Gosh-darned stock market keeps going down! - Page 3 - Mercedes-Benz Forum

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post #21 of 41 (permalink) Old 03-14-2007, 04:25 PM
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I guess the biggest thing with commercial is some business owners are very smart and can make the financials look very good on the surface and you have to learn to dig deep. Understanding corporate returns can be daunting.

I hope you are having fun. It can be a rewarding career.
I am having fun considering this is a part time gig. I think if I did commercial I would have to go at it full time because I am certain it eats up much more time. I don't think I would have problem doing it since I am comfortable reading and interpreting financial statements, I am sure my MBA background would help too. The issue is time; I like working whenever I need to not when others want me to.
The dude that wants me to join his commercial lending outfit would expect me to work full time. I got spoiled from Academia so it will take a lot for me to switch. I would expect a huge base salary with a good % before I consider. On the residential side I am getting commission only but I own my time; the only thing right now is to see if those paychecks materialize. Tomorrow is a big day!
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post #22 of 41 (permalink) Old 03-14-2007, 04:35 PM Thread Starter
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Then the demand was there and the prices would have risen anyway. Middlemen can only fill a market, not create one....?
The middlemen gave a 'false impression' that the properties would only increase in value by snatching them up and reselling. That of course, has not happened, save for the condo example. The condos were most likely, underpriced but the houses that were done this way have had a habit of biting the end buyer in the ass, as evidenced in the falling appraised values and the inability to sell in a soft market.

BTW, the appraised values are falling like rocks in certain areas here because the homes were way too inflated and now that the balloons and variables have come into play, people can't afford them and they're having a 'sale', so to speak. A half dozen or so of these low sells will drag the value of every house down in that neighborhood when comparisons are pulled. It is a house of cards that's falling in on the buyers.

The house I sold in summer of '05 isn't going to sell for what I got, period. He'll be lucky if he only loses 10 to 15 grand.

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post #23 of 41 (permalink) Old 03-14-2007, 04:39 PM
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The middlemen gave a 'false impression' that the properties would only increase in value by snatching them up and reselling. That of course, has not happened, save for the condo example. The condos were most likely, underpriced but the houses that were done this way have had a habit of biting the end buyer in the ass, as evidenced in the falling appraised values and the inability to sell in a soft market.

BTW, the appraised values are falling like rocks in certain areas here because the homes were way too inflated and now that the baloons and variables have come into play, people can't afford them and they're having a 'sale', so to speak. A half dozen or so of these low sells will drag the value of every house down in that neighborhood when comparisons are pulled. It is a house of cards that's falling in on the buyers.
That's why it's safer to buy investment properties in older neighborhoods where the homes don't all look the same because the comps will not be an issue. I am amazed how many investors got into houses that were made with a cookie cutter (most neighborhoods in the suburbs are like that).
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post #24 of 41 (permalink) Old 03-14-2007, 04:43 PM Thread Starter
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That's why it's safer to buy investment properties in older neighborhoods where the homes don't all look the same because the comps will not be an issue. I am amazed how many investors got into houses that were made with a cookie cutter (most neighborhoods in the suburbs are like that).
Yeah. The last house I had was a cookie cutter: same floor plan but cosmetic differences on the outside. It was the expensive additions I did to it that made it look fancy and different enough to sell it. There were 4 other houses on my street for sale but mine went in 7 days. 3 of those are still for sale now! Lucky me but I feel really sorry for the guy that bought it, not enough that I'll give him any money back, though.

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post #25 of 41 (permalink) Old 03-14-2007, 05:01 PM
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Yeah. The last house I had was a cookie cutter: same floor plan but cosmetic differences on the outside. It was the expensive additions I did to it that made it look fancy and different enough to sell it. There were 4 other houses on my street for sale but mine went in 7 days. 3 of those are still for sale now! Lucky me but I feel really sorry for the guy that bought it, not enough that I'll give him any money back, though.
I think that most neighborhood that were built in that fashion will experience steeper falling prices. Some people spent $$ in interior renovation and upgrades on these new homes to get some personalized feel to them but most of that money is wasted when it comes time to sell. I think aside from a real estate slide we have been experiencing an architectural stagnation since the late fourties.
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post #26 of 41 (permalink) Old 03-15-2007, 07:50 AM Thread Starter
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Today's houses are built too cheaply, IMHO, as well. Older homes offer more structural reliability. When I built my new house in 2005, the carpenter bitched because I used 2 x 8 rafters for the roof instead of 2 x 6 ones. It cost me $400.00 more to go to the 2 x 8's! Money well spent. He also didn't understand why I wanted 1/2" OSB sheathing over the entire walls when I was going to brick it. He wanted to use FOAM BOARD!! I asked him what structural strength foam board offered and he shut up. He only wanted to put OSB around the windows and on the corners! He knew what I wanted when I hired him but wanted to bitch when he seen all that OSB he had to hang in 100º weather! I also did NOT use housewrap, which can be a real problem since it doesn't allow your house to breathe in humid weather and in the winter time.

