PS,
I’m laughing pretty hard right now. I really don’t care what prices do. The truth is I hope they fall even further than you do. I would be as happy as you if not happier if they fall drastically. I probably have double if not triple or more times the assets as you do to take advantage of any decline.
Unemployment line in 2008, I suspect not but I do know 2007 is going to be huge for me. I already have more under contract set to close by next Summer than I did in each of the last 3 years. Don’t send your buddy Bob snooping because he won’t find any of these transactions in the MLS. As far as my house in foreclosure goes, that won’t happen as I could pay off my small mortgage in cash if I wanted.
SCMG, has a lot of great insight and I didn’t dismiss him. I said that I wouldnt relie on him as THE source of all things mortgage. I personally like what he has to say alot but I know there is alot more to complete the picture. I have very good friends in the secondary market, private financing market (Hard Money), wholesale lending who have been in the business 20+ years and who have different insights that add to the situation.
An example of someone with an option ARM is a friend involved in capital equipment sales that closes deals which generate 7 figure commissions. For him, it is a great cash flow device as he might earn nothing for months then BANG! a $1M+ check.
You are right in that Rich’s quote is to leave out the RE spin when analyzing the market. However that goes both ways. You have alot of good skills that you apply to the market but you wear your heart on your sleeve which slants your analysis in only one direction. As far sa the data goes, you klnow my feelings there.
As for the new businesses, both have absolutely nothing to do with RE. One is up and running already out of state as has been very profitably from day one. The other is 45 to 60 days out and should be even better.
I wish you the best of luck in your business and hope you someday find it through getting launched. I won’t be a customer though.
