Mrcauser’s Weblog

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Ain’t welfare wonderful……

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These people would have to get real jobs instead of selling “real” estate. But as long as the gov can print money and the crooks can bribe the rulers this is what we get. pretty soon we all have to get in on the action just to survive.

This is what happens when empires collapse. A slow drawn out fizzle as every con artist gets in the action. Pretty soon they’ll have to give everybody gas money and food stamps until they get run out of town.

Probably not in our lifetime. So kick back and watch or jump in and get yours.

Save some cash, pay your debts off, and apply for more and more loans until your credit is around 800. A few thousand at a time from local credit unions and small banks consolidating any loans you have into one payment.

 Make timely payments and pay them off over the next couple of years until you can buy anything you want unsecured. Using limited liability companies, for instance,  you can buy and sell real estate with no personal exposure.

Better yet, I suggest buying used mobile homes  and selling them on time to working stiffs for the price of rent. For example, paying $5000 cash, borrowed at $90 a month or so, and reselling for $10,000 at 10% interest, payments of $320 a month, for 3 years for a profit of $6500.

Of course, if you get into the middle  of the used mobile market, say $30,000, at 10%, the payments to your new buyer, would be $500 a month for 7 years. Paying $10,000 or so, including repairs,  you make $42000 in payments minus $ 10,000 equals $32,000  total profit after 7 years.

My landlord sold me the one I have currently for $20,000 furnished, $500 a month for 3 years. I’m betting he paid less than 10 for it and remodeled it.

He’s 84. Including the one he’s living in, He’s done it 5 more times in the last 2 years that I know of.

Did I tell you he’s 84!!! His wife helps him.

She’s 86!!!

Depending on your finances and guts, there’s room to make plenty of money in the Depression.

Considering everyone needs to live somewhere used mobiles are available everywhere without the hassles and expense of real estate . Also, no banks or finance companies loan on these anymore. The rip off artists got in then out because they couldn’t sell the loans on the secondary market. Depreciating assets in inflationary times lose their profitability after several years which means we sell for 2 or 3 times our cost and collect the payments personally. With out big overhead we can out do most banks and finance companies in this niche. I can hire everything done under the table at half the cost and with complete anonymity. Not so with Bank of America. Putting it simply, it’s the income stream that counts with me not reselling the paper.

Anyways, why sell the loans? Collect the payments and hope your buyers move out and gives you a chance to resell every 2 or 3 years. Collect down payments to make any repairs and live off the interest. After all, banks have been doing it for centuries. And as for the buyer?

Beats living in your car.

After all owning the roof over your head is better than renting or sleeping under a bridge, right? Just don’t remind them that in this world you can’t really own anything but must make a payment to someone or other for the rest of your lives.

Home sales hit 26-year high in September | Philadelphia Inquirer | 10/24/2009

Motivated first-time buyers racing toward the Nov. 30 deadline for an $8,000 tax credit propelled sales of previously owned homes in September to the highest monthly gain in 26 years.

Sales rose 9.2 percent over the same month in 2008 and 9.4 percent from August, the National Association of Realtors reported yesterday.

Since February, more than 340,000 qualified first-time buyers have taken advantage of the credit, which is retroactive to Jan. 1.

Recognizing how critical the tax credit has been to a market on life support since the end of the national real estate boom in 2006, the housing industry has been pressuring Congress to extend it for another year and make it available to all buyers except investors and second-home purchasers.

“We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters, until we reach a point of a self-sustaining recovery,” said Lawrence Yun, chief economist for the Realtors’ group.

Economists agree that continuing the tax credit – estimated to cost the government an additional $1 billion – is key to a housing recovery, now forecast for the second half of 2010.

The Realtors’ group report “raises almost as many questions as it answers,” said Joel L. Naroff of Naroff Economic Advisers in Bucks County. “Clearly, the housing market is in much better shape than six months ago, when demand hit rock bottom. But aid from government incentives is disappearing, and how much demand will fall is somewhat unclear.”

Unless the tax credit is both extended and expanded, economist Patrick Newport of IHS Global Insight said, sales will take a hit and “house prices, which have stabilized recently, will start falling again.”

Newport says he expects the credit also will have boosted new-home sales when the September data are released by the Commerce Department on Wednesday.


Written by mrcauser

November 10, 2009 at 9:29 pm

Posted in Uncategorized

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