On April 27th, ironically the day before BloodhoundBlog Unchained commenced, IndyMac Bank posted a Notice of Trustee’s Sale against our home. I didn’t know about this until this week, although I had known it was a possibility.
This is really nobody’s business. But as a matter of steadfast policy, I have never let anyone make a truthful statement about me that I have not first made myself. I know I tend to excite the most evil sentiments in people with evil minds, so they may want to take this opportunity to further their self-destruction. This matters to me not at all. I live my life well to the right of the zero on the number line, and the only people I deal with or care about do the same. People who pursue disvalues are of no value to themselves, nor to anyone.
But so as not to introduce this topic and then leave it unexplained, here’s what happened: For the past three years, our outflow has exceeded our inflow. This is not an unusual story in the real estate business, and we have been lucky to have enough high-paying work to at least keep us within reach of profitability. During this same time, as you have seen here, we have completely reengineered everything we think about marketing, with the ultimate test of those ideas beginning only now.
But our debt load became severe enough last year that we had to make some hard choices. I elected to take a chance on our mortgage payments, since there was a plausible threat that we might lose the house anyway. Our choice was to keep the doors open at the risk of those doors themselves. I could see an upswing in our business activity, to the extent that I expected to catch up on the mortgage by the second quarter of 2009, and to catch up on everything by the fourth quarter.
I still expect this to be the case. My one mistake was that I didn’t think IndyMac would pull the trigger this soon. I played chicken and I lost, so now, in addition to buying back our late payments, we will also have to pay the trustee’s legal fees.
I am chagrined in Cathleen’s behalf. I have always been a slow pay. I’ve never defaulted on a debt, but I’ve never risked the farm just to pay the fertilizer bill on time. Cathleen, by contrast, used to be a fanatical bill-payer, and she is robbed of that small joy for now. Still worse, for living with me she is robbed of her privacy. I know that we will prosper well enough, in due course, to feed all her delights — reliable solvency, stray animals, the Phoenix facsimiles of fine arts, etc. For now I can but beg her forbearance and ask her, along with our creditors, to wait just a little bit longer.
I can’t imagine what it must seem like to be on the receiving end of a missive like this, but that has nothing to do with anything. I don’t need for you to have read this, and, in your place, I probably would not have. Where’s the upside? But it’s something that I could not have left unsaid, not given everything else I’ve said. So, if you actually have read this far, I’m grateful for your indulgence. But now you should go do something more worthwhile, more productive and more conducive to the undiluted self-adoration that is the purpose of human life. That’s what I’ll be doing, in any case.
Beth Incorvati says:
Dear Greg,
I read the entire post and I thank you for your honesty, bravery, and willingness to share your story.
It came to me at exactly the right time.
As humans we tend to compare our insides with our people’s outsides, assuming that if things look good, they are – and we must be doing something wrong, something different, if by comparison, our situation seems inferior. I am reminded daily that this is not the case. You are struggling. I am struggling. Our peers are struggling. But we hold on to our vision, our ideals, and our hopes that things will improve.
I am confident they will.
While I contemplate my next move as a single mom in this industry with a home I am hopelessly upside down in (which now needs many thousands of dollars in repairs and remediation due to very serious water issues that I cannot afford to correct), a former spouse now 14 months out of work, and the bills that life brings, I will ask you to PLEASE:
Keep doing what you are doing!
We have never met but I VALUE you. I love this forum. It is a tremendous resource and I rely heavily upon it for the training, teaching and coaching I provide to my associates. Your work matters. Your dreams matter. “Stuff” is easily replaced and not very significant. What you mean to others is.
Gratefully, Beth
May 9, 2009 — 5:41 am
Greg Swann says:
> Keep doing what you are doing!
Do ye likewise. We say, “Press on regardless!” The volume of business is picking up dramatically here, and I hope that’s true for you, too.
May 9, 2009 — 7:05 am
Ryan Hartman says:
Now that’s transparency!
Come on dogs… Let’s crowdsource and shortbus that book so it sells.
