real estate investing: Things are rough for investors, but not impossible...
- 09/28/07 11:49 PM
Even before all the sturm and drang about the mortgage market began in earnest, the process for investors to get mortgages had already begun to tighten. The problem wasn't caused by actual investors, it was caused by inexperienced and overly optimistic "speculators" who, when presented with no money down options, didn't buy just one property but bought 3 and 5. They bought pre-construction and then when the properties came on the market thought they could unload them immediately at a 20 to 30% profit. Oops! What happened instead was a massive number of foreclosures as not only did their 5 units hit … (2 comments)
Even before all the sturm and drang about the mortgage market began in earnest, the process for investors to get mortgages had already begun to tighten. The problem wasn't caused by actual investors, it was caused by inexperienced and overly optimistic "speculators" who, when presented with no money down options, didn't buy just one property but bought 3 and 5. They bought pre-construction and then when the properties came on the market thought they could unload them immediately at a 20 to 30% profit.;)
;)
