Being a San Diego hard money lender, I was thinking about the short term benefits of our loans. They are fast, painless and they work. It’s like paying interest on a credit card. It’s OK for a short time but you don’t want to do it for 30 years.
It’s selection Sunday in March and that means the kick off of March Madness. Is what the Kentucky basketball team (currently 33-0) doing the last few years like a private money loan? With many recruits, they are taking the short term route. It’s higher interest and it looks like it’s higher return.
For a program like Kentucky, they spend several years recruiting a kid. The young superstar then leaves for the pros after 7 or so months of college. Why would they do that when they can recruit a player who’s not quite NBA ready and perhaps can stick with them for 3 or 4 years? The answer is: because they can and it works for them. Every year, it seems like Kentucky is a 1 or a 2 seed going into the 64 team tourney.
There are fix and flippers in the real estate industry who even though they have good credit, use San Diego private money and it works for them. There are people on the outside that might look at them and say, “why would they do that?” Again the answer is that it DOES work for them. Like recruiting 1 and done college basketball players, it’s not for everyone.
As I type this while and listening to my Pandora channel, one of my fav songs of all time is playing right now, John Mayer’s version of Free Fallin. Being a San Diego State fan with coach Steve Fisher at the helm, I hope that song doesn’t apply to them. I would prefer the team they are playing to be Free Fallin.
The thing I don’t like about myself being a San Diego private money lender this time of year is that I sometimes schedule my appointments around certain key games. I like to watch the last 5 minutes of a key game that I am interested in. Someone asked me to meet at 2pm and I ask if we can meet at 3. Why? I cannot tell them that I am hoping that Duke gets upset in the 2nd round (third round if you are counting in those goofy play in games) and I need to watch them. “I am unavailable till 3.”
I gave up most of my vices as I matured(I still try to maintain a touch of childishness-ha!)so allowing me to play hooky like millions of other sports derelicts is not going to put me in the poorhouse. I will have my brackets in by Thursday and ready to watch. What a month!