It seems that I see a lot of signs and flyers with couples who are into real estate together - must have both quit their 9 to 5 real job to take a flyer on getting rich in real estate.
Or couples where the husband is a realtor and the wife is a mortgage broker, or home depot clerk, or secretary at the home builder where they met.
Well, now that real estate has gone kaput, nobody is getting paid, and they still have to make the payments on their home, their leased lexuses, and their maxed out credit cards, shouldn't we be a bit worried about the REIC couples out there?
September 17, 2006
One big stinking baked potato of a problem - couples who do real estate together
Subscribe to:
Post Comments (Atom)
26 comments:
that'd be like feeling sorry for enron couples who put everything in enron stock
sure, I'm sorry for them, but they made their bed
Watch Million Dollar Listing on the Bravo Channel!!!
Oh My GOD!!!! What a bunch Egomaniacs selling over-priced S--T
No wonder were in trouble!
The fancy cars, ego's with No sales ability!!!
EGO's run AMUK!!!!!!
I'm crying myself to sleep every night.
"Well, now that real estate has gone kaput, nobody is getting paid, and they still have to make the payments on their home, their leased lexuses..."
Is "Lexuses" the plural of Lexus? Maybe not. There was some discussion of this grammatical point on Car Talk:
Dear Tom and Ray:
My husband and I recently had a question we thought you might be able to answer. This question is a little off-beat, but we're curious. What is the plural of Lexus? Amy
Tom: Well, Amy, the problem is nobody knows, because no one's ever been able to afford more than one Lexus. So we'll just have to speculate.
Ray: We suspect that the root of Lexus is Latin. And we traced it back to one of two possible roots. One is Latin for "half-price Mercedes." And the other, roughly translated, means "Japanese Buick." My guess is it's probably the former.
Tom: Also, sticking with Latin, we see two possible declensions. There's the "opus" model, of which the plural is "opera." So if we follow that rule, the plural of Lexus would be Lexera. One Lexus, two Lexera.
Ray: More likely, Lexus follows the same rule as Taurus, which pluralizes as Tauri. So we'd have one Lexus, and two Lexi. Personally, I think that sounds classier.
Tom: And as soon as we find an English professor who owns more than one Lexus, Amy, we'll give you the definitive answer.
http://www.cartalk.com/content/
columns/Archive/1992/July/10.html
I'll go with "lexi"
I wish I could be best friends with
Tom and Ray. "Hey, Tom and Ray, lets go get a beer, have a yarn and a chuckle."
"Whats up guys, going out? Let's see what Keith is up to."
I wonder what a House panic show on PBS would sound like with these three.
So much fun!
"Is LEXUSES plural of LEXUS?"
A better way of saying it is; leased lexus CARS. Cars being the plural of car.
Or worse One a gay clown living alone trying to make a living blogging fear of real estate.
Or worse One a gay clown living alone trying to make a living blogging fear of real estate.
PaintBlot is back as an anonopussy again.
What is life like for those who knowingly over-extended themselves? Not that i care, because i have my own family to be concerned with.
The high mortgage(s), the high end vehicles (God forbid they be seen in anything else), the must have bling, Rolex's,Cartier..yada yada.
Not to mention the credit card debt! Maybe a boat or plane, when will this excess in materialism hit?
I am far beyond being surprised anymore at what i see going on around me!
Let them eat Raman!
M.A.
Ramen rules. I eat it and save 4k a month as a renter. If i was forced to eat it then that would be a whole different story.
1. Since the couple probably own different models, you could opt to say the "IS" and the "SC" or convertible. Otherwise, it's the awkward, Lexuses.
2. Didn't know Keith was gay.
3. Didn't know you could get a permit to work as a clown in the UK.
Keith is definitely a raging Flamer!!!!
Lovingly,
Keith's mother
Jump ship or pink slip for some realtors
They are jumping ship or receiving the pink slip. America's real estate agents and mortgage lenders, that is.
Now that the glory days of the most recent U.S. housing market are over, its deterioration is taking a toll on employees who profited from its record-breaking five-year run.
With home sales slumping and loan demand diminishing, layoff announcements and resignations have become increasingly common, evidence that the sector's slump is broad.
Carmen Cook, a veteran real estate broker, saw the writing on the wall and decided to retire earlier this year.
"The market changed and my job became more difficult," she said. "I was working just as hard and the income wasn't coming in."
Cook earned up to $135,000 a year during the housing market's boom as a broker and vice president at Halstead Property, a real estate firm in New York. When her commissions fell by around 50 percent, she decided it was time to quit.
"All the brokers are hustling right now, but the income is not coming in the way they are accustomed to," she said.
The lending industry is also seeing an exodus of employees.
"There were a lot of people who ran into this industry over the past few years because it was the hottest thing around, but you are not going to see that now," said Scott J. Cooper, president of Old Merchants Mortgage Bankers in Lake Success, New York.
"We have seen more attrition," he said. "Everything has gotten harder, no question about it."
While many people are opting to voluntarily exit their companies, some housing-related employees are being forced out the door through layoffs, a trend that has increased dramatically this year.
