester. It's a double edge sword...RT almost moved back there b/c homes are so much cheaper than Saratoga/Albany for comparable stuff. The flip side is that the resale market isn't there.  Oddly enough, taxes are alot higher in Rochester.

FYI...the real estate market historically goes in 7 year cycles. Go look it up...published fact

RT- I wouldn't argue with you on the state of the economy here. Although there are a lot of companies doing well still, outside of the well known names you mentioned. Overall I think you're right though, Kodak's restructuring is not going to work, and it's only a matter of time until they are a very small fish in a digital pond.

[Jonny Utah]

Tags

Yea, I wouldnt go with the 'buy now/sell 6 months later' bizz yet.  Unless you can go to home depot, spend 5K and do 50K worth of contractors work, thats a tough business.

I dont know how the multifamily situation is in Rochester but if there is one, thats where Id start.  your basically buying 2 houses so divide the price by two.  But like Reg said, theres a 90% chance that you are going to be paying more than half of the total mortgage. (ie it wont be paying for itself in a long time).  But, in a few years if you can save some more money, but another nicer one, and the rents will go up and so on......it isnt easy but once you do it once the paperwork and all that stuff gets easier for future houses.

[Senor RedTackle]

RT is about to put down the posting crackpipe for the evening. Time to have a quick scotch, let the dogs out for the night, and then ease into a productive slumber.

That's how RT rolls...............

[Tags]

Tags

Yea, I wouldnt go with the 'buy now/sell 6 months later' bizz yet.  Unless you can go to home depot, spend 5K and do 50K worth of contractors work, thats a tough business.

I dont know how the multifamily situation is in Rochester but if there is one, thats where Id start.  your basically buying 2 houses so divide the price by two.  But like Reg said, theres a 90% chance that you are going to be paying more than half of the total mortgage. (ie it wont be paying for itself in a long time).  But, in a few years if you can save some more money, but another nicer one, and the rents will go up and so on......it isnt easy but once you do it once the paperwork and all that stuff gets easier for future houses.

Thanks - It certainly isn't in my short-term plans...

FMTags: "Tags, what the hell happened to all the money we had saved for the reception"
Tags: "don't worry, I just read WHY WE WANT YOU TO BE RICH, and I think you'll be very proud of me for what I've done"
....

"that's just how I roll" may not get me out of that.