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.


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  

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