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New group formed to bring together real estate investors in Fredericksburg area Date published: 3/19/2009
BY BILL FREEHLING A new group of self-described "vulture" real estate investors is forming in the Fredericksburg area. The Fredericksburg Real Estate Investors Association will hold its first meeting at 6 p.m. Wednesday at Salem Church Library. Group organizer Guy Prudhomme hopes to attract a "network of like-minded people" interested in profiting from the recent "real estate meltdown." "If there is anyone who seriously thinks that Fredericksburg real estate is going to be worth less five years from now, they have their heads in the sand," Prudhomme wrote in a news release about the group. "The time to be thinking about buying any investment is when everyone is running from it." The idea to form a local REIA is hardly a new one. The National Real Estate Investors Association has 230 affiliates in the U.S. and three in Virginia. Prudhomme has been attending meetings of REIAs in Richmond and Washington. Prudhomme says the local REIA is being organized as a combination "support group meets accountability group meets the money." The group is looking for people interested in learning how to make money in real estate investing--commercial and residential--in the Fredericksburg area. That could include the contractors, attorneys and Realtors who would work through the deals, but also those with money to invest. Prudhomme notes that many people are disenchanted with the stock market and are looking to put money to work in local real estate. He points out that though housing prices in the area have now fallen to 2003 levels, the Dow Jones Industrial Average has been at 1997 levels. Prudhomme sees housing prices bottoming later this year after falling another 8 percent to 10 percent. He thinks low interest rates, the $8,000 tax credit for first-time home buyers, the comparable prices of a monthly mortgage and rent, and the region's relatively good job market will stabilize area housing. Prudhomme comes to the real estate business from a background in designing and selling men's clothing through his company, Jaysix USA Inc. The recession has crimped sales, so he decided to get into real estate investing. He formed Alternate LLC in November and has been running that out of his home on Fredericksburg's Royston Street, where he's lived since January 2001.
Date published: 3/19/2009
typical negative posts here from obvious "poor spirited, thinking people". nothing against them, but they could benefit simply by "hanging around" this group.
We are in a remarkable time, and whether it be 1 year, 3 years or 5 years down the road, many will look back and say "wouldda, couldda, shouldda" bought in '09-10.
Get your fiscal house in order, then buy in the next 12-18 months.
The American way is always to make a profit off of screwing your fellow man over. Nothing new here at all...people do it using everything from couponing schemes to making outrageous mortgages. Nah, nothing bad ever happens, does it? Vulture is right. Enjoy the windfall you guys.
from what i read and asked, the 7500--8000 is really not a tax credit .... the Govt calls it an interest free loan to be paid back in the next 15 years starting 2010..... either way, you give the 7500-8000 back ..... unless y'll are talking about something else ..... or that it doesnt actually need to be paid back ?? .... someone confirm or go into detail about this tax credit if i got it wrong from the IRS ...
an $8000 tax break to entice those to buy now will only lead to more foreclosures as the economy continues to shed jobs.
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