I met an interesting Self Made successful Real Estate Guy last night at another Investors meeting. His positive outlook on the Economy and Housing market was very refreshing. Instead of all the folks that have “no skin in the game” (no first hand knowledge) and are very quick to beat up on Real Estate and how it’s going to go down X% in the next X months, Denis was wide eyed.
He recalled how one of his Mentors, Tom Flately, cautioned him on holding rentals that didn’t cash flow: “The first of the month comes every month!”
Then his own outlook: “Banks’ll be lending within the year. They’ll be shovelling money out the door like they used to. Beg, Borrow and Steal any money you can to get into this Market. We’re at the bottom now and starting up. Obama will get this economy going so he can be reelected in 2012! Also there’ll be a housing shortage within 16 months because nothing has been built in the last 3 years.”
As Real Estate Investors we must sift through a lot of information, decide what to do and MOVE on it. I’m optimistic also, What do you think? Mike