Anxious to get started in Central Virginia

[Russ H.]

Hi,

My name is Russ and I'm a 60 year old business owner who has lived longer than the industry I've been involved with these last 40 years (newspaper and magazine circulation and advertising). Now, at a time in my life when I'd like to be slowing down, I'm out of cash and out of prospects. It's apparent that its time for yet another plan.

In my early 20's and at my Dad's urging I briefly had a real estate sales license which was held by a very small brokerage in upstate NY, and I hated it. I mostly spent my time driving around prospects from NY City looking at low priced properties that they were considering as weekend homes. It was the late seventies, the Carter malaise years, and I didn't see anyone making money. I needed action: the adrenaline of lots of small sales every day, so I didn't stick with it.

In the current economy and with my age and skill set, I don't see a lot of opportunity for a guy like me, so by process of elimination I find myself again attracted to the prospects of real estate. Here are a few reasons why:

* Clearly, housing is not an impulse buy, but rather something people have to have, so I believe that it is still a vibrant market with hidden opportunities.

* I have sales skills. I can talk to anyone at any level, and have a knack for getting people to tell me more than they intended to. It seems this could be put to good use uncovering properties that would be good candidates to rehab and flip.

* I have math and analytical skills. I can crunch numbers, forecast and project like a machine.

Of course, I have plenty of weaknesses. Here are just a few:

* I have exhausted my cash and credit trying to swim against the tide of the business I have. I didn't do that because I was foolish (I don't think), but rather because I could not find another way to go that had any long term prospects.

* I am the least talented person when it comes to things mechanical. I am the anti-handyman.

* I do not know anything about how to evaluate real estate values (but I think I can learn), or the costs of renovation.

All that said, I believe that I could be successful in scouring near and far for properties with equity that could be purchased or optioned at attractive prices IF I can partner up with investors with cash and with individuals who know how to renovate cost effectively. Is it all a dream?

OK, that's enough of an introduction for now. I look forward to a new adventure and welcome any comments. Of course, I still have lots of energy and still like lots of action every day, but now I evaluate that differently that I did when I was 25.

Thanks for any comments or suggestions you may have.

Russ H