When the going gets tough...

Quote
Wannaknow
Are you seeing more and more people getting into this business.. Pomona is crowded and deals are getting so so thin. People paying retail sometimes. What is everyones thoughts on where the sales are going?

Nothing ever stays the same—except the guarantee of change.

I too remember the good 'ol days, when there were only 4 or 5 of us locals in the entire county of San Diego that showed up with any regularity at the foreclosure auctions. I got started in 1982 and had a great 20 year run up to 2002—so I really can't complain.

Now the regulars have grown from a handful of just 4 or so to a maddening crowd of 40+. But my guess is that in a few short years the rate of foreclosures will diminish dramatically, due to the return of making sounder home loans to certifiably qualified buyers.

As our foreclosure deals fade back to "normal" (see our foreclosure statistics during the '80s) the hedge funds, with all their expensive millions, will fade away too...maybe back to the stock market or some other crapshoot.

In the meantime, all you have to do is become a much more creative niche player—working deals where the "big shots" fear to go.

--------------------------Ward

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