Quote from HedgefundTrader2:
Nobody is buying anything. Real Estate the best wealth building tool is like a Millstone around the neck. Its shunned with a disdainful attitude. People are living in one bed room cages and children playing on the streets and dodging passing cars... they can't have a puppy this year..
Its not easy to buy real estate now. You need 10% down payment or you are not setting foot in that house you had waited for 2 years to go cheap. There are no iffs and butts. The rules of the game have changed and you could be living in that house had you bought it when FINANCING was easy... and you could have doubled that "price" in 10 years giving you a luxurious place to raise you kids..
Who should I call stupid here?
Quote from PohPoh:
yeah..the price of housing doubles every 10 years...what planet do you get that data from? it's stupid misconceptions like this that helped get us into the current crisis we are in...
ahhh, spend my home equity because the house is going to double in value every 12 months...
You are a financial airhead...
Quote from PohPoh:
Nobody is buying anything because
A) nobody can afford nothing
B) nobody can get loans for nothing
Use your fucking head, numbnuts...what does this tell you?
Quote from HedgefundTrader2:
Personal attacks? Tsk! Tsk! Using profanities? What do you lack civil upbringing?
Apart from that I will answer this for you.
Bought my first property 1988 for $60,000 ( foreclosure sale)
Value todays real estate market $600,000
Net gain = $540,000
Tell me where you can do that? Gone through 3 real estate cycles the worst one 1992- 1997. The values kept on increasing flawlessly, I didn't have to do much.
Can you do that? Yes you can... its not rocket science. Real estate always go up when up cycles comes it doubles and triples in 2 years the demand is hard and furious red hot...you have to beat the buyers away with a long stick.
Quote from nyxtrader:
You didn't make 540k. People crack me up. Although if what you said is true, that is a great deal.
When I was getting my masters, I did a paper on real estate and people have this idea that they make money holding long term real estate. I am not going to get into it in depth but for the average person...taking out a 30 year loan, by the time you pay interest and all the up keep on a house, you actually lose money. However, it does give you shelter which is priceless. Get what I am saying? I will have to find that paper.
Quote from trendlover:
Maybe its not a big return on the investment dollar wise, but somtimes it is if a person buys, holds for 5 or so years, then sells before putting into too much interest or upkeep. But those that own their own home can leave it to their children in estate. Leaves something to their children when they are grown, Renting an apartment is paying someone elses morgage and someones elses children reaps the reward. Nothing wrong with renting if a person doesn't want the hassle of upkeep, but owning has its benefits.
Quote from HedgefundTrader2:
Personal attacks? Tsk! Tsk! Using profanities? What do you lack civil upbringing?
Apart from that I will answer this for you.
Bought my first property 1988 for $60,000 ( foreclosure sale)
Value todays real estate market $600,000
Net gain = $540,000
Tell me where you can do that? Gone through 3 real estate cycles the worst one 1992- 1997. The values kept on increasing flawlessly, I didn't have to do much.
Can you do that? Yes you can... its not rocket science. Real estate always goes up when cycle comes it doubles and triples in 2 years the demand is hard and furious red hot...you have to beat the buyers away with a long stick.
Quote from PohPoh:
I bought a stock once...
it went up 800% in 2 years..
Hence, all stocks go up 800% every two years...it's not rocket science...stocks always go up when cycle comes it doubles and triples in 2 years the demand is hard and furious red hot...
Quote from nyxtrader:
I agree with your statement. but to say he MADE 540k.. that isn't happening. Know what I mean?
Quote from nyxtrader:
How about this one. In october of 2002 RIMM was trading at 2 bucks a share. a 200k investment would have turned into 23mm in 5 years if you would have cashed out at its high.