Hey Ya'll


#1

Got our of the hospital last thursday and want to thank every person that wrote, called, emailed and set cards to me.

In July I noticed I was getting really tired, but I was also working 16-18 hours per day and didn’t pay it much mind…in the middle of sept I fell out at work and got taken to the hospital. 3 weeks in IC unit, 3 weeks in cardiac and I’m a different person. I had pericarditis and it usually comes on after a flu episode or virus which I had in May.Andy gibb died of a similiar ailment myocarditis, which happened 5 days after a viral infection.

Very, very serious stuff…my heart was beating 16 times a minute when I was admitted.

I go into these details because this is a fairly common thing n people of all ages just after a flu or viral infection. You really can’t miss the symptoms…take a step, fall down etc LOL!

It was a little slice of Heaven not having a cell phone attached to my earand gave me a minute to think about things and I tell you true…I’m confused. I had CNN on 24/7 and my wife was trying to refi or sell a property (my co-pay is upper mid 5 figs) and when we had an appraisal pulled for the only stick built home we own we were stunned to find it was worth less than what we paid for it 2 years ago(and we stole it) and 100K under tax roll asessment. Did some digging and found there were 11 short sales in this subdivision last year and they were all 28 -33% of outstanding mortgage, Plainly put 200K for 60K times 11 IN ONE SUBDIVISION The home I paid 88K for that appraised for 177K is now appraised at 77K! OMG appraisers use comps exclusively and comps in the same subdivision are powerful! My Bank will mortgage up to 70%(self employed)so I can pull about 50K out at 6.25% fixed and only owe 12K more on copay or try to sell it for 77K and use the loss on future gains, if I ever have one again LOL.

I go into THESE details because they vividly depict (I know, I’m trying to stop) how actions can have an unexpected consequence. Banks are not our friends. We can not finace 800 credit scores with free and clear property for 50K. But Bof A made billions in profit last quarter from our TARP money and if I am lying I’m dying (again) they made 2/3 of this profit in the market IN DERIVITIVES. These are very complex instruments that got BofA in the mess we bailed em out of…and they are back doing the same actions expecting a different outcome. BTW that is the legal definition of insanity.

I know a lot of people are hurting out there…I’m also hurting but I notice I eat the same foods, drive the same vehicles and do about the same things whether I have 16 in account or 16oK in account…I just have to balance a lot more often.

No one ever told me this mobile investing would be easy but this truly can’t keep up much longer…some subdivisions had over 1/2 of the homes for sale as REO’s (bank owned). Realtors got smart and removed all the signs. We have a published unemployment rate of 13.9 actual is 51/2 points higher…you cant buy a job here with cash right now…Sonic cut hours!!!

I’ve got food in the fridge, gas in the truck, and cash for Wendy’s value menu in my pocket for tomorrow…I’m a happy man!

Can anyone out there think of another UC (unintended consequence)?

Let’s hear 'em!!!

Greg


#2

I am so glad that you are back in action Greg. We said more than a few prayers with your name in it along with some other friends and family that were sick.

My daughter was born at the end of last month and capped off a wild ride for this past year.

I too realized that my life changes required me to downsize my business (opposite of what every book and course I have ever read teaches) to create a life of fewer properties with close to the same true net income. Less work, more time, fewer headaches and about the same pay is what I call an even better, semi-retirement.

My first semi-retirement was more self employment than entirely semi-retirement but I defn had the advantage over most self employed folks. My hours were still my own to choose when I worked.

I have run into the same issue with banks and like you and several of the simple living type folks I chat with, I have about had it with banks. Yes, I needed their money to get to where I am but as we sell of properties and pay off others we need them less and less.

I am glad to say that the hard work is paying off but I know there are always set backs in life. Nothing is ever too easy and if it is, I can expect the unexpected to make an appearance.

Greg, I cannot tell you how happy we are to hear you are back on your feet.

Tony Colella


#3

Post Edited (04-14-11 21:19)


#4

Greg,

Great to hear you are on the mend. Sorry to hear your local “reality” is so bad. And next year looks like it’s going to be interesting also. Although we have not had the wild swings in the economy up here in the ice box. We are in serious belt tightening mode. One thing we are trying is giving our older homes to the tenant with an agreement that we will take it back any time without penalty. After going over repair and upkeep numbers the spread between lot rent and market rent for these units is so slim it makes sense to give them away. We will let everyone know how it works out. Also just got a brand new tax bill from good ole NY. This one taxes anyone who has a health dept permit and goes by the number of gallons of water usage so I pay it then the muni sewage plank pays it again. Gotta love those Albany politicians (voted most disfunctional 4 years in a row)


#5

Greg

Many of people have asked me about you. I am glad to see this post and the fact you are back. Eat your Wheaties do your push ups and keep getting better.

I will have to be the contrarian here in regards to business. Our occupancy is up in Burlington, NC and we are now switching to new home sales. We had 9 vacant homes and evicted a couple more at the beginning of the year. I have 1 vacant now and only because of repairs.

To Your Health

Rick


#6

Tony

Congratulations on your new daughter. I have 2 and they are the grounding factor in my life. They also freely offer me advise whenever they think I need it. I love um

I am still invious of you getting to be a gentlemen farmer. Ah the simple life

Hey I am in CA maybe I could become a pot grower.

Take Care

Rick


#7

Tony…congrats on a healthy daughter.

You will be an AWESOME Dad Tony, and the good news is daughters make great helpers until 13 years of age lol!

Greg


#8

Greg,

A big welcome back. I love your positive attitude despite the bad-news-bearers all around you.

Looking at the bright side makes you feel better (and healthier). Looking at the misery only brings it closer.

I repo’d 9 homes in the past 6 weeks and 1 more coming, that’s 20% of my stuff. The cool thing is most have paid for themselves already. More money for me on the resales. Two cash buyers in the past 10 days! My last cash buyer was 5/22/08. Looking forward to more sales, gotta love those cash sales.

Keep up the good work, Greg. Keep up the heartbeats too.

Steve


#9

Tony,

If I didn’t say it before, I’m saying it now. Congratulations, you’ve got a great family going.

Steve


#10

Welcome back Greg, it was great to finally talk with you the other day and know you were really ok! Hope I didn’t drive your wife to nuts… :wink: You got a good one!

Gotta love ya, even in the face of death you are trying to find what others can learn… You’ll always have a place in my heart brother!

Get your butt better, there’s fish down here in the mountains that need you to give them a sore lip!

Best wishes,

Ryan