Several Hotshots Supposedly Broke Or In Debt

[TxRedMan]

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Jennifer Harman same thing. But she has many properties in town and has a fortune in real estate.

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Hasn't LV real estate tanked over the last 2 years?

[/ QUOTE ]Yeah but tanking if you are worth 8 figures still can't be too bad...


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Brad Booth in debt over a Million. Guy is major busto

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Given the stories of how this guy throws money away, this wouldn't surprise me at all.

[/ QUOTE ]let's hear some stories

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WTF?

LV Real Estate peaked just over a year ago, and that was after a huge surge in the market over the last five years. A lot of $100,000 houses in LV in 1995 are worth more than double that now.

The market has dropped slightly the last year, but the bottom hasn't fallen out yet. However, expect to see a steady decline in prices over the next two years, especially with the amount of condos going up around the strip and the ones that are there now that are sitting empty.


Also, Jen Harman was playing in the big game in Bobby's room last weekend. They were 5 handed, it was her, Barry, some amateur who looked like he was stuck a lot and had been playing forever, and some kid from a WSOP final table last year of the year before.

That being said, I don't think she's busto, and even if she were, it would mean bankroll busto, not life-money-assets busto.

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If I bought a house for 100k in 1995 and it was only worth 200k now, I'd strongly consider moving out of the depressed area I was in. Especially in LV, (until the last year or so), doubling your home value in 5-7 years or less was pretty common. Hell, my wife is freindss with a couple in Phoenix who bought their house for 275k, and 2 years later sold it for 680k.

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Do you realize how outrageous it is for a home to double in value every five years?

FTR, it's very uncommon for a lot of homes to double in value over a five year period if your look at the United States as a whole.

I mean, that's like saying, you bought a house for $200,000 in 1997 and could sell it for $800,000 in 2007. If I stuck $200,000 into a mutual fund I'd be thrilled if it made it to $400,000 within 10 years.

Yes, some markets have experienced this kind fo growth over the last 10-20 years, but not consistently, and they're the anomaly, not the standard.

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Outrageous or not, that's what was happening for a long time, although many areas are in steep decline now, of course; kinda like the stock market 1992-2000.

Also, you might wanna get a better financial advisor then if doubling in ten years is good for you.. with just an 8% avg return, (below stock markets normal return), 100k turns into just over 230k in tens years. With a 12% return, ( which I believe is market avg, or at least was), it's more like 359k. Doubling in ten years is ~ a 6.7% ROI.

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I prefer below market average returns in favor of less variance and a lower risk of ruin.

Point taken though.