I was waiting for the housing bubble bust to completely unfold and if necessary do a Ruthless Acquisition before they had a chance to cut off all my credit, of which I had over 100k originally available, no debt, no job, and no income since 2006. I was living off of a capitol gain I made on a home I sold up north in mid 2004. I lived in my mothers basement waiting for the bust to reach max damage since then, and continued to study the markets on blogs like The Housing Bubble Blog, Housing Panic, Patrick.net, and others. Studying economics for 35 years has been a major hobby of mine the better part of my life. The credit card companies offered me 1.9% in mid 09, at which time my available credit was down to about 50k, so I took about 40K. Oh yeah, my friends and family used to say, if I'm so smart about the markets why don't I have a pot to piss in and live with my mother? I shut them up good and now have 2 pots of my own to piss in.
The ruthless acquisition I made using unsecured debt would make Goldman Sachs proud and without guilt because people like them helped do away with any semblance of moral hazard there may have been left. I bought a foreclosed house near the end of 2009 in Florida for 32K, 1900sf under air built in 2006 and originally sold for 311K that needed very little renovation, with the unsecured cash advances from the credit card companies. I knew I could do it with what I knew about the market but had no access to capitol from family or friends. So far I have been repaying the minimum balance on the cards but if they don't give me a 50k/year job soon, those card payments may stop. Oh well, a bankruptcy may be looming. Foreclosing on a fully paid off homestead in Florida by unsecured creditors is virtually impossible.
My story has many more wonderful details, but I'll leave it at this for now. The moral of the story, don't discount people living in their mother's basements. They can still surprise you.
Site Information
About Us
- RonPaulForums.com is an independent grassroots outfit not officially connected to Ron Paul but dedicated to his mission. For more information see our Mission Statement.
Connect With Us