Originally Posted by Nuggets
My friend is getting hit from all angles. There is a serious glut in housing in and around the Bay City area, he's lost a shit ton of equity due to the housing market falling on it's face, He's had to lower his rent to put bodies in the buildings, and his tenents routinely destroy their living quarters because they are being evicted or are just all around douchbags.
I truely feel sorry for him. He would like to sell everything and get out of the business but he's trapped because nothing is selling right now.
we've all lost a shit-ton of equity due to the housing market, and/or lost money in 401's and/or other investments.
sometimes, part of business is knowing when to fold a bad investment. good friend of mine handed the keys to his 12,000 sq ft 3 tenant office building back to the bank when 2/3's of it went vacant, and he could no longer float the debt service on his own.