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.
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