Where is the real estate money today?

[Roberto Peso]

Lately all the money for me has been in appraising REOs. There is nowhere else to make money. I’m not buying anything, because prices haven’t stabilized yet. I’m not flipping, because the flips I’m seeing are no more than churning, they’re breaking even or bringing a check to closing. Ouch! I’m not listing because the only listings are potential short sales with tiny commissions. I don’t list REOs because I make more appraising them.

There is the same amount of stuff out there that there was 5 years ago, the difference is that the banks and Obama own it now, don’t tell them but they’re upside down and don’t know it yet!!! I’m a broker, appraiser, investor and a notary public candidate I’ve bought sold, appraised, flipped, done property management, done 1031s, you name it, I’ve probably done it. I no longer go on Realtor caravans because I can’t keep the ladies away.

Where is the money now other than appraising? It can’t be selling real estate, because 1/10 of the REOs I see were owned by those top producers with gold jackets and high heels. Better yet, where will the money be in the next few years?