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Originally Posted by gduke2010
I was in business too during the boom. I could see the money drying up before the bust and got out early. I was reading how people were cashing in on houses in California and renting before the bubble. Also, read and article in the Wall Street Journal written by a Japanese professor who was comparing our boom to Japans. Working for a contractor now with good health insurance. Made enough money during those years and don't want to risk what I made starting another business.
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He has enough work keeping you employed doing staircases? I am sure you do other finish type work for him. Are these big-o-houses up in Tahoe , SF money? If so, that's a long hump over the hill and can be fun during the winter months with lot of snow fall.
Especially in high end construction, during the lean years, its the first to come to a halt. I was lucky in the last bust because we were heavily involve with the hollywood crowd and they seem to have endless supply of money. Eventually they get caught up after a couple years later. We weathered the storm well. That was when we started buying real estate for flips when the market goes back up. Scary just thinking about it. The timing can be horrible for guys in their 50s when the economy goes bust. Not ready for retirement, and for some, houses aren't paid for. Bad situation.