Incredible glee – RE “investors” get theirs

[susanunit]

Perhaps you all remember this installment from CNN Money’s series “Tycoons in the Making”:

http://money.cnn.com/2004/05/21/real_estate/investment_prop/realitycheck/index.htm

Robert and Yvonne Cromer, cutting-edge investors making the most of the new real-estate paradigm bought up 17 properties all over the country. Fast forward to 2008 and now they’re featured in a different type of article in our own Tribune:

http://www.signonsandiego.com/news/business/20080323-0820-investors.html

“Besides losing two homes in Chula Vista and one in San Diego, the Cromers also lost homes in Nevada, Texas and Florida, Yvonne Cromer said.”

A search for San Diego foreclosures reveals two notices of default in December 2007 for poor Yvonne.

[jpinpb]

Ha, Susan, I just posted the same story, only titled it “Sharks that get eaten.” Serves those greedy people right, if you ask me.

[jpinpb]

Ha, Susan, I just posted the same story, only titled it “Sharks that get eaten.” Serves those greedy people right, if you ask me.

[jpinpb]

Ha, Susan, I just posted the same story, only titled it “Sharks that get eaten.” Serves those greedy people right, if you ask me.

[jpinpb]

Ha, Susan, I just posted the same story, only titled it “Sharks that get eaten.” Serves those greedy people right, if you ask me.

[jpinpb]

Ha, Susan, I just posted the same story, only titled it “Sharks that get eaten.” Serves those greedy people right, if you ask me.

[Coronita]

Ah, the difference between "new" millionaires and "old millionaires. For the new ones, it really is easy come  easy go.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Ah, the difference between "new" millionaires and "old millionaires. For the new ones, it really is easy come  easy go.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Ah, the difference between "new" millionaires and "old millionaires. For the new ones, it really is easy come  easy go.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Ah, the difference between "new" millionaires and "old millionaires. For the new ones, it really is easy come  easy go.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Ah, the difference between "new" millionaires and "old millionaires. For the new ones, it really is easy come  easy go.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[kewp]

Am I a bad person for laughing about this?

[jpinpb]

If you’re a bad person, then so am I. And I imagine many other Piggs, as well. OC should profile these people, if he hasn’t already.

[socalarm]

I’m still shaking my head at the incredible irony in this.

“The Cromers took extraordinary measures to better their lives. In 1998, Robert spent 10 weeks on unpaid leave riding a Mission Beach roller coaster for more than 20 hours a day in hopes of winning a $50,000 prize. The contest, sponsored by a radio station, was finally called off with no winner. The station sent five die-hard contestants, including Robert, home with $10,000 each.”

A flipper who began on a roller coaster????? This couldn’t have been invented in a Coen brothers film.

[jpinpb]

Yeah, I was thinking that, too. The Giant Dipper roller coaster in Mission Beach would be the precursor to his real life Giant Dipper real estate roller coaster. Too comical. Bet they’re asking themselves, walkaway or ride it out, “Call it, Friendo.” Extraordinary measures. One well-thought out risk after another.

[patb]

Intersprerse the real estate roller coaster video with the
video of this guy riding the big dipper,

🙂

seriously, what kind of idiot buys houses in 3 different states,
he must have thought he was casey serin

[patb]

Intersprerse the real estate roller coaster video with the
video of this guy riding the big dipper,

🙂

seriously, what kind of idiot buys houses in 3 different states,
he must have thought he was casey serin

[patb]

Intersprerse the real estate roller coaster video with the
video of this guy riding the big dipper,

🙂

seriously, what kind of idiot buys houses in 3 different states,
he must have thought he was casey serin

[patb]

Intersprerse the real estate roller coaster video with the
video of this guy riding the big dipper,

🙂

seriously, what kind of idiot buys houses in 3 different states,
he must have thought he was casey serin

[patb]

Intersprerse the real estate roller coaster video with the
video of this guy riding the big dipper,

🙂

seriously, what kind of idiot buys houses in 3 different states,
he must have thought he was casey serin

[jpinpb]

Yeah, I was thinking that, too. The Giant Dipper roller coaster in Mission Beach would be the precursor to his real life Giant Dipper real estate roller coaster. Too comical. Bet they’re asking themselves, walkaway or ride it out, “Call it, Friendo.” Extraordinary measures. One well-thought out risk after another.

[jpinpb]

Yeah, I was thinking that, too. The Giant Dipper roller coaster in Mission Beach would be the precursor to his real life Giant Dipper real estate roller coaster. Too comical. Bet they’re asking themselves, walkaway or ride it out, “Call it, Friendo.” Extraordinary measures. One well-thought out risk after another.

