![]() My friends and acquaintances from all over the country were buying properties. He said, “I haven’t written a fixed note in so long that I’ll have to look up how to do it.” My father always said to never trust a banker and, furthermore, never trust that a banker knows what he is doing.) When I told the banker I wanted a fixed mortgage, he looked shocked for a moment. (I’m the offspring of a farmer and had the opportunity to watch my father negotiate several mortgage notes. ![]() Of course, what he didn’t explain was what the payment would look like when the interest rate went up. He showed me how much lower my payment would be. The first time I bought a property, the banker wrote it up as an ARM (adjustable rate mortgage). I put everything on 30 year notes to give me more cash flow. ![]() I had an 800+ credit score, which had bankers salivating when I walked in the door. I was able to secure 6% interest on about any property I wanted to buy with no money down. The real estate market in the United States after several years of frantic growth peaked in 2004, which was the year I decided to start buying properties. Success was an individual achievement failure was a social problem.” ![]() ”The ability of Wall Street traders to see themselves in their success and their management in their failure would later be echoed, when their firms, which disdained the need for government regulation in good times, insisted on being rescued by government in bad times. ![]()
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