Posted by SusanL.–FL on February 01, 2001 at 10:21:19:
?gets RIPPED out from under you, then it?s ALL over but the shouting.
When I look back over these past four years, I can see that our ?cornerstone? wasn?t as solid as it should (and could) have been. Too busy having fun and spending money like drunken sailors --instead of paying attention to ?details?.
All it took was one or two unexpected ?things? to happen to finish us off. In our case it was unscrupulous partners AND losing professional jobs within weeks of each other. I may have gotten a few singed hairs along the way—but I?m STILL here folks! :-))
I ?hear? ya when you say ?being able to wait for the ?right? tenants? to come along can make ALL the difference in the world—cause when you get desperate and make the mistake of grabbing just ANYONE off the street (to fill a vacancy), it usually comes back to haunt you BIG time. You wind up paying out more $$ than you can ill afford to do.
In frustration, I came pretty darn close to just handing back my duplex to the bank three years ago. But fortunately, and I am happy to say, most (if not ALL) of my lending institutions were more than willing to work with me until I was able to crawl back out from under the $470K ?rubble?.
Now, the peace and tranquility of my J-O-B AND being able to camp out on CRE all day these past couple of years has helped to keep me ?grounded?—and yes, has helped to keep my sanity too.
I am happy to report that, after $struggling for 54 loooooong months, I am nearing the end. One of my buyers is in the process of refinancing the Note I am holding on his commercial property. Soooo–as the REPO man circles my block, I hope I can just hold on AWHILE longer.
(P.S. By sharing our stories on the board, hopefully we can prevent other CRE friends from making the same (fatal) mistakes.)
Have a good day, Tim and thanks for sharing your story. It was very interesting!