Time to Grow

For many of us, this may be some of the most difficult times we have ever seen in the Real Estate Business. Many of our colleagues have given up and taken a job in some other industry. According to a recent article by Dr. Lawrence Yun in REALTOR magazine over 50 % of the home sales are foreclosures. I have always been a positive person; but lately I have entertained dark thoughts. This morning I woke up with a new perspective.

My mission statement has been revisited. For a while it seemed maybe it needed revision or something. It is still relevant. It may even be more relevant than before. “I specialize in the acquisition, disposition and management of income producing properties.” The management side of this is more critical than ever before. Cash flow conditions are making profitable residential investment almost impossible. The situation is further exacerbated by the difficulty of finding suitable tenants. A lot of people have lost their homes; but will these people make good tenants.

The first reaction to this is NO WAY! These people have bad credit. On second thought, many of them are used to living in and taking care of a home that they considered their own. They are used to dealing with minor issues and landscaping. They are used to taking pride in their dwelling. How many of them were put into their position by circumstances beyond their own control?

If some of the investors who are buying the foreclosed homes at reduced prices are willing to take the chance on well screened people who have had temporary difficulties they may find good tenants. Many of these people will be homeowners again in the future. Lease purchase is probably not the best way to go; but a combination tenancy and credit repair program, could make homeowners of many of these people within a few years. This could easily be the fastest way to rebuild damaged neighborhoods.


David Segrest is a REALTOR® in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com He is also a contributor on Argentina to: http://realestatebloginternational.com/