Question for Cincinnati/N.KY realtors (Florence, Oakbrook: real estate market, foreclosure, renting)

[sick of the winter]

I'm currently in Maui working for an Air Ambulance company. I'm also about to get my HI real estate license for "side" work.....

Our goal is to get back to Cincinnati/N.KY in the next 2-3 years. I had a great corporate flight job that may or may not return in the next 5 years. (we're unionized and I have recall rights whenever they decide to recall us).

My back-up plan, in case I don't get a recall soon, is to transfer from Maui to a place like Sibcy Cline or similar, we used to live in Florence and would like to return there..

In 2-3 years our bills will be pretty much paid off and our current home "should" make us a bit of money considering we bought it this year as a foreclosure and I'm assuming a possible 15-20% increase in value by then. (really really hoping!) Since I'd be starting out new in the area I plan on renting in Oakbrook and using the savings to get by until I get going in the new area.

First question is: how easy is it to transfer from one state to another? Do you still have to jump through all the hoops, or is it a matter of showing competancy with a test or something similar?

2nd question: Given the market may not be great now, in 2-3 years what is the forecast for real estate in the area over the next 24-36 months? Are current realtors seeing increased movement? I've noticed a few "price reduced" homes but all in all it seems as though the home values remained somewhat in tact. Unlike Maui County where values dropped almost 50% the last 2 years.

3rd question: Has anyone else, or do you know anyone else, who has transferred in to a new market and started from scratch with no other income coming in? If the market here does what I'm hoping, we should have atleast a year or more of savings to live off of without any income after the move. But I'd assume to atleast make a little bit in the first year in cincy to help.

4th Question: Does this sound feasible at all. Without knowing me, I can be a workaholic if needed. Especially if the more work I do produces more income. I am educated and strive to be as professional as possible. IE" suit and tie, firm handshake, always return phone calls, and am obsessed with getting paper work correct. (my biggest pet peeve with our current home was our realtor forgetting paper work here and there)

Thanks,
Steve

I also posted this on the Cincinnati thread.

[tomocox]

Originally Posted by sick of the winter

I'm currently in Maui working for an Air Ambulance company. I'm also about to get my HI real estate license for "side" work.....

Our goal is to get back to Cincinnati/N.KY in the next 2-3 years. I had a great corporate flight job that may or may not return in the next 5 years. (we're unionized and I have recall rights whenever they decide to recall us).

My back-up plan, in case I don't get a recall soon, is to transfer from Maui to a place like Sibcy Cline or similar, we used to live in Florence and would like to return there..

In 2-3 years our bills will be pretty much paid off and our current home "should" make us a bit of money considering we bought it this year as a foreclosure and I'm assuming a possible 15-20% increase in value by then. (really really hoping!) Since I'd be starting out new in the area I plan on renting in Oakbrook and using the savings to get by until I get going in the new area.

First question is: how easy is it to transfer from one state to another? Do you still have to jump through all the hoops, or is it a matter of showing competancy with a test or something similar?

As transfer between states is on a state by state basis, I would recommend you specifically ask each state's real estate commission what their requirements are specific to recognizing a Hawaii license. The Kentucky site is KREC Home

2nd question: Given the market may not be great now, in 2-3 years what is the forecast for real estate in the area over the next 24-36 months? Are current realtors seeing increased movement? I've noticed a few "price reduced" homes but all in all it seems as though the home values remained somewhat in tact. Unlike Maui County where values dropped almost 50% the last 2 years.
Assuming the best, I see the entire Ohio Valley still in a less than stellar real estate market for the next five to ten years. There will be good livings for professional Realtors, but the gravy train years are done.
3rd question: Has anyone else, or do you know anyone else, who has transferred in to a new market and started from scratch with no other income coming in? If the market here does what I'm hoping, we should have atleast a year or more of savings to live off of without any income after the move. But I'd assume to atleast make a little bit in the first year in cincy to help.

If you are successful in Hawaii as a Realtor, you'll do fine in a move. The only loss you'll have will be the referral biz. Part-time work won't cut it however.

4th Question: Does this sound feasible at all. Without knowing me, I can be a workaholic if needed. Especially if the more work I do produces more income. I am educated and strive to be as professional as possible. IE" suit and tie, firm handshake, always return phone calls, and am obsessed with getting paper work correct. (my biggest pet peeve with our current home was our realtor forgetting paper work here and there)

Yes, it does sound feasible. Just have $25-50,000 in reserves to survive, and regrow your business.
Thanks,
Steve

I also posted this on the Cincinnati thread.

I would certainly tell you to look at the RE/MAX system in Hawaii. While not a good place to hang a part-time shingle, if you do, when you come back to the Queen City area, you'll be five miles ahead. I highly endorse RE/MAX because of the networking, the work we are doing with distressed properties, the direct referral system which will pay you huge dividends once you are here, but still will be able to benefit from your Hawaii work.