Distressed Buyers due to the Epidemic

[Aaron]

I have a much different way of thinking about how things operate in the world, than the majority of the populace.

How do you approach selecting "investments"?

Short term, quick return.

 

[Stocker Steve]

The SGF return recommendation was 2X. If you spent a $1 you had to have at least $2 back within 12 months.

I think the point they were trying to make is do NOT use break even thinking. You don't have a business if you are breaking even buying land or buying creep feed or buying fancy high input heifers.

 

[sstterry]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

The wife has a lot of family close to your area. If you know somebody needing a house she has two family members selling houses in the Morristown area at absolute auction 8-29. I have been in both houses several times and the one in Brockland Acres 4424 Woodhaven Dive is pretty nice and a good location IMO (great neighborhood as she has family all around this area) The other is on 828 Overlook Drive and gotten to be pretty much a Mexican subdivision area.

Appalachian real estate has them, wife's uncle's son, and will sell to the highest bidder at auction.


https://www.auctionzip.com/Listings/3462446.html

My wife has 18 1/2 acres of prime land in White Pine with running water she has been trying to sell. We have had lots of lookers but no takers.

If I know anyone looking I will tell them . Brockland Acres is a nice neighborhood, Overlook Drive, not so much.

 

[jltrent]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

The wife has a lot of family close to your area. If you know somebody needing a house she has two family members selling houses in the Morristown area at absolute auction 8-29. I have been in both houses several times and the one in Brockland Acres 4424 Woodhaven Dive is pretty nice and a good location IMO (great neighborhood as she has family all around this area) The other is on 828 Overlook Drive and gotten to be pretty much a Mexican subdivision area.

Appalachian real estate has them, wife's uncle's son, and will sell to the highest bidder at auction.


https://www.auctionzip.com/Listings/3462446.html

My wife has 18 1/2 acres of prime land in White Pine with running water she has been trying to sell. We have had lots of lookers but no takers.

If I know anyone looking I will tell them . Brockland Acres is a nice neighborhood, Overlook Drive, not so much.

White Pine is a nice place, that should sell. A lot of land in this area Amish have bought recently. They are looking for land and pay well if you could get some interest from them.

 

[sstterry]

We have an Amish family in Bulls Gap and they are doing a bang up business at Yoder's Country Market. People come from 3 states around to shop there. They are friends of my parents, when my Dad died, they just showed up at my door with enough food to feed an army.

 

[ALACOWMAN]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

The wife has a lot of family close to your area. If you know somebody needing a house she has two family members selling houses in the Morristown area at absolute auction 8-29. I have been in both houses several times and the one in Brockland Acres 4424 Woodhaven Dive is pretty nice and a good location IMO (great neighborhood as she has family all around this area) The other is on 828 Overlook Drive and gotten to be pretty much a Mexican subdivision area.

Appalachian real estate has them, wife's uncle's son, and will sell to the highest bidder at auction.


https://www.auctionzip.com/Listings/3462446.html

My Dad lives in Morristown...he was Born and raised in Mohawk.

 

[kenny thomas]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

The wife has a lot of family close to your area. If you know somebody needing a house she has two family members selling houses in the Morristown area at absolute auction 8-29. I have been in both houses several times and the one in Brockland Acres 4424 Woodhaven Dive is pretty nice and a good location IMO (great neighborhood as she has family all around this area) The other is on 828 Overlook Drive and gotten to be pretty much a Mexican subdivision area.

Appalachian real estate has them, wife's uncle's son, and will sell to the highest bidder at auction.


https://www.auctionzip.com/Listings/3462446.html

My Dad lives in Morristown...he was Born and raised in Mohawk.

Yell when you come for a visit. Several of us are within an hour of there

 

[kickinbull]

Have heard that rural property is being bought up fast. Seems that way here, but also heard Indiana. Buys say don't try bargain it won't be there when you come back.

 

[farmerjan]

I think that in a couple of years the ones that want to will make it and the rest will find out that they don't like living in the country and unless everything goes nuts, there will be some places on the market again. I just closed on a decent house on 2 acres, and needs about 10,000 repair work... will nearly double the price paid I hope. Of course alot will depend on this country in the next election... then the year following and where inflation goes. But I bought this with the idea of possible resale, although I plan to move there in about 2 months when the work is done as I am tired of renting and the BS. Financed it for 30 years (yeah I will be 96 then...HA HA).... but the payments with taxes and ins included will be over $150 less a month than what I am paying in rent.... Plan on paying it off sooner.... But the best thing is interest rate is 2.879%....REALLY? APR is like 3.49%.....I don't have the greatest credit score right now..... You can't NOT buy and finance for that...and if it doesn't go up, can refi for an even lower rate......and the equity I build up will really be nice for a down payment on something bigger, further out in the middle of nowhere..... It will be nice to have the lower payment in case of an unexpected bill or something.... but plan to make payments to reduce the principle regularly since once I get the work done, I will have at least that $150 a month extra I used to pay in rent.... And I can prioritize and budget to make a big dent in it... Have to "prove myself" over the next year, as this is a bank I had no prior dealings with but they specialize in "fixer uppers/needs some work" type of houses.....
Said that so many in this area are doing refinancing with the extremely low rates.... and property is selling pretty well....

