Rush Limbaugh, the original American Idiot.

[aggiealum]

Quote:
Originally Posted by 2Quills http:///t/396747/rush-limbaugh-the-original-american-idiot/100#post_3535822
There is no scam here, where do you see that? This isn't rent to own play land.
I'd love to attempt to keep explaining how it works to you but even if I did I still don't think you're going to comprehend it. Why does it take you 60-90 days to turn a house? It doesn't take us that long. And why do you think it takes 30 years to see your investment back it doesn't even take our investors 10. You really don't understand any of this at all do you? You can't afford to hire teams like us because you have no idea how we've made and saved a lot more money than anyone else they've previously used or how our ways are different and why some guys can continually make fortunes in it while some can't. I can actually understand your fears. Little guys have them because they know that bigger guy's already have this market locked down so tight that it's tough to compete let alone beat so they are forced into renting because thats their only option. The big guys get the lions share of the profits because agents come to them with all of the juicy/profitable houses first before they're thrown on the market. And why wouldn't they? When you buy 10-15 houses at a time every few months they know it easy money for them.
Flipping houses is a grind. Nobody hits home runs on every deal. It only takes one bad one to ruin 4 good ones. Most do it just long enough to make some quick cash so that they can purchase a few properties outrite before they bust. Most will never get there.
What's comical is you keep implying I'm this "little guy" in the real estate market. I told you several times that residential properties are just a small piece of what I do. Most of my investments are in commercial real estate where I do sit on it for several years waiting for urban spawl to expand to where they reside so I can sell them for substantial profits.

You obviously have no clue of the overall real estate market when it comes to selling residential properties. I've turned some houses over in less than 30 days, but I've also seen properties in certain areas where they've sat for 6 months or more. Not sure what parts of the country your "investors" buy properties, but your dillusional if you actually believe they have the capability to sell every home in 60 days or less. I don't care if your handling the entire selling process. You have to have buyers willing to purchase your homes at your asking price. Unless you're giving the houses away at below market prices in the areas you're selling, you have to compete with all the other homes selling in the areas and neighborhoods.

10 years instead of 30? Try simple math. You sell a home for $150K. You provide this owner financing at some mystical fixed interest rate. The defacto fix rate loans are either 15 or 30 years, unless you plan with these ARMS, which in essence are "fixed rate" if you choose to do so, but the interest rate can increase after the intial term. You have to compete with the current mortgage interest rates set bu the Feds, otherwise anyone wanting to buy a home would be a fool if they don't look for competing loans and rates. With the interest rates at an all-time low, I don't know how you recoup your investment in 10 years or less. I make my profits on the final sell. I get cash in hand in whatever timeframe it takes me to sell the house at the price I want. I don't have to wait even ten years to get my profits.

Where the heck do you get the idea that I have "fears" in dealing in the real estate market? Anyone dealing in real estate has fears that we'll have another market collapse like we did 10 years ago when the bottom fell out with all the bank foreclosures and people getting stuck with houses they couldn't afford. I don't care what magical formula you think you have in regards to being successful in the real estate business, but if there's a glut of homes available to purchase, and there's no one who wants to risk purchasing a home, or their credit is so bad they can't even get one of your little owner financing loans, not even you and your investors can be safe. You claim you have "the market locked down", yet I can pick up properties every day at a price where I can turn a profit. Agents selling a house will go to whoever pays the highest asking price. I look at foreclosure listings every day, and there's plenty for the taking. Apparently you don't deal in the Houston and surrounding area market because if I wanted to deal specifically in the residential home sales, I can pick up properties anytime I want.

I've dealt with several "mangement teams" around the country, and they all offer pretty much the same services. They charge me a specific fee to manage any rental property I have, and if there's any major issues in regards to repairs, they notify me first. If I have a contractor in that area that can do the repairs for me, I have them do them instead of the management using one of theirs. I also get the materials at cost or 5% - 10% above, depending on what they are. They deal with the paperwork, collecting the rental payments and deposits, and finding someone to rent the place. Again, you have no special formula for dealing with the management of properties. A house is a house. You buy one, you fix it or clean it up to sell or rent, you find someone to buy or rent it. It's not rocket science.

