[AA702]

Originally Posted by olecapt

They made a lot more than 80K. In general they put down 20%...they did not work on sub prime. Many managed a couple of million. And most took it to Phoenix and elsewhere without giving back a dime...where they picked up another million or two.

What do you think of that new law about no stated income loans? I think it's gonna make things worse!

[ackackack]

Originally Posted by olecapt

They made a lot more than 80K. In general they put down 20%...they did not work on sub prime. Many managed a couple of million. And most took it to Phoenix and elsewhere without giving back a dime...where they picked up another million or two.

Olecapt, why didn't you tell the Fed this? I think they would have appreciated knowing this before they lowered the interest rate. Oh well, it's not all bad though. I'm just happy that I don't have to get confused when I hear how much something costs. I used to say, "is that in Canadian dollars, or American dollars?" Now that they're equal, it's great! Look out peso, we're gunning for you next.

[olecapt]

Originally Posted by ackackack

Olecapt, why didn't you tell the Fed this? I think they would have appreciated knowing this before they lowered the interest rate. Oh well, it's not all bad though. I'm just happy that I don't have to get confused when I hear how much something costs. I used to say, "is that in Canadian dollars, or American dollars?" Now that they're equal, it's great! Look out peso, we're gunning for you next.

Like many second guessers you have no idea what actually happened. Hell I was standing there watching and missed it. The flippers in generally were long gone from Vegas by 2006. What is left is mostly local bag holders...and less than half of them were investors in any since of the word.

About 90% of the short sales offered in Vegas are locally owned. About 60% are owner occupied.

The actual mortgage forclosures show more non-locals. But that is because they knew they had been had and simply gave the properties back to the bank. A number by the way appear to have taken a substaintial loss. Again they had some money in the transaction. Just saw a CA guy unload a condo he paid $150,000 for. Got 110,000. No short sale so the guy ate it all.

[VLWH]

If things don't work out next year, head down to the OC. I bet papadon would be glad to hook you up down there.

Originally Posted by olecapt

Well we sell Real Estate. We lost money last year after a couple of nice years. We will do better this year Though it will not the Forbes 1000. I doubt we will do a lot better than minimum wage is you actually add up the hours we put in. Note though that, even losing money we get by...we have other income and "self employed" provides certain benefits that amplify that existing income. Do not try to break into Residental RE at this juncture...it is a disaster. You will be eaten alive if you don't have deep roots in the business.

I also know some others...Valet parkers on the strip make more than 75K. Exotic Dancers do over $100K at places like the Crazy Horse II. Some sweet young things do twice that.

House cleaner with a crew of four does 80K.

Custom contractor who does 2 or 3 houses a year does over 250K.

Journeyman Electrician gets well past 80K.

Prison guard who works all opportunities does over 70K.

I had some of the culinary numbers somewhere but I can't find them. They are I think in the public record.

[sheriff]

Originally Posted by olecapt

Nah they don't. Self employed pest guys and pool guys gross a 100K plus a year...but that ain't the net.

Most cocktail waitresses don't do 50K. The good places on the strip get close to a 100K...but they pool tips and pay most (not all) taxes.

Wynn dealers are the only ones I have heard of breaking a 100K. Freemont street they do 50K.

All big time Valets are pooled.

Re: dealers, wynn, caesar's, and bellagio are all in the 100k neighborhood, while downtown, only the GN does 50k, while the rest are in the 30k range.

[dynimagelv]

it's FREMONT st not FREEmont.......tain't nuttin FREE

[olecapt]

Originally Posted by dynimagelv

it's FREMONT st not FREEmont.......tain't nuttin FREE

Yup after John Charles....someplace between the hero of the American west and the worst charlatan operator ever let loose. Ended up a pauper having lost all his money in gambling on western get rich quick scenes- though also final appointment as the Govenor of the Arizona territory which included Vegas.

Sometimes credited as discovering Las Vegas - which he did not. It was already well known to the Spanish having been discovered by a couple of guys from Mexico. (as well as having been known by local Indians for many centuries) Always liked that about the town...discovered by a couple of Mexicans.