From Whoring Out The Governor’s Office To Whoring Out Real Estate
June 10, 2008
You know Big Daddy Kane had it right. Pimpin Ain’t Easy. But when you have the kind of money Eliot Spitzer has it ain’t all that hard either. From Ashley Dupre to Countrywide, Spitzer has found a new way to get his jollies and this time he’s not the one screwing somebody. He’s most assuredly realized it’s much more profitable being the pimp.
It seems that we can now count Eliot Spitzer among the ranks of investors who see this market like Tony Montana saw Miami in Scarface. If you saw the movie you’ll remember the line, if you didn’t it was a classic and how appropriate it is. This market, and in many real estate markets across the country are truly looking “virginial” and quite ripe for the proverbial taking.
Spitzer, fresh from his recent sex scandal wherein he did not seek bargain sex, is treating his business assets with much less scrutiny than he did his bedroom assets. Probably because his business assets are going to make him money instead of the other way around.
I guess Spitzer has realized it’s better to be paid $5,000.00 per hour than be the person paying $5,000.00 per hour. You know what? He’s right!
The Wall Street Journal is reporting that Sptizer is contemplating a business venture wherein he will start an opportunity fund (vulture fund) to purchase bank REO’s and other distressed properties in bulk across the country, and then in true pimp fashion turn those ho’s out…I mean flip the properties for profit.
The best part of all, like a true pimp, Spitzer may not even have to put up any money to launch his business. In true Robert Allen fashion, Spitzer may be looking to do this with no-money down.
In May, the former Governor of the State of New York held court over a meeting with a ”group of high-level Washington, D.C.-based labor union officials” at a meeting room at the headquarters of his father’s real estate business in New York City and hatched his plan for pimpin’ some serious real estate.
Spitzer has said that Europeans have been “especially supportive of him and perplexed by the fallout from the scandal.” It’s amazing what a great exchange rate can allow you to overlook.
If anyone knows a way to get the most out of his assets it may be Spitzer. After leaving the governor’s office in Albany he has been conducting business from his new office in a building owned by his father, at 730 Fifth Ave., an office building he shares with another sex trade business, Playboy Enterprises. It’s good to be the king , isn’t it?
Spitzer, like many high profile investors sees the immense opportunity created by what has become known as the “sub-prime crisis”. While many Realtors remain untrained and reluctant to understand the true fire sale that is going on with these lenders, guys like Spitzer and Jamie Dimon are eating this up big time.
Yes, I realize these guys are in another stratosphere but when you see people buying huge tranches of property for pennies on the dollar don’t you think you might be wrong with th whole reaction to a perceived “low-ball” offer.
Get in the game people! You should be pimpin these banks out hard and showing them they need to take the offers presented and you need to understand that they are willing to do so.
I don’t expect you to try and raise $500 Million bucks from a pension fund like spitzer is doing, but you are truly missing out not claiming your corner of opportunity in this ho’s marketplace.
C’mon people, Jamie Dimon knows it, Eliot Spitzer knows it, the Blackstone Group knows it, the Carlyle Group knows it, and of course, Tony Montana knew it. This town is just waiting to be taken and ravaged. Someone is going to do it, why not take advantage of the opportunities these foreclosures present and proclaim…The World Is Mine!”
Pimpin ain’t easy by a long shot, but it would be a whole lot easier if real estate agents realized their part in the game. There’s a lot of “johns” buyers out there. They’re just looking for a little tenderness, that’s all.
[...] So just how do you buy the Jamie Dimon way:(read about the Bear Stearns Bailout) Here’s another way [...]
Europeans have been “especially supportive of him and perplexed by the fallout from the scandal.”
Alright, they may be perplexed, but what I am perplexed about is how someone can be perplexed by the fact that he is a 2 faced, lying, cheating, piece of scum.
I could care less what he does/did off taxpayer time, as long as he didnt railroad everyone for doing the same thing.
Oh yeah, this is a re.net blog
If Spitzer or anyone can grab up a bunch of inventory to resell and has a system in place to accomodate interested buyers it has to be better than what lenders are doing. Hey capitalism is as capitalism does. Recognize the weakness and exploit it. Lenders are weak in processing and moving REO properties.
George you are right. We need to get these REO’s sold.