Monday, August 25, 2008

McCain Housing Crisis? Please......

Recently Senator John McCain was asked by a reporter how many houses he owned. This was definitely a loaded question designed to put McCain in a box and paint him as an elitist. As it turns out, he has seven houses worth approximately $14 million (based on what I have read).

So what?

Now, McCain is being painted in the light that he "doesn't know how many houses he owns...." - which is not what he said. He never said "I don't know how many houses I own......" He clearly was uncomfortable in discussing the subject and did not want to answer the question.

Probably because some of their houses are investment properties and some may be in the name of his wife, or in partnerships or holding companies.....I think he wanted his staff to accurately and completely answer the question.

As I thought about his answer, I began to add up the houses that I own.

I am a real estate investor and I own several rental properties. I own them in my name; my wife and I own some together; I have partners and I have some property in a corporate name. Let's see: my primary residence (1); three rentals in my name (3); one in Mel's name (1); two with partners (2); one in a corporation (1) - that totals eight (8). If you count a duplex that I own with a partner, then add another one to the total.

I deal with these properties every week. I am in the business. But think about answering a question like that on the spot - (heck I had to give it some thought).

John McCain has been on the campaign trail running for President for over two years! What if Cindy McCain had sold some of their properties or purchased others (given the real estate market - it could have been either).

If you are in the real estate business, think about it: How many houses do you own? Quickly, now. The world is watching........