Comedy / Tragedy It's Not Just Classic Theater

You're correct that what's going on is theater.  I'm not particularly happy about what's on the marquee this year.

Bill, here's a link to "how to create a scrolling marquee" (like a theater marquee) in MySpace.  Maybe you could create one there and embed it in a post..good luck!

http://www.avirtualexit.com/2007/09/28/myspace-scrolling-marquee/

So true Bill and a great way of looking at it. I own a couple of properties that I purchased by putting money down. That money is now gone and the property is worth what it's worth. I lost my equity position and the capital I had put into them.

I have a couple of other properties that I purchased with zero down. Those properties too have declined in value but I have lost nothing. My capital was never in them to be lost. The mortgage payment is the same and the rent coming in is the same. Since I never had any money in them to begin with it makes no difference to me.

In Poinciana right now values have declined 45% in the last 18 months. I would much rather be the homeowner who bought with no money down than the one who put down 20%. They are both upside down. But one is out hard cold cash.  The other has the same amount of equity he started with ...none.

Very smart post Bill. But you knew that:)

Bill:

Great words of wisdom.  I have been preaching this for years and some look at me like I have 2 heads.  It runs so contrary to the way many folks have been taught all of their lives.

Just another example of todays corporate philosophy. Banks want no risk...Insurance Companys want no risk... meanwhile consumers pay for the privalege of shouldering risk!

That's an interesting concept. But this is true. How many people walked away from the homes in which they only had $500, $2,500, or $5,000 as down payment? But that's all they lost. And how many people lost their $40K, $60K and $100K?

I am watching peole closing on a direct oceanfront condo for $750K, and they are not happy, but they do not want to lose their 15% deposit ($107K+), so they close. And this is crazy as I could get them identical unit two floors up from the developer for $460K. If you do it right, then the buyer could lose $107K in the worst case scenario, and their new unit would have cost them $567K. Still a far cry from $750K.

There are so many preconceived notion in Real Estate, everyone (including us) thinks they know everything, and it is so difficult to be allowed to make them money.

People pay too much money, but they do not know that. So, they do it happily...

Oh, well...