Thanks, docteur, I liked you from your first post. My landlord said the approval is practically in the back pocket, since it is 99% done. The zoning (?) approval is just a formality. He’s part of an group in this project, where he put up the money, and the other guys are pros in entitlements. The guy from whom they bought in November, had held it himself only a short time. He didn’t get into the whole story. I didn’t want to ask, but was curious if the buyer could back out of escrow, if he sees land values falling between now and June.
Regarding the Baton Rouge property, I told him to be careful; ARMs are leading to foreclosures, and that could lower the value of his properties. As I finished the sentence, he must have become very nervous, because he broke the piece he was trying to fix, right then, and ended up having to leave without completing the job.
Overall, he told me you can still make money in RE, but you must work with pros who know what they are doing. At this point, he just puts up the money, and lets the RE pros do the leg work.
He has been in the RE business over 20 years, starting with foreclosures. He won’t deal with those anymore, since you don’t know what you’re getting (no inspections).
I perused the John Reed links, and it’s great! Thanks so much. And thanks again for the compliments. And now I must end my web surfing for the evening…
