Hope the holidays and the coming new year have been good for you all. This time of year I always try and mentally recap the past year and it was a real …er challenge. lol.
The very good news is that I was able to catch up on some reading and to tell you the truth I needed this break. I helped my secretary Vicky move to T H Indiana and spent a month up there…it gets cold there folks starting in Oct!
I hear from a lot of folks off the board here and the gamut runs from doing great (his main job is in collections…kinda figures,eh?) to desperation. didn’t someone really cool once say," Most men lead lives of quiet desperation?" Help me out Anne! who was that?
Things are tough in florida right now as I am sure they are where a lot of you live. In 2 years I went from 17 performing L/H notes to 2. Now have 64 rentals and are at 88% occ, on land and 61% in Park. We have experienced the wave of subprime, are experiencing the wave of prime and have a huge wave of commercial foreclosures to enjoy in 2010.
I find this exciting. I am looking at another Park to L/O at a true 19 CAP and I won’t put any money in to master Lease. ThePark is in Orlando and I love that demographic. I must be mad. … I want to buy in this market. We are seeing 2001 doubles on 5 acres selling for 34K Cash WOW! 2 years ago tnis home sold for 177K, The problem is cash to do deals right now.
We will see the greatest redistribution of wealth in a few years. The ones that can hold on and status quo or grow will grow wealthy. folks that are highly leveraged will return assets and hopefully begin again on a cash and carry basis. Afordable housing will always be in demand.
I will bet everything I own on this fact in the coming year…anyone eles besides me and Lin looking to buy???
A prosperous New Year to ALL,