Heartbreak Hotel

[WWhittle]

Well- the new home business is basically at a standstill thanks to the banks new lending rules and the fact that prospective homeowners are scared to death, so......

instead of sticking my head in the sand and pretending things will get better, i have decided to sell what i can, use some of my savings, and start a new business venture.......

So i call my trusty real estate agent to list my house. I built it 2 years ago and had an appraisal done of course for my financing. Yesterday they came to measure the square footage and then my agent pulled comps and sales to determine a listing price and a price i should expect to sell it for.....

holy shit. My list price is $100,000 less than my appraisal 2 years ago and my "expect to sell for" is $150,000 less. Talk about a kick in the balls. Not that i didn't expect it, but today it became reality.

Now, normally i would say phuck it- i'll just build another one. But with the banks taking away "stated income" loans, i will be in a world of shit trying to get permanant financing on the next one. (yes, stated income served a purpose other than "irresponsible lending")

So here i am, feeling the pain of the rest of the world-

and i guess i wanted to vent.....

thanks for listening.

[Mike]

Sorry to hear that man. Good luck with everything.

[DolSVT00]

The economy is soo bad, I tried to start a new buisness too. It only lasted for about a week and I laid myself off due to "Lack of work"

Pimpin aint easy, and the market is real slow for fat chick pimps. Nobody wants to feed em.




J/K man, hate to hear it. It's tough for me too, I go to work everyday thinkin it's my last.

[WWhittle]

it's unbelievable how many people i talk to that either just lost their job, just had their pay or hours cut, might not have a job tomorrow, etc. etc.

i am not a fan of government intervention but they are going to have to do something. the whole damn world is going to be broke with bad credit and no light at the end of the tunnel.

i feel very fortunate to have what i do, and have a new outlook on life, that is for sure.

[Mustangscotty]

A 100K kick in the balls ! DAmn! :eek2:
Maybe things will get better after Obama takes over?

[WWhittle]

there are very few businesses that i would say are recession proof, very few demographics are recession proof...

but i think that there are a few businesses that will thrive in this screwed up economy and will thrive when people are trying to weasle themselves out of it and that is the direction i am trying to go....i just have to pull it all together and it is a little overwhelming.

but if i go down, i'm going down in flames.....

[Mike]

but i think that there are a few businesses that will thrive in this screwed up economy and will thrive when people are trying to weasle themselves out of it and that is the direction i am trying to go....i just have to pull it all together and it is a little overwhelming.
.....

Collection Agency or Repo Man.

:joke:

[Mustangscotty]

CNN Money stated the smaller things that people enjoy will continue to do well. Restaurants, fast food, night clubs, bars, casino's and cheap reusable items were some of the types of products and businesses they described.

[DolSVT00]

What's unfortunate is that all the "little people" could come out of this smelling like a rose. If I had the cash I would snag all the Industrial,Pharmaceutical,and Fossil Fuel stocks I could rite now, everyone know's it will hit the roof again "history repeats itself" when the economy grows again.

Problem is the "little people" have no money (like me).

[WWhittle]

Collection Agency or Repo Man.

:joke:



funny you say that because that would be a portion of it.

[WWhittle]

CNN Money stated the smaller things that people enjoy will continue to do well. Restaurants, fast food, night clubs, bars, casino's and cheap reusable items were some of the types of products and businesses they described.

i don't doubt that CNN said that, but i have friends who own most of what you listed and they are all crying poor mouth too. I would think eating out would be one of the first things to go on a tight budget, definately the club and bar, and you can look at casino performance info and see that they are suffering big time.

What's unfortunate is that all the "little people" could come out of this smelling like a rose. If I had the cash I would snag all the Industrial,Pharmaceutical,and Fossil Fuel stocks I could rite now, everyone know's it will hit the roof again "history repeats itself" when the economy grows again.

Problem is the "little people" have no money (like me).

i agree- I have an IRA that took a major shit in 2008 (my kick in the balls a week or so ago, the hits keep on coming) so i told my financial guy to take every bit of the rest of it and put it in oil. It's just a matter of time. I can't remember where i got in at, but i feel pretty good about it.