 

[2quills]

Still don't see the angle do you? Nope, we don't have to compete with the lower rates. And no the sale price is not rediculously low. Explain to me exactly why you think it takes more than 10 years to recoup at that rate?
You're right there is no magical formula here. With multiple companies under one roof these guys have illiminated virtually all of the money that you bleed out in the rental properties. They are the beginning and the end collectors of all profits that their investment properties make. You might be surpised as what you're missing in that area. Its not hard to understand and why that makes us remarkably more efficient than our competition. Like I said, we've worked first hand in property management, not just dealt with them. We are farmiliar with how inneficient most of them operate and have made great strides in cutting out the fat associated with how most carry out their day to day activities for our investors.
Believe me, these guys could lose every house tommorow and still be fat and happy for the rest of their days off of what they've made in the corpus market alone already. Houston must be pretty loose
If nobodies buying houses. Youd be surpised at how fast and easy we can sell a house for that puts people back in those neighborhoods after principle, tax, insurance and interest with cheaper monthly payments than what renters are charging. But don't take my word for it. Just keep on doing what you're doing.

 

[darthtang aw]

They don't?  Guess you never get on Facebook or Twitter and see the multitude of millionaire reality stars, actors, and musicians that constantly discuss their wealth.  Quills implied I'm "small fish" in the real estate market.  Making note of how much I've made in that industry refutes that claim.  Considering you made some immature retort with the multiple laughing faces implying I don't pay my legal share of taxes pretty much validates your jealousy of "mine being bigger than yours".
I have no clue who you were directing yoour litttle "pissing match" response towards, and the relevency of the comment in general, ergo my cryptic response.
To recap, you put homosexual relationships in the same category as a parent having a "loving" relationship with their child, which there is absolutely no comaparison of the two.  Then you turn around and say you have no problems with those relationships, stating you have friends and whatever that are gay.  So in that respect, your argument about same-sex marriages make no sense.  If you have no problems with those relationships, then how are they immoral?
I was laughing due to the hypocrisy on your part. I won't go into explaining it. No reason to. You have everything figured out.
Where did I say Homosexuality was immoral? I proposed a question....nothing more. Last I checked, asking a question does not automatically mean a person is taking the position from the direction which the question was asked. It is just a question.And why is there no comparison between the two? From a societal stand point, both were viewed in a taboo way the last twenty years. All I did was ask the difference.

 

[darthtang aw]

  Anyone dealing in real estate has fears that we'll have another market collapse like we did 10 years ago when the bottom fell out with all the bank foreclosures and people getting stuck with houses they couldn't afford. 
I am pretty sure those people had homes they couldn't afford before the market collapsed. That was one of the reason the market collapsed was people buying more home than they could afford, thus starting the foreclosure trends............

 

[2quills]

I am pretty sure those people had homes they couldn't afford before the market collapsed. That was one of the reason the market collapsed was people buying more home than they could afford, thus starting the foreclosure trends............
That's what he doesn't understand. We're not putting middle class american in high end residential homes that have rediculously bloated prices to begin with. But even if we did and someone failed to meet up with their end of the contract it doesn't matter for us. We end up with the house back anyways and simply clean it back up and re sell. Unlike big banks that don't want anything to do with the property. Our investors already own them out right to begin with. They don't end up sleeping under a bridge because they aren't in over their heads to begin with.
That's why guys start looking to invest off shore. They can't figure out how to make the money here so they think that's their only option. This is probably why that majority of rich people are republicans and why so many dems have trouble with their finances. Rip on rich republicans all they want. They have no idea how those rich, greedy bastards are an essential part of the food chain for the middle class. Start taking more momey from them to give to the poor and whatch how fast they tighten their belts which ends up hurting the little guy more than it does them.

