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SPEAKING INTEREST RATES AND OF PAOLA BEING DUMB!(LOL)...

I talked to an old timer the other days (these guys are great to talk to you because you get their wisdom instead of your own arrogant knowledge base (I speak for myself), so you always seem to learn something knew - if of course, you're willing to listenWe started talking about how times have changed and how he's seen it all ... blah..blah...blah.... I guess (I must admit) I slightly glazed over when he was talking about the good old days in real estate, but I was sadly too arrogant to completely listen, because only when I was intelligent enough to tune back in did I realize he was given me nuggets of gold.  He told me that he had rental homes ("you young people have fancy names for them like cashflow holdings, but they're really just rental homes you didn't buy when either you or the market was being stupid") for example, in 1981 when the rates where 19, 20 and 21 (bank rates are always a bit higher than the Bank of Canada rate.   Thankfully, I was totally alert by then, when he said (after I asked him how he fared during those times), "no problem:  I wasn't stupid, so I didn't buy anything and try to apply for a mortgage when the rates were so high, plus I just sat on the homes I had when the rates were low.   I had some cash by then, so I bought a few home from people who went 'belly up' - I kid you not, those were his words - IN CASH while everyone else was scrounging for pennies and crying because they couldn't pay.   And you know what, young lady? (for a few seconds I was called a young lady- which was nice - my kids usually call me 'old bag' -lol),  'it was the best time for real estate'!   I still have those homes (because I've never sold anything, and now I'm a millionaire many times over."    Needless to say I was internally embarrased that I didn't quite listen to the first part of the conversation, but I have to say I was happy when he told me that he liked my style until he issued forth the punch line: "I think I know a bit about your holdings....been snooping around to see if you're for real....don't like those wiseguys selling courses who don't know what they're doing...so I just checked you out and, you are for real.   But that's not the best thing I like about you.  You know what that is?  Most of the time, you look like a bum!"    With that he laughed, clapped me on the back, showed me the twinkle in his eye and walked away!
It serves me right, I guess.   But still, - it was informative.   And I learned more in that few minutes than I have at any university class!

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