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  mike2   ignore (0)   2013 Mar 10, 7:40am     ↓ dislike (1)   quote   flag        

IF SFBA continues with job losses? Hell, that has been happening all my life but people keep coming here and buying and buying and buying!New jobs are created? Economies change! We adjust. More people in the Bay area than ever right now. If, If , IF! If a nuclear bomb is set to us from Korea we will all be damned! If my grandmother had balls she would be my Grandfather!

  mike2   ignore (0)   2013 Mar 10, 7:55am     ↓ dislike (0)   quote   flag        

You are right on that.I know the market extremely well and I own other properties that I have recently sold withn a few blocks. The same floor plan across the street just sold for $133k and was not as updated. That was 2 months ago and mkt has increased 5% since then. I am not worried either way... I keep collecting the rent since I do not owe anything on the house. For the next 18 months I will continue to rent it. No one knows where the mkt will be in 2 years buty my guess is more of the same or at least a leveling off. We bottomed 18 months ago.

  mike2   ignore (0)   2013 Mar 10, 8:02am     ↓ dislike (0)   quote   flag        

To much thinking..to much over analyzing..Investors and individual owners have a common thread. All are effected by the ultimate cost. Don't over analyze. It is cheaper to buy a property already built than to build one from ground up. That should telly you something. A few years back there were lots of Individual contractors buying small fill in lots and building causing lots to escalate in value. Now that is not happening except for huge builders like K and B homes who buy acres of land at a time very cheap.I have noticed small iindividual lots increasing in price quickly in inner city areas indicating to me that "SOON" the small builder will be back trying to make a profit and some money. Why build when you can buy a property fo 50-70% of the cost of building it. Don't over analyze...It messes with Reality!

  mike2   ignore (0)   2013 Mar 10, 8:06am     ↓ dislike (0)   quote   flag        

Been hearing that all my life now also. So now we have 38 Million people in Calif now instead of 37 million? There is not a great Exodus out of the state. Drive the freeways, go to the malls, go to the baseball games, go anywhere. Packed with people!

  mike2   ignore (0)   2013 Mar 10, 8:10am     ↓ dislike (0)   quote   flag        

I know the indicators.. I can see it and I know what people say and you can see what they are doing. I have done this over 30 years and never lost any $$ selling or buying a property.

I have bought and sold over 75 homes myself.
Some I kept for rental cash flow.

If you listen to the "experts" they are usually 6 mos- 1 year behind the curve. They all contradict each other.Don't over analyze.

  mike2   ignore (0)   2013 Mar 21, 9:46pm     ↓ dislike (0)   quote   flag        

IN regard to comment by Curious2 about selling your house thru Patrick.net? "you might also say.. " Why trust your largest asset to Patrick.net who has no experience or a license to sell homes, does not know the regulations in each citiy around the area, does not know anything about RE contratcs, Inspections, Loans, time frames, due diligence, does not have the proper disclosures to protect the Seller or Buyer,Only has 1 small web site to promote your home,does not know how to qualify a possible buyer, but still wants to get paid for it?

  mike2   ignore (0)   2013 Mar 22, 4:36am     ↓ dislike (0)   quote   flag        

I would trust my home to the avenue that brings me the seller the highest possible price in the current market. Best way to target and advertise properties has been MLS and other websites that download from MLS. It is an open forum here.
Whether we like it or not it is a proven succesful method.
Brokers tours , open houses are all effective ways to adveritse
and set a day for offers to be reviewed. The market is so HOT right now and tons of people want RE again. You should start recommending people Buy RE...The market has turned..bottomed out 18 months ago. Jump on the equity train.
Time to get off the train that is heading South.

  mike2   ignore (0)   2013 Mar 22, 5:05am     ↓ dislike (1)   quote   flag        

Follow the same pattern. Get in..make money..Gt out! It is ok to leave $$ on the table for the next guy. As long as you make a profit you Never lose.