Real estate industry job cut announcements totaled 3,033 year-to-date through August, a nearly 96 percent surge over the same period in 2005, according to Challenger, Gray & Christmas, Inc., an employment consulting firm based in Chicago.
The mortgage lending industry has not fared much better, with layoff announcements totaling 8,513 during the same period, a rise of over 70 percent year-over-year, according to data provided by the company.
HEYDAY OVER
The U.S. housing market's boom undoubtedly benefited U.S. homeowners, but it also supported the economy's recovery from a recession. During this time, housing-related jobs flourished, perhaps more than any other field.
Employment in the real estate and mortgage industry peaked at 504,800 in February, according to the Bureau of Labor Statistics. In June employment was at 503,100, a noteworthy decline given that the sector gained jobs at a rapid pace for most of 2001 through 2005.
In May of 2001, essentially when jobs started gaining, 290,800 people were employed in the two industries.
Paul Hindman, a head hunter for mortgage lending positions at Management Advisors International in Hickory, North Carolina, estimates that 30 percent of sales forces are people who hop on board when business is thriving, but are quick to throw in the towel when it wanes.
"In a refinancing boom, everybody joins in because you don't have to work hard to get the deal and those types of individuals don't do well in this type of market," he said.
Hindman said lenders have become pickier and are taking their time in their search for the right candidate.
"On the corporate and back-office side, companies are being very diligent in their hiring," he said.
The Mortgage Bankers Association, an industry trade group, expects total loan originations to fall by 18 percent in 2006 to $2.4 trillion versus 2005.
"There will be some decline in employment, but it is not going to be the 18 percent decline we're seeing in originations," said Michael Fratantoni, a senior director of research and economics at the MBA.
SURVIVAL OF THE FITTEST
Peter Morici, economist and professor at the University of Maryland's Robert H. Smith School of Business, views the downsizing of employment as a good development.
"Over the last year or so, we probably have not been getting overly qualified people," he said.
Therefore, as business volume continues to drop, the weak will get weaker and the strong will get stronger. "When things shake out it is going to be the better sales men and women that will stay," he said. "They are the ones who have built a reputation over time
http://news.moneycentral.
msn.com/provider/
providerarticle.asp?Feed=
OBR&Date=20060917&ID=
6027640
Boy is he ever!!!!!
I have photo's
Brian
- ?Keith Gay? Explains his liberal america hating slant...
it' just a cover for his being outed!
man, lot of realtor haters showing up at the HP lately
straight, europe, beautiful girls. 'nuff said.
I used to eat ramen too - in college. Back when college students didn't have access to debt, and had to live to their means
Yes, I know a couple that is going through it and they are worried.
Luckily the guy is an engineer and can fallback on that career, but if you formed your spending budget based on two incomes and it suddenly comes down to one income, you've got some major expense slashing to do. Sell the cars, the house, the boat, rent instead - all being considered. That's the easy part.
It's the relationship side of things - fear, loss of trust, bitterness. Depending on the personalities involves, that may never be repaired.
Here in SD it is the "Two Girl Tag Teams" that are popular - Traci and Staci, Trish and Heather. . .etc. A big RE sign by the airport says, "Traci and Staci - Yours for San Deigo". . .only at the bottom in small print is the Prudential logo. . .are they getting ready for their NEXT profession. . .take off the Pru logo, and put in an 800 number for "escort" service.
What's with all the hate comments? Who are you people, going on someone's blog and baggin on them. Get a life, if you don't like the blog or the blogger then go elsewhere.
Jealous of the success of Keith's blog and showing how pathetic you are.
Is it just me or are there others that attend open houses just to obtain free food?
I am a vulture, bottom feeding shark that only buys 'distressed property" and keeps it as a section eight rental. You do not want to see my old white Ford pick up on your street. It means I just bought the vacant house over run with a bad lawn and will rent it to Katrina Renters once they can show the Feds will pay the rent.
As for me, I own my house outright and only pay cash or do not buy anything. I am Uber Cheap. I am waiting for these open houses to go into the REO bin and like to make notes just in case I have a chance to bid it off the banks books after the listing has failed and the owner sends in the keys..
my old white Ford pick up on your street
That is only your 'work truck", right? I know a guy like you. Flipper with buckets full of money, and drives a POS old van to buy houses. Then the Nice car is home with the wife, so no one knows he is a million dollar flipper.
Actually, I was divorced at a tender young age before I was out of college, so no spoiled wife cruising around on my dime. I may not be the greatest prize but I have one operating rule when it comes to women: it is cheaper to rent than to own. I have a 2001 toyota land cruiser, which consider my main ride. Again, I am Uber Cheap, and if I buy something the other end of the deal left with tears and some cash as a consolation prize for the effort.
Are you tired of getting nice compliments on your blog, when really you're not makeng the kind of money that you deserve? Now you can join a completely FREE program. FREE to join. All you do is refer customers. To get started fast, click here: money making site. It pretty much covers money making related stuff and it's FREE to join.
Post a Comment