08-26-2011, 05:23 PM
(08-26-2011, 05:03 PM)Cracker Wrote: What would you advise a client? Keep paying on a house and throwing money away when you could be building equity?
It's like the old white people that live next door to a housing project. Move already. White flight and all that. It is a Georgia tradition.
None of my clients or family is in this type of situation. In fact, I paid off my current home in seven years. It's called strategic sacrifice.
My clients are buying these distressed properties like hotcakes. Some have flipped them, in less than a month's time, for a $25 to 50 K profit. And they are still buying.
Starting to see how this might be leading up to another "artificial" valuation problem?
The difference between my clients and your friends is they have the capital to play without dumping a piece of shit bad decision on the market. They don't walk away from responsibility.
BTW - Who's paying for all of these loans that the people are walking from? The walkers are part of the problem.
But since they want, I guess they're entitled.