  mike2   ignore (0)   2013 Mar 24, 4:23am     ↓ dislike (0)   quote   flag        

Can anyone say Paul McCartney? Heather Mills! After his
1st wife died he married a very Wealthy woman and she only had 1 FREAKIN LEG!! After a few years she divorced him and kicked his ARSE with 2 legs! Like she did not have enough money already before she married him? WTF is wrong with those kind of people? I think he had to give her app $35 Million dollars plus lifelong alimony and all kinds of other BS. Of course why would he marry anyway in his situation? Not bad for dogging him in the press after they were married.

  mike2   ignore (0)   2013 Mar 24, 4:33am     ↓ dislike (0)   quote   flag        

No doubt the sellers will lovingly pass on any savings to the buyers..just like they have always done? I guess that is why Sellers always come back and say we want the MOST MONEY we can get from this house..and create multiple offers and then say "bring your highest and Best offer" by this date and crete a bid war.

Oh yea, that will work real well.

  mike2   ignore (0)   2013 Mar 24, 10:05am     ↓ dislike (0)   quote   flag        

You call that proof? Some obscure article from Chicago that talks in generalities? I don't know 1 agent today who encorages anyone to take the first offer that comes along? Every agent I know is marketing their properties over a 2-3 week minimum time before offers are looked at unless the SELLER is doing a scam short sale deal on their own house and selling it to a pre arranged buyer usually someone in thier famaily at a low price and they take control of the house at a later date. I recently listed a house I have for Sale in Oakland Ca with an agent that has sold some of my properties before. He listed it at $259k and did 3 open houses and set a day for offers, I received 6 offers and the highest offer received was $320k which I accepted. So my agent got me an extra $60k by not taking the first offer. The consumer is not stupid. If they thought they could get more $$ without an agent they would do it everywhere and it is just not happening. Whether you want to believe it or not in this High Tech, super computer era, internet savy peopl still go to a Broker to sale their property 90% plus of the time. WE have heard and seen on this site many times the argument for not using an agent but the argument does not hold water or the public would be doing it like they did other industries. I know you WISH you could make it happen bc you are anti agent and that is your choice. No one is forced to use a Broker but 90% or more choose to bc it is a proven method of success.You should have bought RE a few years ago when you were crying that the sky is falling and NEVER BUY RE..Renting is so MUCH Better?
Maybe it is better for you to rent but not for the majority o Americans who continue to buy.It is a choice. Live with your choice.

  mike2   ignore (0)   2013 Mar 26, 4:23am     ↓ dislike (0)   quote   flag        

He is right. He has been right.Accept it and quiit arguing about it. A lot of energy wasted on proving who is right and who is wrong. Buy some RE if you want to or kep renting. No Big deal.

  mike2   ignore (0)   2013 Mar 26, 4:31am     ↓ dislike (0)   quote   flag        

Not sure wherew they get there data from but I can tell you for a fact that prices incresed a lot more than 10% in the SF Bay area. More like 20%-30% in most areas. If tou yake San MAteo COunty, Marin County, SF COunty, Contra Costa County , ALameda COunty it is more like 25% increase. Maybe the outlying areas bring it down? I had a house in ROdeo, near Hercules that I bought for $80k last June. I got delayed with permits and finished fixing it up in December. I put it on the markey for $189k and had 10 offers and it is closing at $210k.

I had offers at $225k but it would not appriase at that price but it did appraise at $210k. I put $35k into it in repairs that is a 50% increase in less than a year. Rodeo is a small town off highway 80 35 minutes East of SF and Oakland.The delay helped increase the price.

  mike2   ignore (0)   2013 Mar 28, 5:27am     ↓ dislike (0)   quote   flag        

Yea right...Cash buyers want to save the banks? I am a cash buyer and have been a cash buyer for years and if I buy a Bank owned property the last thing I want to do is "SAVE THE BANK"?