[jpinpb]

Yeah, I was thinking that, too. The Giant Dipper roller coaster in Mission Beach would be the precursor to his real life Giant Dipper real estate roller coaster. Too comical. Bet they’re asking themselves, walkaway or ride it out, “Call it, Friendo.” Extraordinary measures. One well-thought out risk after another.

[jpinpb]

Yeah, I was thinking that, too. The Giant Dipper roller coaster in Mission Beach would be the precursor to his real life Giant Dipper real estate roller coaster. Too comical. Bet they’re asking themselves, walkaway or ride it out, “Call it, Friendo.” Extraordinary measures. One well-thought out risk after another.

[socalarm]

I’m still shaking my head at the incredible irony in this.

“The Cromers took extraordinary measures to better their lives. In 1998, Robert spent 10 weeks on unpaid leave riding a Mission Beach roller coaster for more than 20 hours a day in hopes of winning a $50,000 prize. The contest, sponsored by a radio station, was finally called off with no winner. The station sent five die-hard contestants, including Robert, home with $10,000 each.”

A flipper who began on a roller coaster????? This couldn’t have been invented in a Coen brothers film.

[socalarm]

I’m still shaking my head at the incredible irony in this.

“The Cromers took extraordinary measures to better their lives. In 1998, Robert spent 10 weeks on unpaid leave riding a Mission Beach roller coaster for more than 20 hours a day in hopes of winning a $50,000 prize. The contest, sponsored by a radio station, was finally called off with no winner. The station sent five die-hard contestants, including Robert, home with $10,000 each.”

A flipper who began on a roller coaster????? This couldn’t have been invented in a Coen brothers film.

[socalarm]

I’m still shaking my head at the incredible irony in this.

“The Cromers took extraordinary measures to better their lives. In 1998, Robert spent 10 weeks on unpaid leave riding a Mission Beach roller coaster for more than 20 hours a day in hopes of winning a $50,000 prize. The contest, sponsored by a radio station, was finally called off with no winner. The station sent five die-hard contestants, including Robert, home with $10,000 each.”

A flipper who began on a roller coaster????? This couldn’t have been invented in a Coen brothers film.

[socalarm]

I’m still shaking my head at the incredible irony in this.

“The Cromers took extraordinary measures to better their lives. In 1998, Robert spent 10 weeks on unpaid leave riding a Mission Beach roller coaster for more than 20 hours a day in hopes of winning a $50,000 prize. The contest, sponsored by a radio station, was finally called off with no winner. The station sent five die-hard contestants, including Robert, home with $10,000 each.”

A flipper who began on a roller coaster????? This couldn’t have been invented in a Coen brothers film.

[jpinpb]

If you’re a bad person, then so am I. And I imagine many other Piggs, as well. OC should profile these people, if he hasn’t already.

[jpinpb]

If you’re a bad person, then so am I. And I imagine many other Piggs, as well. OC should profile these people, if he hasn’t already.

[jpinpb]

If you’re a bad person, then so am I. And I imagine many other Piggs, as well. OC should profile these people, if he hasn’t already.

[jpinpb]

If you’re a bad person, then so am I. And I imagine many other Piggs, as well. OC should profile these people, if he hasn’t already.

[kewp]

Am I a bad person for laughing about this?

[kewp]

Am I a bad person for laughing about this?

[kewp]

Am I a bad person for laughing about this?

[kewp]

Am I a bad person for laughing about this?

[DWCAP]

I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.

“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”

How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.

[jpinpb]

DWCAP – These people brought the trouble onto themselves. Hard to feel sorry for people who invite that kind of trouble in their lives. Do you feel sorry for people who go to Vegas and gamble and lose their money?

It is going to affect our entire economy and that is scary, but more scary is that people are still buying places for high prices along the coast b/c they think it won’t be affected.

More stories to read in the future. Hold your sympathy.

[patb]

for reasons utterly unrelated to the real estate boom, my income
increased pret dramatically, but given i have a high risk profile to my
income i didn’t upscope my lifestyle, i live effectively on half the income
and have been saving or investing the other half.

if my income collapses, i can live okay on as little as 50K.

[patb]

for reasons utterly unrelated to the real estate boom, my income
increased pret dramatically, but given i have a high risk profile to my
income i didn’t upscope my lifestyle, i live effectively on half the income
and have been saving or investing the other half.

if my income collapses, i can live okay on as little as 50K.

