One in 10 NYC Mortgages Seriously Delinquent

if that were the case and I wouldnt even try to dispute it.

This is why I prefer to work with investors and not end users for the most part

Elix. That is certainly a prudent course of action if things are that bad. I guess thing are so bad we should watch for Indian tribes trying to buy Manhattan back for $24 in beads.

I'd say its tough when it comes to end users or first time home buyers, but its a bonanza for cash buyers and those who can get them to those houses.

The month of june 2011 I did my second best month ever with 16 closings. My best was in 2008 with 23 closings.

Just got to go out and find the deals that people want.

I agree with you. But I also believe it is our experience that allows us to be successful in this market. I'm not sure I would want to be thrown into this fray if I was a new investor with no experience in a normal market.

Bill, I understand what you're saying but I would think that if a new investor can cut their teeth in this kind of environment wouldn't they have nowhere to go but up?
Just thinking out loud.

you do have valid points and I certainly believe that we are living in interesting times. However, I worry about the new investor because there are so many unusual circumstances out there right now. For example, the number of short sales and foreclosures really slant the market. How does one without experience really know if they are buying a good deal as the comps are all screwed up in most locations and should not be relied upon. There are other problems as well but I do agree that this environment can be advantageous to those investors who think and act instead of just react to a situation. All new investors are not created alike.

I think learning the hard way has made me think that is the best way for everyone.

If I had a nickel for every person who called me or my office and asked them to send me a list of our properties and that they wanted to make all these offers, is an investor, has no money to invest or has buyers, etc etc.

Not that I wouldn't want to help, because I do, but I come across sooooooooooo many people who have this sense of entitlement, as if reading a book or going to a seminar taught them everything.

There's nothing like real world experience; putting in offers, getting rejected, having realtors not return your phone calls, having deals stolen from you, meeting good and loyal investors, finding properties on your own, having your own set of keys to properties aka HUD keys, going to a home and assessing the repairs and damage to a property........I could go on and on, but its these things that make you or break you.

As a new investor, you are green in many areas. Your education and knowledge is limited, despite all the books you read. Having the practical experience and someone (another investor) to guide you is important. I will not get into a situation, if I know I cannot handle it (e.g. a mortgage). I have spoken to one of our own real estate agent, who has suggested that pre-approval is the first step to the type of home ownership I am seeking. I appreciate, the frank and direct information because this is how we learn. But, on the other hand I would want to know that I have a deal in the making when a purchase is made. I must say I am confident in my agent and he know that too. I enjoy this blog, knowledge is power. Please keep it going. God Bless.

Sandra

than 1 in 10 in Long Island??!!
wouldn't mind getting myself a deal there!

Thanks for warning us again Bill, but I still think that new investors need to go out and get their feet wet... otherwise they will never learn... we all make mistakes, so just do your due dilligence, ask questions, and trust your numbers!

wishing everyone success,

Valerie