The only peole that saved the Banks were the Federal gov with all thier bailouts and cheap money they loaned them.

I want to get it for the best price I can and if that means the bank is losing $100k on it I am not worried..I am Glad bc that means I just got a great deal. Banks come and go, they are not my friends. People and Companies are in this game tomake a profit not save a Bank.

  mike2   ignore (0)   2013 Mar 28, 6:02am     ↓ dislike (0)   quote   flag        

All I know is I am making hell of Money right now. Stats are Stats but I have flipped 5 houses int he last year and Made a lot of money. Don't over analyze every thing. Make money and get out or stay for the long term.

  mike2   ignore (0)   2013 Mar 28, 6:03am     ↓ dislike (0)   quote   flag        

That was funny!

  mike2   ignore (0)   2013 Mar 28, 7:39am     ↓ dislike (0)   quote   flag        

True. I think it is controlled and fabricated to keep prices higher. You just have to deal with the way it is. Keep your ear to the ground and when U see a deal jump on it.

  mike2   ignore (0)   2013 Mar 28, 2:38pm     ↓ dislike (0)   quote   flag        

It cost about 40%-50% less to buy a home today than to build it in most places. When you can buy them for 50% or less on the dollar that is a bargain! If and when the market comes back to the cost of replacement plus a profit for the builder it will be time to stop investing for a while. It is still time to buy in most places. The Silicon valley is way overpriced in my opinion and so is SF but I am not buying there so it does not matter.

  mike2   ignore (0)   2013 Mar 28, 2:43pm     ↓ dislike (0)   quote   flag        

How can you over pay when you are buying for 1/2 the cost to build it? How can you over pay when you are making 15-20% on your $50K, $60k-$150k cash investment? Where else are ou going to get those kind of returns and they are safe returns also?

If you didn't pay cash your investment % return could be even greater bc you are buying on margin? ( 10% -30% down )

We are only talking about immediate return and that does not include future increase in prices? If we factoe that intot he scenario in the last few years we are incresing the return to 30-50% total return. It is not Rocket Science here.

  mike2   ignore (0)   2013 Mar 28, 3:00pm     ↓ dislike (0)   quote   flag        

In the current market that is not true.At the moment everyone wants it! That is why there 10 offers on every property? Classic case of supply and demand? I have seen some pretty bad looking homes get multiple offers on.

Go with the Flow. Don't over analze.

  mike2   ignore (0)   2013 Mar 28, 3:15pm     ↓ dislike (0)   quote   flag        

Really? Of course new construction is getting better but it is not cheaper to build than to buy already existing homes especially at fire slae prices. I know. I own over 40 homes and I have built at least 30 in the past 10 years. That is why I am not building right now. I may by some lots and hold then umtil the builders jm back in the market and sell the lots for BIG profits.

I have my eye on several lots right now and will probaly ty to buy them. 10 years ago the same thing happened with urban lots. There was achance to buy them cheap and many folks passed on it. Later they sold for 5-10 times the purchase price of a few years before. It is all about timing.

So all the people making Multiple offers are not informed, lied to, take advantage of? That is a ridulous statement to make.
Most of these people are seasoned buyers, investors and people who can do the math and see what value is. Remember the cost of buying an existing property is 40%- 60% less than building in most cases. As I mentioned to you.. I have built and sold over 30 homes in the last 10-12 years an I knwo the cost of doing business.

