Bingo.
Posted on 05/23/2009 3:32:50 PM PDT by sinanju
"Oscar Arias saw in the real estate boom an opportunity to retire home to Nicaragua a wealthy man after fleeing the Sandinistas with nothing to his name in the 1980s.
He spent years in the United States toiling as a dishwasher, a chef and a construction worker. In 2001, he founded a residential and commercial renovation company, Potomac Restoration, out of his Woodbridge home. He bought two additional houses during the boom and planned to sell them and return to Nicaragua with a nice cushion, he said.
But the housing bust has left the 54-year-old on the brink of ruin. He has worked only a month this year. Two of the houses he bought during the boom are facing foreclosure. Unpaid bills pile up in his living room office.
Hispanic immigrants such as Arias benefited broadly from the construction boom and rising home values, which created jobs and nurtured flourishing local economies. Newcomers flocked to places such as Prince William County in search of well-paying, easy-to-find construction jobs. Established immigrants found work as real estate agents and loan officers, founded construction companies, and opened restaurants and retail shops catering to the influx. Now many are facing the consequences of the bust."
(Excerpt) Read more at washingtonpost.com ...
In my experience, most of the illegal-alien flophouses are owned and operated by immigrants, I personally know two and business is no longer booming for them. Same goes for the people they hire for their projects.
Obviously..., he watched far too much late night TV and bought in to the "American Dream" of buying and flipping homes to the next "Greater Fool"! I know a few of those folks as well....
It is tough on everybody when the democrats utterly, maliciously, and intentionally destroy the US economy.
America, you are no longer the land of the Free and the home of the Brave.
The article does not spell out just how “overleveraged” Senor Arias was, but it must have been considerable. The trouble is, everyone’s an expert during the boom times but quite a few saw the end coming. I’m guessing the part about wanting to wait to sell the properties to his sons kept him waiting too long.
Bingo.
Whatever the reason..., he stayed too long at the party (as did thousands of others...)!
I guess Obama will be rolling out the illegal alien bailout billions very soon.
I guess Obama will be rolling out the illegal alien bailout billions very soon.
He banked on the good times continuing to roll, and lost. So have millions of other people, the majority of whom are not Hispanic, immigrant or minority, and therefore apparently unworthy of note by such publications.
Hmmm.. Double post.
I guess it can’t be said enough.
“In 2001, he founded a residential and commercial renovation company,”
...in 2001, he found a way to scam the system. Now, in 2009, as is the case with most swindlers, he’s broke. He gambled, he leveraged, he lost. So what?! Let’s have an article about the people that came back from “financial ruin”. Of course, that’s becoming more difficult in our new Marxist government.
Mr. Arias may be a fine fellow. However, he isn’t a financial genius. If he’d not gotten greedy, he wouldn’t have any problems right now. From the article:
He refinanced his first house to buy the second in 2003 for $220,000, and refinanced the second to buy a third for $400,000 in 2006. He had planned to sell them all — perhaps to his sons — and then return to Nicaragua or perhaps settle in Florida for retirement. His debt load did not initially concern him, as he had no trouble making his payments.
Then the work dried up.
Immigrant bailout next?
“Remodelation”?!
While I share your sentiments..., I recall the words of a Border Patrol Agent I used to work with... He often commented, "Somehow.., I think I am in the wrong profession! We should be allowed to DEPORT TWO WORTHLESS CITIZENS IN EXCHANGE FOR MOST OF THE ALIENS I APPREHEND!!!
Bottom-line..., our entire immigration system is royally screwed-up due to liberal PC politicians and the judges they confirm!
Zoning is a foreign word to illegal aliens.
No intent to become an American and help in the building of this country - just come in and suck up as much wealth as possible and take it back to his REAL home. How in the HELL can anyone support people like this? Sorry it didn't work out Oscar (cough) but don't let the door . . .
That is the chance you take when you take a risk.
I don't feel sorry for him.
I do have sympathy for my young relative who has a Toddler, just lost her job this month while her professional husband has been unemployed for 6 months.
Both of them are College Grads, played by the rules and are buying ONE house. They weren't over extended. Neither of them saw their lay offs coming.
What happened to their birth right American Dream?
sw
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