John A. Weeks III wrote:
How so? The real estate people today are sounding just
like the stock market people back in 1999. I clearly
remember them saying it was a new economy, stocks can
only go up, and Worldcom is a bargain at 125. Just like
most investors lost their a** in the stock market in
2000, most real estate speculators are going to lose
their a** very soon, and many common poeple are going
to get hurt when the bubble breaks.

Ah but there's a breed of investors that are quietly buying at rock
bottom prices and literally can't lose. All those over priced (50-100K)
manufactured homes out there are getting repo'ed left and right. The
few lenders that loan on manufactuered homes (greentree, vanderbilt,
etc) have to get them moved...and moved at low prices. 10-15% of retail
price for homes under 10 years old is very common. Don't bother going
to dealers seeking repo's as they charge inflated prices. If you're
prepared to pay cash the rent on these places alone can pay them off in
2-4 years. The more of a fix-er-up model you buy the better the ROI. Go
direct to the lenders and speak to their remarketing (repo) dept. They
have lists of available homes in your area. Spend some time reviewing
the available homes and don't be afraid to bid way below their "asking"
price. You'll spend more on the land under the home than you will for
the home itself. As for all the people who smirk about 5-10% annual
appreciation on those high priced homes. I'll buy the cheap repo's and
rent'em out with 25-50% annual ROI's. Plow the money back into more
repo homes and wait for the coming real estate crash to really swell
the repo market.