All Forum Posts by: Account Closed

@Steve S Sounds like don't trust but verify. :)

In my local market there recently was a big scandal about someone who was ripping a bunch of investors off. Without going into too much detail, he was a well-known guy in the local community and a lot of the investors who were taken, considered themselves seasoned and experienced. I have never had any dealings with this individual or any of the people who lost money but in today’s day and age once it hits the internet the word gets out there. What I don’t understand is how people didn’t see it coming. I remember the first time I met the guy. I was headed to a meeting and new to the city. Someone I knew well was going with me and said “I want to know what you think of this guy. He’s kind of controversial. Some people like him, some don’t.” After the meeting, the same guy asked me for my thoughts. I remember distinctly telling him that I have met a lot of ------------s in my life. I would keep my distance from him. It never ends well. I could smell the BS rolling off of this guy. I am just surprised that so many ‘seasoned’ investors were taken by him. 

What tell tale signs do you look out for to know when you need to distance yourself?

@Erik W. I have changed my business drastically in the last few months.  But I remember getting stuck in 2009 because I didn't understand what is going on.  I fear many will not adjust and will get hurt in this market.

In my local market there recently was a big scandal about someone who was ripping a bunch of investors off. Without going into too much detail, he was a well-known guy in the local community and a lot of the investors who were taken, considered themselves seasoned and experienced. I have never had any dealings with this individual or any of the people who lost money but in today’s day and age once it hits the internet the word gets out there. What I don’t understand is how people didn’t see it coming. I remember the first time I met the guy. I was headed to a meeting and new to the city. Someone I knew well was going with me and said “I want to know what you think of this guy. He’s kind of controversial. Some people like him, some don’t.” After the meeting, the same guy asked me for my thoughts. I remember distinctly telling him that I have met a lot of ------------s in my life. I would keep my distance from him. It never ends well. I could smell the BS rolling off of this guy. I am just surprised that so many ‘seasoned’ investors were taken by him. 

What tell tale signs do you look out for to know when you need to distance yourself?

@Eric James Yes. and I think there will be.  I think urban flight is a very real possibility for a lot of cities.

@Steve Morris all wise points people should consider. 

@Marcus Auerbach Do you think there will be an uptick in foreclosures on lower end housing?  They seem to be the most vulnerable.  Or is there a high enough demand that people will be able to sell without being foreclosed on? 

@Dennis Cosgrave I think there is going to be a huge urban flight.  I think it is more going to do without lifestyle choices than anything else.  People have been stuck in small apartments working from home without the comforts and conveniences of why they moved to the city in the first place i.e. shopping, restaurants, bars, etc.  They are already starting to reevaluate and the longer this goes on the more likely they are to make a move.

@Juan Pardo election years are definitely a factor to be considered.  I don't know if we'll have a clear picture after November but I do feel some uncertainty will be settled one way or another.

@Connor Bell What you say makes sense.  I wonder what the timeline will be.  So hard to try and predict because there are so many outside factors.  The government could come in tomorrow and make a new regulation that pushes everything back 12 months.  Who knows.