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Old 08-29-2007, 01:35 PM
 
Location: Heartland Florida
9,324 posts, read 23,806,660 times
Reputation: 4901

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I was out troubleshooting an installation for one of our installers and had a shock! A friend of a friend who was working as a real estate agent was now working as a waiter in a restaurant! He saw me and was trying to hide! This was so funny to me because I remember visiting my friend and having him criticise my car, and clothes and trying to convince me to take out a mortgage on my property and invest in real estate. Turns out that he was leveraged and the values have dropped to the point that he's over his head and the home in Pinecrest he lives in is in pre-foreclosure. Although I saw him last night, I just contacted my friend who gave me the lowdown. I am thinking about driving by his home, or maybe stopping in for a visit to get some more sound financial advice..LOL!
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Old 08-29-2007, 01:56 PM
 
Location: Tampa
3,981 posts, read 9,431,043 times
Reputation: 1171
or, offer to buy it real cheap!
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Old 08-29-2007, 02:13 PM
 
2,313 posts, read 2,405,378 times
Reputation: 471
Quote:
Originally Posted by tallrick View Post
I was out troubleshooting an installation for one of our installers and had a shock! A friend of a friend who was working as a real estate agent was now working as a waiter in a restaurant! He saw me and was trying to hide! This was so funny to me because I remember visiting my friend and having him criticise my car, and clothes and trying to convince me to take out a mortgage on my property and invest in real estate. Turns out that he was leveraged and the values have dropped to the point that he's over his head and the home in Pinecrest he lives in is in pre-foreclosure. Although I saw him last night, I just contacted my friend who gave me the lowdown. I am thinking about driving by his home, or maybe stopping in for a visit to get some more sound financial advice..LOL!
I know a few, it is hard not giving them the horse laugh now after the arrogance and know-it-all attitudes they showed when it was so easy to sell to the suckers. Especially the ones who were new to the business and only knew the up market thinking they were such geniuses. Pretty funny now. My neighbors a case in point she can't even pay here sell phone bill now and had her cable TV disconnected. Have no idea how far behind in rent she must be.
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Old 08-29-2007, 02:14 PM
 
458 posts, read 456,118 times
Reputation: 136
That story in the St. Pete Times today is classic. A former top realtor sitting in her house with diamonds all over. 11 of her 15 'investments' under water.

And the stories of how sellers used to torture buyers during the boom is another example of what goes around comes around.
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Old 08-29-2007, 03:07 PM
 
Location: Jax
8,204 posts, read 32,225,194 times
Reputation: 3397
I know someone, I won't call him a friend, more of an associate, who became a realtor during this boom.

I kind of felt sorry for the guy and I was hoping this would all work out for him. I used to see his big 2-page ads in our local real estate magazines and was happy to see him doing well.

Well, the ads disappeared so I looked him up on the internet.......

Turns out, he bought too much of his own BS and invested in new development homes and lots and now he has multiple foreclosures and tax liens.

This may have been his one shot to set himself up properly in life and now it's all gone . You can give some people a realtor title, but if they couldn't keep their s**t together before, then it's not going to change once they become a realtor.

Tallrick - I cannot believe that guy made fun of your dreambucket! I bet he wishes he had your ride now ! (I'm teasing you.....some guys just have these cars that they love and us ladies can never figure out quite why ).
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Old 08-29-2007, 03:09 PM
 
Location: Jax
8,204 posts, read 32,225,194 times
Reputation: 3397
Quote:
Originally Posted by tallrick View Post
I am thinking about driving by his home, or maybe stopping in for a visit to get some more sound financial advice..LOL!
..........or menu recommendations .
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Old 08-29-2007, 03:27 PM
 
Location: Heartland Florida
9,324 posts, read 23,806,660 times
Reputation: 4901
A friend's mom is a Realtor and although her business is slow, she is still doing very well. The secret was that she realized that the 2002-2006 boom was temporary and a great opportunity to earn some $$$ and fund her retirement fund. Those who entered the market expecting a lifetime of riches without much work will be sorely disappointed. Although I tend to buy distressed properties direct from owners, the average person NEEDS a competant real estate agent. It will be nice to have a crash to weed out the untalented.

I am losing "equity" myself but it doesn't bother me a bit. The farther that values fall, the more likely I get to stay, hooray!
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Old 08-29-2007, 04:03 PM
 
Location: So. Dak.
13,495 posts, read 34,070,739 times
Reputation: 15063
Rick, unfortunately, I also find that a bit funny. It may not be nice, but when someone who's haughty and belitting is brought down, it just reassures us there is a bit of justice in the world every now and then.

It's actually too bad for the guy, but in a way, it may do him a bit of good to eat some humble pie.
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Old 08-29-2007, 07:26 PM
SKB
 
Location: WPB
900 posts, read 3,164,585 times
Reputation: 321
I have always believed in living within your means and saving for a rainy day. It looks like the rain is really coming down hard now all across the USA with ground 0 being Florida.
Things are finally getting interesting, I wonder what happened to NYChiefsFan have not seen him around.
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Old 08-29-2007, 07:32 PM
 
458 posts, read 456,118 times
Reputation: 136
I was wondering the same thing. NYChiefsFan used to post some great information.
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