THE GOOD O'll TIMES 2003-2007 part 2 of 3...

Short Sales.... What is that??
Foreclosure..... In Nevada?? 
Underwater or Negative home equity....  Probably in Michigan!!
Banckruptcy.... oooohhh mmyyy Gooddd, those guys must have done something wrong!!!

Seriously, back in the good o'll days, none of these occur. Back then, the word "Short Sale" does not even exist.  The words you hear during those times are "New home builder waiting lists, home equity, positive cash flow, 0 down payments, interest only loans, and stated income."  So much have surely changed.  Well lets go back in time on what was going on with myself and friends who are in the real estate business.

In 2003, I was able to buy my first home in the Northwest part of Reno for $175,000 that I sold for $380,00 by June of 2005.  This positive gain on home equity are common occurances. I usually have buyers during those times that bought homes that gain 30,000 more after 3 months.  Many buyers  were snatching as many homes as they can for the purpose of possibly flipping them within 6 months.  Many real estate agents have a monthly commission of atleast $15,000 a month.  The truth of the matter is, I hear other profession grumbling with negative opinions about Realtors that we make too much money without having too much education.  The fact of the matter was, many Real Estate agents saw this as something "Normal."  Nevada Real Estate agents felt that we were suppose to make a minimum of $10,000 a month since we had 4 months of Real Estate School and passed a Real Estate License exam. With Licensees making 10, 15, 25,30 thousand a month, the big boy toys started arriving.  Home purchases upward of $700,000, Boat, Mercedes costing $70,000 or more, BMW's, Ferarri, Lamborghini (in Vegas), camper trailers, and Rolex Watches were common purchases.

  European vacations, All you can eat steak and lobsters, and massive home improvements were very common as well.  In Reno, Home builders would build 20 to 30 homes at a time to meet buyer demands while car dealers are selling Mercedes like they were affordable Hondas. Many Real Estate agents and Mortgage loan officers felt that this will go on forever; and for a while it did.  At this point in time I have already started my own Real Estate Company.  I had 13 agents at the time, and many of them were making over $100,000 a year.  I had a few who made over $250,000 a year.  During those times, I would get lawyer threats from buyers our company represented  because they did not get the home they wanted and lost out on a 10,000 rise of home equity the following month because of too much buyer competition.  I would oversee over 40 company buyer/seller transactions per month and close 99.9% of them.  It was duing those times that I achieved multiple Real Estate sales designations and expertise. I also achieved multiple insurance sales awards in life and property casualty.

I gained so much real estate experience but I was definitely tired when I got home at night.  Money was flowing like river water, but "Real Family" time was a little unsatisfactory.   I was in my late 20s during those times and I had to run a million dollar Real Estate Company and a top producing Farmers Agency with multiple staff.  I felt during those times I was spending too much time at work and less time with my new wife and 1 year old daughter Isabella.  I was definitely bringing home the bacon, but I regret the lack of time I could have spend with them.  As the old saying goes, "too much of something may not be all that good for you."  Well, I'd like to end with this for now, In part 3, I'll write about the Great Recession that occured from 2008 to the present. 

To be continued......