Was in Vegas for New Year's - first time in well over a decade.
Anyway, one of the cab drivers I talked to had an interesting tale.
He had moved up from LA to Vegas in 2005, when a friend of his retired and offered to sell his Fedex route. Essentially the cabbie paid $50K for the route plus $55K for the truck. He did well for a couple of years, and plowed his earnings into 3 more routes as well as 8 houses in Vegas.
Fast forward to today. He sold his 4 routes for $150K in 2011, after getting an offer for $550K in 2008. 4 of his houses are foreclosed on, the other 4 are still in the process. His original house in LA is still above water despite the $100K in HELOC he took out (to buy the original route with).
But he's still hopeful and still trying. I did talk to him a bit about iTulip's view on the bubble (i.e. housing prices far, far outstripped income increases) - it was like a light bulb went off. But of course, much too late.
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