[patb]

for reasons utterly unrelated to the real estate boom, my income
increased pret dramatically, but given i have a high risk profile to my
income i didn’t upscope my lifestyle, i live effectively on half the income
and have been saving or investing the other half.

if my income collapses, i can live okay on as little as 50K.

[patb]

for reasons utterly unrelated to the real estate boom, my income
increased pret dramatically, but given i have a high risk profile to my
income i didn’t upscope my lifestyle, i live effectively on half the income
and have been saving or investing the other half.

if my income collapses, i can live okay on as little as 50K.

[patb]

for reasons utterly unrelated to the real estate boom, my income
increased pret dramatically, but given i have a high risk profile to my
income i didn’t upscope my lifestyle, i live effectively on half the income
and have been saving or investing the other half.

if my income collapses, i can live okay on as little as 50K.

[jpinpb]

DWCAP – These people brought the trouble onto themselves. Hard to feel sorry for people who invite that kind of trouble in their lives. Do you feel sorry for people who go to Vegas and gamble and lose their money?

It is going to affect our entire economy and that is scary, but more scary is that people are still buying places for high prices along the coast b/c they think it won’t be affected.

More stories to read in the future. Hold your sympathy.

[jpinpb]

DWCAP – These people brought the trouble onto themselves. Hard to feel sorry for people who invite that kind of trouble in their lives. Do you feel sorry for people who go to Vegas and gamble and lose their money?

It is going to affect our entire economy and that is scary, but more scary is that people are still buying places for high prices along the coast b/c they think it won’t be affected.

More stories to read in the future. Hold your sympathy.

[jpinpb]

DWCAP – These people brought the trouble onto themselves. Hard to feel sorry for people who invite that kind of trouble in their lives. Do you feel sorry for people who go to Vegas and gamble and lose their money?

It is going to affect our entire economy and that is scary, but more scary is that people are still buying places for high prices along the coast b/c they think it won’t be affected.

More stories to read in the future. Hold your sympathy.

[jpinpb]

DWCAP – These people brought the trouble onto themselves. Hard to feel sorry for people who invite that kind of trouble in their lives. Do you feel sorry for people who go to Vegas and gamble and lose their money?

It is going to affect our entire economy and that is scary, but more scary is that people are still buying places for high prices along the coast b/c they think it won’t be affected.

More stories to read in the future. Hold your sympathy.

[DWCAP]

I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.

“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”

How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.

[DWCAP]

I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.

“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”

How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.

[DWCAP]

I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.

“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”

How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.

[DWCAP]

I have trouble taking pleasure in other peoples pain. It isnt in my nature. I just really hope that all these people learn a valuable lesson, and pass it on to their children so we dont keep poping bubbles no one but those with their eyes open saw.
Having said that, I did find something very telling in this article. Nearly everyone interviewed in the article were RE agents who made big money in the boom, and now have gone bust. 200+ people.

“Pamela Khamo, 42, began a career as a real estate agent in 2002 after selling her La Mesa coffee shop. As the housing market heated up, so did her commissions. By 2005, her annual income swelled to $360,000, according to bankruptcy records.”

How many people go from owning a coffee shop in La Mesa to making $30000/month? The cromers were a hotel administrator (ie mid-level service manager) and a stay at home mom. Suddenly they had salaries they never would have imagined selling RE in the boom. These incomes are not coming back. It isnt like they lost the house but get to keep the paycheck. How many more like that are there? How many own construction firms, furniture stores, plumbing/painting/electrical/gardening buisness that are not making ends meet anymore? And this is suppose to be end of it? Fat Chance.

[DWCAP]

JP- Dont mistake my lack of pleasure in their pain for any kind of sympathy. I view them no different than people who were leveraging their homes in 1999 to buy tech stocks because “we are in a new economy”. Sucks for you. Dont come crying to me about it. Loose it all, start over and take it like a man/Woman. You are not a victom. Victoms are people who didnt get a choice, they did. These people are the ones who had one or two beers, and decided to see what that new sportscar could do. Maybe it was the trip of their life, maybe they ended up with a DUI, maybe they kill somone. This time around we ended up in a huge wreck and the dollar is the one who got killed. Suck it up, admit it, and take the punishment/pain. That is the fastest, fairest, and reall only way out of this that wont just make sure we bubble again somewhere else. But my lack of pleasure doesnt give a ounce of sympathy.
As for the argument that we have to do it otherwise we’ll fall into a depression, see judgemnet day come, and have to give up society as we know it, I say BS. Our economy can be a very healthy and powerful thing if we would just stop trying to turbocharge it and then not do any maintaince. Hey FLU, what happens when you push a turbo engine really hard and then just turn it off at night and dont change the oil? That is where we are now.

