QWAK,They believed they could all get rich FLIPING now they are FISH in a DRIED up POND going BELLY up and wondering "WHAT HAPPENED?"
They helped DEBASE the TRUE VALUE of the houses and that DEBASMENT is a BAD thing!
(It's a DARK place in the DE-BASMENT --- no WINDOWS to see out of!) :) Don't go in DE-BASMENT ---- bad things happen there!
<>> over the years in Jacksonville...i personally knew 2 individuals who had acquired 250-300 houses each...i'm sure there are others with more than that scattered about the country.>
Yo spliter... and I know one myself. He happens to be the other grandfather to my granddaughter. He is HUGE in coastal New Jersey. Houses, condo's and commercial building. My buddie who I just visited with near Tampa is another one. Both made it big in RE, but both are not adding any new properties at this time. In fact... and I do mean "fact", my friend is closing his final deal in June on a building he's sold to Duncan Donuts up in the Boston area. The other Mr. RE tycoon up in NJ, advised his son, my son-in-law down if FL, not to put any new money into RE right now either.... and he's a contractor down there! That's what's going on from my tid-bits of info. What can I tell ya? That's what they are doing and saying! What do I know about it, other than what I read? Eh!!!
Lets see while the more metaphor would have been 10 B12s v 100 B12s in your backyard, ole understated chicken 'the sky is fallin' fowl one, choses nuclear megatons. Guess when you dont understand a megaton, you might as well teach the world about gold. And about as understanding.
And of course like gold it is teh NEXT or COMING Real Estate Disaster....whenever it might come. Sorta like its gonna rain, but if it aint a typhon or Class 5 huricane, that wasnt what he was talkin about.
Yawn... Rip Van Winkle could fall off right now and when he awoke in 100 years, the Dwuck's succeeding converts to gold buggism will be saying NEXT, still.
REGARDING: I built my DUCK NRST on BED ROCK and it will be HERE long after I'm gone!;)
RESPONSE: All the better for me, since I plan on taking up digs at the Duck Nest after you go. I'll just wait for you to stop posting for a week or two, pack up my rucksack, and stow away on the rails singin "My darlin Clementine" until I get to Winslow. Then I can hotwire a tractor and drive it up Bunyard to my new digs, the Duck Nest. Now git workin on fixin that place up for me.
QWAK,Bear,Which is WORSE going off in your back yard,a 10 MEGATON BOMB or a 100 MEGATON BOMB? ---- Does it REALY make a DIFERENCE? LOL
BTW: It was a JOKE about the homless guy! DAUAaaaaaaaa!! :)
The coming economic disaster in RE is going to bring the GLOBAL house of FIAT CARDS down and it WILL impact on virtualy every one!
Paper pirimids built on QICK SAND (DEBT) fall DOWN! :) (actualy IMPLODE, but they don't STAND for ever or even very long)
I built my DUCK NRST on BED ROCK and it will be HERE long after I'm gone!;)
for the sake of the converstaion.....i don't think 20 houses qualifies anyone as a R/E "TYCOON"......
>> over the years in Jacksonville...i personally knew 2 individuals who had acquired 250-300 houses each...i'm sure there are others with more than that scattered about the country
>> the real flipper game is done via becoming a wholesaler and selling to new investors....
QWAK,Would YOU believe that THIS guy was also a RE TIE-COON just 3 years ago and had 20 homes that also were ALL purchased on 100% CREDIT?
Probably NOT LOL But a lot of NEW RE paper MOGALS will be just like tht guy! Lots of people got in to "BUY/FIX/UP GRADE and SELL fast GAME" it was the NEW get rich quick IDEA! Most with just one or two but there are a WHOLE lot of them out there!:(
QWAK,bush,When you think about IT what you are seing is just the NEXT STEP in the same direction and for the same REASONS as the other COMPUTER ASSISTED exploitation of the MASSES from buying STOCKS on LINE to the DOT COMS and all the FRAUD and the SIZE of the HOAX grows EXPOTENTIALY as each BUBBLE creates an even BIGER BUBBLE to absorb all that IMMITATION MONEY!
There is a very OLD saying "You can't CHEET an HONIST MAN!" The SCHEAMERS and SCAMERS know this but they ALSO KNOW that an HONIST MAN is more RARE than one of anakchords "YETTIES" !!!
The NEXT BUBBLE level if growing EXPOTENTIALY would be the DIRIVITIVES market which is operating in an almost virtual ALACE in WONDERLAND reality and virtualy UNREGULATED! It is growing SOoooooooooooo fast ABSORBING all the NEW FIAT DEBT CURRENCY that even the ones involved can only estimate its SIZE!
New scenario, old story. His problem is that he allowed himself to be over leveraged. His greed overwhelmed his fear. Happens to the best of them. Happened to Donald Trump in real estate. Happened to the Hunt's brothers in commodities. And a few years ago hapened to every other Joe in America with the dot com stock market bubble.
Getting over leveraged is a fast way of getting rich. Slow and steady is always safer. But everybody knows that anyway.
As to this guy's situation, he claims to have bought 14 houses allover the country, and now is having a problem with 3. I assume his last 3 as he says he is doing very well with others. I have no idea how he manages 14 houses. Who collects the rents? Who looks after maintenance? Is this a full time job for him? And why does he publish his personal financial information in real time on the internet? Is this how a wise investor manages his business?
QWAK,bush,Like countless others HE exploited an opertunity that he realy knew little or nothing about,built a PAPER DEBT PIRIMID that has topeled over on him!
Houses do NOT apreciate that is an ILUSION and a temporary ABORITION that sucked in stupid greedy people who had and have NO IDEA what REAL MONEY "IS or REPRESENTS" but they all wanted as much as they could get as fast as they could get it!
The housing market was allowed to inflate to absured levels to solk up all the new DEBT currency that has been created and has impacted all home owners with much higher TAXES and they are holding a fast DEPRECIATING ASSETE that will be like a MILL STONE around their necks!
This is not only all over the USA but also GLOBAL! The IMPLOSION will make the DOT COM bubble look like a small fire cracker in comparison.
DEBT is NOT WEALTH and GREED is not somthing to be IMITATED! Avoiding DEBT is best under most circumstances ---- DEBT = SLAVERY!
This is what this guy said 2 years ago, a few months after he assembled his portfolio of 14 houses:
"if I just see a 10% return on average over the next few years my 2.7 million portfolio will return (on paper) 270k a year. Such is the power of leverage. Of course, if "the bubble" bursts and we all see a 10% DECLINE, then I will be LOSING (on paper) 270k a year. This is why I have trouble sleeping at night (did I mention that all these homes were bought with 100% borrowed money? ...even more stress)."
Jesus duckie...the guy's a real bozo....first of all so stupid to have gone there.....(as J-4 frequently states..sorta...there is no accounting for stupidity).....
2nd...just file bankruptcy...
>i've know 5 or 6 people over the years...biz guys....every 5 yrs they file bankruptcy..and start again...creating a new stream of cash flow....(definitely not 'savers")