Open House Picks: Six Months Later
Comment: As previously stated, St. James price is mind-boggling. Open House Picks 8/8/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: As previously stated, St. James price is mind-boggling.
Open House Picks 8/8/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Why can’t anyone address the substance of this thread? A major report today finds that JUMBOs are failing… fast. Of course, the most pertinent point is some guy in Texas who defaulted after borrowing for his business??? Guess what, those defaults are happening in Brownstone Brooklyn. Our rich Brooklyn neighbors are losing their jobs, their bonuses, their prospects and defaulting. The numbers are bad and starting to track as severance dries up, taxes go up, and stock market gains evaporate. Enough of these inane ponderings about mixing small business investment/real estate. Totally misses the point of the article.
As someone who owns a business, let me perhaps re-phrase what DIBS says… your primary residence should be the LAST thing you borrow against for a business venture.
ditto….that’s exactly what I was NOT going to do when I pulled the plug on Butternut Market.
Not one of these posts is about OH 6 months later. ADD Theatre!!
DIBS – you could use that un-used HELOC to start a business.
And, I think a HELOC is counted among the mortgage numbers even if money has not been drawn down on it. I have a HELOC that I never drew any money from but it does show up on Property Shark as a mortgage amount.
I was looking for the statistics to back up my viewpoint and this is what I found with a cursory google…
“Even so, most business experts conform to a theory of “thirds”: Of all the new business startups, 1/3 eventually turn a profit, 1/3 break even, and 1/3 never leave a negative earnings scenario. According to a study by the U.S. Small Business Association, only 2/3 of all small business startups survive the first two years and less than half make it to four years.”
That last sentence is the basis for my argument. And, I think the numbers for food/restaurant are even higher.
I thought the buying land out west scams finished in 1920?
bkny…I know it is, you’re right. Prior to this mortgage mess though it was one of the top reasons why people default on their mortgage and HELOC.
I think if you’re single its OK to take the risk…if there’s a wife and kids, the risk of failure is so high that it’s a bad idea to put the family at risk. Just my 2 cents on that.