Coming soon... Muscle CEO...officially launches is in 10 days

[Vince G, CSN MFT]

let me break this down for you:

-homes have depreciated below what they were originally purchased for.
-interests rates for 30 year fixed are still hovering around 5%
-first time home buyers are (or were) eligible for a $8k tax break if they bought a home this year.

RIGHT NOW IS THE BEST TIME TO BUY, KEEP WAITING AND INTEREST RATES WILL CLIMB (A FACT), AND AS THE REALESTATE MARKET REBOUNDS HOME RICES WILL INCREASE (A FACT).

I don't care who you worked for, you don't know what you're talking about dude.

I just bought a new house two months ago and put my other up for rent because I knew I would never get a price this low again and an interest rate this low, I got a 30 year fixed at 4.25%, renting my other house took 3 days, once the market recovers I will sell it.

If you want to invest in property...fine.  I simply think that any tax credits or benefits will negate themselves and property prices in my area simply don't equal the actual value.  Maybe in your neck of the woods it may be different but I'm not going to sign into a mortgage for a house with negative equity.

[IronMagazine.com]

If you want to invest in property...fine.  I simply think that any tax credits or benefits will negate themselves and property prices in my area simply don't equal the actual value.  Maybe in your neck of the woods it may be different but I'm not going to sign into a mortgage for a house with negative equity.

I have no idea what you're talking about, houses are at their lowest value EVER right now, they can only go up from here, this is everywhere in the USA.

[WillGrant]

So the Cliff Notes from this thread


GOODRUM IS FULL OF SH1T YET AGAIN 

[Matt C]

I have no idea what you're talking about, houses are at their lowest value EVER right now, they can only go up from here, this is everywhere in the USA.

This is true.  I also imagine that rent is as high as it's ever been.  Real estate is a sound investment right now.  Where I live property values were also low and slumlording is very profitable.

[MattT]

This is true.  I also imagine that rent is as high as it's ever been.  Real estate is a sound investment right now.  Where I live property values were also low and slumlording is very profitable.

Matt what website do you own again?  how much is it making off google ads?

[Vince G, CSN MFT]

I have no idea what you're talking about, houses are at their lowest value EVER right now, they can only go up from here, this is everywhere in the USA.

What I'm talking about is that most houses around my area here are for sale for higher prices than the actual property value.  Why spend 200k for a house that's worth 150k?


Real estate prices varies from area to area so if the properties in your area are worthy of purchase, then consider it.  As for now, I'm going to look into business property instead because I plan to open up my PT studio.

I made a lot of money working for Homegold in real estate so I know the potential of investments.  However, in this area there's no real deals to be found and I'm currently not interested in buying another place right now

[Krankenstein]

If you want to invest in property...fine.  I simply think that any tax credits or benefits will negate themselves and property prices in my area simply don't equal the actual value.  Maybe in your neck of the woods it may be different but I'm not going to sign into a mortgage for a house with negative equity.

PLEASE tell us how you buy a house with negative equity.  AS IM was saying...now looks to be the time to buy.  So many foreclosures out there (and more to come with those tempting 5yr ARM's that people got sucked into) that you can work a bad ass deal with a bank just to get them.  First time buyers are getting some pretty good deals.  Your "I used to work" claim doesnt hold up.

What I'm talking about is that most houses around my area here are for sale for higher prices than the actual property value.  Why spend 200k for a house that's worth 150k?


Real estate prices varies from area to area so if the properties in your area are worthy of purchase, then consider it.  As for now, I'm going to look into business property instead because I plan to open up my PT studio.

I made a lot of money working for Homegold in real estate so I know the potential of investments.  However, in this area there's no real deals to be found and I'm currently not interested in buying another place right now

Only a complete idiot would buy a house for more than its worth.  No one does that...nor would a bank lend money for you to do that.  Please tell me you weren't one of those guys who went around writing loans for people but didnt understand 50% of what those contracts actually were saying....but didnt care because your commission was so good.

