By Alison Rogers
With humor and graceвЂ”as good as an eye fixed for the fantastic and outrageousвЂ”real property rookie Alison Rogers bargains an insiderвЂ™s story of the most popular actual property industry within the country.
Expanding upon RogersвЂ™ weekly nationwide column in Inman information, Diary of a true property Rookie chronicles a former genuine property journalistвЂ™s wily adventures, from a gutsy try out at beginning a true property enterprise with basically $16,000 to the (eventual) flavor of candy luck. alongside the way in which, Alison drolly relates her escapades, between them an try to turn deserted shells in Newark and the condominium of a Greenwich Village house to a recognized celeb. Quirky and informative, Rookie bargains genuine property and monetary suggestion in tandem with stories of suburban actual property brokers, manicured manhattan trophy better halves, and blameless ripe-for-the-plucking first-time dealers. genuine property newcomers and professional vets alike will appreciate AlisonвЂ™s distinct voice and viewpoint as she discovers her pathway out of company monotony to self reliant luck within the genuine property business.
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Additional resources for Diary of a Real Estate Rookie: My Year of Flipping, Selling, and Rebuilding ? and What I Learned
So I start to develop yet another line of business: being a buyer’s rep. This, to me, seems very much like my old job—I have to use my research skills to come up with a huge haystack of information, and then dig through it to find the needle that makes a cranky rich person happy. My first assignment comes about accidentally—I heard a Big Media Executive speak, wrote him an e-mail saying I liked his speech, and could I buy him lunch? It turned out he wanted a summer rental in the Jersey hills. indd 33 3/21/07 12:35:17 PM 34 Diary of a Real Estate Rookie After pointing out the very happy coincidence that I actually had a license to go hunting for Jersey rentals, I asked why he didn’t already have a summer place.
Remember the current inhabitants are losing their home, and they usually aren’t too kind to scavengers wanting to buy it. But you do want to know what you’re getting into, and a knock on the door and a couple of fifties will sometimes get you in. Know that there aren’t a lot of bargains. In your head (or in some Learning Annex tapes) you may be thinking “30 percent off,” but it’s probably not going to happen. Thomas M. Carroll, Terrence M. Clauretie, and Helen R Neill of the University of Nevada-Las Vegas argued in the Journal of Real Estate Research against each other in hundred-dollar increments, and as the price slowly rose, it dawned on me that they were contractors.
It was listed at $389K, and homes all around it were typically selling in the $500Ks. Woo hoo! I showed the sheet to the head of my firm. “It’s too expensive,” he said. ” When I waved the $500K comp at him, he dismissed it. ” You know what? He was right. The house was probably built in the nineteen-teens, and it was limited by its bathrooms. The main floor had a living room, dining room, and a porch that had been enclosed to make a baby’s room. The kitchen was too small (by today’s standards), with only a few feet of counter space, and the only way to make it bigger would have been to bust through a powder room, which would eliminate the only bath on that floor.
Diary of a Real Estate Rookie: My Year of Flipping, Selling, and Rebuilding ? and What I Learned by Alison Rogers