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Yeah, hard work is allright, but, being in the right place at the right time is better, If you were in California real estate in the 60s-70s and invested every dollar you made in real estate, you'd now be well into the status of millionaire. I personally benefited from this phenomenom. Right place at the right time with a little cash, start saving now. there are foreclosures coming on the market like a flood starting right about now, those overzealous financiers have bankrupted millions with their fluctuating interest loans, Buy a decent foreclosure and fix it up, live in it untill you can sell it for a profit, then move up to a bigger house, etc. In twenty years you'll be well off. This is all dependent on the housing market appreciating as usual. If you buy at the peak and a slump comes along such as now, well you are screwed, but now the market is leveling out, so you should see some appreciation starting as soon as all these foreclosures are straightened out. they are trying some new strategies with the forclosures. The lender takes the price hit (say a 350,000 house is now worth 275,000, the lender sells it for 275,000 and the present owner gets out without a forclosure against his credit record), but still loses everything he put in it, basically they both get screwed, but the new buyer may get a bargain
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Life is good, the water is sweet. The ground keeps moving beneath my feet.
Last edited by medicineman; 07-10-2007 at 12:53 PM..
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