Interesting read

[accountingsucks]

To summarize...guy buys 9 houses with no money down and now he's screwed.........

http://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm

 

[JPatrick]

To summarize...guy buys 9 houses with no money down and now he's screwed.........

http://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm

This clowns story has been around awhile.
I get the feeling he is trying to turn his stupidity into stardom.

So, maybe it will work. Kind of reminds me of Barry M of ZZZZBest.

 

[runchman]

Wait a minute, this story can't be true. I simply don't believe, because....


Kiyosaki didn't say real estate ever worked this way!!!

 

[accountingsucks]

OH, and he has his own blog too....very interesting

http://iamfacingforeclosure.com

 

[chinaco]

Many people try this. Only a few succeed over the long haul. Those that I have seen succeed seem to acquire alot of rental property and hold it for a long-time... alot of work. Flipping always depends on a rising market or finding the jewel that was undiscovered.

Even with distressed housing... the margin of profit gets squeezed down in auctions. The people who benefit here have a relative advantage because they have expertise in fixing it up.

If you are doing the fixing up yourself... you are earning sweat equity. In other words... you have a job and the job accepts alot of risk.

No Free Lunch!

 

[Delawaredave]

There was a NJ state congressman on local NPR radio last night - who put in a law for a temporary moratorium on foreclosures for subprime mortgages.

He said he wanted to see what "state support programs" might be required.

That's baloney. The state shouldn't bail out these people that fell for these stupid loans.

I think there's a lot more "ugly" to come.

 

[clifp]

Given that this young twerp admit to participating in a Liars loan with his first house and who knows what fiction he put for subsequent loans. I'd like to see him tossed in jail for perjury, and fraud.

Not a long sentence; a few month, and few thousand hours of community service. I find it disgusting that he is trying to profit off of screwing investor/banks over defaulted loans by writing a book.

I'll give the kid credit, he has done a great job generating buzz.

 

[Mwsinron]

There was a NJ state congressman on local NPR radio last night - who put in a law for a temporary moratorium on foreclosures for subprime mortgages.

He said he wanted to see what "state support programs" might be required.

That's baloney. The state shouldn't bail out these people that fell for these stupid loans.

I think there's a lot more "ugly" to come.

State support programs because I cant make my house payment.... :

Gee Earl I guess that 3 percent AMR wasn't such a good deal yuck yuck

 

[OKLibrarian]

Yeah, I ran into this yutz a while back courtesy of the get rich slowly blog. the most appalling thing is, he is so certain he will eventually make his zillions in the RE market that he REFUSES to get a job to pay off any of this debt--his argument is "I can't afford to pay it all off, my credit's in the toilet anyway, why bother?"

Our mortgage rates will be higher in part because we're subsidizing idiots like this.

 

[Gearhead Jim]

There was a NJ state congressman on local NPR radio last night - who put in a law for a temporary moratorium on foreclosures for subprime mortgages.

He said he wanted to see what "state support programs" might be required.

...

He's from New Jersey, how could you expect anything different?

 

[Milton]

Reminds me of the article I read in Fortune a couple of years ago: "Riding the Boom
They snap up real estate, flip it, then chase the next hot market.They're the new day traders--and they're dancing on the edge of a volcano" [see
http://money.cnn.com/magazines/fortune/fortune_archive/2005/05/30/8261260/index.htm]. Similar acts of highly-leveraged speculation were catalogued, and it makes for amusing reading. Of course, now the tide has turned ... where are all those people now?

It was all so foreseeable, wasn't it? Unemployed yahoos of no significant net worth can't run around buying multiple properties on 100% credit without running a huge risk that everything will go down the drain.

 

[aenlighten]

Kiyosaki didn't say real estate ever worked this way!!!


You just weren't paying attention. A few years and there will be bargains galore.