On August 25 2007: After much pressure from the American financial markets and Major media outlets our beloved President, George Bush came out publicly and announced a program involving HUD (Housing and Urban Development) that will Guarantee loans ONLY for HOMEOWNERS WITH GOOD CREDIT to hopefully assist the American Homeowner from losing their homes.
Also, the president clearly stated that this program is not meant to, “Bail out speculators.”
As real estate investors, we PRIDE ourselves on going down the road less traveled, and not following the masses (the one’s who trade hours for dollars, day in day out)…
I believe that I speak for most investors when I say, We’re all grown adults, who go out and have to kill for our meals, each and every day…and we don’t need the government to come to our rescue.
If you read ANY newspaper or watch ANY TV newscast… they (the media) would have you believe that the SKY IS GOING TO COME CRASHING DOWN…because of the mortgage collapse and the slowest real estate market in the last 20 years.
Take this for an example: I personally know some very influential people in the local and even national media, and last month I did a TV interview for both a local NBC affiliate and a National Bloomberg News segment. They both wanted me to come from the perspective - that as real estate investors and landlord’s, we need the government’s help…ASAP…preferably sooner than later.
Being myself, of course, I didn’t want to sugar coat it for them or their viewers. But I saw it a little bit differently, than they did.
My position was that, YES speculators are losing their shirt. But in reality, they might as well have just taken their money and credit and went to Las Vegas, because their style is not much different than high stakes gambling.
However, this buyer’s market has given investors and the American public some of the best opportunities…EVER. And as entrepreneurs, we should not be running from it, but welcoming it.
In conclusion, don’t ever fall victim to believing that we (as Americans) need the government to come rescue us.
We’re not the Chrysler or the Airlines…
I do believe and welcome, our Fed Bernanke to lower interest rates, we are seeing some of the highest rates ever in the market. If we lower rates, a point or two, many future homeowners would get off the fence and get into the market..
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