Comments for 7 Percent Mortgage http://7percentmortgage.com Lock it in! Sat, 06 Sep 2008 02:08:11 +0000 http://wordpress.org/?v=2.2.1 Comment on It’s Wise to Wait on Real Estate Investments by Morty http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-9 Morty Mon, 27 Aug 2007 20:59:24 +0000 http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-9 @ WBL I entered the market at a good time in the late 90s in a depressed urban area that boomed. I rolled up equity in the homes throughout the beginning of this decade and have slowly been deleveraging since around the end of 2004. @Hugh There are deals out there, but for unseasoned investors the risk/reward ratio has become much less favorable. @ WBL
I entered the market at a good time in the late 90s in a depressed urban area that boomed. I rolled up equity in the homes throughout the beginning of this decade and have slowly been deleveraging since around the end of 2004.

@Hugh
There are deals out there, but for unseasoned investors the risk/reward ratio has become much less favorable.

]]> Comment on It’s Wise to Wait on Real Estate Investments by Hugh Gordon http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-8 Hugh Gordon Mon, 27 Aug 2007 15:38:27 +0000 http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-8 As an investor myself, I would say look for the deals and pick up what you can. Not everything will be worth it, but still some are. Doing foreclosures and REO’s will be tough unless you have cash at hand or backers. Plus banks are seeing investors as sharks (or crabs) at this moment. If you are a one-timer or someone that jumped on the money (aka flip this house) train. I would suggest stay out, because you may not have the reserves to hold or proven income to buy. Banks are returning to the 90’s when it comes to lending and you better be strong with both your credit and income to close on a home/s. Also including strong relationships within your team. Still a good time and again it will be said at some later point that some people have made millions during this down turn. Good luck! As an investor myself, I would say look for the deals and pick up what you can. Not everything will be worth it, but still some are. Doing foreclosures and REO’s will be tough unless you have cash at hand or backers. Plus banks are seeing investors as sharks (or crabs) at this moment.
If you are a one-timer or someone that jumped on the money (aka flip this house) train. I would suggest stay out, because you may not have the reserves to hold or proven income to buy. Banks are returning to the 90’s when it comes to lending and you better be strong with both your credit and income to close on a home/s. Also including strong relationships within your team. Still a good time and again it will be said at some later point that some people have made millions during this down turn.
Good luck!

]]> Comment on It’s Wise to Wait on Real Estate Investments by Wealth Building Lessons http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-7 Wealth Building Lessons Mon, 27 Aug 2007 05:31:04 +0000 http://7percentmortgage.com/2007/08/27/its-wise-to-wait-on-real-estate-investments/#comment-7 thanks for the link. how did you accumulate 55 houses? is there a post about it? thanks for the link.

how did you accumulate 55 houses? is there a post about it?

]]> Comment on Good Time To Buy A Home In Denver? Wrong. by Morty http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-5 Morty Sat, 18 Aug 2007 01:51:19 +0000 http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-5 Makes more sense to wait to buy in Denver. It's that simple. Maybe you can take a commission cut to match the increase in mortgage someone pursuing their dream has to take to believe that buying now is the right time. Makes more sense to wait to buy in Denver. It’s that simple. Maybe you can take a commission cut to match the increase in mortgage someone pursuing their dream has to take to believe that buying now is the right time.

]]> Comment on Good Time To Buy A Home In Denver? Wrong. by Stacie Staub http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-4 Stacie Staub Fri, 17 Aug 2007 18:25:45 +0000 http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-4 So, in your opinion, no one should buy anything. Hmmm, not a great way to get the market moving. Unless, like you, they own 55 homes and can pay cash. Not very realistic, Morty! I work with real people who want to stop paying their landlord's (possibly even yours) mortgages. They want to move into a home that they will live in for 4 or 5 years, and then they will move up the property ladder when the market improves and they've made some money on their investment. So, pay someone else's mortgage, or own your own home? I'm still urging consumers to do the latter. So, in your opinion, no one should buy anything. Hmmm, not a great way to get the market moving. Unless, like you, they own 55 homes and can pay cash. Not very realistic, Morty!

I work with real people who want to stop paying their landlord’s (possibly even yours) mortgages. They want to move into a home that they will live in for 4 or 5 years, and then they will move up the property ladder when the market improves and they’ve made some money on their investment.

So, pay someone else’s mortgage, or own your own home? I’m still urging consumers to do the latter.

]]> Comment on Good Time To Buy A Home In Denver? Wrong. by Morty http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-3 Morty Fri, 17 Aug 2007 18:09:08 +0000 http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-3 <p>Now is the wrong time to buy in Denver, because the mortgage rates you're getting will cost you much more than any discount in the home's price. The price of homes is scheduled to fall in the market as a whole for the rest of this year and mortgage rates should come down as well. A big part of fulfilling the American Dream is being an informed and wise consumer. Buying into a home now just doesn't make economic sense.</p> Now is the wrong time to buy in Denver, because the mortgage rates you’re getting will cost you much more than any discount in the home’s price. The price of homes is scheduled to fall in the market as a whole for the rest of this year and mortgage rates should come down as well. A big part of fulfilling the American Dream is being an informed and wise consumer. Buying into a home now just doesn’t make economic sense.

]]> Comment on Good Time To Buy A Home In Denver? Wrong. by Stacie Staub http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-2 Stacie Staub Fri, 17 Aug 2007 17:11:27 +0000 http://7percentmortgage.com/2007/08/17/good-time-to-buy-a-home-in-denver-wrong/#comment-2 Offical "Real Estate Pusher" here. I know it's not an easy time to be a mortgage broker, or even a mortgage analyst, so I feel for you. But, I have to say, it IS a great time to buy in Denver, if you can get a good loan. Prices are low. Inventory is high. People need to sell. Other people need somewhere to live. If you'd like specific examples of properties in tne Denver Metro area that are listed at 50K less than they sold for 2 years ago, let me know, I'll be happy to show you around. I'm not selling crack here, I'm selling the American dream. And even though shady mortgage brokers have tarnished it for now, it still is, and always will be, the dream. To own your own home. For those people who are looking to jump in and own, this is a great time. And it's also a good time for investors looking for great rental property. Because all those people who got taken by subprime lenders and are now upside down need a place to live as well. Offical “Real Estate Pusher” here. I know it’s not an easy time to be a mortgage broker, or even a mortgage analyst, so I feel for you.

But, I have to say, it IS a great time to buy in Denver, if you can get a good loan. Prices are low. Inventory is high. People need to sell. Other people need somewhere to live.

If you’d like specific examples of properties in tne Denver Metro area that are listed at 50K less than they sold for 2 years ago, let me know, I’ll be happy to show you around.

I’m not selling crack here, I’m selling the American dream. And even though shady mortgage brokers have tarnished it for now, it still is, and always will be, the dream. To own your own home. For those people who are looking to jump in and own, this is a great time. And it’s also a good time for investors looking for great rental property. Because all those people who got taken by subprime lenders and are now upside down need a place to live as well.

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