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Real Estate Investment Isn't So Great right now
from: Mortgagedown.comIn a recent article, W Ford asked 'If real estate investing is so great, why isn't everyone doing it'?
Ford says:- Oh, that's an easy one. I can answer that in one word. FEAR.
Mortgage down say - over the long term, the stock market has massively outperformed real estate. In fact, real estate over the last 200 years barely beats general inflation.
Ford says:- Real estate investment is a great way to change just about everything in your life, but it's one of those things where doing it for the FIRST time is the toughest. In fact, the second is exponentially easier!
MortgageDown say:- Timing is everything. Sure, if you get in at the start of a boom ,you'll probably make money. A rising tide raises all boats! BUT...Get the timing wrong, and the same leverage that works FOR you in a rising market will bankrupt you even faster in a falling market, like now.
Ford says:-- "Everyone knows that the surest path from low income to millionaire is through real estate." This appears to be a well-documented truism. I've seen a similar statement in some of the most prestigious financial resources on the planet.
Mortgagedown say:- Bill Gates, Henry FORD, JP Morgan, nope, that's right, they DIDN'T make their fortunes in property. To make SERIOUS money, you generally need to add value in some way. Just grabbing as much property as you can and renting it out doesn't really add anything to society. In fact, it might more properly be described as being 'a lazy parasite'
Ford says:- I rarely hear of someone losing it all from real estate.
MortgageDown say:- Try listening a bit harder! Repos rose 60% in the last quarter! Prices are falling, and overgeared folks are in BIG trouble! Ford, you really are living in La-la land!
Ford says:- There are a lot of properties available. Folks are still divorcing, dying, or just not paying the bills and getting foreclosed on. Much of the foreclosure activity is not SEEN by the public, but most of it is available to the public.
Mortgagedown say:- Nice. Contradicting youself in the same article. Foreclosures bankrupt people, in case you hadn't noticed. So how can you 'rarely hear' of people going bust from property, then claim there is 'tons of foreclosure activity'? Mmmm. Ford must be a realtor, to be unable to grasp such a simple concept.
Ford says:-There are a lot of properties available at below market prices.
Mortgagedown say:- the myth of 'BMV' is a hoary old chestnut indeed. No one hands out $10 bills for $5. Anyone who tells you otherwise is either stupid, a liar, or both. Mr Ford may want to consider that today's 'Below Market Value' price is actually tomorrow's MARKET PRICE! That's what the property sold for! How can it do ANYTHING apart from set the new 'market price'??? Muddy thinking from a desperarte estate agent methinks...
Ford say:-Rental demand is strong and rents never go down!
Mortgagedown say:- Untrue. Rental demand is falling off as people tighten their belts. Many folks are living with relatives far longer. The states are FULL of new build 2 bed 'luxury' condos that the hopeful wannabe landlords cant rent out AT ANY PRICE. And those who DO have tenants, find that they have to lower the rents at each review in order to keep the tenant.
Ford says:-So with all this common knowledge and raw opportunity out there, why isn't everyone investing in real estate?
Mortgagedown says:- its obvious, to anyone except a half wit. House Price inflation has collapsed, house price deflation is just around the corner, and anyone with any sense is 'keeping their powder dry' at LEAST until the end of 2008 or summer 2009 when the cycle might stand a small chance of reversing to 'boom' mode again.
Ford then goes on to say that the reason EVERYONE isn't joining the crazy house pyramid scheme that is now unwinding all around us is... FEAR!
That's right folks. You are a coward. Unless that is, you buy an overpriced condo in a ludicrous unrentable location and help the previous owner/developer escape from the prospect of imminent financial disaster. Go on. You know you want to. Save someone else and ruin your own life! Ford no doubt also thinks you are ugly as well as chicken, although he doesn't say so in his badly written misinformed 'article'.
Ford claims to have the following motto:- "Knowledge Always Precedes the Money."
In fact, the money leaves just as knowledge spreads. Hence the expression 'SMART MONEY'.
We have NO idea who Mr Ford is, but sincerely hope that if he has followed his own advice, he has some rich Granny somewhere to bale him out soon!
If you want even more laughs and a look at how desperate 'vested interests' try to control the housing market with disinformation, try heading over to Ford's actual site - the hilariously titled
Rehab-Real-Estate.com.
About the Author
The truth about house prices and mortgages can only be found at www.mortgagedown.com
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