There’s a whole investment world out there beyond the stock market called real estate. And at one time, you could hardly turn on the TV at 3am without seeing an infomercial from a guy — one of several — who could make you rich beyond imaging for no money down (except the $295 for his audio tapes, “normally a $795 value”).
Well, John T. Reed publishes a newsletter for folks who buy/run rental properties. He has had his good times and his bad times investing in real estate, and is quite candid about it all. Now, as faithful reader George Fescos pointed out to me (thanks, George), he has a web site on which you’ll find a list of every real estate guru you ever heard of, and many you haven’t, along with Reed’s comments: http://www.johntreed.com/Reedgururating.html.
For those who wonder, “what ever happened to?” or “could a deal like that really work?,” this page gives some answers. The word bankrupt appears in bold face several times.
John is not exactly all sweetness and light — in reading his newsletter from time to time I find myself wondering which he dislikes more, tenants or government. (Answer: lawyers!) But he is a straight shooter who admits his mistakes (the only mistake I’ll admit to ever having made was buying that stupid LaCie external hard drive; but I’m happy to tell you it’s now finally formatted for my PC and working brilliantly), and it’s kind of fun to see him rank his competition.
Quote of the Day
Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.~Jim Grant
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