Donald Trump was recently interviewed on Good Morning America about the current housing market. http://abcnews.go.com/GMA/Story?id=5562889&page=1 Mr Trump believes this is a great opportunity to buy, and I agree not because Im a Realtor, because I believe in making my clients into millionaires.
The rich and the wealthy have alway historically taken advantage of a down market. Donald Trump has always done this. The Rockefellers did this as well. This is how they build wealth and accumulate assets by buying cheap and maximizing the power of thier dollar! While many are scared of the market right now, I have many investor clients taking advantage at this very moment and are poising themselves to become future millionaires by investing in the market when they can get more for thier dollar than ever.
Sit on the sidelines as the housing crisis passes and prices are restored to normal? That means they will increase, and your opportunity to buy in cheap has passed. So purchase a property for $200,000 when the market recovers that you can purchase now for $180,000? How about instead of spending that much on one property, you purchase 2-3 foreclosed properties for rental investments and cash flow and when the market returns to normal you gain equity also? That is not a new concept. This is how wealth its made in real estate.
How about purchasing raw land at auction? I have a client who purchase a commercial lot for $60,000 about 8 years ago at an auction. They sold 30% of it last year for $2 Million. No they were'nt overnight millionaires like you hear about in the late night infomercials. However they didnt even have enough to retire on until this transaction and now they can live comfortably. Stories like this are comming true everyday, and Im working hard to make that happen for my clients.
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