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View Full Version : Petemfa here!! Let's get going.


petemfa
08-16-2007, 07:03 AM
Hello all!!

Came here from "another?" RE forum. Background........20+ years experience in building trades, rehabbing, flipping, renting, own 2 self storage warehouses, lived through and invested through the bust of the 1980's (made more money buying and holding then than I ever thought exsisted) I've seen this movie before (real estate bust) GET READY!!! YOUR children will look back at these times and won't believe what we purchased homes for in the next 1 to 3 years!!!

You CAN become a millionaire in 10 years! No pie in the sky BS, just hard work, scarifice, knowledge and TIMING, will get you there.

I've made my own decisions on investments for a long time. Learned the old fashion way, BY MAKING MISTAKES, ADMITTING IT, and LEARNING from them!!!
Happy to share those so you don't repeat them.

I like to cover it all, Wall St., Economics, Investments, it's ALL tied together and I will be more than happy to voice an opinion here. I know for a fact I'll learn something new everyday just reading posts here.

A word of caution........The economic mess we're in right now is a bad as anything I've ever seen. A lot of my posts will be about NOT making mistakes at this point in the economic cycle. If you don't mess up now you'll be around to pick up all those GREAT deals on the way. Having said that, there is ALWAYS ways to make money in real estate. Watching the BIG PICTURE helps you stay ahead of the crowd.

Good Luck and Thanks for having me.

Let the games begin!!!!!!!!!!!!!!

Petemfa

Chief Tutor
08-16-2007, 01:09 PM
Glad to see you in the forum. I agree with your thoughts. The next 3 years are going to be very hard for those who don't plan to ride out the market and prepare for the next up turn.

I tried to get out of my house 3 months ago upon realizing the market had topped out in my area. Got the house sold but inspections etc and the week they were to go hard, the market falls 7%. Lost the buyer, and now think getting the house sold will be a break even event instead of a money making event.

But still need to get it sold in the next 3-6 months if I want to break even. After that, I might actually lose money on the property.

We shall see. :eek: