If you come from working in the mortgage industry where do you st
Residential Real Estate Broker · Katy, TX · Member since 2011 · 10 posts · 2 votes
What if you come from the mortgage servicing industry, or like a bank. Could one still get started? I come with a different set of skills and experience, which is still related to what most folks on this site are doing yet it is still different.
I've dealt with distressed homeowners needing help over the years and know a lot from that angle, but I've become interested in flipping and wholesaling, it seems like something I could do well, which can help desperate homeowners needing help + provide some financial relief also to walk away from their home and avoid foreclosure. I'm the guy with ways to keep homeowners in their homes, but I also come up with ways to get the homeowners out of a property gracefully to try to avoid foreclosure and total loss for them. For example, purchasing their would pay them and avoid foreclosure which is a good this for all parties. Just brain storming and wondering. Any thoughts?
@Oswin Grant Welcome to BP! You have great skill which is going to add value as an investor.
yes i was hoping so considering my view working from the servicing side for close to a decade, understanding most of the terms used, dealing with many pre-foreclosure homeowner often, etc. Ive always liked working in the mortgage industry and i understand the mortgage industry is very broad. I did not know exactly where I would fit in over on this side though. However I have a fairly solid mortgage foundation, or at least I believe and this kind of seems like the natural progression for me in time.
It's kind of sad though considering how many homeowners I've dealt with that are in desperate need of mortgage help and are just clueless, at least most of them when it comes to finding help. There is help for many of the homeowners which would create a win-win for both investors and borrowers alike. Most Boris facing imminent foreclosure what happily take 10 or 20 thousand walk away and I'm speaking of the ones with a lot of equity in their property already and yet they're fixing to lose it for different reasons. Anyways if nothing works out for me here at least I know that this type of help exist for homeowners needing help and I can learn more about it. Happy to be here.
Right that makes sense, appreciate that . I'm in Texas. Right i'm usually figuring out 100 ways to try to keep borrowers/homeowners in their properties and even lowering their payments at the same time. I realize though that this is the flip side of what I do in a sense, but I realize liquidating properties can work out well for everyone involved including the borrower too. I come across many desperate sellers almost daily but they are still trying to hang onto their property in most cases but a percentage of the masses are open to liquating/selling the property but many are clueless as to how to do so successfully. Some of the borrowers will accept their faith and try to get out before the foreclosure takes place, and others stay there hopelessly until the very end which is sad to see someties.
The reality is we can't help everyone stay in their home; there are many different reasons why some homeowners can't stay including they are too past due, they have no job or their income is not enough, they are self employed and don't have stable long term income, the property value is too high, they have too much equity, and the list goes on and on. I've seen and heard it all, or at least it feels that way. I would guess we save maybe somewhere around 60% of them that would otherwise face foreclosure or some other liquation option if we did not help them to stay in their property. Unless they filed for bankruptcy which has it's draw backs. Anyhow it feels good at times to help them keep their place, especially the ones who truly deserve it and would face almost certain foreclosure, thing about the loss equity they lose, the credit impact for several several years to come. but we can't help all of them unfortunately our of hundreds of thousands in virtually every state across the country, but we try. Anyhow I have about 10 yrs experience in that field, so i can go on and on.
Regardless hopefully I can get to learn this side of things and hopefully cross over soon. I already have a great deal of real estate knowledge from the servicing side of thing and understand a lot, but i'm not so much knowledge on wholesaling, filpping, buying and hold, rentals, etc. which i've grown interested in as of late. Moving over from servicing to this side seems like a natural progression in my mind. I think learning this side of things would be powerful and pretty awesome transitioning from one side to the other, which is where i hope to end up and become knowledgeable in because I know a lot about how to stay in a property already. Heck I'm somewhat worried and wondering if my indepth knowledge of how to stay in a propety even when one is severly past due will hinder me at all when it comes to getting a homeowner to just move on and liquidate. Not sure but I guess I have to focus on one objective and go after it, but help the homeowner out too and get them the benefits of staying and the benefits of leave. There are benefits in both but is up to the homeowner to decide what is most important to them after i give them the pros and cons of persuing staying or liquidating the home. There is a lot to it. anyhow i hope to learn from this site/forum.