It's About Liberty: A Conservative Forum
Topics => Economy => Topic started by: richb on December 13, 2013, 02:56:46 PM
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Made a tough decision today.
I am closing my little business down next week.
I was hoping I would make it to the next president so things would hopefully improve, as someone with some business sense would take up residence at 1600. However going over the books, there is no way that possible anymore. Next years start up expenses are due. I just don't have the money, it's bankrupt. It's have been in the red for a while now, as business dried up as the recession depression continues.
Even though housing and real estate is a bit better then it was (I am a realtor, well until next week anyway) the hole has been dug, and the growth is too slow and too late. In January mortgages will be harder (Again!, thanks for nothing Frank-Dodd) for people to get, so the little growth will probably fall back away. Thankfully, no one works for me, so at least I won't be laying anyone off just before Christmas. Well, besides me.
I don't know what's next. Have no idea what I will be doing in January. Time will tell I guess.
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Hate to hear that. Hope something comes your way. ::praying::
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So sorry to hear that Rich.
Sending up a prayer on your behalf.
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Sorry to hear it, Rich. It's said, one door closes and another opens.
Cold comfort, I know, but I've found it to be true.
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Sorry to hear that Rich,
but its coming to all of us.
Get the welfare set up and sponge till its over.
Its not just Obamacare caught in the death spiral. Its the economy itself. They will have to print more and more of their own revenue, with more and more people relaying on their outlays till the dollar goes. And then the real fun begins
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Rich, I'm sorry to hear that, Rich. And I know what you're going through because I've walked in your shoes.
But, in the words of that wise old philosopher, Rocky Balboa:
"It's not how many times you get knocked down, it's how many times you get back up."
You're special and won't be kept down.
It will sting for a while, but you'll get the itch again.
People who have only been employees don't understand us
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Rich, I'm sorry to hear that, Rich. And I know what you're going through because I've walked in your shoes.
But, in the words of that wise old philosopher, Rocky Balboa:
"It's not how many times you get knocked down, it's how many times you get back up."
You're special and won't be kept down.
It will sting for a while, but you'll get the itch again.
People who have only been employees don't understand us
Happened to me, too. Not lately, but it happened.
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Sorry to hear the misfortune. Move to DC. I hear the govt is going to start selling it off very shortly, they can't prop it up much longer. The white House use to be historic but now it's a representation of a dictator.
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Really sorry to hear that. Prayers sent for ya
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thanks everybody.
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I too am sorry to hear that, Rich. I have more friends & church acquaintances who are respective industry experts...and out of work. Keep the entrepreneurial spirit alive - and another opportunity will arise.
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"Courage is the ability to go from failure to failure without loss of enthusiasm"
- W. S. Churchill
Nothing really helps but I saw this and it seemed like it could be helpful
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"Courage is the ability to go from failure to failure without loss of enthusiasm"
- W. S. Churchill
Nothing really helps but I saw this and it seemed like it could be helpful
And many successes have come after a series of failures from which great lessons were learned. God bless you.
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"Courage is the ability to go from failure to failure without loss of enthusiasm"
- W. S. Churchill
Nothing really helps but I saw this and it seemed like it could be helpful
And many successes have come after a series of failures from which great lessons were learned. God bless you.
Ditto!
Love that Winston quote.
And here I thought HARP was the magic wand for continued market success. Not very funny how the good intentions of our not-very betters bites us in the behind time and time again.
Prayers for you and yours Rich!
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I've heard it said that the average millionaire fails 3.5 times.
I can't remember if I'm working on my .5 and the coast is now clear or not
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Sorry Rich.... As a business owner, I feel your pain. I don't mind hard work but my job is not as enjoyable as in the past and it is directly related to this economy, an economy that doesn't appear to get any better, which means neither will my enjoyment.
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so sorry...
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Sorry, Rich. Things will pick up, though. They have to get better. ::angel:: ::praying::
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I just said a prayer for you Rich, and you will be in my prayers from here on out. ::praying::
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I am with you in spirit, Rich. The last five years have been brutal for me. Prior to 2008 my company was growing and expanding. At the beginning of 2008 that changed and I began laying people off. I let the last of my employees go in January of 2009 and I have been on my own since then. Of course, I still had the overhead expenses of a larger company (debt) with the income of a now sole proprietorship. I decided to not screw my creditors by filing bankruptcy and instead took on more debt to keep things going. It has been a very difficult time but I am now emerging from the darkness.
