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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: prosperous who wrote (43200)	11/27/2008 6:59:17 PM
From: Snowshoe	2 Recommendations Respond to of 219082

Nice little example of virtuous maggots cleansing the rotten gangrenous flesh... Bright side of housing bust Business owner profits from downturn in the housing market By Fred Hiers, Staff writer Last Modified: Monday, November 24, 2008 at 5:45 a.m. But the 50-year-old Boatright also saw a new housing niche and a way he and his family could cash in on it. He saw hundreds of homes for sale with sticker prices significantly less than what their owners had paid for them just a few years ago. So Boatright took his savings and looked for homes costing about $50,000 or less. He found one this year, bought it for $50,000 and put his family and in-laws to work restoring it. Three years ago the home cost $110,000. Boatright put in about $8,000 worth of repairs, tacked on another $2,000 for a Realtor to list the house for $70,000 and sell it. Within two weeks he had a potential buyer. The only problem was the buyers didn't qualify for a bank loan. So Boatright decided to hold the mortgage for five years. By doing that, he made some extra money and ensured the sale went through. At 8 percent interest, Boatright is planning to make an extra $10,000 in interest in addition to proceeds from the sale of the house. Now Boatright said he's accepting buyers that many banks would probably reject, and he accepts a smaller down payment than most financial institutions. He is in the process of buying his fourth investment house this year. "If I can find somebody with halfway decent credit and a steady job, I can get them in the (house)," Boatright said. Even though he's charging higher interest, Boatright said he's offering homes that buyers can afford, something most banks didn't do before with sub-prime mortgages. more: ocala.com