Did I tell you that "Healthcare Summit" yesterday was gonna be garbage? So what got settled? Other than Obama smushing McCain again, there wasn't even much fun or hijinx in it. The President was boring and kind of lame. The congressfolk were reading statements for future clips for re-election commercials in the coming months. Meanwhile stocks got a little "tingly" while this was all going on, but at least they came back at the end of the day to only be down some instead of a lot.
As I sat cooped up yesterday and today, like many of you in the Northeast, watching the snow blow sideways, I thought about something we have all been talking about for awhile: the housing market. Consumer confidence is down (and after yesterday's performance I bet confidence in our elected officials is at an all-time low). Jobs are going away. Foreclosures keep mounting with more to come. But then I heard another one of those mortgage company radio ads saying, "with prices where they are, and interest rates where THEY are, it's never been more affordable to buy a home. And you know what? They are right.
So I'm honing in on one of the epicenters of this housing implosion......Fort Myers/Naples/Marco Island, Florida. You cant even believe some of the prices on these either foreclosed, or about to be foreclosed properties. I have made the appropriate calls to "my people" down there. I have told them the "Monkey
Business McMansion" is going to be purchased soon. Yeah I know, I know. Prices are gonna drop further. People are not going to want to or be able to buy housing for a long time. But this is where you make the green people. When NO ONE is buying. And you know what? Based on the recent stats, almost NO ONE is buying. I'll keep you abreast of the entertaining news I hear and I know many of you were interested in partnering up. So, just respond to email@example.com again if you think you might like to go along on a venture such as this.
I've had enough of the gloom and doom and if you think about it, other than a downpayment, I plan on structuring this where we don't need much, if any, money out of our pockets. Then one day, and it could take a while, we have a small mortgage and a somewhat recovered housing market, and voila we take our cash out. A wise man once told me in the real estate market that he never makes money when he sells the property, but when he BUYS it. If you catch my drift. Sure there's some downside but if we are willing to wait it out, with very little coming out of our pockets, that won't keep me awake at night. Now in the immortal words of Jerry Maguire in "Jerry Maguire", "Who's comin with me?!?!"