Because GS under stress = Potentially huge drag on the evolution of our entire industry…
May 9, 2009 — 5:42 am
Cheryl Johnson says:
Greg, I lost a home in the real estate crash of 1990. It sucks. It haunts your mind for years. Especially when you are smart enough to know some of your own choices got you where you are. (At least that applies to me 🙂 )
Bloodhounds: May I propose a Virtual Rent Party for the Swann family and critters? (In this case Mortgage Party.)
Put together some kind of fun, rockin’ site, invite everyone to the party and then pass the (paypal donation) hat.
I’d contribute.
May 9, 2009 — 6:03 am
Greg Swann says:
> May I propose a Virtual Rent Party for the Swann family and critters?
This is really sweet of you, Cheryl, but I can’t let you do it. I dug my way into this, and I know how I plan to dig my way out. We don’t owe that much to IndyMac, which is why I see their action as being precipitous. In any case, as you might guess, we could have avoided all of this by exterminating or adopting out the animals. Cathleen is helping to set up a website for a charity that helps relocate pets who are losing their homes in foreclosure. If you’d like to help out with that, I know she would welcome your involvement.
May 9, 2009 — 6:51 am
Joe says:
Thanks for being vulnerable Greg and speaking from you heart. Colleen and I tend to ‘get around’ online and run in many real estate communities. By way of encouragement, we’ve never heard anyone speak negatively of you, so you can put to rest the notion “…they may want to take this opportunity to further their self-destruction [of you]…” as if there are any of these types out there, they are so few to not be an issue.
We have a developing personal story that parallels yours in many ways. If fact, one of the reasons we were at Unchained last week. This past week we’ve been incorporating much of what we learned in Phoenix, and have been in communication with folks we met while in Phoenix. Dave Smith gave me the better part of his day yesterday (and probably many more), we are creating a PPC campaign, we have a new client thanks to Brian’s Facebook seminar, to name a few action items.
Colleen and I met Cathleen the first night of Unchained. She shared her passion about animal rescue and other stuff. Through it all it was obvious you guys have a great relationship and your love for Cathleen was obvious and evident. I’m certain central to your struggle is how this will effect Cathleen. I can appreciate that.
Here’s hoping for a market and economy recovery that will put this thing to rest. ~ Joe Lane 😉
May 9, 2009 — 6:07 am
Greg Swann says:
Joe: > Here’s hoping for a market and economy recovery that will put this thing to rest.
Bless you, sir. Thank you. I’ve never in my life worried about money — which is surely a mistake from the getting-rich perspective — but I know this will work out.
Sharon: > You may be without money, but you will never be poor – that’s all about spirit.
That’s my view exactly. We’ll be fine.
Thank you, all of you, for your kind remarks. I feel stupid for having gotten us into this pickle, but we’ll work it out.
May 9, 2009 — 7:13 am
Sharon Simms says:
Greg – sharing this emotional situation with your readers/friends is a great example of living your philosphy. You may be without money, but you will never be poor – that’s all about spirit. Thanks for continuing to share your time to make us all better at what we do and who we are. Hugs to you and Cathleen.
May 9, 2009 — 6:23 am
Cheryl Johnson says:
P.S. I just registered the domain name virtualrentparty.com. To my surprise, it was available. I’ll put together a basic WordPress site later today, then maybe some other hounds can pitch in with design and content ideas.
May 9, 2009 — 6:25 am
Cheryl Johnson says:
Tell Cathleen I’m in.
But I’m still going to create my virtualrentparty web site, even if I am forced to designate myself as the recipient of any donations. 🙂
May 9, 2009 — 6:57 am
nancy otte says:
some famous phrases for you:
dude.
you rock!
i’m not worthy.
it is what it is.
the same thing has happened to some great folks in my area (luckily not me) and while it is the worst possible embarrassment short of the whole clinton bj thing, i’d bet you kind of almost feel relieved now that the powder keg is open. thanks for your honesty and integrity and being real. oh here’s another one:
you put the real in real estate 🙂
May 9, 2009 — 7:31 am
Don Reedy says:
Greg,
Geno and I had some time together between sessions at Unchained. During that time we did “guy” stuff, talked about things of import and fluff, and grew to know each other better. Now it’s you, sharing this.
