Originally Posted by RyeBread
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.
I would guess my friend is down close to a mil in equity for all his properties. Things would help if his self entitled tennents would stop getting drunk and busting things up or at least pay their rent. He gets boned out of tens of thousands of dollars each year just from people skipping out. The only thing keeping his business going is his tenacity and the fact that he's a working machine.