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KUDOS! NYT Reports HOW Holding Real Estate Investments CAN Be a BENEFIT!

By
Property Manager with Gibson Management Group, Ltd.

I hope you will read the entire article from the NYT on how Mitt Romney invested in 5 rental homes in Texas in the 1980s * one each in the name of his 5 sons.

He was caught in the down-turn of the 80s so elected to rent the homes and ultimately sold one to the Stampses who have been paying him interest on his "owner financing" so that their names now appear on his tax returns as he receives INTEREST from them on their mortgage payments.

http://www.nytimes.com/2012/08/10/us/politics/in-real-estate-deal-romney-made-his-loss-a-couples-gain.html?pagewanted=1

My point is that MITT made a bad investment in TX real estate and rather than crying and finger pointing, he CREATED the opportunity for his renters to OWN their own homes and he took his INVESTMENT returns over 15+ years by way of the mortgage payments to his renter/homebuyers.

He CREATED an opportunity for people to OWN THEIR OWN HOMES!

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Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

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Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

I love it when the media is a help and not a hindrance as it most often is.  Thanks for sharing.

Aug 09, 2012 11:35 PM
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Thanks for sharing Wallace. I am sure the liberals will make this into something it is not!

Aug 10, 2012 12:36 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Wallace, this type of thinking and creativity is exactly what we need at the top.  He could have have refinanced you know..ohh thats right thats how its currently being done at the top.

Aug 10, 2012 12:58 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Story says that the Stampes JUST re-fied AGAIN with Romney....somebody who HAD borrowing power helped someone WITHOUT borrowing power....and the LIBS are after them because their names appear on Romeny's tax return

Aug 10, 2012 03:17 AM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

Great story.  Love the positive help the Romney's did for the Stamps.  Life is good.  It's a win-win. 

Just had an owner stop by to pick up a leftover item in the second home I just rented for him.  He was HAPPY, HAPPY, HAPPY.  He shared they never intended to get into real estate, BUT are thrilled as it's their best ROI these days and he believes its the best option for the future!

All the best, Michelle

Aug 10, 2012 06:26 AM
Yolanda Hoversten
Self Employed - O'Fallon, IL
Referrals for O’Fallon, IL & the Metro East

News that help Romney are not reported, but fabrications have legs, like Reid's despicable charge, and the latest cancer ad coordinated by the WH.

Romney served as Governor in Massachussets without salary, but that's not common knowledge. He accepted to save the 2002 Olympics without pay if it didn't make profits, when it did, he gave it to charity. He gave his inheritance to BYU.

What has Obama given up? Maybe not playing golf every week?

Aug 10, 2012 10:35 AM
Dale Terry
Yadkinville, NC

All very legal and very smart.  Not only that, not one person was hurt.

Aug 11, 2012 08:56 AM
Dale Terry
Yadkinville, NC

Yolanda, the press is allowing this to happen.  Romney is probably the most moral man ever to possibly be president and they say he does pay his taxes?  Hogwash.

Aug 11, 2012 08:57 AM
Yolanda Hoversten
Self Employed - O'Fallon, IL
Referrals for O’Fallon, IL & the Metro East

Dale - the fourth Estate is no longer the people's watchdog. It has become the dems' bulldog.

Aug 12, 2012 12:53 PM
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Yolanda,

Instead of reporting the news, they are shaping it. Editorials have always done this but now mainline stories are. :)

Steve

Aug 14, 2012 12:42 AM
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Wallace,

Excellent story. Glad you were able to share this. :)

Steve

Aug 14, 2012 12:42 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Wallace

This is the difference in a man of character and people who have none.

Aug 14, 2012 12:49 AM
Yolanda Hoversten
Self Employed - O'Fallon, IL
Referrals for O’Fallon, IL & the Metro East

@Steve - Agreed. It doesn't help the country because it makes us all unnecessarily cynical.

Aug 14, 2012 04:53 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Other people might have just blamed the problem on George W. Bush.  We should elect a guy like that President.

Aug 15, 2012 08:43 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Dems are saying these guys are wealthy and while they may be....they got that way by themselves....Few know that Romney gave the money left to him by his father to CHARITY and started over...so did Bush 41...he started an oil comany from SCRATCH

Aug 17, 2012 08:59 PM
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