This down economy hurts for many reasons. The mortgage crisis has its positives and negatives. I can get a house at a great price and still flip it for a decent profit in certain areas. What is killing me though is the time it takes for the buyers to get a loan. It used to be loans came easy, 20-30 days for a loan. Now it is taking 45 days for a qualified individual to get a loan. So basically it is taking a few extra weeks to get paid. I am being a bit more cautious as well, which means not spending the money before I got it. Previously I had a bit of faith that loans would go through…
Not any more, there is this, “I don’t feel comfortable with the terms of my loan” out for buyers. Basically escrow means nothing any more. It used to be that you were getting the money that people were putting down on homes, but now not even that is guaranteed. So I am adapting as much as possible to the new trends and trying to figure out how to keep the hustle going.
For now I am just going to keep things slow and in the positive numbers. I am also looking for other opportunities in other areas and new areas. I know a few builders that didn’t slow down and their game got flipped upside down. It is rough going from 40 homes on the market to losing your own personal home and working as a day laborer, but that is the reality for some. I have mad respect for the guys that are keeping positive through it all. Locally I have heard of 3 that have taken themselves out of the game permanently. Remember easy come, easy go, so know your limits and always keep it positive.
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