Places to rent?

[JDF]

I know some nice enough apartments off Havana that last I checked were aroun 800 for a two bedroom. They have fireplaces, community pool, hot tub and tennis courts. They aren't super fancy but they are clean and the administration rocks.

Which apts?

[tmckay2]

Wait why not sell the car? Get a used Mazda 3 or something, they're cheap, fairly economical and pretty reliable. Heck if you could cut the 600 down to 300 or so and drop your rent rates you could be banking several thousand a year.

[tmckay2]

Which apts?

West over gardens. I lived there two years ago and it was 610 for a one bedroom and around 800 for a two. Could have changed by now I don't know. Very nice people and I had no complaints about anything. Not high class with all the bells and whistles but very clean.

[dwalker460]

My buddy has a place for rent in Arvada, 5 bedroom, 2 bath, 2200sqft, $1500 a month, recent remodel, decent sized fenced in yard. Quiet neighborhood.

The owner is a solid guy, takes care of any issues right away. Known him for 10 years. Probably a bit of a drive and more $ that your wanting to do per month, but I thought I would throw it out there.

[Monky]

Ronin V2.0?

Sell the $600/month car.

Plenty of Apts that are nice for 2bd/bath.. Granted you won't be living in DTC..

Hell my mortgage is less than that..

[ChunkyMonkey]

Also, people borrowed at "teaser rates" that would balloon up, which they would refinance out of after they had some equity in the home. Again, not something you can do very easily now.



There are literally millions of units being sat on by the banks / fannie / freddie right now, as Sniper7 mentioned. When people figure out that housing isn't coming back and the subsidies can't last forever I think it will crash.

Though if you want to chat about housing/inflation, I'm all for it, but make another thread, yeah?

You are out of touch with the real data. Those arms are being refi through HARP 1.0 and HARP 2.0. Those are mostly long gone. The total foreclosed single family units in Colorado last month is exactly 3584. Foreclosure filing is about double that. Yes 50% of folks are able to save their homes after their court date.

Keep in mind that arms (w/ teaser rate) made up 12% of new loans in 2004-2008 in Colorado (over 88% of borrowers are responsible creditor!!)

The latest data, 7.40% US home owners are at least 30 day delinquent with 3% of that over 90 days (plenty of repeat offenders). The number decreases with 120 days and so on. Home affordability programs are actually working good. (This is a whole other rant - folks who pay on time gets 3.375% rate while if you are facing foreclosure you are qualified for 2.5% rate). Nationwide the number is 1.4 million (3 months ago) delinquency - in which 3-5% of that will result in foreclosure. Foreclosure level has dropped to pre 2007 level.

It has been 4 years since the crash, if you are trying to tell me some freeloaders can stay in their homes for 4 years without being foreclosure so the bank can skew the number, you are again completely wrong. I fought one of my buddy's foreclosure off for 24 months in which he didn't make one payment. Yes, borrower stayed there for 24 months, but its well deserved as their original loan officer put them in the stupid option arms with 5% negative payment/month. That lawsuit costed $12000 in lawyer fees and hundreds of hours of my time. A normal foreclosure proceeding takes only 4-6 months from default to filing. Court hearing w/o loan mod request is usually scheduled soon after.

To state that Freddie and Fannie are holding onto millions of foreclosure properties is simply false. The fact is the number of foreclosed units available in the market and pending are relative small compare to the 4.47 million homes being sold this year.

In current market, HUD foreclosure listing gets 2-3 offers on each unit. I know there are 2-3 realtors on this site that can attest how hard it is to find borrower's dream home in this market.

Finally, due to inflation, rental is 20-30% higher than a mortgage payment based on same property value and the current rate of 3 and some %. Pre 2008, one can argue that there is benefit to rent, today, unless you are a bad creditor, there is no reason not to save few grands a year by owning instead of renting.

References: https://dola.colorado.gov/app_upload...eport_home.pdf
http://www.mortgagenewsdaily.com/051...ncy_survey.asp
http://www.realtor.org/news-releases...ntinue-to-rise
http://www.washingtonpost.com/busine...f97_story.html

I wish I can post some raw data available through my workplace, but references above should give you at least some indication. Sorry for the lengthy post - I am heavily invested in properties, and been in wholesale lending business for awhile now. This is my thing

[Pancho Villa]

You are out of touch with the real data. Those arms are being refi through HARP 1.0 and HARP 2.0. Those are mostly long gone. The total foreclosed single family units in Colorado last month is exactly 3584. Foreclosure filing is about double that. Yes 50% of folks are able to save their homes after their court date.

Keep in mind that arms (w/ teaser rate) made up 12% of new loans in 2004-2008 in Colorado (over 88% of borrowers are responsible creditor!!)

The latest data, 7.40% US home owners are at least 30 day delinquent with 3% of that over 90 days (plenty of repeat offenders). The number decreases with 120 days and so on. Home affordability programs are actually working good. (This is a whole other rant - folks who pay on time gets 3.375% rate while if you are facing foreclosure you are qualified for 2.5% rate). Nationwide the number is 1.4 million (3 months ago) delinquency - in which 3-5% of that will result in foreclosure. Foreclosure level has dropped to pre 2007 level.

It has been 4 years since the crash, if you are trying to tell me some freeloaders can stay in their homes for 4 years without being foreclosure so the bank can skew the number, you are again completely wrong. I fought one of my buddy's foreclosure off for 24 months in which he didn't make one payment. Yes, borrower stayed there for 24 months, but its well deserved as their original loan officer put them in the stupid option arms with 5% negative payment/month. That lawsuit costed $12000 in lawyer fees and hundreds of hours of my time. A normal foreclosure proceeding takes only 4-6 months from default to filing. Court hearing w/o loan mod request is usually scheduled soon after.

To state that Freddie and Fannie are holding onto millions of foreclosure properties is simply false. The fact is the number of foreclosed units available in the market and pending are relative small compare to the 4.47 million homes being sold this year.

In current market, HUD foreclosure listing gets 2-3 offers on each unit. I know there are 2-3 realtors on this site that can attest how hard it is to find borrower's dream home in this market.

Finally, due to inflation, rental is 20-30% higher than a mortgage payment based on same property value and the current rate of 3 and some %. Pre 2008, one can argue that there is benefit to rent, today, unless you are a bad creditor, there is no reason not to save few grands a year by owning instead of renting.

References: https://dola.colorado.gov/app_upload...eport_home.pdf
http://www.mortgagenewsdaily.com/051...ncy_survey.asp
http://www.realtor.org/news-releases...ntinue-to-rise
http://www.washingtonpost.com/busine...f97_story.html

I wish I can post some raw data available through my workplace, but references above should give you at least some indication. Sorry for the lengthy post - I am heavily invested in properties, and been in wholesale lending business for awhile now. This is my thing

Start a new thread. I'm not reading/responding to off topic stuff in this thread anymore.