If you DID sell your 20+ rentals units.......
That’s funny! I passed 20 in my second year in business, but I guess another cheap shot is all I can expect.
AND..You live in OHIO....You'd be SELLING.....AT or very NEAR the absolute BOTTOM...
YOU ARE LOCKED IN PAL......And it's starting to SHOW!!!
You clearly don’t know anything about what happened in much of Ohio or the rest of the midwest. We didn’t have a significant boom and we didn’t have a significant bust - although I believe that we certainly will! THIS IS NOT THE BOTTOM IN OHIO OR ANYWHERE ELSE! Even you yourself admitted in an earlier post that the deals you’re getting weren’t the norm and couldn’t be found on the MLS. The same is true here. It was true when I was buying my rentals and it’s true today.
He got that monicker from BUYING REAL ESTATE at EXACTLY the time when EVERYONE else had this country (or the real estate markets) DEAD and BURIED!!!! In other words....When most people sounded like MIKE....Sam would be as happy as a clam....While they WARNED people of the DOOM TO COME....he was DANCING ON THEIR GRAVES!!!!!
Unfortunately, you’re out of phase with what’s happening. You’re predicting a huge boom over the next few years and I’m predicting a collapse. I will be right. All it takes is a little common sense to see what’s happening and you guys are in serious denial. We’ve been over-spending for decades; have accumulated enormous debt; have promised entitlements that we can’t deliver; and the bill is about to come due. I KNOW that the key people in the government know that, which is why they’ve been trying to con the American people into thinking everything will be fine. They can’t tell the truth or there would be complete chaos. You and Rookie have bought into the government lies and have been deceived.
Our country is like a person that makes $100,000 per year with $100,000 in credit card debt and a $1,500,000 adjustable rate mortgage, currently at zero percent interest. This person continues to add $10,000 per year in credit card debt each year and is telling you that everything will be alright. You and Rookie believe him and I do not. It really is that simple. I know that he’s broke and ready to collapse. This guys friends, who have similar income and debt are already collapsing (the PIGS).
Soften up that THICK SKULL OF YOURS and LISTEN.....Just a little bit....
I would invite you to do the same. I think you’re in denial and are deluding yourself. A little common sense is all that’s required to see what will soon happen. Did you see this article?
http://www.washingtontimes.com/news/2010/feb/25/bernanke-delivers-warning-on-us-debt/
With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States [u][b]could soon face a debt crisis like the one in Greece[/b][/u], and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.
Recent events in Europe, where Greece and other nations with large, unsustainable deficits like the United States are having increasing trouble selling their debt to investors, show that the U.S. is vulnerable to a sudden reversal of fortunes that would force taxpayers to pay higher interest rates on the debt, Mr. Bernanke said.
“It’s not something that is 10 years away. It affects the markets currently,”
he told the House Financial Services Committee. “It is possible that bond markets will become worried about the sustainability [of yearly deficits over $1 trillion], and we may find ourselves facing higher interest rates even today.”
I know, I know - I’m insane for thinking that the economy is a ponzi scheme and could (will) collapse. Of course, I’m starting to be in good company, now with Bernanke, Greenspan, Marc Faber, Bill Gross, Peter Schiff, Ron Paul, etc, etc, etc all coming to the same conclusion.
Separately, Mr. Bernanke's predecessor, Alan Greenspan, told Bloomberg News that "fiscal affairs are threatening the outlook" for recovery from recession as Congress and the White House have been unable for years to make tough decisions to raise taxes or cut spending.
You’ll notice that Greenspan didn’t say that fiscal affairs COULD threaten the outlook for recovery, he said that fiscal affairs ARE threatening the outlook for recovery from recession! I think that’s significant.
You NEED to be BUYING..........NOW......Just buy them from private owners and DUMP them to other INVESTORS.....The opportunites are EVERY WHERE for one simple reason....
PEOPLE THINK REAL ESTATE IS A BAD INVESTMENT NOW!!!
I don’t need to be buying, now or in the future. You see, about 7 years ago, I laid out my plan. I have posted that plan in detail on the forum and in my book. I executed that plan over a 4 1/2 year period. I am very happy with my rental business and have no plans to be in the flipping business. Furthermore, if you really believe that we are about to have a big boom, then you should be buying these properties at “dirt” cheap prices and holding then so that you can get the MASSIVE profits selling them once the prices skyrocket in the coming boom! The fact that you aren’t doing that tells me that you also doubt your claim of a big boom. Don’t get me wrong, I think you’re doing the right thing with the quick flips - that’s the only smart play if you’re going to be in the flipping business. I certainly wouldn’t buy anything hoping for appreciation.
YOU CAN'T BUY.......T I M E....This economic event we are all living through will be measured in TIME.....You WILL look back at this and REGRET sitting out even the past YEAR.
That YEAR is GONE…You can not get it back…EVER…The VALUE of that lesson may not be clear NOW…But UNFORTUNATELY…It will be DOWN THE ROAD!!!
The PROOF is in the FACT that while you WAITED this past year for a COLLAPSE…IT NEVER HAPPENED!!!
I don’t need to buy time - I have 152 hours each week to do what I want. I enjoyed this past year and I plan to enjoy next year. Part of that plan is not to start a new flipping business (I already have a business). Also, I haven’t been waiting for a COLLAPSE this past year. As I have posted, I don’t know the timing of this event, but I don’t really expect a total collapse for a couple of years (probably 2012, although I could be wrong and it could happen sooner). As I’ve also said many times before, I think we’re following the same path as the great depression. As you’ll recall, 1929 was bad, followed by a short recovery (I’m sure that they thought the worst was over in 1930 also), then a long slide to the bottom. That’s where we are now, except this won’t be a depression, this will be a collapse.
It’s all common sense!