Are you kidding me? Wake up and smell the coffee! Wealthy people for the most part don't get rich by buying at prime prices and selling when it looks like the bottom is dropping out of the market. That is how the average Joe does things, but not the knowledgeable investor.
If I were Donald Trump or any other smart investor with lots of available funds I'd be scoffing up foreclosures left, right and straight ahead. I'd get my team of property managers busy rehabbing those houses and getting qualified tenants. The market will ultimately settle down and begin to rebound and the opportunity to sell those properties and make a significant profit is a very real possibility.
I don't believe these kind of investors are mortgaging properties to the hilt either. Cash is king! Financing properties is ok as long as you are in a position to pay it off if necessary and can use the write-offs on your taxes.
This is still very much a buyer's market and the TRUE investors are taking advantage of the opportunities that this market is providing, they are also preying on the fear factor of the hesitant.
Don't be a woulda, coulda, shoulda buyer! Make the wise decisions when investing, don't let fear rule you and don't spend what you don't have. If you are able to purchase low and hold the property until times improve than this truly is the time to get off the fence.
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