'Foreclosure King' Says Rent Now, and Buy In 2010

clacy · Oct 28, 2008

Quote from jem:

good thoughts...
2-3 year luxury SUVS are down my 60-70% .

Ya, a few weeks ago, I was online and found 06 Tahoe with 30k miles for $21k. Looked brand new and was loaded. Same vehicle probably cost $45k two years ago (new).

$24k loss on a vehicle that you drove 30k miles.

jem · Oct 28, 2008

I just bought a 3 year old tahoe z with 40,000 miles leather and sunroof for 10,000. I paid my father what the dealer offered on a trade.

clacy · Oct 28, 2008

Quote from jem:

I just bought a 3 year tahoe z with 40,000 miles leather and sunroof for 10,000. I paid my father what the dealer offered on a trade.

Well done. Now gas is even coming way down. Perfect timing.

jem · Oct 28, 2008

Quote from clacy:

Well done. Now gas is even coming way down. Perfect timing.

well after losing 3 quarters of my net worth in florida real estate after almost getting out on time. I was due to have one good trade.

ByLoSellHi · Oct 29, 2008

Quote from jem:

well after losing 3 quarters of my net worth in florida real estate after almost getting out on time. I was due to have one good trade.

Condolences. If it helps - real estate wipe outs everywhere.

I personally know and see men on a daily basis who are monetary and psychological shadows of their former selves - selves of just 3 years ago.

GermanTrader · Oct 29, 2008

Quote from jem:

well after losing 3 quarters of my net worth in florida real estate after almost getting out on time. I was due to have one good trade.

Ouch! You'll be OK, you still have some left and are not going to gamble in RE again... right?

Mecro · Oct 29, 2008

Quote from ByLoSellHi:

When she became pregnant again, he set his sights on real estate.

Ok so this guy is practically homeless, getting fired from low-wage odd jobs, his wife is pregnant again and somehow he starts buying & selling homes all of the sudden?

I want to know the details behind THAT. I love it how in any of these amazing rags-to-riches the most important details are always left out.

Mvic · Oct 29, 2008

Quote from jem:

well after losing 3 quarters of my net worth in florida real estate after almost getting out on time. I was due to have one good trade.

Sorry to read that Jem, from reading your posts you don't come across as a quitter nor a loser so you will likely make a good comeback. Best of luck to you.

jem · Oct 29, 2008

Thanks. No worries. Things are pretty good.
I am back in San Diego, making money and trading in the mornings. I hope to rebuild my trading account over time.

I intend to buy real estate again. I had some good profits in real estate in the past. In fact I had plenty of time to get out with a profit in Florida.

It was just too tough for family reasons. I won't bore you with details but think pregnant wife wanting to nest in the house you were building on spec. Causing you to turn down an offer on the spec house and making it very difficult to sell the house you were in... while walking away from the deposit on a third property.

I hope to buy right as Obama's socialist policies leave all in despair. If obama does a good job - I will be happy renting.