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Originally Posted by mikejr
Our average sale price has hovered around $60K since I started doing REO work. We've sold $1K properties up to $900K. Its sort of comical, but I dont do any sales work trying to find new business. It finds us based upon our reputation for quality work.
Evictions are tough situations for everyone involved. We dont have a large hispanic population here in Western PA.
Like my father always says....make it while you can...it might not be there tomorrow. Being a brokerage owner, you have to make sure you have a cushion for the bad times. How many agents do you have? We've got 15 which is just right for the level of stress that I am wanting to deal with at this point in my life. I am 44.
Just make sure if you are using friends as your vendors that they have insurance and provide you with certificates of insurance. If they arent insured and something goes wrong you are left holding the bag. Also, if you dont get insurance certs from them, then you can end up paying insurance on the money you pay out to them for w/c insurance.
It is a cool profession for sure. The sky is the limit and it all depends on what your goals and aspirations are. The business can consume you if you allow it to. I work pretty much 7 days a week and with the blackberry am always "on call" so to speak. Work hard and work smart and the rewards are there for the taking.
You are young so start building up that retirement now and you can retire early if you choose. I sound like father time here dont I???....
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I have one agent... ME! The only agents I will bring on are the ones to support me should the time come I get that busy. Learning how to delegate tasks will be a job in itself.. as with any job... you train someone to do what you need and just when your done training they're gone.... I've always said stay small keep it all.... sounds like you're not too far away.
Thanks for the tip on the insurance bit. Some are, some are not. Guess if things really pick up I will have to change course on this. Thanks again for that.
I need fatherly advice sometimes!
My success has been based on quality of work whether it has been conventional re-sale or REO (hard to really tell for sure about REO as I'm so new, but I don't think I'd be being contacted again and again by new and old a like if the work was bad).
I am 32... I have made the decision no more credit for me... save to buy or don't buy at all. Buying the new Hummer in cash and then it's saving for apartment style condos that are popping up dirt cheap at the auctions.
What I like about the condos is they're cheap, monthly rent will be great retirement money and I won't have to worry about losing 40% of my retirement because Wall St. is in a down cycle...
Sounds like you've got a great thing going.... sounds like you've, and are, working hard and have earned it.
Gosh... 300 a year! WOW... I'm at 16 for this year... LOL... best year was 28! I'm only 272 away!! LOL LOL...
Alright... back to entering invoices.....
