Vulture Capitalist?

The Mortgage Crisis has hit everyone hard; not only consumers, but lenders and real estate agents.  However, where some see doom and gloom, others see opportunities...  Cesar Dias, a California real estate agent has been making headlines with his new business: Repo Tours. Every Saturday, from 11:30 am to 1:30 pm, Dias takes out three sold-out full-sized buses of prospective homeowners on a tour of all of the repossessed homes in Stockton, California.

Since starting his predominantly Internet-based business, RepoHomeTours.com has grown and spread throughout California, and now even includes tours in foreclosure hotspots like Las Vegas, Dallas, and Palm Beach.

Dias, the industrious capitalist, didn't stop there...  He also consults, charging real estate agents a $5000 fee for his help in setting up tours of their own.

The article (linked below) goes on to say this about Dias, referring to him as the Grim Repo Man:

But is the Grim Repo Man, described by several news organizations as a “vulture,” simply preying upon the weak? With oil at an all-time high and the U.S. job market at its lowest point in years, the working class seems to be at the forefront of an allout economic war. Considering airline bankruptcies and the threat of trucker strikes, the question is no longer whether or not we are entering a recession but how bad it will be and how long it will last.

My Take

This is not at all surprising, and we'll see more of these types of things as the Mortgage Crisis rages on.  Is Dias a vulture?  Perhaps...  But it's undeniable that he's also providing a highly sought after service.  One that continues to sell out weekly, as home buyers look to score ever increasingly lucrative deals.

Read the full article here.