Comments on: Dear Out of State Investors – We Told You So http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/ Austin Real Estate Blog Fri, 11 May 2012 17:13:15 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: scott http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-26638 scott Fri, 15 Aug 2008 15:05:51 +0000 http://crosslandteam.com/?p=480#comment-26638 The vast majority of out-of-state investors in Austin, including californians, were average folks looking to make a few bucks. It's not a surprise tht the downturn has left some high and dry. The era of cheap financing and terms is will be over for many years now, possibly NEVER coming back again. Kudos to the Crosslands for being honest as well... The vast majority of out-of-state investors in Austin, including californians, were average folks looking to make a few bucks. It’s not a surprise tht the downturn has left some high and dry. The era of cheap financing and terms is will be over for many years now, possibly NEVER coming back again. Kudos to the Crosslands for being honest as well…

]]> By: Robert http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-24444 Robert Wed, 06 Aug 2008 01:02:26 +0000 http://crosslandteam.com/?p=480#comment-24444 I also live in San Francisco and have investment properties in South Austin. My wife and I also put 20% down on our properties and believe we are in good areas. We also take care of our properties and try to rent to good tenants. Some of these properties might be our primary home one day. Keep up he good work Steve and Sylvia. Hope to do business with you one day. I also live in San Francisco and have investment properties in South Austin.
My wife and I also put 20% down on our properties and believe we are in good areas. We also take care of our properties and try to rent to good tenants. Some of these properties might be our primary home one day.

Keep up he good work Steve and Sylvia. Hope to do business with you one day.

]]> By: Jennifer http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-24110 Jennifer Mon, 04 Aug 2008 22:46:57 +0000 http://crosslandteam.com/?p=480#comment-24110 No worries Michael, I totally agree. No worries Michael, I totally agree.

]]> By: Michael Krotchie http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-24034 Michael Krotchie Mon, 04 Aug 2008 19:26:57 +0000 http://crosslandteam.com/?p=480#comment-24034 Jennifer, sorry if I hit a nerve with lumping all 'Californians' together, I should have been more specific. I think it's wonderful when homes are owned by people who actually care about the community and town where the home is located; driving through subdivisions here it's quite apparent that those types of investors are sorely outnumbered. Let's hope we get out of this mortgage mess without too much more trouble; from what I've been reading about lately the sub-prime loans were just the beginning now that the prime loans are about to start impacting us.. Jennifer, sorry if I hit a nerve with lumping all ‘Californians’ together, I should have been more specific.

I think it’s wonderful when homes are owned by people who actually care about the community and town where the home is located; driving through subdivisions here it’s quite apparent that those types of investors are sorely outnumbered.

Let’s hope we get out of this mortgage mess without too much more trouble; from what I’ve been reading about lately the sub-prime loans were just the beginning now that the prime loans are about to start impacting us..

]]> By: Jennifer http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-24032 Jennifer Mon, 04 Aug 2008 19:19:01 +0000 http://crosslandteam.com/?p=480#comment-24032 Some of us Californians are still fine with our investments, and moreover have a real interest in the stability of the towns where we've invested! We're San Franciscans who can't afford to buy where we live. So starting about six years ago we started venturing into rental home purchases, including in Tucson and Austin, two of our favorite towns. We did that as a way to build equity and have cash flow in the future, plus potential places to live if and when the Big One hits. We treated these acquisitions as if these were for our primary residence, ie with 20% down and fixed rate loans, in stable neighborhoods with services and amenities to attract good tenants, and priced so that the rents could just about match expenses. Nothing fancy and definitely set up for deferred gains. As we were in our acquisition phase we encountered many different kinds of real estate professionals, and we ran the other way every time we met any "get rich quick" types or people who wanted to shove us on a bus to buy en masse or have us do a no-documentation loan with fuzzy terms. It is definitely a little nerve-wracking now as we observe the continuing fallout of the sub-prime mess, but we are still confident we made the right long-term choices and are very glad we got to work with people like Steve and Sylvia. Some of us Californians are still fine with our investments, and moreover have a real interest in the stability of the towns where we’ve invested!

We’re San Franciscans who can’t afford to buy where we live. So starting about six years ago we started venturing into rental home purchases, including in Tucson and Austin, two of our favorite towns. We did that as a way to build equity and have cash flow in the future, plus potential places to live if and when the Big One hits.