As we have grown to know each other over the past couple of years, I have taken the liberty of sucking all the energy and good things out of Unchained that you and the others have made available. I use the word “sucking” because I took it in with such unbridled abandon. But what made me a Bloodhound, no, what made me come to love the humanity, depth and soul in you and Cathleen happened in the first 10 minutes we first met at the Heard Museum at the first event. You remember, my beloved dog, Sir, lying near death in San Diego, leaving my wife, Beth, to suffer and carry the full burden of that time with me hundreds of miles away.
You took me in like a wounded puppy, a complete stranger to you and Cathleen, and along with Geno, allowed me to vent, to cry, to grieve, all the while continuing the work I wanted to do. For this I stand in eternal gratitude, for the kindness of one who comes to help with no expectation of taking anything back is a rare, wonderous, and awesome experience.
You’ve probably heard me pass around one of my favorite quotes, but here it is again, for you.
“A single raindrop seldom thinks itself to be the cause of the flood.”
Greg, you rain, sometimes soup, sometimes wrant, sometimes technogreatness, sometimes rap, but always love and passion. You rained on me, I’m growing, and I want to let you know I’ll join with CJ or any of the others to try to rain back on you.
By the way, you give that gal of yours a grand, behemoth hug from me, and from Beth….and from Sir.
May 9, 2009 — 7:34 am
Kathleen Couch says:
Greg,
I have empathy for you and Cathleen from having been in your situation several times. Neither one resulted in a foreclosure sale, but was close.
Thank you for your transparency, showing that you are a real person with a problem common to many.
Bless you!
Kathleen
May 9, 2009 — 7:41 am
Mark Green says:
Greg, you have absolutely nothing to fear. Clearly, you understand this, but it never hurts for your friends to reinforce it.
I actually completed a short sale on my home about 3 months ago. My wife lost her job, and I’ve been making peanuts for the better part of 2 years. We just couldn’t keep pace with the payments anymore. Fortunately, Citi was easy to work with and now Abby and I have downsized to the point where we can begin rebuilding our financial future. By the way, Citi, I’ll remember how professionally you conducted yourself throughout the process and I’ll be back as a profitable customer someday – even if I have to pay a premium to use your credit cards, your mortgages, your financial services. You gained a customer for life.
Was this a stressful experience? Certainly. Thank God I gained true perspective on life a few years ago. We have our health. We have our loved ones. We wake up every morning in a land of opportunity, with freedoms others less fortunate would surely kill or die for. I don’t want to wax too philosophical here, cause I feel myself getting started.
Greg, I have no doubt that your real estate business will become hugely successful sooner than later. You’ve made a tangible difference in my life already. I’m proud to know you. And there are hundreds, maybe even thousands who feel the same way.
Keep doing what you’re doing man. As you’ve said to me: good on ya.
May 9, 2009 — 9:54 am
John Prescott says:
And so it comes to this. ‘When Bad Things Happen to Good People…’
You work hard, you do what you have to, and you hope you get by.
The real estate business is TOUGH. Our culture screams that sellers are greedy and that realtors shouldn’t make any money.
The media puts the industry to the stake and then wonders why the economy s..ks.
Our tax money goes to the banks and then they won’t loan it to us or our clients.
You do the right thing all your life and then you end up in the negative column on a balance sheet.
You’re not cash strapped enough to qualify for the freebies, nor rich enough to not care.
America’s vanishing middle class where many toil.
But you and Cathleen have the passion, the drive, the wit, and the ability to laugh.
Because this too will pass.
And you have an ever growing, ever compounding asset in your personal bank – the love and affection, and the admiration of the Bloodhound’s litter.
Our lives are changing.
And when you’re talking about survival, that’s when great ideas, possibilities, and business opportunities can come to the surface.
We’re all in this together, Greg.
We hear you and we’re here for you.
– BostonKayakGuy
May 9, 2009 — 9:54 am
Thomas Hall says:
Greg – I know the financial pressures you are under. While I never thought I would be faced with the loss of a business and seriously wondering how I was going to generate enough money to live, day to day, I realize that this too shall pass.
