Buckle Down
A slow economy doesn't have to spell trouble. There are always new ways to move forward.
Troy Wragg, 26, and Amanda Knorr, 25, co-founded real estate development firm Mantria Corp. three years ago with $5,000 and an interesting business proposition: The company would pay more than the asking price for properties if landowners agreed to be paid after Mantria sold their land. The business model worked--the Bala Cynwyd, Pennsylvania, company reached $15 million in sales last year.
The U.S. housing market has changed drastically since 2005, however, and Mantria is experiencing the market aftershocks caused by the credit crunch and skyrocketing adjustable-rate mortgage payments. ARM resets "will definitely affect our business in real estate and real estate finance," Wragg says.
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