January 30, 2006

Oh dear god I wish I was in the US to go to one of these Trump / Learning Annex "Get Rich in Real Estate" seminars

Think about the dolts and losers who are STILL paying to go to this as-of-today-not-yet-cancelled seminars on getting rich through real estate.

What's reallllly bizarre is that one of the featured speakers, Rich Dad's Robert Kiyosaki, has recently turned from housing bull to
big time housing bear ("He confesses that he's currently dumping real estate that produces no cash flow (from rental income) and going "long on gold and oil."

So what's his speech going to be about - how to get a refund on this ill-timed seminar? Or how blood suckers are making money by telling stupid people and losers how to get rich quick?

Meanwhile, how long until The Donald either goes bankrupt (again) or renegotiates his debt to skate by (again) due to his plummeting real estate assets?

And wouldn't we all recommend they change the promo text on the site? Here's what it says today (ha ha ha ha!)

Register Now!
The Real Estate market is booming nationwide and no region has witnessed this boom more than the greater Los Angeles area. Take advantage of the thriving market by attending this one of a kind event!


Out at the peak said...

This is only interesting because Robert Kiyosaki will be there. I wonder if he'll skirt around the bubble talk. He could just emphasize to make sure that you are cash flow positive from day one. This is only possible from a few states now.

His books underline this issue, but people must skip that part or something. The people who have played cashflow and then run out and buy a property without a good ROI, didn't learn the critical lesson between liability and asset.

Anonymous said...

So what's going on with Donald Trump? He's supposed to be building "Trump Tower," an expensive highrise condo in downtown Tampa on Hillsborough River, and all of the units have been snatched up (I'm guessing most by investors), but nothing much appears to be happening at the building site.

As long as construction hasn't actually started, can he cut and run?

Anonymous said...

Early today ABC News featured a report on the real estate bubble. The talking head interviewed one New York city realtor and also spoke to Donald Trump's son about the housing bubble. They were totally without a clue. Trump is a novice and only has five years experience in real estate. Junior Trump's conclusion was that "there is no housing bubble."

The story was total fluff and nonsense. They ought to have traveled out to California, Arizona, Hawaii and other states where the bubble is starting to burst. (Real estate in Hawaii just fell about 35% according to one report). ABC should have featured reports on all those cracker box homes in Compton, Long Beach or South Central Los Angeles selling for $ 550,000.

ABC's conclusion? "We are headed for a soft landing." Oh, yeah? Do you idiots ever travel beyond NY City?

What about those millionaires that just bought homes in Hawaii and lost their shirts last month? Or the jerk that just spent $ 800,000 for a two bedroom condo in South Florida with the goal of flipping it for quick bucks?

My impression was that the ABC report was aimed at calming people living in NY. In the end, they will regret their obvious dishonesty. People ought to consider suing ABC News after they loose a fortune in real estate acting in reliance on their very bad reporting.

Dave said...

TV news will issue "soft landing" as a calming phrase like "warm oatmeal" or "chicken soup" for another few months until it's so obviously a lie that even USA Today will have color charts on the front page about the RE implosion. I attended a RE seminar in Los Angeles last year for the first time since I cashed out my CA real estate (I had attended them in 1999 and 2000 when I bought my properties). It was all about how to find distressed properties and generate short sales. The speakers were promoting the idea of the bubble bursting and read a few carefully selected stats from Data Quick to illustrate their point. The crowd, unlike in 99 and 2000 when it was mostly older men, seemed like a lot of young people who make car payments. I'm taking a few years off work to be with my kids and am able to do so because of real estate profits, but I didn't feel like I could mention this to any of the desperate audience members sitting around me. I had lunch with a mortgage broker from San Diego who told me more than 70% of his business was in I/Os with low or nothing down. Some of the crowd seemed very much like the people who were jumping in the stock market in 1999 when I switched to real estate because of the huge run ups in valuations. I thought of the great Kiyosaki quote "when taxi drivers start giving market advice, it's time to get out of the market." Now I think the flippers and zero cash flow crowd will be toast within the next year and thanks to Jim Cramer, they will cut their losses, dump inventory on the market like mad this spring and go back into stocks, which should be good for another 4-6 months after the end of the fed tightening cycle. We'll be seeing more stock picking seminars and within a few years real opportunities in real estate again, but ONLY after the booyas get flushed out of the system. I think these gurus provide a valuable service by leading the lemmings in a very clearly defined direction. We all know mass media is a pack of lies and corporate propeganda. What would one expect Trump to say? But we know what's going on. We can watch the lemmings and profit from them.

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