Here's something picked up from the LA Times. (I still read them since I lived in Orange County, CA for 2 years until December 2002):
"But Angelo Mozilo, chief executive of Countrywide Financial Corp., the top U.S. mortgage lender, told analysts last week that 'I've never seen a soft landing in 53 years.' "
I don't know about you, but Mozilo has 22 years more in the business than I have in life. That is a very telling remark. The whys, hows, and possible investment ideas based on that are material for another day.
1 comment:
You didn't mention your intentions with the foreclosure/renovation. I assume you were planning on flipping, which I agree could be more dangerous depending on the market. I'd have little fear of doing a fix-n-flip in Texas but lots of fear of doing it in Boston or San Diego.
However, did you run the numbers on buying, fixing, and KEEPING as a rental property?
When you do, don't forget to include the tax benefit of depreciation over 27 years. You'd be reducing taxable income while increasing spendable cash flow.
Just a thought ...
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