All Forum Posts by: Phillip Gainey

"Ya gotta beat'em and burn'em. They go up pretty quick."

Sheriff McClellan (On how to deal with the walking dead)

The Night of The Living Dead (1968)

http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash4/309525_297685990242318_183504651660453_1303480_22578162_n.jpg

No such thing as a glut if the item involved is something that is needed and wanted, and prices are allowed to fall freely as far as they need to absorb the excess quantity. Aren't the banks keeping housing prices artificially high by hanging on to inventory? Granted, RE prices are INelastic, but how many REOs are there? Maybe we just need a huge "flea market" and sell everything off. Better than burning houses for cripes sake!

Sooner or later, all these houses will be sold off (the ones worth buying at whatever low price they need to fall), or torn down (you can buy farm land in the inner city of Detroit now!). Let's get it over and done with already without government interference. Dog eat dog, "Ruff!".

Logically, one should take Obama's announcement as a "sign" that troops will NOT be coming home. A prognosticator could have made a very good living predicting exactly the OPPOSITE of what comes out of Obama's lying lips.

You are obviously braver than I am. East Saginaw, Pontiac may not be Detroit, but close enough for me. 27% of Pontiac lives at or below the poverty level. So, at least as far as being a long term buy and hold landlord is concerned, I'd "pass". Flips maybe.

PG

Okay, good, thread got moved here so can be more overtly political. Consider the source of the announcement (Obama) Doesn't exactly have a record of truthfulness. Actually, the opposite of what he says is usually true. Therefore, I'd have to conclude we'll be in Iraq for quite awhile.

PG

Joe,

I agree. I hold a couple notes on properties in Roseville. Oakland county (less Pontiac "Detroit Jr") is also good.

PG

I'm not ascribing behavior to race. It's more a cultural phenom. In this case, cultural norms and attitudes in the so-called "black community" in the U.S. I'm talking neighborhood and city demographics, including race, the resultant culture and likely INCREASED PROBABILITY of riots, crime, eviction, non payment of rent, property damage, stolen appliances on move out...etc.). Factors that impinge on the RE investment decision.

Riots happen in black urban areas. Not in low income mostly white exurban areas Statistically black females have the highest eviction rates. If that worries someone, be careful where you invest. You can't discriminate
in who you rent to. You CAN chose where to invest.

Check out the following links:

http://www.amren.com/mtnews/archives/2011/08/americas_14_mos.php

http://trueslant.com/megancottrell/2010/01/27/eviction-is-for-black-women-what-incarceration-is-to-black-men/

Here is my favorite "Occupy Wall Street (and whine)" protest clip. Turns out the guy is actually an Ivy League grad student with a trust fund.

http://www.youtube.com/watch?feature=player_embedded&v=oSo-MEiMbac

BTW, the lame stream media is trying to make this protest out to be main stream and grass roots. It's not, it hard left all the way. And Obama has endorsed it. Big political mistake!

Now, will some of you PLEASE to down to WS and offer this kid a job painting your vacant rentals! I'm sure he'd JUMP at the opportunity!

YOU DIRTY CAPITALISTS!!!

Riots, with associated violence and looting, in the US have typically been in black urban areas. Try collecting rent under those conditions. Hard to say whether the case would be the same if densely populated low income areas in the country were white.

PG