Discussion in 'The Bar' started by LonghornJ, Oct 4, 2010.
You following this foreclosure shit?
Tuned out of it bro. All Horseshit.
Nice to re-write the rules as ya go. Unreal.
I'm getting a different take on it... having dealt with loan packages and all the shit that goes in them I always wondered how it would ever be stored, and how it was sold. Especially considering some of the, um, more "gray area" things that went through underwriting and in to funding.
This sounds like a real fucking mess man, and the state AG's are filing injunctions.
Misstatements and mis-filings. Oh, but we thought we were COMPLIANT. Right.
herp foreclosure derp market derp derp
Hey, Monkey should I buy my shop building?
It's a twin in Allentown. Not great condition. We rent out the downstairs which is newly renovated. The upstairs is a small apartment that from what I hear is in need of repair, but the landlords do plan on fixing it up a bit before sale. Don't know a thing about the heating/electrical systems or the roof. Water and sewer is all public.
Landlord's wife said it will be on the market Winter/Spring and her husband will want to sell in a hurry to move to FL. She said they'd offer it to one of us first and that the mortgage will likely be little (if any) more than what we at the shop pay for rent. I'm a home-owner of 9 years with great credit. Two of the other guys have never owned homes and have no credit/mediocre credit. The third guy just bought a house less than a year ago, so I'd be the best candidate for approval.
I figure, I'll look into the heating/electrical systems, the windows and the roof and if they're decent it's kind of a no-brainer. If the mortgage is indeed around what we pay rent, then the rent collected from the upstairs tenants would be money in my pocket. It's an efficiency apartment in the city so I'm guessing $500/month would be appropriate rent. It has off-street parking and a garage.
Obviously repairs and maintenance would fall on me but if the building is in decent enough shape it may be worth it.