Home Builders Are Going Bust | I Allegedly

Hey, it’s Dan. Welcome back. This is I allegedly, and I’ve got a good one for you today because the next shoe is about to drop. And that is home builders that are going out of business, guys. So before I get into it, please take a second. Please hit the like button. Please subscribe to the channel today. We have a sponsor, Patriot Gold. I’m in beautiful Laguna right now, overlooking the ocean.

It’s just a perfect morning, but let’s get right into it. Jeffrey and Tina Ewing are a husband and wife developer that own Pella. Pella is a home builder that does homes in five states. They just filed for a bankruptcy from their vintage tracks in Waukee, Iowa, there are 60 houses under construction. 60. Okay. They have sold multiple houses that are never going to be completed. And people are in various stages of this.

Now, the worst part about this, they’re all senior housing guys. So everybody’s older right now. And you’re going to see this more and more right now because they owe millions of dollars to subcontractors, to framers, to electricians, to everybody. I mean, all along the process, from permitting to everything. And these people have not seen anything get done in months right now. Now, here’s the kiss of death, guys.

That is a very common tale. And there was another home builder out of Florida, Metro home builders, that went out of business, and it was the same, similar story. People were waiting for their dream home to be built. They would go and check on the house that was under construction, and nothing would be done. Nothing. Few days, a few weeks, then it became months. Guys, if this is happening, this is the end game.

Guys, if you don’t see something happening on your house and there’s not inclement weather, there’s no reason for this. So these people would wait. You’d have months of no construction. And finally the builder goes out of business and files bankruptcy. Oh, what do you know? So the builder files bankruptcy. These people are completely upside down. They’ve lost their money, their deposit. They were talking about, hey, we don’t have septic, we don’t have electrical, we don’t have a habitable use permit.

We cannot get into the house. Nothing has been done. It’s not even close to being completed. Now, when did we see this last? We saw this during the great Recession. And as I was researching this video brought up great topics and great stories out of Nevada. You know, you saw a tremendous amount of building out in the Henderson area of is now it’s eventually recovered, and you have people living there, and you’ve got tracks that have been completed and it’s just flourished over the last ten years.

But it wasn’t always like that. So I found an article about a track called Inspirata that set dormant for almost five years. Finally, in 2014, a builder came in with money and finally started to work on the units again. That’s what you’re going to see happen again with these places, because here’s the thing. The construction carrying costs have doubled over the course of the last two years. Nothing is inexpensive.

These builders are lying to you. If you don’t think that they’re not paying more for every aspect of the construction, you are kidding yourself. Every action of everything has gone up. Wood has gone up, electrical has gone up, labor has gone up, everything has gone up, and they’re paying more for it. But you’re seeing these builders go out of business now, and this is just the beginning. The insurance debacle that is happening is affecting all these people.

But look at these articles below and look at Inspirata, how when they finally got there, builders came in for pennies on the dollar and took these complexes over with people lost hundreds of thousands of dollars in their purchase. And they did everything they could just to get these places and the cities completed based on how far along they were. Did they have streets, did they have plumbing, did they have electrical? Already ran to the individual parcels.

If they didn’t, they had real problems on their hands. So very interesting to see where this is going to go, but you’re going to see more of this and the problem with the insurance right now, this is such a huge problem because after I did my last video, I had over a dozen people write me that number one had over twelve people write me to say, dan, I have not used a realtor to buy a house.

And they gave me example after example after example of how they purchased homes without using realtors. And some did the Drayton nay method where they would go out and he would write letters to people in particular areas and say, hey, I want to buy your house. I think that the house is worth this much and I’m a serious buyer. Here’s my qualifications, if you’re interested. One guy bought two houses that way that he’s lived in.

He goes, for decades I’ve lived in these houses and had them. Now he’s encouraged his family members to do this. He’s encouraged everybody to do this. Right now. Tide is really out today. It’s beautiful. But the point is, guys, is that you’re going to see more and more people do this right now. The big problem right now is that you’re going to see more people that will not be able to get insurance on their properties.