 

[aggiealum]

Quote:
Originally Posted by Darthtang AW http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535901
I was laughing due to the hypocrisy on your part. I won't go into explaining it. No reason to. You have everything figured out.
Where did I say Homosexuality was immoral? I proposed a question....nothing more. Last I checked, asking a question does not automatically mean a person is taking the position from the direction which the question was asked. It is just a question.And why is there no comparison between the two? From a societal stand point, both were viewed in a taboo way the last twenty years. All I did was ask the difference.
What hypocrisy? Again, you make no sense.

Proprosed a question? LMFAO. Why ask a controversial question if your intent is not to take a stand one way or the other? Obviously you simply wanted to "stir the pot" for some sort of twisted enjoyment. I've made myself clear how there's is no similarity between the two. You choose to ignore it. Go try intimidating someone else. It's not working with me.

 

[aggiealum]

Quote:
Originally Posted by Darthtang AW http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535903
I am pretty sure those people had homes they couldn't afford before the market collapsed. That was one of the reason the market collapsed was people buying more home than they could afford, thus starting the foreclosure trends............
Incorrect. The majority of home buyers back then were renting, looking for starter homes, just starting a new job or marriage, or did have homes with some equity in them. They wanted to upgrade or simply relocate to another area, and realtors did show them more house than they could afford because the banks were giving loans out to anyone walking through the door. Gullible buyers didn't do their homework, or were incapable of understanding what an ARM was, which were the major types of loans that were used to purchase these "homes they couldn't afford". They dangled these 5-year loans with low interest rates in front of them, thgn show them this "affordable" payments when at the time they were at the top of their spending budget. Any drastic change in the interest rates at the end of the 5 years, and they were screwed, which is exactly what happened. Then you had this massive glut of homes that hit the market because all these owners just dropped the keys on the counter and walked out the door, sticking the house with the bank. So the bank dumped the houses using drastic discounts below the current values in an area, which left those that could afford their payments with an undervalued home with an upside-down mortgage that they would never recoup their equity even if the market did turn around. Certain areas of the country still haven't recovered.

 

[aggiealum]

Quote:
Originally Posted by 2Quills http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535904
That's what he doesn't understand. We're not putting middle class american in high end residential homes that have rediculously bloated prices to begin with. But even if we did and someone failed to meet up with their end of the contract it doesn't matter for us. We end up with the house back anyways and simply clean it back up and re sell. Unlike big banks that don't want anything to do with the property. Our investors already own them out right to begin with. They don't end up sleeping under a bridge because they aren't in over their heads to begin with.
That's why guys start looking to invest off shore. They can't figure out how to make the money here so they think that's their only option. This is probably why that majority of rich people are republicans and why so many dems have trouble with their finances. Rip on rich republicans all they want. They have no idea how those rich, greedy bastards are an essential part of the food chain for the middle class. Start taking more momey from them to give to the poor and whatch how fast they tighten their belts which ends up hurting the little guy more than it does them.
LMFAO. You are clueless. So now the Republicans are the saviors of our economy? Yea, we saw how well that worked out in the Bush years. Who do you think was responsible for the bank collapses and the real estate market collapse inh the first place?

Your little magical plan is exactly what I do, except I don't make the loans. I own any residential property I have outright. If I can't sell it, I rent it. I make money either way. Where people like your investors get screwed is when they purchase too many properties at one time, the market slows down, then they have this large inventory of homes they can't sell. Unless they're billionaires with a massive cash flow, no one can afford to sit on millins of dollars of properties that they can't move. And please don't give me this "we turn over every house we sell in 30 days or less." I know the market trends in every real estate market in Texas. I see the averages of how many days houses sit on the market, and your consistent 30 days is a pipe dream.

