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View Full Version : Sounds like a recession is in the making

Lasombra52
03-08-2007, 06:33 AM
Everyone, make sure you tie up any lose ends, and start thinking about how a possible recession can effect you. Just be careful with any stocks, or interests you own/have in mortgages or housing right now.

I'm having to re-evaluate some things right now before anything major happens, which I'm hoping doesn't.
pdisme
03-08-2007, 06:39 AM
One good thing has come out of all of this; with my new house wrapping up in a month, I can now use the garage in my old house to store my Radical since there are seven homes in the neighborhood for sale and no one is buying anything. :)
Lasombra52
03-08-2007, 07:13 AM
Another good thing is that I built my house a bit over 3 years ago, and I DID NOT do an ARM, so I'm in the clear in reference to the house. Give it 9 months more of not selling and I'm going to go around low balling and hopefully buying rental properties.
pdisme
03-08-2007, 07:34 AM
I got lucky, I did my regular and construction loan at the same time so I'm locked in at 5.5% for ten years. Phew...
zzzzdoc
03-08-2007, 07:45 AM
Yeah, I did 30 years at 6%, about 5 years ago. All those sub-prime loans are going to come crashing down. That was amazingly irresponsible. Of course, if the banks fail, we'll just bail them out, so no problem for them.
Lasombra52
03-08-2007, 09:24 AM
Yeah, I did 30 years at 6%, about 5 years ago. All those sub-prime loans are going to come crashing down. That was amazingly irresponsible. Of course, if the banks fail, we'll just bail them out, so no problem for them.

Damn right, and make a killing in the process
Matt
03-08-2007, 09:42 PM
With the market the way it is right now, i'd like to wait maybe one year more for prices to hit rock bottom and purchase rental properties, once the market recoupes I'd then sell those properties for a profit. Only problem i'm finding is that I'm relatively young and dont have great credit yet. But i am definetly looking for something to invest in.
Lasombra52
03-08-2007, 10:03 PM
1 years time is when I think we are going to be in prime investment mode, myself and my partners.

So get to work on that credit between now and then.