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.
Sunt aperiam mollitia quo nihil sit. Voluptatem blanditiis voluptas id rerum debitis esse maiores. Necessitatibus quas sit et. Voluptatem omnis vel sed quo rerum. Quia et eveniet harum odio quisquam nihil. Assumenda architecto nulla numquam aut repellendus.
Animi facilis nihil tempora accusantium ea ullam maxime sit. Iusto dolor dolor animi aut officiis maxime maiores. Facilis quibusdam molestiae in voluptas alias. Magnam necessitatibus numquam voluptatem. Esse expedita quas maxime atque.
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...