WANNABEs or TRUE BLUE REIs!!! - Posted by Dfree
Posted by Dfree on September 23, 2003 at 15:24:55:
I’ve been thinking about this for about two months now.
I often check the REI ads and the bandit sign messages just to check up on the competition. Of late I’ve been seeing a strange or not so strange occurence and it’s made me pondering a few things.
The question I pose is How many Investors were really out there and really dedicated to making their livelihood in REI(TRUE BLUE) and How many out there were just thinking it’s another get-rich quick scheme(WANNABEs).
Here’s What I’ve began noticing.
In my market it appears to be the majority sweeping to the later (Get-Rich Quick). Less than a year and a half ago my market was flooded with “Investors”, Bandit Signs everywhere, Ads in every paper from the PennySaver to the Chronicle. Bank REO’s being sold for 90% to 95% of FMV. Investor Lease Option & Owner Financing Signs speckled throughout neighborhoods, Homeowners facing foreclosure negotiating and/or holding bidding wars. Total Investor Chaos.
However Of late I’ve noticed a significant fall off in a few of those areas.
Bank REO’s remaining all the MLS for longer periods of time and selling at or about 75% of FMV. I’ve only seen very few bandit signs (could be City)and many of the ADs are gone and the ones that are left are disconnected numbers, no longer in service or some guy’s cell phone not expecting a RE call. To sum it up a fellow investor had a home go in foreclosure and he said he only received letters and mailouts mostly from BK lawyers only two investors.
Now Mind you This could just be my views or observations but I was wondering if this is happening in any other markets.