You want to see problems during the 20 08 20 09 20 10 look up the grant cardone story, okay? Because Grant Cardone’s, whether you like Grant Cardone or not, the bank said, hey, change of circumstance, we’re calling all your loans in. And he had loans on dozens of properties. And he’s like, you can’t do this. I’m making the payments. So they said we can do whatever we want because the economy’s changed and the circumstances change.

No. So he ended up going through a loss. He ended up winning and being successful at it. But could everybody do that? Not a chance. Not everybody could be grant Cardone and fight this thing the way he did. So you’re going to see more problems like this coming forward and this is just the beginning of this. But these builders that are going out of business, who else is teetering? And if you’ve bought a house and you have not seen action on the property, you got a problem on your hand.

You need to move forward on it right now and make sure that you’re not going to get stuck like these people did. The Vieras, they were talking about their dream home and how they completely got turned down from any activity. But they lost tens of thousands of dollars in the property. Don’t let this happen to you. Let’s talk about our sponsor, Patriot Gold Grill. The Fed took away the punch bowl by saying that they’re not going to cut rates here in March.

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Do it today. Filming Jim for sending me all the layoff stories that he sent. They were great. But you cannot look at the news and ignore the fact that you’re seeing tech completely upside down. You’re seeing all these companies lay people off. And Jim found two great stories, which I shared below that talked about all the companies that laid everybody off in 2024. And the list grows weekly.

You see more and more of these companies, and we’re supposed to believe that there’s no problem when it comes to unemployment numbers. There is a company called outdoor Voices, and they’re getting a lot of heat right now because they just laid everybody off via Slack, which is a communication portal and didn’t have anything formal. They just did this. They said it was very cold the way that they did this.

So you’re going to see more and more of that. People are very upset. All these people are out here taking pictures today, changing outfits, all these actresses and different people, Instagram models and things like that. It’s kind of cool when you see stuff like that. But as far as the economy goes, I mean, there’s real problems out know, there’s an airline out there called JSX, which I’ve flown a bunch of times, and it’s a smaller airline that doesn’t have traditional TSA.

And it’s fantastic. Guys, you can show up at the airport less than an hour before your flight, hop on a plane that’s got 30 seats on it, and they’re getting a lot of heat because there’s a loophole that make it so that they can have these private jets and they can sell individual seats on. But Boeing again, had another problem where a panel fell off a plane this week.

Isn’t that terrible? Absolutely terrible. But the panel that fell off was on the side of the plane, so it didn’t affect the inside. So just craziness. Guys, would you fly one of those max 737? Would you do that’s. Here’s some things in the news that I thought were funny. Don Lemon, remember that ass clown that used to be on CNN? Well, he got offered a show on X from Elon Musk and his first guest.

Who did he want? Elon Musk. Okay. But here’s what you don’t know. That’s funny. And the story is below on this. They say he was rude to Elon and that’s why he didn’t get continued. And they didn’t move forward with the show. No, he demanded $5 million upfront. He demanded a hotel stay at the Viera hotel in Vegas, all expenses paid for him and his boyfriend. He demanded a cyber truck and equity and X for him to participate in a show.

I’ll take all that you can, Dan, from I allegedly. For half that, I’ll do two and a half million anyways. Insanity. Insanity. So that’s the problem. It wasn’t that he was rude to Elon. He was rude to Elon, but he demanded all this stuff. That was lunacy. Now, the best thing, the next one is Sam Bankman free is supposed to get sentenced on March 20 eigth. Oh, what are the federal prosecutors saying that he should get? Listen to this number, 40 to 50 years.

