The real question is, why would anyone do business with this guy?
Honestly, I think he may be cognitively impaired. It’s like the NASDAQ just crashed and he can’t wait to buy more Nortel Networks stock (click for larger image):
Dollar cost averaging, anyone?
Wow. What a BS’er. Give him credit for at least admitting to his folly. Note to Reators, you can buy real-estate as an investment when it cash flows positive or when you have a reasonable expectation that it will in the near future( ie raising rents.)
Multi-million dollar mansions just don’t pencil out, buddy.
PS the whole Zen thing strikes me as an act to make rich people think he is sophisticated.
I admire the guy’s honesty. Better late than never.
Serious question: What will happen to this country if the (predicted) 15 million households who will soon be underwater on their mortgages decide that their investment is no longer worth pursuing? In other words, what happens if they decide to act rationally, and walk away from their obligations?
If just 10% of them take that route, that’s 1.5 million new foreclosures. A lot, to be sure. But what if 30% do it?
Or let me put it another way: Just how f*cked are we?
http://www.nytimes.com/2009/02/18/business/economy/18leonhardt.html?_r=1&hp
It’s going to happen. And its going to be much worse than anyone expects.
It’s called ruthless default aka rational default.
I think we should take action to speed up foreclosures. Get’em auctioned off as fast as possible to the highest bidders so that the market can bottom out and normalize. The market needs to pass the kidney stone.
(rocket-docket)
http://online.wsj.com/article_email/SB123491755140004565-lMyQjAxMDI5MzE0ODkxMTg3Wj.html
Whoa. This guy is unbelievably smug I think. Who knows how many shady deals he has been a part of? He even said it himself, his motivation was pure “greed”. Will be interesting to see where he ends up. He’s a wheeler dealer. I’m sure he’ll be fine.
this type of realtor makes me sick, but what can i do , he will be paying for his mistakes for the res of his life.
(admind if its true the TAO in sunrise was taken back by the lender that’s Yet the biggest failure of any condo project in south Florida, and did you notice that all those project are FROTUNE REALTY PROJECTS)
Hey, where is that guest post about it being a great time to buy a home? Don’t you want to convince everyone to buy now?
i have been swamped belive or not
did you look into TAO
It’s totally an act; every cheat needs a gimmick and this guy will cure you of the stress in you’re life by selling you a home and meditating with you. It makes a lot of sense to someone investing in real estate. People are very willing to believe a guru (the guru? why would he cheat me? –see all the fallen preachers from the pulpit; TV evangelists) because we americans love to believe a big fantastic lie and are much more likely to fall for it compared to a little lie with an element of truth to it