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post #27 of 41 (permalink) Old 03-15-2007, 08:28 AM
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That's why I like my 100 year old house. The timber is of heart of pine which today would cost $17+ a foot. The joists are much thicker than what they put on now and when I went to the attic I was amazed how well preserved the wood is and no mildew or rot anywhere. The only insulation I am planning on doing is on top of the ceiling without touching the roof and without putting insulation inside the walls. The house has a breathing system that has worked better than any architect nowadays could have designed. The outside still has the original clapboard but it's covered in shingles which gives it plenty of protection and stops incoming drafts. I have installed storm windows so I can keep the original windows with the wavy glass. Many would be contractors had suggested I replace the windows with vinyl and also put vinyl siding. They also told me to get rid of the slates in the roof so they can install their shitty roof shingles and remove all copper valleys to be replaced with aluminum which they say was easier to work with. I told them to kiss my hairy monkey ass and ended up fixing the slate roof myself and replacing damaged copper valleys with even thicker gauge copper. My wife was not happy that I worked on that steep roof 40 feet up in the air but when she realized how much I spent on quality material versus hiring those bozos she calmed down but she’s still worried. I got to do what I got to do because contractors are in general a bunch of thieves.
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post #28 of 41 (permalink) Old 03-15-2007, 09:25 AM
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Originally Posted by Professor
That's why I like my 100 year old house. The timber is of heart of pine which today would cost $17+ a foot. The joists are much thicker than what they put on now and when I went to the attic I was amazed how well preserved the wood is and no mildew or rot anywhere. The only insulation I am planning on doing is on top of the ceiling without touching the roof and without putting insulation inside the walls. The house has a breathing system that has worked better than any architect nowadays could have designed. The outside still has the original clapboard but it's covered in shingles which gives it plenty of protection and stops incoming drafts. I have installed storm windows so I can keep the original windows with the wavy glass. Many would be contractors had suggested I replace the windows with vinyl and also put vinyl siding. They also told me to get rid of the slates in the roof so they can install their shitty roof shingles and remove all copper valleys to be replaced with aluminum which they say was easier to work with. I told them to kiss my hairy monkey ass and ended up fixing the slate roof myself and replacing damaged copper valleys with even thicker gauge copper. My wife was not happy that I worked on that steep roof 40 feet up in the air but when she realized how much I spent on quality material versus hiring those bozos she calmed down but she’s still worried. I got to do what I got to do because contractors are in general a bunch of thieves.
Hey, Prof. How's that 'knob and tube' working out for ya?





Anything look familiar?

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post #29 of 41 (permalink) Old 03-15-2007, 10:16 AM
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LOL, I have those but no juice in them. The house has recent wiring (80s maybe) but I am planning on a complete rewiring. This should be the easiest part of my renovation since I get along with electricity even if I am not a MIT graduate
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post #30 of 41 (permalink) Old 03-16-2007, 01:32 PM
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It's IN the pipline, not on the pipline!
Damn rookies. learn the freakin lingo.


by the way that's not bad for one month.
Ok, one loan closed today (ln amt 1.2M: 3.5 pts ==>I get 60%).
Two on Monday, one on Wednesday and the rest by next week.
1 more compeleted app. IN the pipeline today, no locks.
I am one shy from breaking the 70% split yoseman, I am working the phone as I type this
"Me thinks" I am going to quit teaching if this continues. Maybe I should have been doing this rather than academia
Screw it, there are plenty of math challenged wanna be teachers to take my place, let them fuk our kids so I can milk them for all they got when they need financial help. It's funny a few years ago I applied to teach math for Baltimore School System and they told me I did not qualify because I have an engineering (BSEE, MSEE) and business degrees(MBA) rather than an education degree (Ed). Those mofos could not understand that engineers use math for a living while ed people see math as something in a book. Right after that I got a job teaching at my college and 99% of the kids coming out of the Baltimore School System could not even do 9th grade math let along be ready for college math; no wonder they are so fuked up! I spend hours upon hours trying to help these kids catch up but more than half end up dropping because they say "it's too hard" WTF! All this for $24K a year fkem all.
I am having an anxiety attack right now, I will calm down after the three days rescinding time. Maybe this is my wake up call.

Last edited by DP; 03-16-2007 at 01:45 PM.
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