[Mustangscotty]

5 finger discount on banks is going good up here, not to mention the second blizzard in three days:stooges:

[WWhittle]

5 finger discount on banks is going good up here, not to mention the second blizzard in three days:stooges:


i am sure the crime rate is going to increase. especially robberies and drug charges. i know someone from the track that just got busted running 150 pounds of dope.

[SIXPACKGUT]

even though i live next to my garage, they are on 2 different properties which means i'm paying double for everything so....

the office area of my garage is being cleaned up just in case it comes down to choosing between my house or my garage. a hot water heater and a standup shower my find its way into my garage real soon...


the one thing i may have going for me is my house is so tiny that the banks might not even care about me when empty $400,000 houses sit across the street. well, i should say, they were 400g at one time

[SIXPACKGUT]

Collection Agency or Repo Man.

:joke:


car repo man was big business a few months ago. now banks are not repoing cars anymore. saw this on 60 minutes, a helicopter flying over somewhere in the midwest with thousands upon thousands of repoed cars just sitting there. as the copter was flying over i never did see the beginning or the end of massive lot of cars

[WWhittle]

car repo man was big business a few months ago. now banks are not repoing cars anymore. saw this on 60 minutes, a helicopter flying over somewhere in the midwest with thousands upon thousands of repoed cars just sitting there. as the copter was flying over i never did see the beginning or the end of massive lot of cars


yeah, i've heard the same thing from local banks. no more repos, they are just doing whatever they can to work it out with the borrower. i have even heard of them deferring payments for long periods of time. i'm not sure how they explain that to their stockholders becuase it becomes a "non-performing loan", which is a big no-no in the banking world.
i know that on the commercial end of the banks they won't budge on anything. it's either pay- or give it back- nothing in the middle. and in some cases, they are just calling their notes due all together, almost as if they WANT to take it from you. sad thing is that it has become "acceptable" to give back to the bank and in most cases with the drop in value of just about everything you own, it might be the best option. I have several properties in my business name that are up for renewal and i have caught wind that the bank is not renewing vacant land loans and may call it due. i almost wish they would, it sure would make my decision easier.

[SIXPACKGUT]

we will all be going thru this together. i need to take a trip to visit my dad and raid his gun collection. my artillary i have right now doesnt look big enough

[Darryl Buckner]

We are in step 10 of 12 to being a socialist republic. Me and Wes had a talk last week, and everybody in business is counting pennies, wether they are big or small. You try to get all the business you can, and worry about wether you can do it or not after the fact. I do alot of work for Federal and local governments, and am noticing huge changes there as well, but the government wants to give out stimulous checks. That just tells me that they take too much from us, how about keep the stimulous check and give me 5% of my paycheck back. I am just afraid we haven't seen the worst of it yet, keep in mind crime is directly proportional to unemployment..

[WWhittle]

we will all be going thru this together. i need to take a trip to visit my dad and raid his gun collection. my artillary i have right now doesnt look big enough

i hear ya man- i'll go with you and we can split the gas.

We are in step 10 of 12 to being a socialist republic. Me and Wes had a talk last week, and everybody in business is counting pennies, wether they are big or small. You try to get all the business you can, and worry about wether you can do it or not after the fact. I do alot of work for Federal and local governments, and am noticing huge changes there as well, but the government wants to give out stimulous checks. That just tells me that they take too much from us, how about keep the stimulous check and give me 5% of my paycheck back. I am just afraid we haven't seen the worst of it yet, keep in mind crime is directly proportional to unemployment..

Amen- i agree with all of that. It sucks that this has become reality. It is going to take a drastic change in consumer confidence to turn this all around. And i don't even think it can be a gradual change, it needs to be drastic and quick.

[Darryl Buckner]

Alot of the problem is there are some governors and congressmen who know what is going on is wrong, but they are afraid to speak up, for fear of some CNN or MSN reporter giving them some bad press. What the hell did we elect them for? I would like to think, to look out for our ideas and way of life, but when they sit there in fear of the news media, what a waste. Maybe everyone in the country needs to just flood their local elected official with emails til they are just forced to open their mouth, and do something. Lee Iococca for president in 2012!!

