Quote:
|
Originally Posted by MVR 155
Well luckily I have been doing this a while (15 years), besides doing RE sales I also have an appraisal business along with playing with investment properties.... being a bit diversified in these times has definately been a big help..... I just recently took advantage of the downturn and scooped up a great deal on a forclosure property waaaaaay under market value that Im rehabbing to put back on the market.... doing a first rate rehab (gutted the bath with all new drywall, tub and tile, real hardwood, new doors and trim, paint, custom kitchen cabinets, granite counters and stainless appliances) and I will be able to throw it back on the market cheaper than the competition with a way superior product so it should sell fairly quickly.... Ive actually got a handful of people interested when its finished.
Anyone in this business who has weathered this storm is here to stay..... one good thing is this whole downturn has purged alot of the morons out, getting a R.E. license is easy, keeping one and making money with it over a long period is a whole different story... I cant believe some of the people I dealt with back when things were just rocking (2004-2006 at the peak).... I dont know how they made it from their bed to their car.... morons!! but in those times you didnt have to know $hit to make money..... those people are all long gone now, selling listings and representing buyers is not what it used to be.
|
I tell you... I have been blessed. I was at a broker open house and walked down to talk with a FSBO that was hanging around outside. Happened to be that FSBO was a guy who buys at auction and flips, very very good guy and it's a family biz, he does it very ethically. We talked for a while and I offered my services. 3 months later I get a call, that was end of year 2008... I've been listing and selling his properties ever since.
Between that and the REO work I'm doing 2009 has been the rebound year for me... 2008 was pretty rough... but the work I did in 08 is paying off this year in terms of REO listings. I've actually done very light BPO work since 2004.
This entire year I've done 4 non-investor non-reo deals... it's a tough tough environment in the residential re-sale world... and buyers??? I used to be about half and half buyer/seller... this year I've helped 3 buyers get into a home and one of them was a listing that bought from me as well.
I've been doing this since the boom... 2004 was my first year, but I sold 16 homes my first year also... always been a natural. Not a super heavy hitter natural but never wanted to be the superstar.
I am really liking the REO work and the investment re-sale. A lot less emotions involved.
I am taking prop. mngment classes in prep for more REO business as even after this wave passes I would like to stay in the REO line of work. I can then also manage a few properties if duty calls.....
I own my own brokerage so the sky is the limit for me...
Our membership here is dropping daily as well.
to making it in this crazy economy. I learn something new every day before this debacle hit... now I learn twice as much every day!!
I thought about diversifying with appraisal work but in OREGON you have to jump through a lot of hoops to get your appraisal license... lots of supervised hours, which would take away from my other daily routines.
WIth the REO work I think I could get a part time job as an accountant....LOL
Good luck on your flip!!