Tuesday, April 11, 2006

Simply Unbelievable

Nope. There is no (mortgage) bubble:
The St. Petersburg Times found a homeless man who had bought a few houses. “After struggling much of his adult life with unemployment, homelessness and drug addiction, Johnny Moon Sr. died last year on a dirty mattress on the floor of a small home near Tampa’s College Hill district. Moon left behind a watch, a flashlight and a wallet containing a solitary dollar bill. And more than a half-million dollars worth of real estate.”

The St. Petersburg Times (inquired) about how the elder Moon had qualified for the mortgage loans. A high school dropout with no job history who got by on food stamps, Moon morphed into a real estate investor. Within a year, he bought five properties and signed for mortgages in excess of $614,000.
Now back to our regularly scheduled program.

4 Comments:

Blogger Bubble-X said...

wonder what his equity was :-)

Apr 11, 2006, 10:32:00 AM  
Anonymous Anonymous said...

this fellow should start "mining his Equity" he can call the folks at Investors trust here in santa rosa,get a free copy of "missed fortune" and they even have someone RIGHT THERE in the office to sell him an annuity.it's the new thing,time to get on board.....safe as houses.

Apr 11, 2006, 6:25:00 PM  
Blogger Marinite said...

Does the fact that he is dead matter?

Apr 11, 2006, 6:36:00 PM  
Blogger moonvalley said...

I'm surprised the guy doesn't have an "Apprentice"

Apr 11, 2006, 7:08:00 PM  

Post a Comment

Links to this post:

Create a Link

<< Home

Terms of Use: The purpose of the Marin Real Estate Bubble weblog (located at URL http://marinrealestatebubble.blogspot.com/ and henceforth referred to as “MREB” or “this site”) is to present and discuss information relating to real estate and the real estate industry in general (locally, state-wide, nationally, and internationally) as it pertains to the thesis that recent real estate related activity is properly characterized as a “speculative mania” or a “bubble”. MREB is a non-profit, community site that depends on community participation and feedback. While MREB administrators do strive to confirm all information presented here and qualify all doubtful items, the information presented at MREB is neither definitive nor should it be construed as professional advice. All information published on MREB is provided “as is” without warranty of any kind and the administrators of this site shall not be liable for any direct or indirect damages arising out of use of this site. This site is moderated by MREB administrators and the MREB administrators reserve the right to edit, remove, or refuse postings that are off-topic, defamatory, libelous, offensive, or otherwise deemed inappropriate by MREB administrators. You should consult a finance professional before making any decisions based on information found on this site.

The contributors to this site may, from time to time, hold short (or long) positions in mentioned and related companies.