Long Beach Real Estate-Long Beach Condos

It's been a long time, Long Beach real estate investors.  I haven't addressed the Move Your ASS-ets Long Beach series since May, 2007- I apologize.  This series was designed to examine the ways different generations approach money and investing.  In the first part, I discussed Depression Economics- all about the World War Two generation.  The second entry was Boomer Economics (their kids).  Today, I want to address young Generation X and old Generation Y.  For the sake of simplicity, I'll refer to them as the Millennials.

The Millennials are actually Gen Y but the younger members of Gen X act more like them than the Boomers.  The age group I'm talking about is 21-35.  Many of the home buyers Laurie Manny and I help fit this category so this article is about most of you.

Millennial real estate buyers, in Long Beach, are very much like the stereotypical Millennial featured by the media.  They are extremely tech-savvy and love communication gadgets.  Some of them are connected to me on Myspace (www.BrianonMySpace.com) or on Facebook.  They prefer e-mail and texting to phone conversations and want to be engaged in the process of real estate investing.

In my opinion, the Millennials represent the one group in America that has the best opportunity to be financially independent at a young age.  There is only one problem with the Millennial real estate investor; he/she wants too much too fast and lacks the financial discipline to get there.  They've been spoiled by the Long Beach real estate boom and are having a difficult time dealing with the bust.

Let me explain because it sounds like I just called my Millennial readers a bunch of spoiled brats.  I assure you that nothing could be farther from the truth.  This age group did an excellent job understanding that the world is much different than it was ten years ago.  Robert Kiyosaki and Donald Trump have educated this group about the importance of self-reliance and the lucrative nature of real estate as a wealth builder.  Here's what those two gurus forgot to tell the Millennials:

LEVERAGE BOTH ENHANCES AND CRUSHES RETURNS

Debt, when used to acquire assets, can dramatically increase a return on investment in a rising market- it also exacerbates the loss in a declining market.  Many Millennials have experienced both high returns and high losses in Long Beach real estate investments because of the biased advice they received from Long Beach real estate and mortgage professionals.  Where we go from here will determine how quickly they retire.

Millennials hate to be sold; we all do but this group abhors it.  The practice of persuading a generation about a wealth building concept, however, turned out to be the ultimate sales job.  I hope to unwind that "sales job" and offer some straight talk about how to get what they want (to be rich) while helping them avoid the mistakes many new investors make.

I planned to devote just one article to the Millennials but it looks like I'll need 2 or 3 to properly cover the advice I have for this group.  Recent Long Beach real estate markets activity suggests that some amazing opportunities will materialize in the next 6-12 months; I want the generation that should be the wealthiest to realize their potential.

So...I'm back on the Move Your ASS-ets Long Beach Series.  For the next week or two it will sound like Move Your ASS-ets Long Beach Millennials.  Hang in there with me and let's learn something together.

HOMEWORK:

Move Your ASS-ets Long Beach: Depression Economics

Move Your ASS-ets Long Beach: Boomer Economics

Brian Brady

858-777-9751