Re: Jean / real estate

[Guest guest]

Wow Jean! You have been in the profession a long time!

I only gained a real estate license in 2001.

Yes, thank goodness that all those expenses are tax deductible. I would

have starved to death (and nearly did...) if they hadn't been. The bad part is

that you have to have all the money up front. I cannot imagine a young

single person with no viable means of income surviving these days. I know that

it

does happen though. The ability to live on a shoestring budget has always

been a forte of mine. And thank goodness someone is always feeding you in this

business!

Are you in the north? I am in the south, and the average prices here are

half of what they range in your area. Here, average prices are around 150,000.

You are so right when you say it takes plenty of self discipline! It surely

does. And yes, working at home in jammies is a great benefit. And of

course, the potential is unlimited!

That's exactly what they said in real estate school about 10 percent of the

agents make 90 percent of the money. I wish I'd been one of those 10

percent. I am about ready to hang up the shingle!

I only WISHED I loved the business! Before I sold real estate I had rent

houses. I thought that this would have gone hand in hand with sales. Alas, it

didn't for me.

You sound like someone that I'd love to have in charge of selling or buying!

Blondie

In a message dated 1/18/2006 11:14:20 A.M. Central Standard Time,

cascorsam@... writes:

Blondie

You have made real estate sound very bleak. I have been doing this since

1979 with a little substitute teaching thrown in here and there during the

slow

months when the kids were little. Now I just enjoy the slow times.

As far as all the expenses you speak of, you forgot to mention they are ALL

tax deductible. For instance I lease a large SUV. I dedeuct 80% of ins,

monthly payment, property and sales taxes off my income taxes and of course

the

cost of GAS. If I were in another line of work, where I couldn't deduct

it, I'd drive a more economical car. All my dues, fees and classes are

decuctible. A good accountant is a must. Yes it is tough work, but I am

my own

boss and I do just fine with the competition. And I do not split

commissions

with anyone. If I sell a $300,000 property (the average house price here )

that was my listing and a co-broke sale, I get half the commission in

pocket

minus 5% to ReMax. Also, with ReMax, I can charge the seller any

commission I

choose. So, I usually beat the competition. So, if I charge a 4 1/2 %

comm

to my seller, I offer the co broke 2% and I keep 2 1/2% minus the 5% I pay

MY broker which would come out to: $7125. If I also have the buyer for the

property, my comm is the full 4 1/2% minus 5% to ReMax or $12,825. I sell

between 15 and 25 houses a year depending upon my motivation. And believe

me. I

don't kill myself with work. Yes, I do pay ReMax approx $1500 per month

for

a fee whether I sell anything that month or not and I pay all my own

advertising which this year was around $12,000. It is sporadic and this

year I

will work harder than I did during the last 3 years because the market is

slower. But I feel you cannot beat this business. AND, it is the only

business I

know of that if you want more money for a vacation or things for the kids,

you just sell a couple more houses. I LOVE the business. I have taught,

run

my own jewelry business and I intend to remain in real estate till I die.

Why retire, I can work when I want now and not work if I have other things

to

do.

My office is in my home and yes, that's another deduction. SO, I conduct

business, set up closingsa, home inspections, etc all in my nightgown and

my

coffess cup beside me. My former boss used to be amazed at how much I

accomplished from home and I would tell him, " If I came into the office, I

would

socialize too much and get no work done. " And that is the failure many run

into, because your time is your own, if you cannot force yourself to work,

you

can spend hours in the office doing nothing and earning nothing. You need

lots

of self discipline in this business. There is a saying that in real

estate,

10% of the agents make 90% of the money. It all has to do with structuring

your time and resources and you must talk to everyone you meet and pass out

those business cards to everyone you talk to. Lots of networking and

joining

groups----contacts is the name of the game. And learn a lot about all the

various types of financing. I can get anyone into a home, bad credit, no

credit, etc. I have developed many strong relationships with the mortgage

people

who let me know as soon as a new program comes out.

I am a cheerleader for the real estate business !!!! It has been good to

me

and I just love it.

Jean