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You've seen Sapp on TV. Do you think he is capable of making an informed decision?
If you put it that way…then nothing the fool does surprises me.
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Ok - so your wife (and you) know a heck of a lot more than me on this topic. I should probably slowly back away towards the door now.
haha, not at all. Economists fail all the time. All i'm saying is, there are many factors to investing in real estate and for many people, there are just too many hidden risks and costs to be successful in a short amount of time. If you wanna make a quick buck, real estate is NOT the way to go. You will have to wait upwards of 10 years usually.
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Belichick: Stats are for losers. Final scores are for winners.
Sapp claims $6.45 million in assets, which includes 240 pairs of Jordan sneakers and sandals, a Lion skin rug and a large nude women painting. He also has a De Grisogono watch but notes it has scratches on the crystal and band.
Well I, for one, am shocked that such a responsible spender ran out of money.
Seriously though, **** him. As soon as he tried to out Shockey for being the "snitch", any sympathy that I might have been able to have for him went out the window. He's a dumb piece of trash, and the really funny part is that his current studio gig was paying him more than enough to handle that debt and still live a pretty high-class lifestyle. Maybe not what he's used to, but something. But after the Shockey incident, I doubt that they'll renew him, which means he's probably screwed. Karma at work.
Of all the things he listed, real estate is still an excellent investment. I know someone who bought his first house in 2007…and another…and a third. All priced below the market and now have slowly appreciated. He lives in one and rents the other 2 out. All this hinges him on not losing his job (he's a physician so he should be able to keep a steady income).
He could have been like his contemporaries and gone house-poor buying a $750K home, but he instead lives in a $350K and makes money off the other $180K homes.
That is still a better investment than pretty much anything else out there. People in this country need to learn to 'just do your job.' There is no reason to max out multiple credit cards. Stop trying to impress your neighbors and just live your life with hard work, take care of your family, and hope your health doesn't leave you. 240 f@#king pairs of Jodans, my @$$.
Here is a funny quote from PFT:
That's anecdotal. Nearly everyone who bought real estate at the peak of the market in 2006 or 2007 has lost his/her shirt. It's very possible that there are a few thousand people who got property at a very good price and made money, but they are a small portion of the millions who lost money at the same time. You can't base an argument on that.
You're obviously completely right about managing personal credit. And, if you are suggesting that, over the long haul, defined as 20--30 years, Real Estate is an investment that will protect your principal against inflation and maybe even go up a bit, you are right there as well.
__________________
It is what it is. It wasn't what it wasn't.
Not to belabor this and I am far from the economist - but here is my take:
1. People who lose their shirts in real estate are probably stretching themselves too thin and taking chances trying to hit it too big, too fast. Even The Donald filed for Chap 11 in the early 1990s…so it is not just dumb, big, fat athletes who end up there.
2. As far as the banks go - wasn't much of their loss due to lending to homeowners and investors who had to be foreclosed upon? Again, people stretching themselves too thin.
Deus, I am not saying EVERYONE makes it in real estate…but those with means (like Sapp) could have invested $10-15M for rainier days and used it after retirement. Tampa is not an expensive city - reasonably priced real estate that could slowly mature over time. These guys think of an investment as something that doubles overnight. That does not happen with anything unless you are talking about real estate in Asia. In America, you have to be patient and be in it for the long haul.
Not buying your take
Donald Trump has gone broke a couple times on Real Estate
You need a good supply of more cash than you think to maintain your properties between buy and sell
Tampa RE has gone down substantially in the years since Sapp quit football
Bottom line is that Deus is right. It's easy to lose money if you have no experience with it. Guys hear millions and decide that they can buy anything they see. Worse yet many of these players try to do the right thing maybe buying Mom a house but hire unscrupulous financial advisors and managers who piss their money away on restaurants, real estate and risky stock investments.
__________________
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as "bad luck." RAH
Wow! Now that I think of it, Rich Eisen is one of the luckiest SOBs out there! If Sapp get paid 540k then Eisen gets at least that much too. Probably more since he has the Rick Eisen Podcast and Hosts NFLN. Just get paid a ton of money to talk football! Ok, so it may be a bit more work than that but still... I like all the guys from NFLN except Marshall Faulk because he is so biased towards the Pats.
__________________ “These players, a lot of other people didn't believe in them, but they believe in themselves. And that is all that matters.” - Bill Belichick
That pretty much sums it up. Ever since Sapp tried to humiliate Russ Hochstein by attempting to "interview" him at the Super Bowl years ago I've had no stomach for the bug-eyed toad. I would love for the NFLN not to renew his contract.
Not buying your take
Donald Trump has gone broke a couple times on Real Estate
You need a good supply of more cash than you think to maintain your properties between buy and sell
Tampa RE has gone down substantially in the years since Sapp quit football
Bottom line is that Deus is right. It's easy to lose money if you have no experience with it. Guys hear millions and decide that they can buy anything they see. Worse yet many of these players try to do the right thing maybe buying Mom a house but hire unscrupulous financial advisors and managers who piss their money away on restaurants, real estate and risky stock investments.
It's a general lack of discipline (look at the bankruptcy rates of Lotto winners). Being financially educated doesn't stop intelligent people attempting to live beyond their means. If you can't afford something now, it's better not to buy it or attempt to save for it in the future.
We're all aware that common sense isn't so common anymore.
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Re: Another Cautionary Tale: Sapp is broke...
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