I have been honored to be a part of your commitment to excellence. Perhaps I am rationalizing my own situation, but we all go through tough transitions when we deal with transformational change.
In light of the current real estate environment, your approach is truly transformational. All the best to you and your wife.
May 9, 2009 — 10:23 am
Jay Thompson says:
“What doesn’t kill us makes us stronger.”
– Friedrich Nietzsche
Thanks for sharing something you certainly didn’t have to. If someone attacks over that, they are complete buffoons.
Best to you and Cathleen.
I don’t know if Cathleen knows of this pet rescue group. They may be able to help each other. They’re good folk, based in Scottsdale: http://www.lostourhome.org/
May 9, 2009 — 11:56 am
Mark Madsen says:
Greg, I feel your pain. The bank finally took our house the week of Unchained.
I say finally, because we’ve been going through this nightmare since Aug. of 2007 when my ARM adjusted for the second time shooting my payments up to 4600/ month from 2400.
In Oct. of 2007 I had a perfect credit history, 750 ficos, verifiable income, assets, and a beautiful house that my wife and I had just brought our newborn daughter back to. The only problem was that we were about 40k upside down in value which prevented me from doing a regular refinance.
After many conversations with our bank, I finally followed their advice and decided to go 90 days late so that we could start the loan modification negotiation process. They wouldn’t talk with me otherwise.
Well, 20k later in legal and back payment charges, ruined fico scores, no available credit (limits were cut when I went 30 days late), and a slight change in the Las Vegas real estate market…. we were give the notice that the bank was taking the home in July 2008.
We did not play chicken with our bank, but I wish I did because I’ve been taking care of the yard and house for almost 10 additional months while living somewhere else.
I don’t understand why they wanted to take a 300k loss on our home vs. just working out a more affordable payment plan.
I learned a few things from that experience:
1. What doesn’t kill me, doesn’t kill me.
2. A DIY loan mod might not have been my best plan of attack.
3. Banks and the government only care about keeping people in homes if the Net Present Value makes cents in their favor.
4. I’m not alone.
5. My true friends and family still love me.
6. The only thing that I can control in life is my attitude.
7. Home is were the family is.
8. Income and equity are false measures of success because they can change at any time.
9. Fear is he opposite of Faith.
10 The only thing people really care about is how much I care about them.
The good that came out of our situation is that I lost 50 pounds on the foreclosure diet, my relationship with my wife is stronger than ever, and my foundation for future business development is not built on closed units or the economy.
In regards to the foreclosure pets project, I’m in 100%.
Thanks again for everything you have given to the BHB community, and for the sacrifices you have made to keep this place alive.
mm
May 9, 2009 — 12:25 pm
kerry melcher says:
If and more like when I next find myself defending or explaining the practice of transparency–this is what I will remember.
Cheryl–let us know when the site is up and running. George Bailey (aka It’s a wonderful life) would have turned down virtualrentparty.com too but his ‘small town’ wouldn’t let him.
all the best
May 9, 2009 — 12:26 pm
Erion Shehaj says:
My Dad once told me that sometimes in life, your back hits the wall right before it thrusts you upwards with the outmost ferocity. Wish you and Cathleen the best
May 9, 2009 — 1:36 pm
Eric Blackwell says:
Greg;
First of (as Jay said), thanks for sharing something you truly did not have to. These times can be hugely stressful. Please know that TeamEric sends our best to you and Cathleen.
We are friends. ’nuff said.
I remember your post about Ana-stay-sia saying “Do your worst, I will not kneel.” It helped me through a particularly tough time with one of my kids, who struggles with a disability.
I guess all I am trying to say is the only way that I can repay you for that is for you to know that I support you in dealing with this.
@Cheryl- I’m in. Email on the way. This has never been a “wait for orders from headquarters” thingy anyway…that’s what makes BHB well BHB! You are not insubordinate if you don’t ask and just do…hehe
@Kerry- that was very well said about transparency. And this is what I will remember as well. This is the best true example of it I have seen to date. And that’s saying sumthin’…
@Mark – “8. Income and equity are false measures of success because they can change at any time.
9. Fear is he opposite of Faith.”
Thanks much for that. Meeting you and Tony at BHBU were worth the trip alone. Kerry as well.
