I can’t speak for any other area of the country but here in Southern California we are being bombarded with Real Estate buying seminars. Trump, Kiyosaki, and Armando Montelongo, whoever that is, are ready and willing to (for just two hours of our time and anywhere from $1000 to $1999 if we sign up for the training) teach us all of their tricks. Guaranteed! We will learn how to become rich from the foreclosure market. Guaranteed! We will learn how to buy bank owned properties with little or no money down. Gaurunteed! We will learn how to get cash back when we buy a property, how to incorporate to avoid taxes, and more. Guaranteed! Money back if you don’t triple your investment.
Whoa! I can’t wait.
The only problem is that these are the very same strategies that the real estate market used to get themselves into this bubble bursting predicament. Only now as our economy revs up the inflation while taking away the jobs, there seems to be a sense of the desperate about all of this.
So here’s my advice. Recycle those offers into the circular file. And step away from the seminar, please.
Meanwhile, in other news, this item in yesterday’s LA Times caught my eye. It is about a real estate fund co-founded by Magic Johnson, the basketball great. It’s called the Canyon-Johnson Urban Fund and it provides funding for real estate improvements to properties in the country’s largest metropolitan markets. Affordable housing, community-serving retail, and livable down towns is the goal. A great venture and about time, I say.