Lately guys I have been a little discourage but its not in me to give up. I have always been a fighter and will continue to be one. I have closed deals in the past and made some good money, but its seems things are not the same. I know I have to adjust to the current market condition and I’m in the process of doing so now. Besides the money what kept you guys going? This is really a passion for me not a thing I just do!
What was your market like before, what is it like now?
What kind of deals are you seeing?
Tell us a bit about your situation.
pjm - I am sorry to hear that you are discouraged. What motivates me is the possibility of quiting my day job and being able to work 3 to 4 hours per day/3 to 4 days a week in something that I truly like. I stole the idea of working 3-4 hours for 3-4 days a week from Propertymanager… :O)
Sometimes I also feel discouraged - this morning I almost did not go see properties. But as soon as I left the house and went to see the first property I was fine. I spent 6 hours and saw 13 properties… :O)
I hope you will feel energized and excited again soon. Good luck!
Thanks for the advice.
My Market place is Chicago, IL properties are still selling and just very slow. Like I said before I will never give up, Situation propertes are still selling just alot of my investors that I had as buyers are no longer buyers in todays market. There are still some(Buyers) out there and I know I have to get them on my list of investors.
Thanks for the words of encouragement
Think about a few things here…
Unless you have 10 years experience or more investng in real estate you have NEVER seen a NORMAL market. You probably invested through the BOOM years of 2002 - 2006. Things were NOT normal. Then, we transitioned right into BUST. Again, this is not normal either.
In a normal market a well priced home on average takes about 4 to 6 months to sell. People got accustomed to HOUSES selling like CARS. Selling a home in 3 days is NOT what normally happens.
What you obviously need to do is to SHIFT your selling to another buyer set (away from investors). Hopefully you SAVED the money you made from previous deals and can pay CASH for some of the outright STEALS that are now on the market. Fix them, or keep and rent. Either way your MARKET has changed and you MUST change with it or it’s OVER.
If your smart when you BUY, and even smarter when you REHAB properties, there is no reason you can’t make great money in this market. I’m STILL flipping houses. What I do is make MY HOMES look better than ANYTHING else out there. Granite counter tops, tile floors, and stainless steel appliances in STARTER HOMES makes them SELL. It’s about DETAILS.
If what your doing isn’t working CHANGE IT!!!
“If what your doing isn’t working CHANGE IT!!”
How true Jake, how true.
This business isn’t like going to a regular job and doing the same thing every day, it changes, and if you don’t change with it your screwed. You know how many big shot investors around here that made huge money in 2004-2006 that are know back at their old jobs? They didn’t change. “What? I can’t refinance these flips now at inflated appraisal prices??? I can’t get a stated income loan with $0 down??? I can’t sell all my ghetto props at inflated prices to people that just got a job at McDonald’s and have no money???”
PJM24, one thing I have learned is that anything worth having isn’t easy. I get discouraged too and then I think of the alternative. My old job of being a maintenance man at an apt complex is still open for me anytime I want it. When I think about painting those apts or getting paged at 2:00 am because somebody is locked out… my discouragement quickly turns in to motivation. That’s what keeps me going. Plus it’s fun.
once again thanks guys for your advice. Wholesaling is still working for me not saying it didnt. Just not as fast as it use to work and I understand that the market in 2004 -2006 was not normal. When the market was normal I was not of age to doing anything or had the know how to. I’m a very young guy and learned the game from experience investors in my own backyard and not some course. Not saying the course or courses don’t work, but learning from people that I know made their money from real estate seems better than paying 2000 dollars. wholesaling is what I’m still doing because I need to raise more capital. Thanks for all the comments.
Why don’t you do what I did when the markets got bad?
Take that slower time to take some real estate courses. Your local community college, city evening adult center or college should have courses on finance, appraisal, construction, principles of real estate.
You will make great contacts in class–entrepreneurs like yourself who are sitting at a desk, NOT ON THEIR COUCH. These courses shouldn’t cost much and they will give you a great feeling of getting ahead, because YOU ARE. Back then, I knew that even if I did nothing else, I would be in that classroom Wednesday evenings at 6 o’clock. One more notch on my belt.
Let us know what you did to fix your slump. Don’t worry, we have all been there.
Can you do short sale?
Yes Johnny Q I can do short sales and been successful at them I’ll say about 75% get approved. I’m still active in real estate investing, short sales and wholesaling is my area of interest. Thanks to all who have reply to my posting you guys are great!!
what are your areas of interest (Real estate investing)?
Isn’t this the answer to your question? If you need another reason in addition to the money, what else is there?
I have definitely been there.
Sometimes you just wish you hadn’t gotten up that day.
I was so accustomed to telling people I did 20 deals per month…it wasn’t until my title company recently went out of business that I had to come to grips with the fact the market has REALLY slowed down.
My main marketing area was Miami-Dade County, Broward County and Palm Beach county. These were some of the hardest hit areas in the country.
So let’s look at the market now. How are you contacting people?
One of the things I did was to develop a technology for contracting properties on the MLS. I can send 100 contracts every day at 50 cents on the dollar and stir the pot. Short sales are not the greatest deals, but they keep me busy.
Another way to look at the market is to see where there IS a possibility to make money.
YouWalkAway.com has made a couple of million bucks helping people walk from their mortgages.
One of my best friends took a job at Fannie Mae as an REO Asset Manager. He used to do at least 10 deals per month.
We have to be able to transform ourselves to meet the current market.
Look for a river of people that are looking for something…and then give it to them.
Thanks for the advice thats makes sense. Here in Chicago, IL it’s bad but not as bad as down there. I know that there are still investors in my market thats buying. They are buying but not as strong as they were in the past. What’s working in my market are the short sales get some complete for a group of investors and get paid.