The saying goes: The first mouse gets killed, and its the 2nd mouse that gets the cheese. When those investors get creamed by the next big wave of foreclosures and unemployment, and are dumping in despair, maybe then it will be time...
My sentiments exactly. Despite all of the deals, I think that real estate is going to get worse next year, setting up even better buying opportunities.
I actually did subscribe to him in 01-02 and he had very few winners. Additionally he had a premium service, which I tried for a couple of weeks and even his recommended broker told me he slaughtered down to get back to break even often. My friend had a similar experience with him in 03.
^^This. Although it can get worse, but either way the smart ones will buy low enough and be able to make the profit irregardless. First round was those who overbought, period. Second round now are those who tried to jump in but still overbought for the most part (price + repairs = too close to value) and got in on the wrong living areas that were coming down still. Third time's the charm for many others. Although a lot of REO's are going in bulk/tape buying now...where you make your money on many of them and end up with a few lemons that in theory should just be trashed... But, get your IRA to a self-direct, then you can buy and sell Real Estate through it...still have doubts/concerns, get a good attorney who can create a LLC within it.
poor guy. u gotta admit he was right on the fundementals. Thought the market did not move according to fundementals.
I hope you are not taking one of those hotel seminar presentations seriously. "Look at this mansion I bought for $500!!!"
Thanks for your concern. I have been around the block a few times and have seen my share of scams, which makes me a very cautious investor. We are in an historic time with unprecedented financial perils and opportunities. I see a potential opportunity to buy quality single family homes in good neighborhoods for huge discounts in the next year. I am getting ready to take advantage of that situation if it develops. Most other real assets (i.e commodities) are getting expensive, but homes may become the bargain of a lifetime.