Outside buyers drawn to Detroit's foreclosed homes - Yahoo! News

Outside buyers drawn to Detroit's foreclosed homes - Yahoo! News: "DETROIT – Welcome to Landlord Nation, where foreclosure notices are plentiful and for-sale signs offer at least 1,800 homes for under $10,000 that once were worth at least 10 times more."

Granted, this IS Detroit. I have been through that area many times... YIKES! At least the freeway portion that goes by the old Tiger baseball stadium (But, I think they have a new stadium).

But, of 1,800 homes... mightn' one be a gem? Imagine if so!

If Detroit is a tad scary for you, check out Toledo, Ohio (about 70 miles or so south). There are some decent areas, where you don't need to play "Dodge Bullet." I bet you can scoop up some nice bargains under $50,000!

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Real estate topped in 2005 so the downturn is getting old. I am a big believer in cycles and buying way down.

Nothing lasts forever. The longer something lasts, the closer to the end.

We don't need to PICK THE BOTTOM, just get a nice price with little downside risk. Even if there is further price reduction, you are in for the long term.

If you ask 30 people: "Should I buy real estate?" after a big run up, 27 will say "YES! Don't you read the papers?" If you ask those 30 the same question, years into a decline, 27 will say "Hell no!!!! Don't you know how to read? The news is 'all bad' (er, the selectively reported and selectively perceived news).

When will these 27 be interested in buying real estate again? Yep, near the next top. It's so funny how the "beat goes on." And, I find it so strange how they never get a clue and examine their horrific record of timing/predicting. A bit of introspection never hurts! It beats me how people can be so darn delusional.

With regards to the dire news and predictions? I have 2 eyes. I can read 5 word headlines (headlines written at the 3rd grade level is no problem for me!). I can comprehend what I read. I can parrot what I read, but why bother? Any fool can parrot news. Any fool can let news make them emotional and pessimistic. What is the benefit? What is gained from that?

This is NOT burying your head in the sand, it is burying the pessimist and assessing the situation with an open mind. There are problems but fat good it does to get suicidal about it.

This negative news is getting old. What has the person who reads this bird cage lining material gained over the months of doom/gloom? Is he better off having read it? Or, worse off? You don't need to read the papers to prepare! Everything goes in cycles so prepare for the drought when the everyone says "All is well so why prepare? Drought? What drought?" Or, "fire? What fire? There is no fire so forget buying a fire extinguisher!"

Roll up your window before the rain comes, don't wait till it's 7/8 done.

Pessimism is pointless. Realism is better.

This too shall pass.

Profit from herdists. Without them, there would be NO such appetizing opportunities. Don't let the media make you think, "We are going to become a 3rd world country!" That is hogwash hype.

*** These people were MEGA BULLISH at the top of the market! What credibility have they?
Don't trust the predictions of people who show no propensity to predict. They will say, "You can't predict when it will bottom!" Sure, and neither can THEY predict yet they squeal: "It's GOING DOWN A TON MORE!" Why, isn't that a prediction? If no one can predict, don't predict doom and gloom either.

I am not making a prediction. I am merely saying that opportunity is going to be knocking soon... but you still need to look through the peephole, before you open the door. Sometimes the knockin is from the knuckles of a sales person. But, eventually he will throw in the towel, be fired and REAL OPPORTUNITY will come a knockin! But, beware... you might not recognize it if the news program is on too loud.

No one knows the future but with a portion of risk capital and low prices, we go with the odds.

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