My grandparents were amazing people. Despite racism and poverty, they managed to retire in wealth and comfort, because they beat the odds and worked the system and carved out a very profitable little real estate empire in the latter halves of their lives. Beginning when I was 12, I got sent to live and work with them in the summers, the better to learn about “the value of the dollar” and “where money comes from” and other wholesome lessons. It worked. I learned over those summers that “business” in America means one must at all times be on guard for lying, thieving, stealing, misreprestation and demonic evil. Sometimes, I wish I had my grandfather’s mettle; I left the business and went off to college to study things that didn’t make me feel so “icky,” which is always how I feel in a sales position. But it turns out he was right and I was wrong; if I’d skipped college and taken over the business, I’d be rich and powerful enough to buy me some politicians, instead of poor and with a head stuffed with pretty words and dates in history that no politician seems to be able to hear.

Anyway, this post from a blog that’s new to me really brought back the real estate nightmares every salesperson has had:  Read more 

Imagine a 40% crash in housing prices . Seriously just run through the scenario in your head. How much of your net worth is accounted for in your house? How much of your retirement nest egg? How much have you drawn out of said house in equity? What would that wonderfully extended mortgage look like, you know the adjustable one with the interest only for the first five years or so; the mortgage that will last you a good fifty years – yeah that one. You in the service industry, the paper pusher who is about to be down sized, the data entry operator or phone jockey making more than you know you should – you. How would you like to be holding a mortgage on a property that is worth about half what you paid for it, making half of what you used to? Get the picture? I’ll buy it off you for transaction cost.  Read more