Great Depression Millionaires
Hello welcome to Todd Miller TV. I just read something that was very interesting, and i wanted to share it with you; It said that more millionaires were made during the great depression than any other time during history. So I was a little intrigued about this and I want to verify if it’s true and I went online and I found out it was true. And the reason for it and why it was very interesting. First of all, most of the people became millionaires through Real Estate. And the reason was: that the great depression, know that there was high in employment, lot of people were out of work, does this sound familiar? Real Estate values declines substantially right in the late Twenty’s, and they sort of hit the bottom and stayed there for a while. So people were liquidating properties just to get cash. They were getting rid of properties to get some money out of them and so they could live. And other people saw an opportunity to buy all the Real Estate and just be a Landlord. And, kind of the same things happening now except for instead of people selling it because they need the money, they’re being foreclosed on. So, I thought that was interesting and what was really interesting was that none of these people made money by the flipping properties; meaning, what they did was, they bought the properties, they just held on to them, and over the next Ten years prices went up tremendously and these people who have the cash on hand to do it were able to make a Ton of money. And, thought that was interesting. We’re seeing the same thing today. Most of our properties, 51% of them are coming in with cash to buy the properties. Values were maybe a third of what they were in a lot of cases or less. They haven’t change much in the last year to/you know people are saying “it’s a horrible market”. Yeah, it’s a horrible market if you own a house that you paid Four hundred thousand for it’s worth One-fifty. It’s maybe not good for you but if you have cash it’s a great market. So, I thought that was interesting I thought it would share with you. There’s a lot of similarities today and I think that the people that either have the ability to buy/ to get a loan or have cash to buy a house are really gonna make out. And then there’s was a quote that I read to that I thought that was extremely interesting by a guy named John Paulson who’s one of the/I think he’s the 15th of 16th wealthiest American. He’s network is like 17 or 18 billion dollars. And he made all his money doing a short selling, securities and secondary market notes, things like that. And he runs a hitch fund and recently he said, “If you don’t own a house, buy a house; If you own a house, buy another house; and if you own two houses, buy a third house; and if your relatives don’t have any money, lend them money so they could buy a house.” So he’s obviously very bullish on Real Estate. So I thought that was interesting quote I thought I would share with it you. And so, that just leaves a question for you to ponder: What’s your position on the Real Estate market? Do you believe that it’s/that were a bottom? If we aren’t, do you really care given that prices are 33% of what they were 4 or 5 years ago? Given that they haven’t changed much in Las Vegas in the last couple years and we’re just getting through it as soon as we put something on the market. So, It’s funny ’cause we’d have a property we put it in the MLS and 5 minutes later I got a call from an Agent asking if I had an offer on it and I said “Seriously, I just put it in the MLS 5 minutes ago”. So I got he notification and so I just didn’t offer/already had offers on it. So now I/just put it in he MLS so we don’t have any activity on it yet so; Anyway, So that’s my update for today I thought I’d share that interesting “Tip-it” with you, and hope to see you on another video. Thanks a lot!