Somethin is Awry in California
I've been making offers left and right and contually get outbid! There's something awry in California.
I've seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I'm talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that's as torturous as water-boarding.
I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:
If you remember, the first thing we heard when going into this program was Warren Buffet's words: "Be fearful when others are greedy and be greedy only when others are fearful".
I'm not seeing a lot of fear in California right now as investors are sweeping up properties right and left.
I've seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I'm talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that's as torturous as water-boarding.
I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:
- There seems to be a sense of "hysteria going on in the market right now".
- Many investors believe that prices always go up in California
- If you're holding for 5 years, your probably OK
- The real question is "what will happen in the next 3 months?"
If you remember, the first thing we heard when going into this program was Warren Buffet's words: "Be fearful when others are greedy and be greedy only when others are fearful".
I'm not seeing a lot of fear in California right now as investors are sweeping up properties right and left.
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