[DWCAP]

JP- Dont mistake my lack of pleasure in their pain for any kind of sympathy. I view them no different than people who were leveraging their homes in 1999 to buy tech stocks because “we are in a new economy”. Sucks for you. Dont come crying to me about it. Loose it all, start over and take it like a man/Woman. You are not a victom. Victoms are people who didnt get a choice, they did. These people are the ones who had one or two beers, and decided to see what that new sportscar could do. Maybe it was the trip of their life, maybe they ended up with a DUI, maybe they kill somone. This time around we ended up in a huge wreck and the dollar is the one who got killed. Suck it up, admit it, and take the punishment/pain. That is the fastest, fairest, and reall only way out of this that wont just make sure we bubble again somewhere else. But my lack of pleasure doesnt give a ounce of sympathy.
As for the argument that we have to do it otherwise we’ll fall into a depression, see judgemnet day come, and have to give up society as we know it, I say BS. Our economy can be a very healthy and powerful thing if we would just stop trying to turbocharge it and then not do any maintaince. Hey FLU, what happens when you push a turbo engine really hard and then just turn it off at night and dont change the oil? That is where we are now.

[DWCAP]

JP- Dont mistake my lack of pleasure in their pain for any kind of sympathy. I view them no different than people who were leveraging their homes in 1999 to buy tech stocks because “we are in a new economy”. Sucks for you. Dont come crying to me about it. Loose it all, start over and take it like a man/Woman. You are not a victom. Victoms are people who didnt get a choice, they did. These people are the ones who had one or two beers, and decided to see what that new sportscar could do. Maybe it was the trip of their life, maybe they ended up with a DUI, maybe they kill somone. This time around we ended up in a huge wreck and the dollar is the one who got killed. Suck it up, admit it, and take the punishment/pain. That is the fastest, fairest, and reall only way out of this that wont just make sure we bubble again somewhere else. But my lack of pleasure doesnt give a ounce of sympathy.
As for the argument that we have to do it otherwise we’ll fall into a depression, see judgemnet day come, and have to give up society as we know it, I say BS. Our economy can be a very healthy and powerful thing if we would just stop trying to turbocharge it and then not do any maintaince. Hey FLU, what happens when you push a turbo engine really hard and then just turn it off at night and dont change the oil? That is where we are now.

[DWCAP]

JP- Dont mistake my lack of pleasure in their pain for any kind of sympathy. I view them no different than people who were leveraging their homes in 1999 to buy tech stocks because “we are in a new economy”. Sucks for you. Dont come crying to me about it. Loose it all, start over and take it like a man/Woman. You are not a victom. Victoms are people who didnt get a choice, they did. These people are the ones who had one or two beers, and decided to see what that new sportscar could do. Maybe it was the trip of their life, maybe they ended up with a DUI, maybe they kill somone. This time around we ended up in a huge wreck and the dollar is the one who got killed. Suck it up, admit it, and take the punishment/pain. That is the fastest, fairest, and reall only way out of this that wont just make sure we bubble again somewhere else. But my lack of pleasure doesnt give a ounce of sympathy.
As for the argument that we have to do it otherwise we’ll fall into a depression, see judgemnet day come, and have to give up society as we know it, I say BS. Our economy can be a very healthy and powerful thing if we would just stop trying to turbocharge it and then not do any maintaince. Hey FLU, what happens when you push a turbo engine really hard and then just turn it off at night and dont change the oil? That is where we are now.

[DWCAP]

JP- Dont mistake my lack of pleasure in their pain for any kind of sympathy. I view them no different than people who were leveraging their homes in 1999 to buy tech stocks because “we are in a new economy”. Sucks for you. Dont come crying to me about it. Loose it all, start over and take it like a man/Woman. You are not a victom. Victoms are people who didnt get a choice, they did. These people are the ones who had one or two beers, and decided to see what that new sportscar could do. Maybe it was the trip of their life, maybe they ended up with a DUI, maybe they kill somone. This time around we ended up in a huge wreck and the dollar is the one who got killed. Suck it up, admit it, and take the punishment/pain. That is the fastest, fairest, and reall only way out of this that wont just make sure we bubble again somewhere else. But my lack of pleasure doesnt give a ounce of sympathy.
As for the argument that we have to do it otherwise we’ll fall into a depression, see judgemnet day come, and have to give up society as we know it, I say BS. Our economy can be a very healthy and powerful thing if we would just stop trying to turbocharge it and then not do any maintaince. Hey FLU, what happens when you push a turbo engine really hard and then just turn it off at night and dont change the oil? That is where we are now.

[Author]

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