[Vince G, CSN MFT]

PLEASE tell us how you buy a house with negative equity.  AS IM was saying...now looks to be the time to buy.  So many foreclosures out there (and more to come with those tempting 5yr ARM's that people got sucked into) that you can work a bad ass deal with a bank just to get them.  First time buyers are getting some pretty good deals.  Your "I used to work" claim doesnt hold up.

Only a complete idiot would buy a house for more than its worth.  No one does that...nor would a bank lend money for you to do that.  Please tell me you weren't one of those guys who went around writing loans for people but didnt understand 50% of what those contracts actually were saying....but didnt care because your commission was so good.

I worked for Homegold Financial...you know exactly what we did and I'm not proud of the fact that I helped contribute to the mortgage crisis.  I only worked there until the place collapsed with Carolina Investors.  We refinanced people's property with  home equity loans giving people 13%-17% adjustable rates.  Then once they couldn't pay it, we would quickly foreclose the property.   

[Vince G, CSN MFT]

PLEASE tell us how you buy a house with negative equity.  AS IM was saying...now looks to be the time to buy.  So many foreclosures out there (and more to come with those tempting 5yr ARM's that people got sucked into) that you can work a bad ass deal with a bank just to get them.  First time buyers are getting some pretty good deals.  Your "I used to work" claim doesnt hold up.

Only a complete idiot would buy a house for more than its worth.  No one does that...nor would a bank lend money for you to do that.  Please tell me you weren't one of those guys who went around writing loans for people but didnt understand 50% of what those contracts actually were saying....but didnt care because your commission was so good.

Simple.  Get a shady appraiser that over values the property then have it written up by a outside bank or investment firm.  Most banks will only look at the appraisal record and not examine the property by their appraisers and approve the loan.  Once the person tries to refinance the loan again, the bank then sends out a person who checks out the property and realizes that they got screwed.  Property goes into foreclosure as a result and the bank takes ahold of property thats worth less than what they financed it for.  

That's why the mortgage crisis is so big. 

[IronMagazine.com]

I have bought a few houses in my time, and I can tell you that it is VERY difficult to get approved for a mortgage these days, the government has implemented a lot of extra "red tape", and the standards have risen considerably.

[lax]

Simple.  Get a shady appraiser that over values the property then have it written up by a outside bank or investment firm.  Most banks will only look at the appraisal record and not examine the property by their appraisers and approve the loan.  Once the person tries to refinance the loan again, the bank then sends out a person who checks out the property and realizes that they got screwed.  Property goes into foreclosure as a result and the bank takes ahold of property thats worth less than what they financed it for.  

That's why the mortgage crisis is so big. 

you sound like a real legit businessman

[Krankenstein]

Simple.  Get a shady appraiser that over values the property then have it written up by a outside bank or investment firm.  Most banks will only look at the appraisal record and not examine the property by their appraisers and approve the loan.  Once the person tries to refinance the loan again, the bank then sends out a person who checks out the property and realizes that they got screwed.  Property goes into foreclosure as a result and the bank takes ahold of property thats worth less than what they financed it for.  

That's why the mortgage crisis is so big. 

Umm...getting a shady appraiser that over-values the property?  If you go with the current owners appraiser sure...but who in the hell does that???

[IronMagazine.com]

it's pretty difficult these days to overestimate a property's value, this was a bit easier a couple of years ago before the mortgage meltdown, but now banks are extremely  picky about everything, and alegit appraisal comes from comps (those are houses that have sold similar to yours in the area), so if the property is being overvalued the bank will see this, also many banks are only allowing THEIR appraisers to perform them, again another checkpoint to avoid the crap that happened in the past.