Right now I have a chance to buy 10 home in an upcoming area of Oakland Ca that a friend of mine built and finished in 2007. He had to file BK bc he was into each property over $500k each. Current value is app $300k- $325k and going up daily. He could not build them for anything close to the price he is Short saling them at..but guess what? he has several offers on each of the properties he is selling?

  mike2   ignore (0)   2013 Mar 28, 3:48pm     ↓ dislike (0)   quote   flag        

Roberto...If anyone denies the market as dramatically increased in 90% metro areas they are either in denail or just freaking PISSED OFF bc they listended to all the Dooms dayers on this web site! America still has great opportunities for the average person but it is not for those without balls and guts and willing to take a chance. My only rgret in the last few years Is I did not buy more property.

  mike2   ignore (0)   2013 Mar 29, 5:11am     ↓ dislike (0)   quote   flag        

On the Emeryville border..just like Emeryville was 10-15 years ago...You have to have vision to be able to see what is coming..
20 years ago no one wnated Emeryville..now it is off the Chart
and not affordable anymore. Oakland is becoming a better and better place to live. Becoming a foody haven, hipsters, etc.

Actually it saw the highest increase in value last year of any Bay area city. Drive around North Oakland and see what is happening. Young people buying everything in the area, prices going n the $500's and up. Yes, Oakland is back. Don't wait till it is fully discovered.

  mike2   ignore (0)   2013 Mar 29, 5:13am     ↓ dislike (0)   quote   flag        

If you bought in Saigon back then you would be a Trillionaire now! Like Warren Buffett says," Be fearful when everyone is Greedy" Be "Greedy when everyone is fearful".

Or you can just keep renting and making your landlord wealthier?

  mike2   ignore (0)   2013 Apr 1, 4:05am     ↓ dislike (0)   quote   flag        

Good one! 15-20% return on rental investments is hurting me to. Plus the 20% annual appreciation in the last 2-3 years also.
That is a more $$ than most people make in a lifetime of saving.

Where was it that everyone was saying how stupid it was to buy property and renting was the only way to go? Also all their charts that show since 1890 why RE only went up 1% a year?

All the "intellectuall" reasoning, all the charts, all the debates, all the hatin goin on. Well....somethinbg happened on the way to the office.

  mike2   ignore (0)   2013 Apr 19, 5:33am     ↓ dislike (0)   quote   flag        

Congrats on the Position! You earned it and you deserve it.
No doubt some of these debates helped you to be pursuasive in your arguments! Wish you the very Best..That position might put of your retirement for a few more years?

  mike2   ignore (0)   2013 Apr 26, 3:25am     ↓ dislike (0)   quote   flag        

WHich one of those "nit wits" is the guy who just repeats the mantra..Real Estate is ALWAYS a decling value? That is all he ever says? I think that may have Been WAR? There were and are plenty of them out there...Oh yea," just wait prices will come down and everyone will leave PHX, there will be no more water and we are in a desert etc." Sheeez.

They can't see the forest bc of the trees.

  mike2   ignore (0)   2013 May 5, 6:36pm     ↓ dislike (2)   quote   flag        

He may be whatever you guys say or want him to be but...so far he is 100% correct and his economic theories and investments are working way more than any other predictions on this discussion. Who can argue with the facts?

  mike2   ignore (0)   2013 May 8, 12:04pm     ↓ dislike (0)   quote   flag        

Continuing proof beyond a doubt that RE is a good investment
and the Bears have lost. Hard yo argue w the facts.

  mike2   ignore (0)   2013 May 8, 12:11pm     ↓ dislike (0)   quote   flag        

Let the good times roll! Man...Am I glad I didn't listen to the dooms dayers on Patrick.net. Now with rents Surging across the nation who could argue that we probaly had the best Buying opportunity in USA history?

  mike2   ignore (0)   2013 Jun 2, 12:14pm     ↓ dislike (1)   quote   flag        

Remember also they were saying a GREAT TSUNAMI of unsold homes were going to flood the market...The "shadow" inventory
was about to hit? Prices would drop again and again making houses almost worth nothing. It was only Jan 14th he called it a FAKE housing recovery only 4.5 months ago? No doubt it is manipulated by the feds and other power brokers BUT WHO CARES? Tell me what isn't manipulated in the economy or in life?

