New Member from Tampa / Savannah! Short-Sale Questions, etc..

[Thomas Fitzgibbon Jr.]

Hello Everyone,

So great to find a site like this!! Really excited to see all of the resources.

I am currently attending a real estate pre-licensing sales course with the goal of becoming a very successful sales agent, even in these bad market times. Not only is my goal to become a sales agent, but another important goal of become an extremely successful investor. With my sheer determination and perseverance, I have no doubt that I will succeed in both ventures.

I have been fascinated with real estate since I was a teenager so all areas of the industry interest me, especially residential. I am looking to learn as much as possible about real estate investment procedures and all of the tricks of the trade. As of now, I believe I have a perfect opportunity to get my feet wet with a short sale. My sisters condo is in pre-foreclosure in Tampa, Florida. She purchased it when the market was great for approx. $170,000.00 financed through Wells Fargo. As of recently, condos in the same complex are selling for approx. $67,000.00. A drastic change! Most owners are going through this same ordeal. I have been trying to research short-sale procedures online, but I am looking for as much advice as I can get. I would like to make a small profit on this opportunity.

I appreciate any advice anyone can give me on the short-sale, and any advice on becoming a successful real-estate sales agent. I look forward to the chance to networking with all of the great people on this site!

Thomas

[Bill Patterson]

Hi Thomas,
One thing to think of when getting licensed as a real estate sales person, is what do I want to do? You can represent sellers, buyers, or both. You can specialize in investment property, starter homes, upper end properties, vacant land, etc. You plan on (and I believe you will be) being successful in what you describe as a down market. There is a lot of distressed property and the market is quite strong in most areas of the country for a good deal. One thing to remember is that you should concentrate your efforts on endeavors that make you the most income. Finding and listing short sale properties would be a good place to start. But, like Ted said, leaving the negotiating to an experienced professional is a good move. It's like building a house. You are a good carpenter and could probably do plumbing, HVAC and electrical, but having the professionals do those items will get you a better job and free you up to build more houses. In the end, you make more money! Same thing in real estate. It has taken us a long time (I've been a Real Estate Broker for over 25 years) to put together a great short sale team, but now that is done, we can be successful in helping Realtors and home owners deal with these distressed properties.

Real estate investing is lots of fun, stress, success and sometimes it doesn't turn out so good! You won't win them all, but by being careful, getting involved in the forums, asking questions and taking what you can learn on Bigger Pockets, you can be a success most of the time! Good Luck!