 

[2quills]

LMFAO.  You are clueless.  So now the Republicans are the saviors of our economy?  Yea, we saw how well that worked out in the Bush years.  Who do you think was responsible for the bank collapses and the real estate market collapse inh the first place?
Your little magical plan is exactly what I do, except I don't make the loans.  I own any residential property I have outright.  If I can't sell it, I rent it.  I make money either way.  Where people like your investors get screwed is when they purchase too many properties at one time, the market slows down, then they have this large inventory of homes they can't sell. Unless they're billionaires with a massive cash flow, no one can afford to sit on millins of dollars of properties that they can't move.  And please don't give me this "we turn over every house we sell in 30 days or less."  I know the market trends in every real estate market in Texas.  I see the averages of how many days houses sit on the market, and your consistent 30 days is a pipe dream.
Actually it's not a pipe dream at all. It is for guys who have no actual skill or much experience moving property. Which is evident to me that you don't.
Its how I can tell you're a small guy. Or what I call an arm chair quarter back investor. People who've never worked as professionals. Its evident in they way you brag about your rentals, house flipping or your magical commercial property recipe. Tell me something, if commercial is so good then why are you all ovee the map and offshore trying to fimd any good ones.
Its nothing personal. When I say you're a small fish Isimply mean that you're not the type of investor with the purchasing power to keep people like us busy. Its nothing for you to cry about. There are plenty of investors ou t there bigger and better than you. Its your ego that won't let go and blinds you to how they do it.
Still can't figure out why with all of the taxes youve paid in you're 30 years of investing nobody is willing to adjust your properties. You should be on a first name basis with the courts, judges and appraisers in your area. Guess you haven't made too many friends in the industry over the years. Sorry to hear that.
You still haven't told me you think it takes more that 10 years to recoup our investment on mortgages. Is it because you dont understand simple math? Or the fact that when markets bust is the time when real investors who aren't sleeping under bridges go out and buy more property?
You're always going to be a junior investor. You don't have the guts or the brains to make the big time.
2 (you made me this way) Quills

 

[darthtang aw]

Incorrect.  The majority of home buyers back then were renting, looking for starter homes, just starting a new job or marriage, or did have homes with some equity in them.  They wanted to upgrade or simply relocate to another area, and realtors did show them more house than they could afford because the banks were giving loans out to anyone walking through the door.  Gullible buyers didn't do their homework, or were incapable of understanding what an ARM was, which were the major types of loans that were used to purchase these "homes they couldn't afford".  They dangled these 5-year loans with low interest rates in front of them, thgn show them this "affordable" payments when at the time they were at the top of their spending budget.  Any drastic change in the interest rates at the end of the 5 years, and they were screwed, which is exactly what happened.  Then you had this massive glut of homes that hit the market because all these owners just dropped the keys on the counter and walked out the door, sticking the house with the bank.  So the bank dumped the houses using drastic discounts below the current values in an area, which left those that could afford their payments with an undervalued home with an upside-down mortgage that they would never recoup their equity even if the market did turn around.  Certain areas of the country still haven't recovered.
So they bought more house than they could afford.................

 

[darthtang aw]

What hypocrisy?  Again, you make no sense.
Proprosed a question?  LMFAO.  Why ask a controversial question if your intent is not to take a stand one way or the other?  Obviously you simply wanted to "stir the pot" for some sort of twisted enjoyment.  I've made myself clear how there's is no similarity between the two.  You choose to ignore it.  Go try intimidating someone else.  It's not working with me.
If the question does not get asked, society does not learn............and hence we become a stagnant populace full of ignorance and sloth. There is no difference between the two. Two humans in love wanting to get married. They couldn't be anymore similar than that.

 

[aggiealum]

