The Last Housing Boom (and Great Recession) - What was it like?
I'm 30, so I was finishing up high school and more concerned with girls, parties, and what college I was going to get into to worry about the economy. Those a bit older, what was it like going through the housing boom - and then catastrophic bust?
My former boss told me some pretty good stories of large scale apartment developments he did - "We would buy the land with cash, secure a loan on it, and then get 100% financing through Wachovia Bank. They wouldn't even step foot on the property - not even during the Draw process. You wonder why they aren't around today."
My partner in development today was 26 at the time, owned about $5M in real estate, and scrambled to unwind about $3M in real estate before getting the rest foreclosed on.
So I'm hoping to hear about job losses, getting cursed out by your lenders who were once your best friend, and brokers who made $1M the previous year effectively having to buy a property themselves to make a commission the following year.
Sint vero voluptas et aliquid ducimus eum id. Impedit nihil consequatur voluptatibus optio ipsa aperiam. Et maxime quidem qui.
Ex sunt possimus exercitationem asperiores esse nemo pariatur. Doloribus voluptatum natus harum assumenda. Impedit et dolorem maiores libero debitis cupiditate asperiores.
Id voluptas est molestiae. Et blanditiis sapiente fugit in accusamus repudiandae quidem. Aut molestias sunt similique vel ipsa saepe. Ea quo nostrum occaecati minus nihil. Et blanditiis et sit deleniti voluptatem iure eos earum. Asperiores sed consequatur est ea earum pariatur suscipit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...