The world’s richest billionaire just got into real estate investing in an even bigger way, setting a trend many more high net worth individuals are sure to follow…
Everyone has heard about the massive real estate investing maneuvers Warren Buffett has been making recently and how many of the world’s richest rely on real estate investments for a large share of their income but this new move by Forbes’ #1 richest billionaire Carlos Slim takes it to a new level.
Mexican telecom mogul and billionaire Carlos Slim just revealed he bought 439 distressed properties at a cost of more than half a billion dollars, bailing out a bank and setting himself up for sizable gains in the near future.
It’s hard to argue with the savvy of a heavy weight real estate investor like Slim, who Forbes ranks as today’s biggest winner in its real time billionaire rankings, making a smooth $1.32 billion on a single investment.
Still even Carlos Slim’s estimate $69 billion in net worth isn’t even enough to scoop all of Bank of America’s distressed property inventory.
New data on the nation’s banking giant reveals over $64 billion in loans more than 6 months delinquent on which the bank hasn’t even begun foreclosure proceedings. This is certainly just the tip of the iceberg of distressed assets Bank of America is sitting on between REOs, homes in foreclosure and all of those properties 30 to 180 days behind on payments which are falling into foreclosure.
We’re talking about well over 1 million foreclosure homes just in Bank of America’s pipeline which are going to make ripe real estate investing deals for flipping houses or converting into rentals.
While the housing market is certainly improving by leaps and bounds and should only get even better in the New Year, counts like these should give real estate investors confidence they’ll have enough distressed inventory to work with for another couple of years at least.
