I think you will have about a year to buy houses cheap. Probably won't see any Fed rate cut for a little bit and then it will take a while for it to trickle into the economy.

Good luck and a smart move on your part to start shopping.

 

agreed - you got about a year or two left for the market to stable out and get back to normal. take your time, best thing to do is find a newly developed neighborhood and a fairly new house - this will make sure your investment should be making steady equality for a at least 5-10 years. (My family usually sells every 2 years to get away from captial gains and everything)If your looking to make a nice long-term investment, buy it and put it up for rent (rental market is great right now because no one can get a loan)

it's funny how a bum with no creditcould just go in 2 years ago and get "free" money from the loan company - now you got to be Fing Bill gates to even think about getting approved haha..

 

usually the bank you get yoru loan through does the title and deed searches and checks for liens etc.

 

Speaking of foreclosures...

I had purchase an investment property ($69,000) with a couple friends. This property was bought site unseen at an auction. Ended that the house had a few issues. First off...the paint on the front of the house was peeling off in a big circle. I drilled out the locks and went in and we found a disaster....crap all over the place. Every single piece of mail was strewn all over a moldy carpet. We went into the kitchen to find the counter falling apart. The water pipes were going across maybe 6 feet unsupported to the sink. Cockroach carcasses all over the place. Took a peek in the fridge..the whole interior moved as the roaches scattered. The bedrooms had garbage everywhere and the bedrooms smelled of human urine. The master bedroom's ceiling was sagging. After we took that out...we found that someone had nailed a kiddies swimming pool to the rafters to catch the water.

Nearly every interior wall need to be replaced. All mechanicals needed to be replaced (plumbing, electrical and heating). The roof needed to be replaced. The woodwork had the smell of urine throughout the bathroom and a couple walls in the master bedroom. 3 yrs later and we finally sold the house....due to the extent of the issues, we couldn't afford contractors so most of the work was done by us. Most of us didn't have much experience in this type of work.

 

Wow, that was a lot of work. Good job sticking with it.
So naturally the question is, did you make a profit and was it worth it in the end?