 

[kenny thomas]

Good for you Jan. I never could understand renting.

 

[Texasmark]

In my taxing district, to get a place out of ag. for lack of ag. usage, it's 7 years of the difference between what non ag. vs ag. would have generated in tax revenue, then taxing the property at the non ag rate annually. That can make a whopping big difference in the annual Ad-Valorem tax burden.

 

[greggy]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

lol...350 would only get you an old shack on an eighth of an acre in town here, 120 acres out of town with a house will be a million plus, there is 30 acres near me on edge of town for 2.8 million....large house about 40 yrs old.

350 would buy you a decent home on eighth of an acre about 5 hrs from a cap city if you do not want to be robbed and or knifed etc and have basic services and a supermarket etc close by...you guys have it good

 

[Aaron]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

lol...350 would only get you an old shack on an eighth of an acre in town here, 120 acres out of town with a house will be a million plus, there is 30 acres near me on edge of town for 2.8 million....large house about 40 yrs old.

350 would buy you a decent home on eighth of an acre about 5 hrs from a cap city if you do not want to be robbed and or knifed etc and have basic services and a supermarket etc close by...you guys have it good

So how does the next generation survive? Everything inherited or bite the bullet and live a life as a debt slave?

 

[Stocker Steve]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

Is this all local money, or are they wiring in cash from the states?

 

[Aaron]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

Is this all local money, or are they wiring in cash from the states?

All local.

 

[greggy]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

lol...350 would only get you an old shack on an eighth of an acre in town here, 120 acres out of town with a house will be a million plus, there is 30 acres near me on edge of town for 2.8 million....large house about 40 yrs old.

350 would buy you a decent home on eighth of an acre about 5 hrs from a cap city if you do not want to be robbed and or knifed etc and have basic services and a supermarket etc close by...you guys have it good

So how does the next generation survive? Everything inherited or bite the bullet and live a life as a debt slave?

You tell me, the US setup this system. we all just play along.....

I have had to start from scratch again more than once, all my life all I have heard is how will the next lot do it, it is so expensive now......yes, it is called inflation.

What you do, is save and borrow and buy what your comfortable with, 30 year loans been norm here for decades, if I think back on past loans, they were chump change.....

The only prob we have now, is wages are not growing much anymore, but, rates have dropped a lot too....

 

[Stocker Steve]

The income spread keeps increasing here. Bottom end is getting priced out of rental properties and is pitching a tent in a city park. Top end has a nice W2 income and full benefits and a lot of passive income and spends the summer at their lake home.

An issue is those who don't inherit a pile may not have the skills to compete in our global market. Locally, you can get a job here in food processing plants at around $20 an hour with some benefits. Don't think that will make a big mortgage payment. Some working couples did use their $1200 checks as part of a down payment on less than 100K houses.

I think the key is having a skilled job and doing good asset allocation when you are young. If you were putting the max 401K $ into stocks starting 30 or 40 years ago - - you have accumulated a pile to fund your bucket list or a charity. If you bought a new truck and a boat 30 or 40 years ago - - not so much.

 

[Stocker Steve]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

Is this all local money, or are they wiring in cash from the states?

All local.

What are the skilled jobs there that pay well? Here I would have to say construction.

 

[Stocker Steve]

1) US government pumps massive amounts of money into the system to prop up asset prices and get themselves reelected. Sometimes called the Fed put.

2) Investors bid up asset prices because they think there is little downside. Sometimes called momentum trading.

3) Doomsters write books and buy gold, pointing out this can not last, forever.

4) Smart money accesses the amount of risk they can handle and then develops an investment portfolio. Classic mix is a lot of real estate and stocks, along with a little cash and gold.

5) World comes to an end. Nuclear annihilation is not popular anymore, but epidemics are on the increase.

The doomsters are right, but the hard part is when?

 

[Aaron]

Is this all local money, or are they wiring in cash from the states?

All local.

What are the skilled jobs there that pay well? Here I would have to say construction.

Gold mine would probably be the best at about $25 US an hour. Skilled would be probably $20 US. The guys driving the market are the Mine guys/gals. But that is closing in 7-8 years according to company.