Ruined!!!
Just yesterday my tenant of 15 years, whom runs a used car dealership business out of my property in Los Angeles, Ca. calls me and says he has not sold a car in four months..He says he can no longer pay the $5000 per month in rent until he sells his condo....He is now deliquent on his rent... He is requesting 6 months free rent until his condo sells at which time he will repay all past due money owed.... I have asked him to try and sell the business, he says he has tried already and there were no takers.. He is a good honest Korean man with a family but I may be forced to evict him and I feel so bad about it...I don't know what to do as I see this plan of his as only a temporary fix????....:worried:
To make matters worse my night time Contracting business is now shut down, as major restaurant chains that employeed me such as PF Changs, El Cholo, etc..are cutting back on there monthly operating expenses and now doing in house repairs... I had to let go my employees which was very sad for me...Had this business for 10 years running with no problems....Apparently, restaurant business in the last few months has slowed down too...
Lastly, my credit card companies are reducing all my credit card limits as they see a negative am loan running out on my house in Santa Monica, Ca....I am currently trying to sell it, bad timing as well.....I went from $120,000 in credit limits on 4 cards to now just $50,000 on all... I had excellent credit too with a 750 fica score..
I am now forced to use my retirement savings to pay all bills and mortgage in the mean time, it's draining fast... I am now currently looking for a recession proof job...Interviewing today infact for new employement.. Being a business owner for years to now working for someone isn't the greatest feeling in the world either..
I almost feel like I have been cursed somehow as this has all happened unexpectedly in the past few months... Never saw this coming like this, WOW!!! To think I was just looking at a used Z06 Corvette to buy last month, forget that!!!!
I got my health and my faith and I will be just fine... However, this is definetely the toughest financial time in my life no dought... Just a little bit stressed right now which is a foreign feeling to me....:thumbsdown:
Detroit, Michigan I know exactly how you feel.... Let's keep it positive though and hope Obama and the boys can turn things around maybe...
CURIOUS? IS ANYONE ELSE FEELING THIS RECESSION?
Just yesterday my tenant of 15 years, whom runs a used car dealership business out of my property in Los Angeles, Ca. calls me and says he has not sold a car in four months..He says he can no longer pay the $5000 per month in rent until he sells his condo....He is now deliquent on his rent... He is requesting 6 months free rent until his condo sells at which time he will repay all past due money owed.... I have asked him to try and sell the business, he says he has tried already and there were no takers.. He is a good honest Korean man with a family but I may be forced to evict him and I feel so bad about it...I don't know what to do as I see this plan of his as only a temporary fix????....:worried:
To make matters worse my night time Contracting business is now shut down, as major restaurant chains that employeed me such as PF Changs, El Cholo, etc..are cutting back on there monthly operating expenses and now doing in house repairs... I had to let go my employees which was very sad for me...Had this business for 10 years running with no problems....Apparently, restaurant business in the last few months has slowed down too...
Lastly, my credit card companies are reducing all my credit card limits as they see a negative am loan running out on my house in Santa Monica, Ca....I am currently trying to sell it, bad timing as well.....I went from $120,000 in credit limits on 4 cards to now just $50,000 on all... I had excellent credit too with a 750 fica score..
I am now forced to use my retirement savings to pay all bills and mortgage in the mean time, it's draining fast... I am now currently looking for a recession proof job...Interviewing today infact for new employement.. Being a business owner for years to now working for someone isn't the greatest feeling in the world either..
I almost feel like I have been cursed somehow as this has all happened unexpectedly in the past few months... Never saw this coming like this, WOW!!! To think I was just looking at a used Z06 Corvette to buy last month, forget that!!!!
I got my health and my faith and I will be just fine... However, this is definetely the toughest financial time in my life no dought... Just a little bit stressed right now which is a foreign feeling to me....:thumbsdown:
Detroit, Michigan I know exactly how you feel.... Let's keep it positive though and hope Obama and the boys can turn things around maybe...
CURIOUS? IS ANYONE ELSE FEELING THIS RECESSION?