Best (as always..)
Eric
May 9, 2009 — 2:05 pm
Charles Richey says:
I hope things get better for you. Going through some tough times as well, never lose your optimism. We’ve been taking in animals from foreclosures here as well and it does get expensive. If there is anything I can do to help, please contact me.
May 9, 2009 — 2:51 pm
Sean Purcell says:
Greg,
Your honesty never ceases to inspire me. I am ashamed to admit I have yet to find that honesty when it comes to sharing my own story of foreclosure and eventual homelessness. I will, however, share what I have learned:
Tough times don’t last, tough people do.
May 9, 2009 — 7:57 pm
Tom Vanderwell says:
Greg,
In 1988, I became a Realtor because, well, a straight commissioned job was better than no job.
In 1991, I became a lender because, I knew the business somewhat and a salary plus job was better than straight commissioned during the 1st Persian Gulf War “slow down.”
In 1995, I had what I call my “conversion moment” and began to look at mortgage lending as helping people rather than selling money.
Until 2008, that’s the way that I looked at my job and while I didn’t enjoy every day (or every bank I ever worked for), the vast majority of the time was very fulfulling.
As the pain and devastation of this financial mess we are in reaches all corners and all economic and social levels, I’m seeing another reason for what I do. Not all, but much of the financial pain, could have been alleviated or at least reduced if more people had a solid understanding of the financial world and what impact their decisions has. Many people are finding their financial worlds shattered because of decisions others made. For instance, Greg, I’m confident that you wouldn’t be in your scenario if the housing market hadn’t bubbled and crashed.
That’s a long way of making two points:
Greg, thank you for being as open and transparent as you are and I wish you and Cathleen the best. Know that for the guts it took to hit the “publish” button on this post, many others have benefited, learned and are better prepared to deal with the challenging situation they are in right now.
Thank you for motivating me to continue doing what I’m doing and continue writing both here and on Straight Talk. If I can help just one more person understand, prepare, realize and acknowledge the financial ramifications of what the market is doing and how it’s going to potentially impact them, then it will have been a good day.
There have been a number of times in my 21 year career that I’ve been “caught unaware” by market conditions and it has been financially and personally painful. In 2006, I sold my old house on a land contract. The buyer is currently 5 months behind on payments, trying very hard and asking for “mercy.” I look at the current rental value of the property and realize I need to work with the current owner as painful as it is.
Hang in there, keep doing what you’re doing, keep telling it right and we’ll all be better for it.
Tom
May 9, 2009 — 8:03 pm
Russell Shaw says:
Based on how I handled our finances, I lost our home to foreclosure in the mid 80’s and subsequently filed bankruptcy, as well. Prior to marrying me, Wendy had never had so much as a late payment in her life. I later discovered that many highly successful self employed people had a very similar pattern. First failure, then success. For me, it was a hard lesson to learn but I did and am the better for it. I’m quite sure you will be too.
May 9, 2009 — 8:27 pm
Tom says:
My friend.
God bless you first of all. You and Cathleen.
One of the true traits of a giver is that we do not look for remuneration. While we love to earn, we also love the feeling of teaching and growing others.
As one who shares the traits, I have learned that it drives my wife to distraction and my bank account to unnerving levels.
But it also creates an amazing network of supporters and friends. As a long time blogger in other topics, I have seen it before. Your situation is not uncommon, actually it is pretty common.
One thing I would ask of you is to let others help. And it is not for you.
Let them help because you have given so much of yourself to them it allows them to reciprocate, otherwise they (I) will hurt. By giving so much, you have initiated the law of reciprocity whether you like it or not. This is not a bad thing.
As a friend and a colleague, do not feel as if asking for help is a weakness. You will be doing it for your readers. As you said, you got yourself into this and you will get yourself out of it. But you forgot one important aspect, you also have had us along for the ride every step of the way. Now let us, your readers and friends, repay the numerous gifts you have given.
Throw a paypal donation button on the side. We will find it, I promise. All it takes is one person and the word will spread.
It really is not a bad thing to be helped, I promise you. You have earned it. It may be the greatest thing that ever happened to you.
