Not Good...The Feds taking over banks

[Ironmako]

First Indy-Mac, now shoring up Fannie-Freddie Mac.

Not good guys and gals, not good at all. The bottom may be about ready to fall out.

[Gator_Mclusky]

Yep....thats not a good sign at all!!!!

gator

[Mr.X]

going to hell in a shitbasket fast stateside ...

[Rat]

The bottoms already fallen out.... it just hasn't hit the floor yet.

[paramuscle]

I was thinking the same thing Rat................where have you guys been ? 18 months ago, I had about 7 million dollars worth of properties...........they sat, and sat, and sat, and sat ............... I took a bath and was forced out of construction. I am not the only one either.

This has been coming and we been preaching it like a sermon on a mount.

Get Ready..................it is going to get worse.........




~PM

[Rat]

I think I do recall you saying you had a construction company at one time....

[paramuscle]

I actually worked it for about 11 years or so................it got very big (for my area). I had 6 in ATL down in midtown, one was 1.5 mil ............the lot was 400k.........

Anyway, the predictions from the analysts said that '07 was gonna be a record year.....for sales..............I went out and bought all the property I could get my hands on. It was a gamble and lots of people thought I was crazy for it................I honestly never saw it coming.

I built until the wheels came off..............then I lost it all.......

I fought for a long time, not wanting to give in............took 3 jobs for a while, trying to stay afloat.............you just can't make that kind of money in this business. So I filed chapter 7 because I was being threatened with law suit after law suit..............I fought for almost another year but eventually, you can't hold out.

I couldn't qualify for chapter 13...............they take the money you owe and divide it by 60 months and you pay it back that way.............I couldn't make it work.........

It taught me a lost of valuable lessons along the way and now I see my children more, my health is a whole lot better.................at one point, I was on 3 B/P meds and it was still going crazy. Now, I take none and it is fine...............stress.............it'll kill ya.


So I started doing what I do again and then got hooked up with those other cats.............now I am waiting to see what happens next...............




~PM

[Rat]

That sucks, Para... however... if you had asked me in 06, I could have told you what 07 was going to be like... in fact, if we go back we might find some old threads i started...

Oh well.... you know whats coming now.....

[paramuscle]

Yeas I do................thing is this, in my area there is a group that does analysis of the real estate market. Every quarter they publish a report that is chocked full of statistics and analysis and they are considered the "go to guys" on this sort of thing................they were way off on this one.

My wife is happier now.............I don't have the stress, the issues of running 14 jobs at a time, and I am a lot better off. I think God wanted me out of that business and into something else..........

If nothing else, I got some free training out of all of this and there aren't a lot of people who have seen the things we have seen............



~PM

[johnanthonyhome]

I am deeply moved. I can relate to a guy whos had it, and had to let it go. Truth be told. 9/11 destroyed the world economy, as designed. It just took a decade for the shockwave to reverberate. Tens of trillions in interest alone, no doubt. Another factor to consider is that illegal imigration has been shoring up the real estate sector for the last 5 years(albeit indirectly). And with that being shut off, those in the know started pulling theyre money out.
The good news is , Now youv'e got the formula. And you are very young. You have a lot of time left to kick ass.