Its Not Just Houses
Posted by: Carleton Sheets in Robert Kiyosaki, Rich Dad Poor Dad, Reposess, Foreclosure, Doodad, Creative Financing Techniques on Jul 20, 2008.
I was reading an article the other day about how life is great for the "repo man." It made it so clear to me that although the news is overshadowed by the housing crisis there are so many other layers to the mess we're in.
The "doodads" (as Rich Dad® Poor Dad author Robert Kiyosaki calls them) that people bought in the past---boats, classic cars, snowmobiles and the like---are being repossessed as people default on their payments.
Just as in a home foreclosure, the asset is taken back in a variety of different conditions. And as the repossession inventories are growing, the prices are going down. If you are looking for a bargain price for a "doodad" of your own, this is the time to start looking.
To see the article I was reading, click here.
Think about this. These types of assets are really no different than houses (other than the fact that they are depreciating assets, rather than appreciating assets). And they can be usually acquired in the same creative ways. Although values of these assets generally decrease over time, there still is a demand for them.
Do you think purchasing repossessions is a good investment? Has anyone ever done so, and was able to profit from it?