The problem for me now is twofold: The employment picture has changed drastically...unemployment is through the roof due to years and years of the government subsidizing deadbeats and workers' comp is also outrageously expensive. This means that hiring anyone is out of the question. The only way that I can get help is to subcontract workers and let them take care of their own payroll expenses. The second issue, though, is worse...finding anyone who is 1) qualified to work for me and 2) wants to work. Sadly, most people out there aren't interested in working anymore. The benefits to being unemployed and on the dole are a lot for some people to leave behind. So even though I could use to hire a person or two it is not easy to do so.
I am afraid that we are all going to have to wait for an end to "fundamental change" before things start to really look up. We are all in a holding pattern...we are all playing prevent defense and just hanging in there.
I hope that you can emerge from this trial in something approaching good shape.
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I missed this the first time around. Good luck.
I do have one question. If you sell real estate, there's nothing stopping you from continuing to sell real estate, is there? You don't need a fancy store front, just the ability to get out there and sell, right?
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I missed this the first time around. Good luck.
I do have one question. If you sell real estate, there's nothing stopping you from continuing to sell real estate, is there? You don't need a fancy store front, just the ability to get out there and sell, right?
Good question.
I was affiliated with a company that kept the costs down, but even that was too expensive for the low level of volume I was doing at the end. There are expenses that cannot be lowered or cut. There is EO insurance, MLS fees, realtor dues, that are only getting far more expensive. The regulations have increased in a manner I never thought the industry would put up with (isn't NAR supposed to be one of the better lobbying groups?). It takes time to keep up with that nonsense, because you don't want to get busted violating something you have no idea exists (and "enforcement" has increased). The basic contract got two whole pages longer in just the last 3 years. And you have to keep up with what is going in the mortgage business, which believe it or not, is ever worse off. The conditions that created the last bubble haven't really been fixed, so there will be another dip before too long.
Going totally (which what you are asking, about is) on my own wouldn't be less expensive, but would be far more work (and liability). There are very few totally on their own real estate people any more, regulations and the way the business is done in the internet age has largely made it unworkable. Add on to it, my own shortcomings, I don't see it working.
I have been struggling since at least 2010. So the hole really wasn't getting smaller either. The beginning of the recession wasn't horrible for me, but as it went on, it only got worse and worse. It wears you down. And there is no light at the end of the tunnel either. My business plan didn't involve a second term for Barry, and a Hilliary Clinton presidency is still a strong possibility. I can't wait it out anymore as the business won't really turn until there isn't a Democrat in the White House.
And it just not fun anymore. It used to be. Very few agents would consider it fun anymore.
People under 40 just don't have credit or money anymore. I live in an area that a low paying job means you will probably go bankrupt even with a very modest lifestyle, the expense of just living is just so high. This used to be an area you came too, to get ahead. So people aren't buying, even though they would love too. I imagine its a problem in most suburban, urban areas in the country now. Its so hard for people to even start out doing it the right way now, its no wonder why people don't bother anymore.
Kicking out the bottom rung for the regular Joe, is killing the real estate business, along with everything else.
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My nephew is a realtor here in Minnie, but he is young and the market here is OK, so he's getting by...but another implosion in the market (which, being pumped full of hot air thanks to Obama/Dems/Neo-Keynesians is probably a matter of "when" not "if"!) and he could be looking for new work pretty quick.
Hang tough Rich, the Good Lord willing something will present itself to you!
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Now I get it. Regulations to drive the little guy out. Rent seeking at it's finest.
According to my wife, mortgage volume at Big Bank is way down, and has never recovered. Hard to jibe with Libertas' words and news stories.
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Wells or US? Well, doesn't matter. My neice works at the former...still employed, for now...
I think a lot of the online retailers have cut into traditional bank lenders...part of the reason HARP came along, just another excuse to churn mortgage volume and make like housing recovery is here at last and provide a little back-scratch for banks...
And, here we go, wham bam slam! http://www.zerohedge.com/news/2013-12-19/housing-bubble-20-same-housing-bubble-10-just-different-actors (http://www.zerohedge.com/news/2013-12-19/housing-bubble-20-same-housing-bubble-10-just-different-actors)
What my nephew the realtor does say, is that there are still a lot of short sales going on, so I'd like to start seeing some honest balance sheets for lenders, then we'll have a better idea when the real screaming starts. (Real for the politicians, that is)
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The latter, with plenty of people from the former, that were let go when the bubble popped.