|
Tilted Cat Head
Administrator
Location: Manhattan, NY
|
Quote:
|
Originally Posted by eribrav
Soup Man
I"m older than most folks here, and I don't mean to come across as a fuddy duddy, but this sounds exactly like the grandiose plans I heard over and over from stock market mavens in 1998-1999. The average Joe thought he could quit his job, and buy Cisco and Intel stock every day and sell it higher the next day. We all know how that ended, but I can tell you that the excitement back then was infectious, and nobody thought they could lose. Nobody asked themselves if they could handle a declining market and the reality was very few of them could. Those who are left now (and I'm proud to be one of them) are a different breed.
So what will you do if you find yourself in the hole $10,000 on one of your properties? How about $20,000 in the hole with no buyer in sight? Can you really answer these questions? Again, I'm not trying to be a killjoy, but it just all sounds so familiar to me.
|
Good points!
I do have a friend who does this for million dollar homes. She had to carry a home for close to 2 years because she couldn't find a buyer. She does upscale homes, and when they were the du jour, she was making money hand over fist. The profit she made was very little on that particular property, but because she had planned for such things, she was able to ride it out, but If it continued, she may have been ruined. She did have to sell her own property her main residence because in hopes of one moving over the other, and eventually her residence sold before her investment property.
__________________
I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not.
|