posted on Aug, 30 2010 @ 08:29 PM
I guess we will agree to disagree...no problem.
I wish people would take responsibility for their own actions instead of pointing the finger at someone else.
The people that bought these properties didn't do any research or educate them selves before buying....they got greedy and thought they could buy
something for nothing.
They bought a property they could not afford. I do agree that these loans should have never went threw.
Income properties are the best investments you can have, but the retail buyer doesn't understand how to buy them as an investment. As long as you buy
right you can make an incredible amount of money with real estate. I always encourage people to pull there money out of the market and buy income
properties. Only after properly educating them selves.
They bought the property 100-120% leveraged....what did they expect to happen? Its like someone buying stock, you buy it for 100% of value (I have
never understood buying stocks), so you run the risk of it going down and losing money. Not Good!
The word "Adjustable" in Adjustable Rate Mortgage should have been a red flag to everyone, but when you have greedy eyes and live in the moment you
tend to ignore reason.
So instead of fixing a property in your neighborhood, you would rather have it become run down and effect the value of your property?
I do rehab properties and make a great living doing it, it bets having to punch a clock and get told what to do. There is nothing quick or easy about
it. You must have been watching to many TV shows.
The price we sell the properties we rehab are already set by the market when we buy them, we don't just make up a number, we go by comps in that
area. When we are done with that property, it adds value to all the surrounding properties
It is interesting how history repeats it's self, and it's even more interesting how we tend not to learn from it.
My phone rings from sun up to sun down with people wanting to sell there property. Over the years I have noticed one thing just about all of them have
in common, debt.....and lots of it. I think the majority of people lack proper financial management, they over spend constantly.
I know people only buy because of three reasons:
I agree the lenders knew what they were doing, but the buyers of the properties had big GREEDY eyes and did not think a head, or educate them selves
properly to know what was going on. You should always protect your self.