Housing bears are stoooopid - it must be spring. That's when the flame mail comes!
This happened last spring too. Well, it's almost spring. This is getting predictable. Last year it was from a realtor. There was another one from a person whom I believe bought at Centex Fusion and felt a need to justify the purchase.
This year it's from a guy who claims he was a former math/science teacher and he is now a wealthy real estate mogul, but the funny thing is, for a math/science teacher he doesn't seem to be able to operate a computer very well. Either that, or he has what amounts to a compulsion to tell the housing bears what idiots they are. He posted the same comment three times. Anyway, here are his comments.
And by the way, Mario buddy, am I supposed to be impressed by your toys? You don't have anything that I would want...
Post #1 Mar 16, 2008 12:38 AM
Mario has left a new comment on your post "Preliminary look at February 2008 Redondo Beach sa...":
All the doomsayers and psuedo-intellectuals pretending they can PREDICT what will happen in the real estate market. I used to be a school teacher (Science/Math), Four years ago bought eight properties (some with sub-prime loans). I purchased mainly rentals units. Today I am no longer a school teacher, but retired at 49, living in a Beach House with a corvette and mercedes SL paid off cash. Boy, I am glad I didn't listen to all the "know-it-alls". I wasn't afraid to take a risk....like the doomsayer.. lol... golf anyone? (oh that's right, you have to go to work because you know so much about real estate. You know, as a rule most real estate doubles every ten years..when I am sixty...I should be worth 12m....so keep telling us how smart you are so I can continue laughing.......
Post #2 Mar 16, 2008 12:40 AM
Mario has left a new comment on your post "Preliminary look at February 2008 Redondo Beach sa..."
All the doomsayers and psuedo-intellectuals pretending they can PREDICT what will happen in the real estate market. I used to be a school teacher (Science/Math), Four years ago bought eight properties (some with sub-prime loans). I purchased mainly rentals units. Today I am no longer a school teacher, but retired at 49, living in a Beach House with a corvette and mercedes SL paid off cash. Boy, I am glad I didn't listen to all the "know-it-alls". I wasn't afraid to take a risk....like the doomsayer.. lol... golf anyone? (oh that's right, you have to go to work because you know so much about real estate. You know, as a rule most real estate doubles every ten years..when I am sixty...I should be worth 12m....so keep telling us how smart you are so I can continue laughing.......
Post #3 Mar 16, 2008 12:53 AM
Mario has left a new comment on your post "Preliminary look at February 2008 Redondo Beach sa...":
Darn I am glad I didn't listen to all the doom and gloom pseudo-intellectuals on real estate. I purchased eight properties within the last four years. I presently collect 30K a month in rents (I don't care what value the properties are or if they go down to zero dollars) All I know is that I listened to know-it-all's (most don't own more than one property). I would still be a school teacher The definition of having money to me is not having to take any s..t off people, not the amount. Today I drive nice cars (paid off) take great vacations and don't have to work if I choose not to..golf anyone?
posted by bearmaster at 10:09 AM
4 Comments:
The claim that real estate doubles every ten years is simply not correct.
Mario is a funny guy. Let's look at some of his comments:
"Today I am no longer a school teacher, but retired at 49"
"real estate doubles every ten years..when I am sixty...I should be worth 12m"
"I presently collect 30K a month in rents"
So we can assume that his rental properties are worth $6m right now. 6% interest on $6m = $30K/month. He only collects $30K a month. Even if he had a $1m down payment his interest would be $25K/month.
Anyone want to guess what is going to happen when Mario's sub-prime loans reset?
Back into the work force at 55-60 with no savings after a BK is not what I wish on anyone.
jersey dave,
That was hilarious. The south bay seems to be one of those areas that is the very last bastion of "bulls in denial". These same comments were muttered in the San Diego, The Inland Empire, Orange County, the San Fernando Valley etc etc right as the downturn hit those areas in earnest. The south bay will be no different, same thing is happening here as it did in those areas, sales volume is falling off a cliff which will be followed by significant price drops. I would say that Fall 08 will silence these last bulls.
Very funny JD,
What's especially frightening is that Mario claims to have been a MATH teacher, and still couldn't figure this one out. Even if he wants to shove his tax breaks in our faces, you didn't account for any property taxes or maintenance.
I'm now am just beginning to understand why kids nowadays are so stupid.
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