Bingo.
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.
Bingo.
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.
“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?
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
Ditto. I have yet to meet one of these “immigrants” who have any interest in supporting America, becoming a citizen and staying and supporting the Promised Land the way our forefathers did. And it’s not just those folks south of the border; I’ve met Eastern Europeans and Asians who are all about sucking the teat of the U.S.A. in order to retire wealthy back home. Pathetic. And we wonder why America is hardly the land I knew growing up in my youth. I’ve become a stranger in my own land and it hurts.
Luckily for the rest of us, only illegal immigrants are suffering in the economic crisis made worse by our Dear Leader. Thanks to the dying media for pointing that out to us.
The more I think about it, the more dishonest this article really is. What difference does it make if the guy who can’t pay his bills immigrated to this country or was born here? The WP’s entire premise is completely irrelevant to the matter at hand. (And can be proven if they would have walked around the same neighborhood and found a white guy who is out of work and in debt.)
So. The guy refinanced his first house to buy his second house, then refinanced the second house to buy the third house. Because of the world wide recession that has affected EVERYONE, he hasn’t had much work so he is now 5 months late on his payments. Basically, he gambled with his short term and long term savings in real estate and has lost.
Yet the WP willfully conflates this one man’s real estate gamble and loss, to his Hispanic identity by tossing out stats that say minorities are foreclosed on more than whites. Yeah, no bias here.
What a piece of warmed over dung this article is.
>>>> Oscar Arias saw in the real estate boom an opportunity to retire home to Nicaragua a wealthy man <<<<<
Just curious whether this alleged “immigrant” was legally in the USA.
Also did he retain Nicaraguan citizenship?
Isn’t he more accurately called and “opportunist” than an “immigrant”?
Finally I know lots and lots of SE Asian REAL (i.e. legal) immigrants to the USA. NOT ONE is planning to take their profits from America to return to SE Asia for an early retirement.
Maryland “Freak State” PING!