[Whaler]

I am truly sorry for anyones loss, especially when I know them. When I think of some seamingly painful sacrifices that my family went through the past year and few months in particular, and believe me, I have made many, I bow my head in shame. I have a good friend who has had a wife and child go through treatments for tumors and cancer only to find himself getting laid off from work last week. We have people in our neighborhood losing their "dream homes" to foreclosure. These are very good people, too.
I only wish I had been smarter with money instead of trying to figure out what I need to sell off next.
Sorry for ranting.

[WWhittle]

I am truly sorry for anyones loss, especially when I know them. When I think of some seamingly painful sacrifices that my family went through the past year and few months in particular, and believe me, I have made many, I bow my head in shame. I have a good friend who has had a wife and child go through treatments for tumors and cancer only to find himself getting laid off from work last week. We have people in our neighborhood losing their "dream homes" to foreclosure. These are very good people, too.
I only wish I had been smarter with money instead of trying to figure out what I need to sell off next.
Sorry for ranting.


everytime i turn the corner i run into the same thing, same stories, from good and responsible people. i think we can finally move on from saying that all these people "were stupid" or "made bad decisions" and finally realize that it is everyone- everyone is hurting in one way or another. this is a damn depression- where does it end? what is everyone going to do? everybody can't be homeless- everyone can't be jobless- everyone can't be broke- what the hell??

although it is human nature to beat yourself up (me included), it's hard too if you step back and look- who in the right mind would have predicted that it would have gotten THIS bad.

You know the old saying that "you should always have 6 months to a years salary in savings?" The people who have done that would be considered "responsible". I don't even think that is good enough anymore. Everybody is gonna end up broke before this is all over.

Damn that's depressing.

[WWhittle]

And before anyone says it- yes i know it is ironic that i am crying poor mouth in this thread and posting pictures of my new car in another thread- but that is 2 different times. The money started going into that car a year ago- and maybe i was blind, but i didn't see all this coming. Of course if i had a crystal ball, i would have definately kept that $xxx in my account. And at a certain point, the car isn't worth shit unless it is done, so i will finish the car regardless of whatever else is going on so i atleast have something worth a couple bucks. I hope i don't have to sell it, it would kill me.

just wanted to address that before someone tried to call me out.

[Whaler]

Yep, but I'm moving on and will keep my head up. It just adds another interesting chapter to my life. Hopefully my heart can withstand it.

This site allows me to follow my passion, fast cars, especially drag cars. This is my relief from the daily grind and I like following everyones progress and meeting new people that have the same interest. I look forward to being back in the game. Meanwhile, I'll read about it and go to the track when I can.

[SIXPACKGUT]

i had, HAD over 6 months savings in the market. its gone. bye, see ya. ya, i know. not the best place to keep your money stashed

cnbc.com has a suicide watch going on. billioners are broke and killing themselves.

history repeats itself. GD II

charleston county school budget is 28 million over projected tax revenue. 28 million!!! thats just one school county in the country. all the states, and SC is at the top of the list are out of money for unemployment.

every morning as i'm driving to work listening to my favorite punk music, i think, when does anarchy begin?

[SIXPACKGUT]

And before anyone says it- yes i know it is ironic that i am crying poor mouth in this thread and posting pictures of my new car in another thread- but that is 2 different times. The money started going into that car a year ago- and maybe i was blind, but i didn't see all this coming. Of course if i had a crystal ball, i would have definately kept that $xxx in my account. And at a certain point, the car isn't worth shit unless it is done, so i will finish the car regardless of whatever else is going on so i atleast have something worth a couple bucks. I hope i don't have to sell it, it would kill me.

just wanted to address that before someone tried to call me out.

i think everyone realizes that and fuckem if they dont get it

[WWhittle]

I hope it doesn't come to all this becuase i have two little boys that i worry about- but it wouldn't shock me if this country went completely off the deep end and you needed a gun to walk out of your front door.

i didn't vote for Obama, don't agree with alot of his thoughts, but will support him like we all should and hope that he does SOMETHING to turn this b.s. around. That's all i will say about that- i don't want this to turn into a politcal thread.

[wade w]

Its funny how things happen sometimes. I lost my job about 9 months ago. Not because of the way things are now but, because of my (how to put this)
not willing to let things go and hold my tonge when I should and also thinking I was unreplacable. Now I have two jobs to get my bills paid. The funny thing is that its so slow at my old job that Im glad that I dont work there anymore.
its a commission job. No work no money.