The writing's on the wall: RE bubble burst

[HocusPocus]

Assisted living senior housing. Boomers are gonna need housing in a bad way over the next few years. Years of abusing their bodies will see alot of folks needing that type of housing IMHO. Build it anywhere its not fricking snowing and they will come.
i have a friend in washington (state), that has 3 such places and she still has a waiting list of people wanting in. from what she says the hardest part of owning them is finding good people to work'em. i told her thats a common problem everywhere.

[Sportin' Wood]

Sad part is only 50% have 50k or more in their retirement.
Next cycle............................................. ..............................
Do you think its that High?
I'm guessing some boomers are going to sh!t when they watch the equity in there homes disappear. I know my inlaws are using that equity as a large portion of there retirement wealth. Surprise you just lost a chunk!
It's going to be interesting to say the least.
Both my parents are screwed, and they know it. Thank god my Dad has the V.A. Mom will be working till she drops dead and likely will be on a steady diet of cat food and cheap wine.They should have read "richest man in Babylon" I guess.

[NautiTwins]

Do you think its that High?
I'm guessing some boomers are going to sh!t when they watch the equity in there homes disappear. I know my inlaws are using that equity as a large portion of there retirement wealth. Surprise you just lost a chunk!
It's going to be interesting to say the least.
Both my parents are screwed, and they know it. Thank god my Dad has the V.A. Mom will be working till she drops dead and likely will be on a steady diet of cat food and cheap wine.They should have read "richest man in Babylon" I guess.
LMAO. I thought I was the only person in the world that follows that book.

[Sportin' Wood]

I just had a funny idea.
The Navajo Indian reservation is the poorest and largest in the nation if memory serves me correctly. They should develop nirvana out there in AZ. Cheap senior housing, Gambling, and no gov't BS to cost a ton and bog down the project. They could finally have a money maker with all that waste land.
I could see it now. a free people mover that takes your wheelchair down to the casino for 99 cent breakfast, cheap smokes, the Tom Jones tribute players and penny slots. Yep They could call it Nirvana!

[Sportin' Wood]

LMAO. I thought I was the only person in the world that follows that book.
I'm looking for a 1st edition to add to my Library. I have a 2nd edition from the 60's but the 1st is a hard find. Best $3.00 paper back I have ever read. Gave it out for christmas one year. That went over like a fart in church. Whats this crap?

[NautiTwins]

I'm looking for a 1st edition to add to my Library. I have a 2nd edition from the 60's but the 1st is a hard find. Best $3.00 paper back I have ever read. Gave it out for christmas one year. That went over like a fart in church. Whats this crap?
LMAO. I did that with As a man thinketh. I know for a fact to this day none of the guys, but one has read it. Hell it takes all of 10 minutes.

[cdog]

Do you think its that High?
I'm guessing some boomers are going to sh!t when they watch the equity in there homes disappear. I know my inlaws are using that equity as a large portion of there retirement wealth. Surprise you just lost a chunk!
It's going to be interesting to say the least.
Both my parents are screwed, and they know it. Thank god my Dad has the V.A. Mom will be working till she drops dead and likely will be on a steady diet of cat food and cheap wine.They should have read "richest man in Babylon" I guess.
I've read it numerous times in financial publications. One of which was done by a US census study thru Forbes. Scary!
The trick is to find cheap land and wait to build until the materials and labor market bottoms out. Who knows when that will be but we'll see a big change in the next 5-7 years for sure.
Over time I bet that investors will start scooping these types of business up to ad to their portfolio's just like REIT's and commercial properties. The only problem I see is that this type of biz will bloom, bubble and then fade with the baby boomer generation.

[Havasu Cig]

Would it be possible to meet this guy? I love meeting people like that and picking thier brain.
He is a wierd guy to say the least, and one of my fathers best friends. He lives in San Diego and spends most of his time traveling now. I really don't like the guy much myself, but he does know real estate. He made a lot of money selling all kinds, but his personal money, like I said above, is mostly invested in commercial. I don't know that he would be interested in meeting with anybody unless their was money to be made on his end to tell you the truth.

[Havasu Cig]

1. How did you get where you are today? Specifically, seed money to start out with? What was your first purchase and why? If you could start over would you have changed anything?
2. Obviously he would be a hard worker (alot of hours in and out of the office), How did he balanace his personal/work life during the first 5 years of getting established? Which comes first now vs. then, if it has changed?
3. What would you say to someone starting a career (any career), who wanted to become successful. In terms of work ethic, getting mentors, surrounding yourself with people who would help them grow thier business? More specifically, how did you obtain those contacts? Just years in business or did you actively seek them out?
These are just a couple of things that I am really interested in, at my point in my career. I am constantly seeking mentors and people who will help me grow my business. It is good to sit down with people that have become succesful and most often times they are more then willing to help out.
Some of the answers...
1. He inherited enough money when he was in his early 20's to buy 1/2 of a Century 21 office. He ended up later in life owning a much larger office himself.
2. He worked 7 days a week from what I remember growing up. It is kind of sad really, because he never really stopped to enjoy the money he was making when he was younger. Once he was diagnosed with cancer (which he survived) about 5 years ago he retired and started to enjoy life. He is in his mid 60's now.
3. The money he inherited, and his family having money for several generations definitely helped with contacts. His son (he has 3 kids) just entered the business, but he is going to get a trust worth about 20 million, so he is not a real hard worker. I guess if I was going to inherit 20 million I might not be either.
Starting with money gives you a HUGE advantage over someone making it from nothing. He worked very hard, and made good investments, but IMO he would not have what he does had he not been born into money.
On the question of commercial versus residential though, he has told me that commercial is much more stable. He made a lot of money selling residential real estate, but I don't know of any in his portfolio. I think that makes a statement. He also has told me that a good agent can always make a living selling reale estate, but you have to be realistic about changes in the market. A lot of the people that just got into the business are going to find this out. My.02

[Nautitwins2]

He is a wierd guy to say the least, and one of my fathers best friends. He lives in San Diego and spends most of his time traveling now. I really don't like the guy much myself, but he does know real estate. He made a lot of money selling all kinds, but his personal money, like I said above, is mostly invested in commercial. I don't know that he would be interested in meeting with anybody unless their was money to be made on his end to tell you the truth.
Sent you a PM!