Quote:
Originally Posted by 2Quills http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535939
Actually it's not a pipe dream at all. It is for guys who have no actual skill or much experience moving property. Which is evident to me that you don't.
Its how I can tell you're a small guy. Or what I call an arm chair quarter back investor. People who've never worked as professionals. Its evident in they way you brag about your rentals, house flipping or your magical commercial property recipe. Tell me something, if commercial is so good then why are you all ovee the map and offshore trying to fimd any good ones.
Its nothing personal. When I say you're a small fish Isimply mean that you're not the type of investor with the purchasing power to keep people like us busy. Its nothing for you to cry about. There are plenty of investors ou t there bigger and better than you. Its your ego that won't let go and blinds you to how they do it.
Still can't figure out why with all of the taxes youve paid in you're 30 years of investing nobody is willing to adjust your properties. You should be on a first name basis with the courts, judges and appraisers in your area. Guess you haven't made too many friends in the industry over the years. Sorry to hear that.
You still haven't told me you think it takes more that 10 years to recoup our investment on mortgages. Is it because you dont understand simple math? Or the fact that when markets bust is the time when real investors who aren't sleeping under bridges go out and buy more property?
You're always going to be a junior investor. You don't have the guts or the brains to make the big time.
2 (you made me this way) Quills
What part of 30 years of dealing in the real estate market don't you understand? If anyone's the "small guy" it's you. Why would anyone whose supposedly successful in the real estate game simply stick to residential properties, which are the most volatile in the industry? It's called DIVERSIFICATION. I don't stick all my eggs into one basket. Have you ever researched the vacation industry? You know how many suckers sink thousands of dollars into useless timeshares, when they can purchase a vacation condo or home of their own that they can use a few times per year, then rent it out the remainder of the time to recoup their investment? Mexico tourism is booming. I go down to Cabo, Cancun, and Cozumel, and the hotels are booked to capacity during certain times of the year. Spring Break is a major payday. I can rent a condo during that time for one week that I normally charge for an entire month other parts of the year. Some of my biggest clients are wealthy Mexicans from Monterrey, Mexico City, and Guadalajara who spend a month down on the coast at least twice per year. That's just Mexico. I'm finding even better deals in Honduras, Belize, and other Central America resort towns. You on the other hand sell second-rate properties to poor suckers who have no other alternatives when it comes to buying a home. Go jump on Zillow and see how many properties are up for sale in the Houston area alone. You're actually going to sit there and tell me you and your buddies have that market cornered? If you did, I'd call you a bold-faced liar.

I'll play Darth's little game of you putting words in my mouth. I didn't say I've never gotten appraisals adjusted. Of course I do. It just varies depending on where the property is located, how many properties have sold in an area the previous year, and whether the prices have gone up or down. If you make any major modifications to a property, the tax accessor finds out about it. You go in there saying you need a reduction because you have foundation problems, bad roof, or other defects, they may or may not give them to you. If they do, they flag your property to monitor it for any requests for building permits (which you are required to get anytime you make any major modifications). They also have these inspectors spot check your home by taking pictures before and after to see if any repairs are made. They even use Google for aerial photos to see if you've made any major additions. I had a buddy put a pool in his yard, and the next year his assessment went up $15,000. When he went in to contest it, they dropped a picture on the table showing the aerial view of his house with the new pool.

Yes, it is simple math. If I buy a house for $100,000, then sell it to someone for $150,000, I immediately get that $50K profit when they close on the house from the mortgage company. You claim to be the mortgage company. So when you sell that same house, you don't get the $50K upfront. You get your monthly payment with whatever interest you're charging from the buyer. If the payment is $1200/month, it takes you 3 1/2 years just to get that same $50K I walked away with when I sold the house outright. Then you have another 7 years to get back your initial $100K you spent buying the house in the first place, ergo 10 YEARS. If the buyer balks on the mortgage, you have legal fees and whatever other headaches it takes to get the home back. I don't care if it's just a couple thousand bucks, it's still money out of your pocket.

If I were you, I'd find another occupation. It's becoming quite apparent you have no clue how to diversify and make REAL money in the real estate industry.

 

[aggiealum]

Quote:
Originally Posted by Darthtang AW http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535943
If the question does not get asked, society does not learn............and hence we become a stagnant populace full of ignorance and sloth. There is no difference between the two. Two humans in love wanting to get married. They couldn't be anymore similar than that.
The flaw in your logic is that there are millions of homosexual couples who want to get married. Incestual relationships are miniscule in comparison, which is why there is a difference. In your mind, gay marriages are wrong. The majority of today's society disagrees with you. So actually society has learned, and progressed past the obvious bigotry's of those who think like you that those relationships are immoral. You ever think you're the one whose being ignorant when it comes to this issue?

