Our investment on that was only 50K cash. The
property was sold last year for 20 times what we paid, plus a nice tax
benefit for restoring a 90 year old building.


Maxprop wrote:
Uh huh. We're supposed to accept your claim that your gross yield was
$1million? Whatever.


Of course you're supposed to accept without questioning, or
even thinking! See, once you actually consider the
Boobster's claims in the light of any tiny slice of reality,
it falls apart.




Two years ago I bought some land along Lake Michigan for $200K and sold it
this summer for well over two million dollars.

Oh wait, I just made that up. Like you.


Might as well have been 3 mill, then.

Shucks I bought IBM stock at $35 a share, kept it for two
years during which time it not only went up to $90 but
split, while paying a 4% dividend, then I not only sold it
all but shorted twice as much... guess how much that netted?

Real estate speculation of the nature you describe is highly risky and
seldom pays off the way you claim it did. Being in the right place at the
right time is great, if you have a crystal ball or a clairvoyant aunt. More
often the costs involved with such speculation eat the investor alive and
mitigate any possibility of a decent return. For the average person, such a
lofty return on investment is simply not in the stars. For the average
person, the investment opportunities available, whether real estate or
paper, won't return anything near the interest rate paid on a boat loan.


Yep, think about it... why would the bank loan you money at
X% if it was a sure thing they could earn X+% on these
wonderful real estate deals? There are very few REITs paying
over 8.5% nowadays, and there are a few that specialize in
rehab real estate.

DSK