Posted by
Will Penny on Thursday, October 16, 2008 10:27:27 PM
I wonder how many failed mortgages resulted from real estate speculation?
Did you ever wake up at 3:30 a.m.; could not get back to sleep, begin channel surfing; land on a channel broadcasting paid advertisements for Mr. Murgatroyds' "Get rich in Real Estate!"
"Mr. Murgatroyd will show you how to purchase distressed {translate that into buying properties by settling a lien, paying the back taxes, or misplaced improvements (a defunct gas station on property that is economically better suited for some other improvement)}. All you have to do is sit back, collect the rent, flip the house, and you are on your way to becoming a billionaire!"
Oh, and don't forget to incorporate your real estate business thereby shielding your personal assets from taxation promulgated in 60,000 pages of tax code. (This is where the taxpayer gets stuck with the "flips" that "flopped.")
Persons (TO INCLUDE CORPORATE ENTITIES) following this model to financial freedom overlook a couple of things;
(1) One has to turn the “misplaced improvements" and distressed properties into viable income producing assets and;
(2) Incorporation does not mean one has a license to purchase toys as corporate assets and not maintain a viable corporation.
The other news tidbit I garnered last week is that some 5,000,000 persons of questionable national origin, lacking assets, credit history, jobs, etc. got sub-prime loans.
I am conservative, so let us say only 500,000 of these persons, not American citizens, no job, no assets; no credit history got these sub-prime loans. That is still too many people getting a free ride!
To be even more "conservative" let us say that only fifty thousand (50,000) is the actual number of sub-prime borrowers. I believe this is still too many people being bailed by “Uncle.” But I am a conservative, ergo, what do I know?
Since I declared “conservative” as my affiliation let me digress and describe my foundation. I have been working since I was 14. I can prove this via annual Social Security statement.
To be absolutely candid, I began my career at the tender age of eleven (11). I wanted a new chin strap for my J. C. Higgins football helmet. I asked my mother (captioned in her high school yearbook as “American Beauty Rose”) for the .75 cents and she told me that she would give me the money if I cleaned up the garage.
I really wanted to replace the chinstrap on my football helmet therefore I worked REALLY hard. Football is a secondary religion in Texas and in 1960, one’s football matriculation typically began in the Young Men’s Christian Association (YMCA) program {not the same "YMCA" as made famous by the Village People}.
After a couple of hours and substantial improvement (which, upon reflection was sufficient reward for a job well-done) I received payment. I promptly marched up to the “Doak Walker (Highland Park’s Football hero of the’40s?) Athletic Store in the “The Village” (not a reference to the group identified above) and procured the chinstrap.
Bottom line up front: I have earned every single nickel and have not been the recipient of any sub-prime ANYTHING!
I am a conservative because I know that the United States is GREAT because of her free-market economy AND the freedom she provides(d) to succeed or fail (done both).
America is great because when one tabulates “Good” v. “Evil” using an accountants’ “T,” the tally reflects America’s GREATNESS (despite what Michelle Obama believes) and EUROPE’S, RUSSIA’S, CHINA’S, THE TALIBAN’S, HAMAS, AL QUEDA’S EVIL!
Stop and think; where else can one purchase distressed properties and if one is serious about the business, turn those “misplaced improvements” into viable, income producing assets and become a millionaire? To the best of my knowledge it cannot be done in Venezuela, Russia, China, or one of the “-stans.”
Let me tie up the loose ends. If you buy Mr. Murgatroyds product, do not be a dirt bag and pass your losses on to the taxpayer through incorporation. (I knew a Master Sergeant that acquired 80 viable properties and earned every penny ever received in rental income.)
If you are one of the 5,000,000, or 500,000, or 50,000 DO NOT RUIN THE AMERICAN DREAM because Barney Frank, Franklin Raines, Barrack Obama said it is “Okay” to loot America and let the other person worry about it. You will not like “income redistribution.”
Being a “conservative American” does not mean you are a corporate officer, federal official, or some other scoundrel that is compensated disproportionately to their actual productivity.
Being an American Conservative means you want the freedoms paid for by Marines in “The Root” (anniversary this October 23), the 101st at Bastogne, the fleet at Midway, the 69th NY Infantry in the War Between the States (Civil War for you Yankees) HONORED BY KEEPING AMERICA FREE!
If there are to be any “Up against the wall Mother…(see Liberal Fascism, “The Secret History of the American Left form Mussolini to the Politics of Meaning”, by Jonah Goldberg, Doubleday, page 187) let them be the proselytes of William Ayers, Saul Alinsky, Mark Rudd, Tom Hayden, and those that collected millions in Golden Parachutes from Fannie Mae and Freddie Mac.