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Jack-
I am not able to attend your timely seminar in San Fran later this month. What is your forecast for the timing for the RE bottom in general markets?? What is your forecast for rents and interest rates for the next 3 years??
When will rents support cash flows on single family homes again??
When will the financial institutions begin to dump RTC-style???I appreciate your response to these questions for RE investors.
Mike
Michael,
I think Jack and John’s Subprime Meltdown seminar will be the most important seminars to attend this year. For two days, they will share what’s likely to happen for the next few years and explain where the opportunities are.
You should try to make time to attend.
In Jack’s July Commonwealth Newsletter he spelled out his predictions for the next few years. My guess is that they will all come true.
Jackie
From Jack Miller:
Michael: You can ask the same question about the future of five different people and get five different answers. All I can talk about are that happened in past real estate recessions. The forthcoming scenario will probably follow the same path, but each time we have had a stall in the housing market it has been more severe and the opportunities for making money have been much more profound. In general, prices of houses owned by those who have speculated in them or who have financed them with loans that they can’t pay have fallen, but not as much as you might think. The really big drop in prices will be caused by mandated lender liquidation of defaulted loans and foreclosed houses that they have taken back. That will only happen when the entire economy is affected enough to get Congress, the FED, or banking regulators to act.
To put things into perspective,only 14% of the two trillion dollar Sub-Prime market loans and 5% of conventional loans are in default. This is a serious problem in many areas, but not in others. Similarly, the prices of owner-occupied houses with no need to sell have dropped an average of 2% nationally. When the media talks about the real estate crash, they are usually talking about builders, speculators, and lenders, not home owners who comprise the vast majority of the housing market.
One final thought: Anytime a special seminar is being offered by two people with over 75 years of on the street experience in three distinct housing cycles is offered, ask yourself, if you’re serious about making money in or surviving the current panic, what in the world would prevent your attending. Likewise, how could you ever justify not having signed up for the new crewealth.com website with all the resources it offers for less than $1 per day. It just doesn’t make any sense at all to me.
Jack
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