We treated these acquisitions as if these were for our primary residence, ie with 20% down and fixed rate loans, in stable neighborhoods with services and amenities to attract good tenants, and priced so that the rents could just about match expenses. Nothing fancy and definitely set up for deferred gains.

As we were in our acquisition phase we encountered many different kinds of real estate professionals, and we ran the other way every time we met any “get rich quick” types or people who wanted to shove us on a bus to buy en masse or have us do a no-documentation loan with fuzzy terms.

It is definitely a little nerve-wracking now as we observe the continuing fallout of the sub-prime mess, but we are still confident we made the right long-term choices and are very glad we got to work with people like Steve and Sylvia.

]]> By: Steve Crossland http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-22032 Steve Crossland Mon, 28 Jul 2008 13:13:19 +0000 http://crosslandteam.com/?p=480#comment-22032 Hi Michael, The people I know who do short sales and pre-foreclosures say that they are increasing. These homes continue to remain out in the areas we've always avoided. The sad thing is, the owners in those areas who do in fact make their payments and hold on to their properties have their home values affected negatively by the proximity of the troubled homes. Occassionally there will be some short sale and foreclosures in the closer in areas, but not often. Those areas have generally appreciated enough to get the seller out from under the loan. Steve Hi Michael,

The people I know who do short sales and pre-foreclosures say that they are increasing. These homes continue to remain out in the areas we’ve always avoided. The sad thing is, the owners in those areas who do in fact make their payments and hold on to their properties have their home values affected negatively by the proximity of the troubled homes.

Occassionally there will be some short sale and foreclosures in the closer in areas, but not often. Those areas have generally appreciated enough to get the seller out from under the loan.
Steve

]]> By: Michael Krotchie http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-21923 Michael Krotchie Mon, 28 Jul 2008 01:34:02 +0000 http://crosslandteam.com/?p=480#comment-21923 Steve, we're seeing much of the same thing here in Tucson; I still remember the busloads of Californians driving up and buying up half of a subdivision in a weekend. How does the Austin market look in regards to short sales and foreclosures? Steve, we’re seeing much of the same thing here in Tucson; I still remember the busloads of Californians driving up and buying up half of a subdivision in a weekend.

How does the Austin market look in regards to short sales and foreclosures?

]]> By: Steve Crossland http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-21575 Steve Crossland Sat, 26 Jul 2008 20:01:02 +0000 http://crosslandteam.com/?p=480#comment-21575 Thanks Scott. I missed the "San Jose investor in Steiner" article and can't find it on Statesman.com. Do you remember when it was or do you have a link? Steve Thanks Scott. I missed the “San Jose investor in Steiner” article and can’t find it on Statesman.com. Do you remember when it was or do you have a link?
Steve

]]> By: Scott http://crosslandteam.com/blog/2008/07/26/dear-out-of-state-investors-we-told-you-so/#comment-21570 Scott Sat, 26 Jul 2008 19:28:52 +0000 http://crosslandteam.com/?p=480#comment-21570 Steve and Sylvia, As I ate my migas at my favorite breakfast place on Slaughter Ln. this morning and read today's Statesman, I immediately remember the credit union fiasco in the late 1980s and how investors had run amock. Today's article (and the previous article about the San Jose investor in Steiner Ranch) confirms that many of these players we're cash flush and unprepared - again, running amock. I continue to enjoy your blog and again thank you for sharing your experience. Unfortunately, with the bailout of JP Morgan, Fannie Mae and other mortgage banks, we middle class Americans are again stuck with the costs of poor regulatory oversight and poor business ethics without any credit to our property and income taxes. Steve and Sylvia,

As I ate my migas at my favorite breakfast place on Slaughter Ln. this morning and read today’s Statesman, I immediately remember the credit union fiasco in the late 1980s and how investors had run amock. Today’s article (and the previous article about the San Jose investor in Steiner Ranch) confirms that many of these players we’re cash flush and unprepared – again, running amock.

I continue to enjoy your blog and again thank you for sharing your experience. Unfortunately, with the bailout of JP Morgan, Fannie Mae and other mortgage banks, we middle class Americans are again stuck with the costs of poor regulatory oversight and poor business ethics without any credit to our property and income taxes.

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