The Real Estate Investment Blog

is this crisis in our head?

StushKid — Fri, 10 Oct 2008 23:08:48 +0000

We're in a lot of trouble people. I hope things come good and I'm wrong. But with a national defecit of $10,000000000 plus and a overall spending defecit of $60,000000000 plus and climbing, unless we cut back on spending...we're doomed. We are in unprecedented times. You may see a dollar crash in the next month to 5 years, let alone a depression. Medicare is broke, Social Security is broke, Welfare is broke, Real estate markets reeling, Stock market is crashing, Baby boomers are coming into retirement every day, State governments are requesting federal money that doesnt exist and is made out of thin air, and now the government is after the remainder of 401ks and taxpayer money with this bail out of the rich! At the same time without congressional approval the fed pumps in money to the system regardless of bail out bills as do other central banks into their economies. Were heading for hyper inflation, which is shocking, but true. In less than 5 years we'll struggle to pay the interest on the national debt alone let alone welfare and so on. all we can do is treat things as they are and get on the best we can. Just make sure you spread your wealth in gold, silver and other commodities and get out of your 401k. A friend of mine lost $18,000 on there's today. If your dollars are worthless, how can people pay their rents? Oil is dropping in value too. Just hope that no new major oil fields are discovered in the next 6 months that flood the market with oil. If that happens the Saudi's in panic, let alone the chinese will dump their Tbills and its bye bye dollar. That's how close it seems we may be to the edge....trueworldhistory.info, jim rogers, max keiser, peter schiff, jim grant. check out these and see what the hidden from tv experts have been saying for the last decade or more!

McCain or Obama?

BuyandHoldGuy — Fri, 10 Oct 2008 23:07:31 +0000

Which person McCain or Obama, do you feel will be the best President for a Real Estate Investor?

Why do you feel that way and what Facts do you have to support your feedback?

Running an LLC

Crazy3rdgen — Fri, 10 Oct 2008 23:06:46 +0000

I formed an LLC a little while ago since i was looking to get a commercial loan and wanted to keep everything within the business. I soon found out that I need atleast 20-30 % down to get a commercial loan... So i've just been saving and saving. Should I go ahead and open an account for the business? I'm a little confused as to what steps i take next to get started. I have done my research on the big picture.. such as what will net me positive cash flow, screening tenants, contracts, landlord/tenant codes.. Just the bits in between. Also.. filing my taxes for this LLC.. I haven't had any money coming or going except the fees to form the LLC, maybe some gas to check out a few properties.. I guess thats an expense for the business? My mother always took care of my taxes, that's why im confused. Its a delaware LLC. Thanks for giving up your time to help.

Sheila got 2 more

Jeff_Tumbarello — Fri, 10 Oct 2008 22:59:50 +0000

Originally posted by David Peeples

I thought bank failure friday skipped a week!

guess not.

They did it on thursday lasy week.

Sheila got 2 more

Johnston19 — Fri, 10 Oct 2008 22:59:05 +0000

I thought bank failure friday skipped a week!

guess not.

$5m REO package - 838 homes

ROYALT — Fri, 10 Oct 2008 22:58:02 +0000

Let me guess, zero-light rehab?

These must all be in Detroit and OH...Is title clear and are taxes updated on all of these?

Sheila got 2 more

Jeff_Tumbarello — Fri, 10 Oct 2008 22:55:57 +0000

http://www.fdic.gov/news/news/press/2008/pr08098.html

Monroe Bank & Trust Acquires All the Deposits of Main Street Bank, Northville, Michigan

FOR IMMEDIATE RELEASE
October 10, 2008 Media Contact:
LaJuan Williams-Dickerson
Office: 202-898-3876
Lwilliams-dickerson@fdic.gov

Main Street Bank, Northville, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC approved the assumption of all the deposits of Main Street Bank, by Monroe Bank & Trust, Monroe, Michigan.

All depositors of Main Street Bank, including any with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Monroe Bank & Trust, and they will continue to have uninterrupted access to their money. Depositors will still be insured with the new institution. Therefore, there is no need for customers to change their banking relationship to retain deposit insurance.

The failed bank's two offices will reopen Saturday, October 11th, as branches of Monroe Bank & Trust. Over the weekend, customers of Main Street Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

http://www.fdic.gov/news/news/press/2008/pr08099.html

National Bank Acquires All the Deposits of Meridian Bank, Eldred, Illinois

FOR IMMEDIATE RELEASE
October 10, 2008 LaJuan Williams-Dickerson
Office: 202-898-3876
Lwilliams-dickerson@fdic.gov

Meridian Bank, Eldred, Illinois, was closed today by the Illinois Department of Financial Professional Regulation-Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC approved the assumption of all the deposits of Meridian Bank by National Bank, Hillsboro, Illinois.

All depositors of Meridian Bank, including any with deposits in excess of the FDIC's insurance limits, will automatically become depositors of National Bank, and they will continue to have uninterrupted access to their money. Depositors will still be insured with the new institution. Therefore, there is no need for customers to change their banking relationship to retain deposit insurance.

The failed bank's four offices in Altamont, Carlyle, and Eldred will reopen for normal hours on Saturday, October 11th and the Alton office will reopen Tuesday, October 14th, as branches of National Bank. Over the weekend, customers of Meridian Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Meridian Bank had total assets of $ 39.18 million in total assets and $ 36.88 million in total deposits as of September 25, 2008. National Bank will purchase approximately $7.55 million of Meridian's assets, and did not pay the FDIC a premium for the right to assume all of the failed bank's deposits. The FDIC will retain the remaining assets for later disposition.

REO Opportunity for Private Lenders $1-50m

Taz — Fri, 10 Oct 2008 22:53:52 +0000

Bankers did "buy it all" now they can't digest it and are throwing "it all" up. But, no worries, the government is there with a bucket to catch it all.

LOL!

REO Opportunity for Private Lenders $1-50m

ROYALT — Fri, 10 Oct 2008 22:50:53 +0000

Are you serious? I will buy it all!

Outsourcing Short Sales

Johnston19 — Fri, 10 Oct 2008 22:49:29 +0000

There was a recent thread on this theme not too long ago. I have used a short sale company to outsource short sales. It's a miserable (for me anyway).

They just aren't that good and don't really save you the time you think you will save.