Tom
(PS Writing this did not cause a tear to roll down my cheek, it was allergies, really)
May 10, 2009 — 5:20 am
Paula Henry says:
Greg –
Your post made me wonder, “how many agents are going through the same thing right now”? I’ve seen the agent owned short sales and desperation of agents who are facing this very scenario.
By sharing your story and thoughts, I’m certain you have given back to those very agents who believe they must be the only “ones”.
When you give back more than you take, life will surely reward you – let people help. They want to, they need to!
May 10, 2009 — 6:34 am
Todd Tarson says:
Greg and Cathleen… if anyone is strong enough to manage through, I bet it is both of you. Good people who give of themselves (as you both have done) usually find a way to get back.
I wish you better days and good fortune.
May 10, 2009 — 12:11 pm
Michael Wurzer says:
Twelve years ago, the company I run, FBS, was dancing with insolvency. We had to beg banks and others for money to keep the doors open, we had a product that was no longer competitive, and we were simply fighting for our business lives. We basically had to start over, from scratch, in terms of our product line, and we did so by creating flexmls Web, which has proven to be highly competitive.
Looking back, those days of pain, tears and fears were some of the most galvanizing and rewarding moments of my life. Through that hell, we created an employee owned company that’s kicking butt in the MLS industry today and proving us all worthy of being owners. I learned then that I couldn’t and didn’t want to do it alone but could scale any heights with my equally committed co-owners.
Greg, you have the best partner in Cathleen, and together you will prevail.
May 10, 2009 — 1:03 pm
Sue Zanzonico says:
I read the entire post too and have to say I am very touched by your honesty and openness in sharing this story.
These are tough times for all. Paula is right you have given alot just by writing this post. Like Russell stated many highly succcessful, self-employed entrepreneurs have experienced similar situations. I have no doubt that you will get thru this and rise right to the top.
May 10, 2009 — 2:06 pm
Brad Coy says:
Greg – I’ve been unplugged and on the road for the past couple with family obligations. My father brought up the post last night while we were at a birthday party. It surprises me because my father is not in the RE business and does not have any other reason to read BHB other than his son writes here (but that’s never stopped others)… at any rate, after having a short discussion about the post, your situation, my relationship with this community… I”ve never been more proud to say, that I am a part of it. A small part but never the less, lucky to be supported and encouraged by such an amazing group of people.
My fullest support going forward my friend. I’m never far out of reach and although I’ve been facing my own challenges as well right now, I will help in what ever way I can. This too shall pass. Much better days are ahead.
May 10, 2009 — 5:13 pm
Robert Kerr says:
It’s not that big a deal, Greg.
Hell, you haven’t lived until you’ve lost your first home. I lost my first one in ’96.
And you’re absolutely right, this is what entrepeneurs do, they take risks and sometimes they stumble but they always get back up and we’re better for the lessons learned.
Best of luck to you and Cathleen. I’m sure you’ll pull though this just fine.
May 10, 2009 — 7:39 pm
Greg Swann says:
To Nancy, Don, Kathleen, Mark, John, Thomas, Jay, Kerry, Erion, Eric, Charles, Sean, Tom, Paula, Todd, Michael, Sue: Bless you. Thank you all.
Mark Madsen: > The good that came out of our situation is that I lost 50 pounds on the foreclosure diet, my relationship with my wife is stronger than ever, and my foundation for future business development is not built on closed units or the economy.
Beautiful…
Tom Vanderwell: > For instance, Greg, I’m confident that you wouldn’t be in your scenario if the housing market hadn’t bubbled and crashed.
The first of the Bloodhound listings was in January of 2006, 1102 West Culver Street. We thought we were there. We had had a huge year in 2005 — who didn’t? — and we thought we were going to march through Central Phoenix one block at time. We do a lot more now than we did then, but we’ve also learned a whole lot about marketing and market expectations. A Bloodhound listing kicks ass, but we still have to fight for every scrap of attention we get.
Here’s an upbeat note: I worked out over the weekend how to express Bloodhound ideas on short sales and other distressed properties.