Let’s just say that again. 40 to 50 years. Now we’re going to play a game. I want you guys to tell me what you think scammy Sammy is going to get. Do you think you’ll get 40 to 50 years? Think you’ll get probation? What do you think they’re going to give, man of the people? Seriously, if you know what I mean. Okay. Because you and I, they would throw us under the jail if we did something like that.

So it’s a line from breaking bad. Anyways, what do you think they’re going to give scammy Sammy? You think they’ll give him 40 to 50 years? I don’t think they’ll give him anything close to that. This beautiful day out here, guys. Stunning. I get things sent to me that I have to share with you guys. Tisha signed up for an eyelash extension program through a salon. No big deal.

She used it a few times and then canceled it. The only problem was they kept billing her credit card. So she went back and disputed it, and then they stopped it. And then about six months later, they did it again and again. Guys, pay attention to your credit card bills because she goes back this time and they’re saying, no, we’re not going to let you dispute it because you originally agreed to do this service and now they just reinstated it.

No. And the company is like, there’s nothing we can do about it because they’re stealing. And it’s that simple. A guy named B. Magic sent me something, which is great. And that is he went and bought a twelve inch sub, nice submarine sandwich, for $26 with the tip, with the tax. $32 sandwich, guys. So once again, guys, everything is completely out of control. Overpriced. It’s absolutely insane. But do yourself a favor.

If you ever get billing like that, dispute it. Guys. And I wrote Tisha about this. I had a company that was billing me for something over and over again. My bank finally disputed that amount to where that amount every month could never be charged to my account. And it was fine for years that they did this. And then the company finally wrote me and said, how come you won’t let us charge you? Because I canceled the service in 2000.

Okay? So be leery of this stuff. Question this stuff. Pay attention to all your accounts because it’s an absolute rip off right now. I’m going to finish this video with these last few stories. I made the comment about Calpers cutting people’s pensions by 40%. I had the TikTok sent to me again and finally got the person to send it. So it’s included below. So if you guys have calpers and you’re with some of these small municipalities, you better pay attention.

Watch this. And you need to call Calpers and make sure that you’re not going to get your pension cut. Okay? This is not designed to scare anybody, but this is really happening. And look at the TikTok that’s below. It’s one of the links that will be towards the bottom of the video. Next thing is Lordstown Motor is an EV car company that filed for bankruptcy and wasted billions of dollars.

Well, they just opened up under new car Nucar, and they’re a new car company with a new name, and the owner bought it out of bankruptcy. Lucky him. Isn’t that great? Bought it for a song. And investors are out an absolute ton of money, and this guy gets to have new car. Okay, whatever. Final story, which was crazy, was a woman went out and she bought a bunch of gas that she was not supposed to get.

And this was Don Thompson. Don Thompson went out and she got herself hooked up with a program that would give you free gas. You’d pump in your discount code, and she got $27,000 in free gas in Nebraska. Now, what it was, was, it was something she figured out that was wrong with the system. That if you had this loyalty code and you swiped the card twice, it gave you free gas.

So what she did was she told everybody she started to sell it. Hey, I’ll give you $20 worth of gas for $50 worth of gas for $20, things like that. And eventually started telling people how to use the code. And eventually they caught her, and now she’s facing federal charges for grand larceny. Okay? And again, nobody can ever keep their mouth shut when they do stuff, like, know.

So did you ever hear of anything like that. But Don Thompson was a gas thief who’s been charged. So let me know what you think about the home builders. Let me know what you think about all this stuff right now. It’s an absolute beautiful morning out here and you haven’t seen anything yet. A lot of cool stuff coming out this week. We got the Fed meeting. We got everything with the stock market.

They say March 20 is going to be doomsday for the stock market. We shall see. Guys, don’t forget to join the email list because one is going out in the next two days. Use the link below to sign up for that or use the code right here. You can take a picture of this and you can join our email list. And if you want to email me, it’s hello at iallegedly put your phone up to that image and it’ll take you right to registering for our email list.

Okay. Onward and upward, guys. I’ll see you guys very soon. .

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