How do you loose 70 million dollars in property? Really, how did he make that much and yet be so unsavy to loose it all? Thats pretty weird. Sounds like more to the story than meets the eyes.
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How do you loose 70 million dollars in property? Really, how did he make that much and yet be so unsavy to loose it all? Thats pretty weird. Sounds like more to the story than meets the eyes.
I think everyone should take advice from him.
http://www.updown.com/BERKSHIRE-HATH...tock-tip/28157Quote:
Originally Posted by tmleadr03
never said he wasn't a dick, he may very well be
point being his investments and the properties that he developed include apartments, shopping malls, large subdivisions,
he put a lot of people to work, everyone involved in a deal like that from the real estate professional to the janitor that cleans the place now, we need more people like him these days or have you not seen the unemployment numbers. if more people like him have this trouble more common people will also have trouble.
I cannot fault him for being a business man, most millionaires have gone belly up at one time or another.
you don't get ahead without the risk, win some lose some.
even trump went belly up.
I will say it again, I am not going to relish in his loss anymore than i would relish in MTN man going broke. it is a shame for anyone. to work for a lifetime and have it slip away. i dont mean cause you were a dick at work and got fired, but to make something from nothing and have it slip away.
Hate him if you want, but he had to work hard to get even close to having the success he has had.
Money won't make you a better person, but as one who has never had a thing handed to him i know what it takes to start businesses from scratch and have even a little success.
What about all the people he is hurting by not paying his debts? You can't have a bankruptcy that doesn't hurt someone. Other people could be losing their homes because of him. Or losing there retirement because he risked too much. I have no sympathy for someone with that much income going bankrupt because he couldn't run a business. You can't default on 70 million without someone taking it in the shorts. He borrowed the money he lost.
This^^^Quote:
Originally Posted by Robby30-06
The biggest hypocrite is one who takes money for it. He (is or was) profiting off the the steeple thinking he did it for them in reality he did it for $$$$.
Quote:
Originally Posted by SAnd
thrue the investor is losing money, most likely a bank, not to defend it but the bank made the loan and took the risk. that is what they are in business for.
He charges 5k just to get on his list, he married his second wife and then ruined her ex's successful business thru negative dissing of his business.
He will screw you if you don't pay your monthly fees to him,,, etc. etc.
Tom is on Pete's show right now talking about his bankruptcy. He explained about the loans and the property devaluation and how that impacted the loans, he also said he had a spending lifestyle and nothing much to show for it. Tom is a human just like the rest of us.
If you want to direct your animosity toward something, direct it to Congress, Dodd and Frank to be specific and the Community Reinvestment Act. The CRA forced banks to make home loans to poor people who would never be able to make a house payment and the government backed these loans with your tax dollars. Now all those properties are in trouble thanks to the liberal idea that everyone is entitled to a home. The CRA is a huge part of the residential real estate problem this country is in now and the government caused it.
How many of you have homes that aren't worth what you took the loan out for? I'm just starting to come even after a couple of years of being underwater by upwards of 15k, the reason I still have my home is because I can make the payments and I have been able to ride it out so far. Now if the economy continues to lag my home value will probably drop again and I'll be underwater again, hopefully I'll be able to keep my job.
Tom is taking questions.
He's not 70M under, he is 40M under. The reporter doesn't know how credit works AND they are trying to sensationalize the story. So much for due diligence by the reporter.Quote:
Originally Posted by rocktot
You have to remember property values were much higher when Tom took these loans and now those property values are much lower.
The banks want the money they loaned back naturally but the property values don't match the loan value currently, now the banks can wait and see if the values go up or they can recall the loans. The banks chose to recall the loans so Tom has to declare bankruptcy.
Whew, only 40 mil. I could cover that for him easy [LOL]
Did you read or comprehend anything else I wrote?Quote:
Originally Posted by ghettodub
I read and comprehended your post just fine. Just kidding around... I really have no desire to have serious discussions around Tom Martino, because really, I could care less about itQuote:
Originally Posted by roberth
I have mixed emotions about Tom. On one hand I applaud his consumer advocacy and I think he has helped some people out - but then he got a name for it and used it to make money on his website. When he did that he gave up a lot of credibility I think and became a sellout. Of course, I might too if I could make a few million a year! But, he is a prick and I have met him and can say without any doubt that he is the most pompous self centered prick I have ever met (and I know quite a few). Before I met him I ran into him at some peoples fair, he was one of those douche's with a double wide stroller who LITERALLY ran into people who didn't get out of his way. When I met him I figured, "stressed out dad was probably all", I was wrong, he's a prick through and through.
That being said, I'm not happy he went bust. He had a right to make and spend a buck like anyone, and you would think HE would do it right, but he didn't and he's broke. That being said, I don't think it's a grand idea to get $40M in debt making just $2M a year (just, I'd take it).
I see.Quote:
Originally Posted by ghettodub
If you don't care about Tom why did you open this thread?
It's just random news I found entertaining. Why are you taking it so seriously? That's my question. Doesn't seem worth it IMOQuote:
Originally Posted by roberth
Either roberth is related or has a luv crush on him.
I'm just busting on you a little now. :)Quote:
Originally Posted by ghettodub
Actually I'm glad you opened it because it helped me learn a little more about real estate and finance.
[ROFL1] Nope, I've never met him and I don't swing that way.Quote:
Originally Posted by Mtn.man
Cool, I was like "damn, someone needs a hug, or just REALLY loves Tom Martino" [Coffee]Quote:
Originally Posted by roberth
I do understand your points about investment and how it works. Regardless, I think he invested waaay outside of his means.
A hug? Are you a female mountain biker, 'bout 5'7", 34C-32-34? [Flower]Quote:
Originally Posted by ghettodub
The loan situation was way different back then. The banks took no risk since their investment is backed by our tax dollars through the federal reserve. Things just didn't pan out for Tom and whole bunch of other folks.
I don't feel bad for him. Tom Martino has made a lot of money and is now broke.
I feel no sorrow or remorse for Tom... I have friends who met him, also agree, he's a big prick! Also, I have a friend who is a small business owner- wait, was until Tom got his teeth on him, now he's working in the something-teenth floor of a building downtown and has to commute from Golden instead of a nice office with a view of the mountains in Lakewood. No, I don't feel sorry for someone who promotes those who pay and kills those who don't (it's a looong story). I get by, and I don't take on customers who listen to Tom- although I don't think he really deals with my line of work, if someone asks "How do I know if my insurance agent is good?" I tell them "Either he's me, or a good bet is a member of PIIAC."
He started a blog about why it happened to him here:
http://www.troubleshooter.com/whyiwentbroke.html