Russell Shaw: > I later discovered that many highly successful self employed people had a very similar pattern. First failure, then success. For me, it was a hard lesson to learn but I did and am the better for it. I’m quite sure you will be too.
Bless you, sir. Thank you. You are possessed of an inspiring magnanimity.
Brad Coy: > A small part but never the less, lucky to be supported and encouraged by such an amazing group of people.
Damn straight. A truly astounding bunch. I’m proud to be a part of it.
May 10, 2009 — 8:23 pm
Brian Miller says:
Greg,
I’ve just read your post (all of it, of course…) It is hard to put into words how I thoroughly and completely moved to my core, (and maybe even shocked) by your honesty and openess. You have re-defined transparency, and like others here I’ve very grateful to you for that. Before reading your post, disclosing something like this about myself would not have even been a part of my mindset. Often I read something at BHB that causes me to re-think my approach to things. This has me re-thinking my entire philosophy…
I believe it is the mark of a great person who can stick to their beliefs when backed into a corner. You are doing that and still teaching from that corner…
Believe me, I am one of many who will be cheering you and supporting you through this….
May 11, 2009 — 5:30 am
James Boyer says:
Greg,
I read your entire post, and feel for you. The kinds of chances you took are the kinds of chances, when they work out, are those which are held up as examples of great Americans being willing to risk it all to build a great business and a great company.
I feel that I know you well enough to know that you will rise like the great bird your city is named after.
Keep up the great work and the revenue will keep coming in faster and faster.
May 11, 2009 — 6:53 am
Rudy says:
Hi Greg!
In the pursuit of happiness, we all face obstacles. Such is life. It’s how we deal with them that makes us who we are. Be strong.
Our thoughts are with you and your family. You will be ok.
Sincerely,
Rudy
May 11, 2009 — 8:24 am
Broker Bryant says:
Greg,
I’m sure this is a difficult time for you. I lost 3 properties back in the 80s all at the same time. 5 years later I went through a bankruptcy. Through it all I did what I always do…….move forward.
Now let’s talk business. Real Estate has changed. As Brokers we have to decide what the market will give us and then figure out how to take it. In my market it’s short sales and REOs. That’s it. 90% of the properties that are closing are distressed properties. My guess is that your market is similar.
If it is then you only have 2 ways to go. List and sell short sales and list and sell REOs.
Listing REOs can be done but requires time to nurture asset managers in order to get listings. Short sales are a dime a dozen because a lot of agents just don’t want to do them.
What I did was align my business to become “short sale” specialists on the listing side and work with buyers selling REOs.
Both of these areas are hard work BUT because I made the change I now have more business than I know what to do with and I’m expanding my company.
Waiting for the market to turn around is a losing propostion. The market has already turned around. It turned around into what it is today. I bet if you check the sales activity in your market you’ll be surprised to see how busy it really is. That’s the business you have to go after.
So my advice is to change directions then move forward.
May 12, 2009 — 4:25 am
Michael Cook says:
Many people are sharing such kind words and see this as some kind of shame. Its all apart of business. While it certainly sucks, if you are not the kind of person that will push yourself to the limit of your means you are probably not going to be a super successful entreprenuer.
I think it is a credit to you that you believed in yourself and your business enough to go this far. It is also a credit to your wife and family that they believed in you and the business enough to stick by it.
Five years ago, my wife and I were living in the basement of one of our fix and flips and we literally ran out of money with contractors expecting to be paid at the end of the week and a mortgage due. We opted for the mortgage and I got to have the very tough conversation with some not so understanding contractors, who also had mortgages due at the end of the month. Rock bottom is never fun, but its a tremendous learning experience.
I would be more than happy to contribute to the paypal effort, not because I have some kind of pity for you Greg, but rather because as a fellow entreprenuer, I understand the struggle.
You will be in a better financial place some day and business will be better than ever at some point in time because no one can take away the passion and drive you have to succeed. Your story makes perfect sense to me, and in my eyes, its just another step in the direction of success.
Call me crazy, but I will always believe in myself, no matter what I face because I know who I am and I know what I can do. You strike me as a similar person, so keep doing what you do.
(And take the paypal money because more than just your wife and family believe in you…)
May 12, 2009 — 7:31 am