In the old real estate world, there was one word that used to be the Superman rule: location, location, location.
Just about anybody — the informed and uninformed — could buy a Boston condo in a good location and easily make money by flipping, selling or refinancing the home, sometimes after just a short ownership.
That was then, before the Great Recession.
This is now, can it be? The new super hero rule of real estate is: information, information, information.
Too many borrowers were uninformed, ill-prepared and overly optimistic about potential gain because of bad information they received and gladly embraced duriing the housing bubble.
Hmm…did those days fade away like the Superman comics and telephone booths?
Just a thought…
File Under: kryptonite.