Seeing cracks:
I remember in 2007 I was in real estate. All the conferences were full of Bentleys, Lambo's and Range Rovers. The speakers were flashy and living large
By 2010 many of them were losing their houses to foreclosure and selling Monavie (IYKYK)
We saw who was swimiing naked really quick. I was in shock. Guys I looked up to, modeled after, they were actually broke
In 2021 I started to feel the same way again. It was a familiar feeling. But it was early.
Now in 2024 it feels like the cracks are showing.
Real Estate is not seeing the rent increases they modeled, interest rates are high, floating rate debt.
MBA folks took huge SBA loans to buy businesses knew nothing about with a PG
Newsflash, right now nobody is raising their prices.
My plumber has been balling for 3 years. It always shocked me, well because I now found him to be very business smart (I know hes not online) Today he told me he had a $400k covid loan coming due and he was selling his house to pay it.
A CEO of a $100mm home service business posted hes back in the office every day at 5am, why? He said his business is underperforming vs 2022.
Right now might be the best time ever to start a business. No debt, used assets at auctions, bootstrap, pick up employees who arent getting hours.
I see signs. Its early, but I signs are showing