Just get on board and enjoy the ride. Make hay while the sun shines.

  mike2   ignore (0)   2013 Jun 2, 1:11pm     ↓ dislike (0)   quote   flag        

HIs theories on Making MONEY and investing in Real Estate!
If you make investments in Real Estate and make a boat load of Money on your belief that the market is on an upswing and it is time to buy then you are successful and your theories proved true. If you lose money or don't have the Cajones to invest then you are not successful. Money talks and Bull Shit walks. That's all it is.

  mike2   ignore (0)   2013 Jun 20, 6:36am     ↓ dislike (0)   quote   flag        

All I know is....I am still collecting rents each and every montha and rates can go up or down.

  mike2   ignore (0)   2014 Feb 2, 6:20pm     ↓ dislike (0)   quote   flag        

Like how many people live in that situation? Also he says he rents 2 places? one in the country and one in the heart of London! Sheez, how many folks have that kind of money to be able to rent 2 places year round. That is a poor argument to continue to rent.

  mike2   ignore (0)   2014 Feb 17, 5:30pm     ↓ dislike (0)   quote   flag        

Very, Very poorly written article. Comparing some place in Marfa Texas as an example of why renting your home or rooms out to guest or tourists is a bad idea? Then claiming it is bad for the community to do that is a croak. What about helping the struggling homeowner to make ends meet? Or saving the tourist more money which they will now have to put back into the community and buy things, eat out at a local restaurant or save it and put in the bank? Marfa Texas?Please no comparison to reality.

  mike2   ignore (0)   2014 Mar 30, 8:12pm     ↓ dislike (0)   quote   flag        

Of course Carolyn did not put it on MLS, internet, Trulia,Realtor.com and all the other sites that Brokers use and automatically get it in putted when they list a property. She also did not have a Brokers tour exposing the house to Dozens of brokers with potential buyers. Nor did she Hold her 2 open houses and set a day for offers therefore creating a multiple offer situation possibly raising the price $$200k or more?
If she wants to play Realtor that is her right but I am sure she LOST more money than she gained and she had to do all the work and is liable for everything she did now. You might not agree with paying commissions but that is the way it is.You really are not saving a dime selling it yourself. If it was always so easy everyone would do it. U don't have to agree with this but the great Majority of people hire a Broker to sell their homes.

  mike2   ignore (0)   2014 Mar 30, 8:17pm     ↓ dislike (1)   quote   flag        

rooemoore says

There would be no Patrick.net if he'd bought a house in Palo Alto in the 90s. And if he had, even after the current crash, he would have still seen an insane profit.*

But he didn't and so here we are.

* Not applicable for all neighborhoods. Your results may vary.

  mike2   ignore (0)   2014 Mar 30, 8:19pm     ↓ dislike (0)   quote   flag        

What if he had bought a house in the year 2012 in Palo Alto?
He still would be 25% ahead or more? I am sure all the renters are now CRYING about their rents going skyhigh but if you had bought your payments would have been fixed. There are bidding wars on rentals now just like bidding wars on Buying. Coulda, Woulda, Shoulda!

  mike2   ignore (0)   2014 Mar 31, 3:32am     ↓ dislike (1)   quote   flag        

True that! They could all be in a good $$$ position right now or retired. Instead they are FUMING about those damn rent increases! COulda, woulda, shoulda!

  mike2   ignore (0)   2014 May 18, 9:11pm     ↓ dislike (0)   quote   flag        

On the other hand when equity goes up which it has done the majority of time over the last 30 years in the Real Estate market your payment does not go up either and you become "paper" wealthy. If you refinance cash out and/or refi for a lower rate your payment can go down and you can have hundreds of thousands of dollars in your hand after a refi.

If you are younger with kids and many work years ahead of you lot's of homeowners refi to lower that total monthly $$ obligations.WHen the RE market is hot like it has been in SF Bay Area your equity goes up faster than you can ever save any money and if rates go down you can pull cash out and have the same or lower monthly payments.

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