Caught a Carleton Sheets infomercial today, where an elderly millionaire real estate investor said once you buy your property no money down, you can repeatedly harvest equity from it, just like a farmer harvests corn.
Apparently he wasn’t aware that the drought killed most of the corn this year.
There’s another one of those millionaires that made it into that survey we were discussing on the other thread. Think he’ll still be a millionaire in 2009? If he sells all his property now, he will be. If he holds on, because he mistakenly believes real estate is not like stocks and thus cannot go down in value, he might be living off his social security. If there is any social security…
.
