What should I do after losing it ALL?

[Adam Logan]

I am very confused about my future and really am not satisfied accepting any of what appear to be my options. I got myself into one of those catch 22 positions. Perhaps someone can spark an idea I have not considered yet.

Last year midway through I lost my marriage. I got quite ill amongt other things, and basically sparing the details, my life fell apart like a controlled demolition. In a short 6 months I had accomplished nothing but making myself more sick and depressed, subsiding on my life savings which was about $140,000 cash. I expected to recover anything spent since I had built up my income to about $200,000 a year. My properties sat untouched, vacant, and suddenly declining in value without my awareness.

Around December I started to try to pull myself out of the hole I was in. I did not know it would take a few months. But at that point I had not left the house much and discovered the housing market had fallen apart.

I liquidated everything after I rushed rehabbing them all hours of the day and night. In the end, not so bad. I maybe lost $10,000. However, my partner wanted out by then. He was responsible for the $800,000 I had to use for buys.

By then, I was broke. Divorce, health bills, payments on bills based on a $200,000 lifestyle, I had no way of continuing despite 5 years of uninterrupted profit. I still do not. Hard money, credit, etc. is not an option to me. I am pretty seasoned and am also an ex loan officer, I know that category is completely not in question for me to attempt and reform another investment corp.

So, I have to change careers at 33. I already had formed a tub, tile, cabinet, countertop recoating company mainly for extra money and to be able to use on my own property. That is still going for me, but it is not enough. I need something else going on career wise.

What can I get in to??? I have a BA of Arts degree, and only 9 months formal employee experience as a loan officer for Huntington Banks, (not an option again, $30,000 isnt worth 40 hrs). The rest was my investment co. Here I am sure you know what I did and dealt with, almost all the rehabbing by hand, acquisition, valuation, record scrubbing, rental, management, essentially anything an investor can do is what I did. I would say I was an 9 out of 10 in residential investing performance and knowledge.

The only difference in me and a lot of other investors is I did the work myself and I mean some pretty extensive rehabbing, along with the seasoning of maximizing profitability in the materials. I can do everything and just as good as a pro, or better, with exception to roofing and hvac. But, no licenses for any of it which would mean working for a subcontractor laying tile or installing cabinets or whatever. If I could do it all and there was a profession that required that ability, I am sure the pay would be suitable. But the only thing I could do would be to get licensed in one of the sub professions and they ALL require 4 years formal experience with a licensed contractor. I dont have that so thats out.

I just do not know. What can I do besides investing? I know it will be a step down whatever I do, and thats fine. I just can't make entry level money after making almost $1,000,000 in a few years. But, I have no problem with earning a more modest income to survive on, like $50,000 or so.

What can I get myself into with this dilemma? I have been practically poverty stricken for a year now. I am becoming desperate for a solution.

[Timothy W.]

Adam,
I'll drop you a line on the phone tomorrow. I went through this same experience the year before last - 1 year before you did. I lost every dime I made, my credit, a ton of my income. Yep I pretty much went back to nothing. I'm on my way back from nothing and I'll be back to my pre-divorce financial level in about a year or so. I'm not going to paint a rosy picture for you though - it's a pain in the a--. It's tough work. The funny thing I'm learning though is that these anchors I feel on my legs right now aren't holding me back....they're making me stronger. Stronger for the future I have in front of me. I tell you man, knowing what I know now - when I get back to my pre-divorce financial status I'm going to kick some major butt because of what I've learned.

The construction mgmt thing is a pretty good gig. I'm working on creating that here with some people I'm teaching REI to. Another thing that would be good for you there in Florida is insurance adjusting. It's a great state to be an adjuster in and the license is only about a grand for all the training. Again, we'll talk tomorrow and I'll give you what tips I can. Take care man.

Tim

(FYI - the financial side of things suck but if I can make one recommendation different subject you're now dealing with - REI clubs are a surprisingly GREAT place to meet women. :groovy: )