Real Estate Nirvana: I Love You Mr. Subprime

Discussion in 'Economics' started by fconyer, Mar 23, 2007.

  1. fconyer


    I don't mean to be a jerk, but I've been waiting seven years for this to happen, so I'm gonna brag.

    I just bought a $900,000 house on 7 acres 30 minutes from Boston for $196000.

    It was me, the auctioneer, and the lawyer. I was the first and only bid. The auctioneer was speechless. The lawyer offered me $600000 cash for the house.

    I looked like an idiot for the past seven years because I refused to buy a house. I rented an apartment for $725/month.

    My two mentors told me to wait. "Be patient", they said. " This is going to be a disaster." Well, they were right.

    This is only the beginning.
  2. blast19


    Congrats. You are right, only the beginning.

  3. That's how Donald Trump's dad made his fortune, from what I understand. He kept low-bidding properties no one wanted.
  4. Hope you took the Lawyers 600k,give it a few months and go get the house back for a lot less from the ambulance chaser lol.
  5. nampooya


    Learning patience in trading..."it's the sitting that makes the money"Congrats,enjoy.
  6. Sprint store, downtown SF, California. Salesman sells a colleague a Sprint PDA and data services and strikes-up a conversation on the local RE market.

    Stated he has an Alt-A loan at 1.2mm on his home, earning $40k per annum. Broker loaned him his down-payment.

    The obvious assumption is that the wife must be a neurosurgeon, but no, she's a stay at home mom taking care of the three kids.

    He's 6-figs underwater and can't afford to sell. Sprint is sending him to Fremont, a three-hour commute.
  7. blast19


    That's what I like to hear...kind of. I'm short Countrywide...this is going to be a freaking nightmarish mess.

    Not much they can do to bail people out of this one.
  8. S2007S


    CFC is getting back into my short area, I like shorting it above 36, trying to hold out for the 37.50-38 to get short again.
  9. Begs the question, what kept the bloodsucker from outbidding you?
  10. blast19


    Do it...I should have waited for sure. But I also expect a number of painful items to come out about them in the future and timing those is hard.

    SEC/DOJ investigations, suits, etc.

    Someone doesn't want the stock higher....really capping it right now with some volume.
    #10     Mar 23, 2007