January 1991 I've been cleaning out my files going back to my first house that I built in 1952. In the intervening years I've been a real estate investor/operator during recessions in 1954, 1958, 1960, 1966, 1970, 1973, 1982. I've also been lucky enough to have been a highly leveraged landlord with fixed rate assumable loans during the 1970's real estate explosion that created fortunes. One thing my files revealed was the contrast in ways to approach the real estate game between good times and tough times. In general, 'good times' are characterized by easy availability of credit. This enables buyers to enter the market with maximum leverage at relatively low cost, increasing demand and driving up prices
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