 

[aggiealum]

Quote:
Originally Posted by Darthtang AW http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535942
So they bought more house than they could afford.................
In some cases. You had thousands of home owners who purchased their homes before the bust that they could afford, made their payments on time, and had equity built up in their homes. After the bust, their equity was gone, and they were essentially stuck in their home until they could pay it off unless they wanted to take a major loss. Even after that, they still lost out because even if they wanted to sell their house and move to another one, they couldn't since they probably lost 3 times what they paid for it initially to interest and principle over a common 30-year mortgage.

 

[darthtang aw]

In some cases.  You had thousands of home owners who purchased their homes before the bust that they could afford, made their payments on time, and had equity built up in their homes.  After the bust, their equity was gone, and they were essentially stuck in their home until they could pay it off unless they wanted to take a major loss.  Even after that, they still lost out because even if they wanted to sell their house and move to another one, they couldn't since they probably lost 3 times what they paid for it initially to interest and principle over a common 30-year mortgage.
If they stayed in it and could afford the payment they saw their home values return....

 

[aggiealum]

Quote:
Originally Posted by Darthtang AW http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535975
If they stayed in it and could afford the payment they saw their home values return....
Depends on where you live. People in the Detroit area never had their values recover. Same occurred in other Michigan and Ohio cities. There's a couple of exclusive neighborhoods here in Houston where the values are still below pre-2000 levels.

 

[2quills]

Your math is still off, dude. You're throwing out unrealistic numbers to try and justify your position. That's why you started saying it takes 30 for us to re coup and now your dowm to ten. I've already told you it doesn't even take that long. Realestate investing is not a get rich quick scheme.

 

[darthtang aw]

Depends on where you live.  People in the Detroit area never had their values recover.  Same occurred in other Michigan and Ohio cities.  There's a couple of exclusive neighborhoods here in Houston where the values are still below pre-2000 levels.
Detroit has lost over a million people in a 30 year period....Pretty sure that is what is affect their home prices which were the lowest in the country before the crash.....and actually dropping even then.
Ohio and Michigan populations have been in decline for quite some time. In order for home values to rise the region must have population growth to stimulate a demand for property. i am curious what areas of houston are below 2000 level prices, as Galveston is even back to above 2008 levels even after Hurricane Ike rolled through in 2009 and their population is still down.

 

[darthtang aw]

The flaw in your logic is that there are millions of homosexual couples who want to get married.  Incestual relationships are miniscule in comparison, which is why there is a difference.  In your mind, gay marriages are wrong.  The majority of today's society disagrees with you.  So actually society has learned, and progressed past the obvious bigotry's of those who think like you that those relationships are immoral.  You ever think you're the one whose being ignorant when it comes to this issue?
20 years ago there were not millions of gay people wanting to get married. Just because there are not a slew of people wanting to marry incestually does not make it different. There are millions of people that would like to shot someone in this country....just because there are a lot of people wanting to kill it should be allowed? You are basing your argument off numbers. If your kids wanted to marry each other, would you be fine with that? My whole point is I am asking at which point does moving the "moral" line go to far?
I love how you know what is in my mind, when I have said no such thing. How many times must I state I have no issue with it? I figured millionaires would atleast be able to have a simple grasp of reading the english language.
Darth (you act as if we have debated before) Tang

 

[aggiealum]

Quote:
Originally Posted by 2Quills http:///t/396747/rush-limbaugh-the-original-american-idiot/120#post_3535988
Your math is still off, dude. You're throwing out unrealistic numbers to try and justify your position. That's why you started saying it takes 30 for us to re coup and now your dowm to ten. I've already told you it doesn't even take that long. Realestate investing is not a get rich quick scheme.
How are those unrealistic numbers? What is the payment on a $150K house with whatever interest rate yoiu seem to give these victims of yours? You asked me where I got the 10 years to recoup, and I gave iit to you. Again, simple math. If you have a $150K loan, and the payment is $1200/month, 150K / 1200 = 125 months = 10.42 years. How do you get the money back any quicker?