What type of work do you do and has the economy affected you

[Pill]

Newspaper reporter. 'Nuff said.

[bane]

In Cali, it's just a market correction (coupled with the larger economic downturn). I feel for those of you that are getting hammered for it, but all of y'all had to know this was coming sooner or later, no?

While many of us were concerned about the housing bubble, not many imagined that home improvement construction industries would be off by as much as 95% in the wake of the crash.

During the last deflationary housing correction of 1991-92, we didn't see a complete melt down in the lending sector like we have today.

Yes, I was among the better prepared.

But I know a lot people who are hanging on by their fingernails, & I expect that this will be a very long winter, with more casualties.

Although it appears to be much worse for California due to various reasons, including the credit crunch, it's reminiscent of what happened in Texas in the 80's. We had a terrific boom which created a huge bubble, then the bottom fell out of oil and there were foreclosures everywhere and empty houses and commercial buildings every where you looked along with unemployment through the roof. It made for a rough few years. I know a few people who made fortunes by capitalizing on it though. In your industry I'd imagine it will pick up once the investors get going. That's what happened here anyway.

[upinsmoke]

I work in a subcontractor construction office. My heavy work load has only decreased by about 5%, but the company has laid off more than 200 employees. The wife just got a promotion & raise at her job, so that should help adjust for inflation. I'm just glad we don't carry much debt. I saw this shit coming for years, so made every effort to reduce my own personal debt before the crash.

[city kidd]

I'm a dealer and my business hasn't slowed down one bit. Actually the more people getting laid off the more lucritive my business has become..I love making money off of others misery. Alright...just kidding..I work in telecommunications and although I have enough seniority to not have to worry about being laid off I am worried about some other co-workers that don't have the seniority...we'll see what happens to them by the end of this month.

[Bridget]

I know I already posted in this thread, but I got a total of 6.5 hours on the clock this week. Yes, I'm part time, but I'm supposed to be getting 20-24 hours per week, not 6. Next week, barring a bunch of emergency surgeries, I'll be looking at around 12. My paychecks are embarrassing, but at least I'm employed.

[J88ROCK]

BUMP

[MasterOfMeatPuppets]

Newspaper reporter. 'Nuff said.

Mild mannered?

[Goddamn Electric]

In Cali, it's just a market correction (coupled with the larger economic downturn). I feel for those of you that are getting hammered for it, but all of y'all had to know this was coming sooner or later, no?

While many of us were concerned about the housing bubble, not many imagined that home improvement construction industries would be off by as much as 95% in the wake of the crash.

During the last deflationary housing correction of 1991-92, we didn't see a complete melt down in the lending sector like we have today.

Yes, I was among the better prepared.

But I know a lot people who are hanging on by their fingernails, & I expect that this will be a very long winter, with more casualties.

My, how times have changed!

pooldude ended up losing his motherfucking business!

[pooldude]

My, how times have changed!

pooldude ended up losing his motherfucking business!

My, how the Sludge naysayers never fail to underestimate the resilience & power of hard work & motivation.

While my construction licenses do remain dormant, my real estate business is doing very nicely, as I help distressed property owners avail themselves of the Federal & State anti deficiency judgement Short Sale laws.

http://www.harryclayrealtor.com/atj/use ... eId=254077

Smart people know that there is money to be made in almost any economy. One just has to be prepared to shift with the changes, doing whatever it takes to keep moving forward.

I now list & sell houses, & search for investment properties to buy, 7 days a week. I think real estate may end up being more lucrative for me than pool construction was the last 2 decades, which in turn was more lucrative than my previous 20 years in the music industry.

Are you still laughing, amigo?

[SmokingGun]

My, how times have changed!

pooldude ended up losing his motherfucking business!

My, how the Sludge naysayers never fail to underestimate the resilience & power of hard work & motivation.

While my construction licenses do remain dormant, my real estate business is doing very nicely, as I help distressed property owners avail themselves of the Federal & State anti deficiency judgement Short Sale laws.

http://www.harryclayrealtor.com/atj/use ... eId=254077

Smart people know that there is money to be made in almost any economy. One just has to be prepared to shift with the changes, doing whatever it takes to keep moving forward.

I now list & sell houses, & search for investment properties to buy, 7 days a week. I think real estate may end up being more lucrative for me than pool construction was the last 2 decades, which in turn was more lucrative than my previous 20 years in the music industry.

