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Originally Posted by HighRoller
I have been a full time real estate investor for 3 years, and I network with up to 1500 investors locally at a time.
No matter if real estate goes up and down doesn't matter to my business.
We get houses 10-20% from market value, from builders, sellers, and investors about to go into foreclosure and bankrupts every day of the week, I can't keep up with the discounted homes, their are so many.
I will tell you that Minnesota is one of the most steady markets their is, and the last 1-2 years has been a buyers market.
You will see a drop in California.
Florida and Nevada will have intermitted set backs
as at certain moments they overbuild.
We are getting connected with the florida pre-construction
where 1100 people a day move there, and you can be assured
that the retirement population will double in the next 5-10 years
that's the largest lifestyle change in the history of the US.
Also the creative class of many top paid professionals couldn't
realistically live anywhere they wanted as their jobs tyed them to
a specific area, with technology, email, fax, phones, teleconferencing etc
we all have flexibility for the creative class allowing them to move to desirable areas. I know people in real estate in Nevada I work with
it's still booming big, yes last half of last year it went form 2000 to 14000 listings almost over night, another 4 months went buy and the demand was big again. I know 1+ year ago they had about 8000 people a month moving down there, I haven't heard the latest, Arizona is where a lot of people seem to be buying the lots, nevada I think it's still on it's way out in the next year ot two, sure it will keep building, but keep in mind much of the builders are from cali, not even looking at the property like it was said.
Florida will be big for a long long time, but certain areas.
As far as people thinking stocks are better than real estate
I can't even get into why that comment is soo far off
"leverage" is the only word that needs to be said
and yes real estate does go down in pocket areas, but has
gone up about 5% in 100+ years, and 6% more recent 30-40 years.
Californian's are so far overleveraged over other states, it will go down in areas. it will take a while to recover, that's just how it works, needs a correction, not a big deal really, if we are all in it for the long term.
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Listen to Highroller. That's the voice of practical, professional wisdom speaking.
I agree yet see a wee bit more of a not-so-happy scenario. You have to add into the equation disasters of man made and nature. New presidential election coming up in 3 years and the heat is going to be on. The scariest factor is going to be seniors who are debt ridden and baby boomers retiring or trying to retire and are debt ridden. Their kids getting out of college are debt ridden before they enter the work world.
That's the scenario of the near future boys and girls. The only way to resolve it is families teaming up again.
ABC News is just now covering what I'm talking about! Global diseases ( watch that bird flu thing ) and senior citizen's pensions. Guaranteed retirement plans in W. Virginia $5 Billion in debt! One thing we ain't running out of is old folks. 40+ states are in a quarter trillion $ hole for retirement. Who's gonna pick up the slack for these retirees?
Mark my words, listen to what Highroller just laid out too.
For some of us who saw the light and are making money via the web there's a glimmer of hope as we can network and make great dough and stash it away. Some of us are webmasters, some artists, some marketers etc. Making crazy money constantly. WE will not fall off but I guarantee you in a year or two people will be looking up to us to rescue their asses. Especially us who have low overheads and high ROIs. If shit hit the fan I always know I have numerous other pals in pornmeistering I can work with. Likewise to them.
We can't trust the governments to rescue our asses, we have to do it ourselves.
Unless there's a major breakthrough in energy or medicine we're gonna be doomed.
That's the big scary scenario for the powers that be, energy revolution and it's coming fast!