Vince, you are obviously WAAAAY out of date on the real estate and mortgage business, it has changed 100% in the past  year, you just cannot do shady shit anymore, the federal government has put many regulations into effect since they took over Fannie Mae and Freddie Mac.
http://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac

[uberman09]

goodcum lives in a fantasy world. He's a former "everything" and knows it all.

[noworries]

Goodrum figures since he was a janitor at a real estate office that automatically makes him an agent.  Like when he worked as a janitor at some football stadium it made him head of security.  He has had so many jobs in his life you wonder why he knows anything.  He is never there long enough to learn anything yet he is an "expert".  Again he is full of shit

[Thin Lizzy]

I have bought a few houses in my time, and I can tell you that it is VERY difficult to get approved for a mortgage these days, the government has implemented a lot of extra "red tape", and the standards have risen considerably.

If this is the case, then there will be fewers buyers. In addition, when the Fed eventually raises rates, loans will be more expensive. That too will decrease buyers. Throw in that unemployment is at thirty year highs, and it stands to reason your claim that there's never been a better time to buy a house is considerably less than a sure thing.

[Vince G, CSN MFT]

Umm...getting a shady appraiser that over-values the property?  If you go with the current owners appraiser sure...but who in the hell does that???

Homegold Financial...the company I used to work for.  You live in NC, you've heard of Carolina Investors....

[Vince G, CSN MFT]

it's pretty difficult these days to overestimate a property's value, this was a bit easier a couple of years ago before the mortgage meltdown, but now banks are extremely  picky about everything, and alegit appraisal comes from comps (those are houses that have sold similar to yours in the area), so if the property is being overvalued the bank will see this, also many banks are only allowing THEIR appraisers to perform them, again another checkpoint to avoid the crap that happened in the past.

Vince, you are obviously WAAAAY out of date on the real estate and mortgage business, it has changed 100% in the past  year, you just cannot do shady shit anymore, the federal government has put many regulations into effect since they took over Fannie Mae and Freddie Mac.
http://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac

I'm sure of that, its been quite a few years since I worked in real estate.  But I'm working on other things right now so I'm not too concerned about real estate

[Mr Nobody]

Have you checked the air pressure in your mobile home tires lately Vince?

[Vince G, CSN MFT]

Have you checked the air pressure in your mobile home tires lately Vince?

Chuckle....most people would kill to live where I live actually. 

[Mr Nobody]

Chuckle....most people would kill to live where I live actually. 

Understood ,,,in the woods of western NC = peace correct?

[Vince G, CSN MFT]

Understood ,,,in the woods of western NC = peace correct?

Thanks right....Peace and quiet.  No traffic, no noisy neighbors, no trash, mountain air and trees everywhere, far away from the city.....

I had a 2 bedroom apartment with a lake in Greenville and its nothing compared to what I have now.  


Since I run my own business, I get up when I want to get up and I work whenever I feel like it.  Some days, I'll wake up, process and ship my orders and be done for the rest of the day.    


While other people are killing themselves at work to maintain their useless trinkets, I'm living a rested and relaxed life......

[Topskin69]

Chuckle....most people would kill to live where I live actually.  

Then by all means post some pics of your posh residence so we lesser mortals can be green with envy.....  

[Vince B]

Guys here are wasting their time telling hapless Melvin to invest in real estate. Don't you think he would if he had the money? Look at how much he made the last two years. Keith is 100% right about Goodrum and the guy is broke but living 'happily' in a trailer in the mountains of North Carolina. All he needs now to be fulfilled as a worthy human being is to guest on the Jerry Springer show and have them play that hillbilly music for such folk.

[tendonitis]

Guys here are wasting their time telling hapless Melvin to invest in real estate. Don't you think he would if he had the money? Look at how much he made the last two years. Keith is 100% right about Goodrum and the guy is broke but living 'happily' in a trailer in the mountains of North Carolina. All he needs now to be fulfilled as a worthy human being is to guest on the Jerry Springer show and have them play that hillbilly music for such folk.

just like clockwork.......