Are you still laughing, amigo?

Weren't you exposed on a recent thread as having exaggerated your whole Real Estate bullshit by a factor of a million or so?

Still, I admire your determination to forge ahead against all odds, especially after losing your business.

[bane]

I know more than one millionaire who made his fortune during the last real estate bust. Glad things are going well PoolDude.

[pooldude]

Weren't you exposed on a recent thread as having exaggerated your whole Real Estate bullshit by a factor of a million or so?

No.

I can only point you to my website, where you can view my current active listings & certifications.

http://www.HarryClayRealtor.com

No matter what documentation I post, the shit talkers will run their mouths, & the weaker minds believe them.

I know more than one millionaire who made his fortune during the last real estate bust. Glad things are going well PoolDude.

Thank you Bane.

I'm working hard @ it, 7 days a week. I hope your contracting business is hanging in there, back in Texas.

Three years into this Recession, unemployment remains very high here in CA, & the amount of defaulting properties is staggering.

Industry experts say it may take 3 to 5 years to work through all the looming Short Sales & Foreclosures in the Sunbelt states.

Here's an example of what I'm doing:

I got the listing for an older couple's 60 yr old 1000 sq ft home in default with a $160K mortgage. They could no longer keep up on the $1200 a month mortgage (plus taxes & insurance).

Zillow showed the house being currently worth $60K. I negotiated with the bank directly, & purchased the house all cash for $36K last month. I got the bank to pay the former owner's $5K (cash for keys / relocation allocation). I enabled the retired folks to stay in their own home, & rent the house back from me for $600 a month, half what they were paying before.

I have another similar situation ready to close where the house was mortgaged for $220K. I have already wire transferred the funds, buying the house for $57K, again all cash.

I am enabling a young couple with 2 children to stay in their home for substantially less than they were paying to buy it, with no more taxes & insurance, & again receiving $5K relocation fees, only they don't have to move out of the only house their kids have ever known.

In both cases, I have an excellent R.O.I. of about 14% with a good chance of future appreciation, & I gained the extreme gratitude from the 2 families I saved from foreclosure & eviction.

I am actively searching for more situations like this, & have the cash to pull the trigger on the right properties.

The more expensive Short Sale properties I am selling outright, helping upside down homeowners get a fresh start.

I have earned the friendship & devotion of 19 families I have helped so far this year, & now my business is starting to really gain momentum.

Sounds like total failure in the Sludge vernacular, huh?

[lerxstcat]

Harry, Kudos to you for not only reinventing yourself yet again and finding a profitable niche, but helping people in need at the same time. I'd say you've found one of the bright spots in the California economy for some time to come. And you'll have no problem phasing into the traditional RE market when it comes back, by then you will be well-established and have a huge reservoir of goodwill built up in your community. Your kung-fu is strong!

[SmokingGun]

Here's an example of what I'm doing:

I got the listing for an older couple's 60 yr old 1000 sq ft home in default with a $160K mortgage. They could no longer keep up on the $1200 a month mortgage (plus taxes & insurance).

Zillow showed the house being currently worth $60K. I negotiated with the bank directly, & purchased the house all cash for $36K last month. I got the bank to pay the former owner's $5K (cash for keys / relocation allocation). I enabled the retired folks to stay in their own home, & rent the house back from me for $600 a month, half what they were paying before.

I have another similar situation ready to close where the house was mortgaged for $220K. I have already wire transferred the funds, buying the house for $57K, again all cash.

I am enabling a young couple with 2 children to stay in their home for substantially less than they were paying to buy it, with no more taxes & insurance, & again receiving $5K relocation fees, only they don't have to move out of the only house their kids have ever known.

In both cases, I have an excellent R.O.I. of about 14% with a good chance of future appreciation, & I gained the extreme gratitude from the 2 families I saved from foreclosure & eviction.

I am actively searching for more situations like this, & have the cash to pull the trigger on the right properties.

The more expensive Short Sale properties I am selling outright, helping upside down homeowners get a fresh start.

I have earned the friendship & devotion of 19 families I have helped so far this year, & now my business is starting to really gain momentum.

Sounds like total failure in the Sludge vernacular, huh?

Sorry about the shitty attitude dude. It's obvious you're doing something really positive there.

[Heenan Snuka]

pooldude, how do u feel about Dean Graziosi?

saw his info-program this morning trying to get me to do real-estate his way

is he another scam artist, or is he the real deal??