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Craigslist Gold Digger…A Good Investment?
October 10th, 2007 categories: Buying, Real Estate News
As you know, the Internet has made pretty much anything possible. Finding a job, selling your car, learning about remote destinations…well, you get the point. And now, thanks to a New York woman, we can now add, finding a rich husband to the list. Recently, a 25 year old New York woman, posted an add on Craigslist (unfortunately she has since taken it off, but here’s a link to what she posted), in an attempt to find a sugar daddy – a rich husband – who makes over $500K a year.
The anonymous woman argued that “a million a year is middle class in New York City, so I don’t think I’m overreaching at all.” Whether that’s the case or not, who places an ad for a husband? Sure there are online dating services and things like that, but who skips all of that and tries to go straight to the finish line?
Luckily, for us that is, someone found the self-proclaimed “superficial” (as if we couldn’t figure that out on our own) woman’s post and offered his take on the situation. The NYC banker who responded and supposedly met the woman’s requirements, told the lady that her proposal was “plain and simple a crappy business deal.” He argued that even though this woman described herself as “spectacularly beautiful,” that…
“Your looks will fade and my money will likely continue into perpetuity … in fact, it is very likely that my income increases but it is an absolute certainty that you won’t be getting any more beautiful! So, in economic terms you are a depreciating asset and I am an earning asset…Let me explain, you’re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!”
Harsh, but probably pretty accurate. The mystery banker continued and came to the conclusion that, “It doesn’t make good business sense to ‘buy you’ (which is what you’re asking) so I’d rather lease,” he said.
As I read this in today edition of Reuters, I couldn’t help but agree more with this guy. Setting the moral issues aside, this banker was dead on in his analysis. Why would he buy an investment that would inevitably lose it’s value?
Then I thought, about how he compared this woman to a piece of real estate. While some of you might think his “analysis” was bit cruel, I wish I could meet the guy and buy him a beer. Why would you buy something that you were positive would lose its value? Or rather, why wouldn’t you invest in something that you were certain would increase in value?
If I were to tell you that you could buy a home today, for $700,000 and that it’d one day be worth $1 million dollars, would you buy it? 
Or would you continue to rent the place you’re in now and wait until that $700K home was worth $1 million to buy it? My opinion is that buyer’s will have the best opportunities to buy from now, through around the end of next year. If you think now’s a bad time to buy, try asking your neighbors who are trying to sell, what they think. Obviously no one can say with certainty when the market will turn, but is there anyone out there who really thinks San Diego won’t be worth more down the road, than it is today?
If you can find me that person, I’ll find them a 25 year old spectacularly beautiful wife.
To get a free list of homes for sale in San Diego, or for any other real estate related info, please call Denny Oh at 858-243-2092, or email me.
Hahahaha… That is hilarious. So are you saying I should be buying a house and leasing my girlfriend? Brilliant!
Thanks Jason – I’m not sure that’s exactly what I meant, but if you want to buy a house let me know. Just make sure your girlfriend doesn’t read your work.
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Interesting piece. I agree that a homebuyer should buy a house now rather than wait until prices appreciate again….BUT, maybe they can get a real deal on an older house. I tend to love houses with character, which can rarely be found with a younger model.
Call me crazy too, but speaking from a woman’s point of view, there are things about myself I find more attractive then when I was in my 20’s. Things I didn’t have at 20 years of age. I would say that my value is appreciating.
Rebecca D. Levinson-Connect2Agent
Thanks for the feedback Rebecca. I can tell this topic could get me into a lot of trouble, so this is all I have to say…age isn’t necessarily the best barometer for beauty. As you pointed out, some things definitely get better with age and well, I’ll leave it at that.
As for the homes, I agree, an older house can offer a lot of value and character. Just make sure you and your clients know what you’re getting into.
[...] SanDiegOh writes Craigslist Gold Digger… A Good Investment? [...]
Denny – I am rolling on the floor – that was a great analogy. Glad I got married at 23 – at 45 I’m afraid I might not do so well (lol) – luckily Jack married me for more than looks – and we invest in real estate because it has a great long term return – Brilliant- Cyndee Haydon
Cyndee,
Thanks for checking in. While 45 isn’t exactly 23, I’m sure Jack (and Rebecca…read her comment) will argue that there are benefits to being a little more mature.
And as a single 27 year old, living in a quasi-college town, I’ll be the first to say that younger isn’t always better. Just ask Miss South Carolina
http://www.youtube.com/watch?v=lj3iNxZ8Dww
I LOVE this post…and, I am DEFINITELY more valuable at 47 than I was at 25…I can’t wait to turn 50! Cha Ching!
Thanks Jackie. I just hope my body gets the message – my hangovers and injuries(both alcohol and non-alcohol related) seem to last longer and longer as I become more “valuable.”
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[...] a comical look at why buyers should not wait, you must read Denny Oh’s take on buying vs. leasing…trophy wives and houses…It is too [...]
Great post! So many reluctant buyers need to heed this advice. Maybe getting it to them in such a humorous way will work, at least if the man is the one steering the ship. The ladies may not be so moved to buy.
Buying short sales can be a brilliant move, providing buyers have the patience to deal with the seller’s lender :-/
Craigslist Search – short sales and REOs can definitely be a good deal. They often times offer “below market” prices, but as you mentioned, the buyer does have to be patient. These types of sales also come with different rules, logic and surprises. Just make sure you’re working with someone who knows what they’re doing.