Real estate agent in Central Florida? (Orlando, Melbourne: mortgage broker, appraiser, broker)

[bigman67]

We notice quite a number of homes on the market in central Florida. We are thinking of getting in the real estate business. Can anyone shed any light on if this is a good idea?
Thanks for any help

[spunky1]

Originally Posted by bigman67

We notice quite a number of homes on the market in central Florida. We are thinking of getting in the real estate business. Can anyone shed any light on if this is a good idea?
Thanks for any help

Now is not a good time to get into the real estate business in Central Fl. You are about 2-3 years to late. The number of realtors doubled in this area a few years ago due to the boom. Now many are bearly hanging on or getting out of it completely. Not trying to discourage you just giving you the facts.

[Prichard]

Looking back over the last 20 years or so, and if you were to ask me in any given year, I would have said that "now is not the time to become a real estate agent or broker". I can say this, because at one time I had my RE license and never used it. This describes many people in Florida, I'm not unique.

Becoming a successful real estate agent or broker is a long term process. If it's your passion to help people buy and sell houses, rentals, commercial properties, land etc. then you just buck up, pay your dues for as long as you have to like in any new job until you build your reputation. Most of the successful real estate agents/brokers that I know have been in the game for over 15 years. Some make a good living at it, others make a fantastic living at it. But, all of them struggled like crazy for years before they found their nitch. Think long term, like 10-15 years for success, and now is as good a time as any. Think short term, like you need success in the next 3 years, and I'd find something else to do.

[leaving-orlando]

You've missed the boat here. There are currently 21,000 homes on the market in the MetroOrlando area....a 16 month supply and that's if not one more house comes onto the market. Homes and condos aren't moving because most sellers have them priced as though it's the summer of 2005 instead of the the winter of 2007.

Many people who became real estate agents here when the "boom" hit are now looking for work elsewhere. Same thing in any business that feeds off of housing.....mortgage brokers, appraisers, surveyors....on and on. Construction jobs will start to dry up as well because builders are having difficulty unloading homes that are already built and in their inventory.

[spunky1]

I agree, I believe the next 6 months will be a good time to purchase a home, keeping in mind that it is definately a buyers market. There are people out there that have been hanging on to their homes thinking they are going to make a windfall but eventually they will have to sell.

[OC2OC]

I'd say that there are still opportunities in the market.

For example, I'm a transplant to Florida from California. Like many people I know, they'd leave if they could. Many of our friends are willing to follow us to FL, buy a good size home for a fraction of the cost of CA and try new opportunities. My point is that for any business you need to find your niche. It takes time to develop any business but if you're motivated enough, go for it, stand out and find that niche.

[Ruru]

Do your research of the area and the market first. One wave has certainly crested at this time. Orlando has been a boom town for years but not all neighborhoods nor businesses are equal. And you should like hot weather, crowded roads constantly under construction and the hospitality industry.

[rickle]

Originally Posted by bigman67

We notice quite a number of homes on the market in central Florida. We are thinking of getting in the real estate business. Can anyone shed any light on if this is a good idea?
Thanks for any help

Hey, come work for Exit on the beach in Melbourne. Business is getting better and it's a great place to live

[miamiboy54]

We want to move to Tennessee from Poinciana. We have our house up for sale for three months now and no bites.
I feel the real estate market will be a sellers market a year from now, but in the meantime, we want to move, and land prices are cheap in tn, but won't stay that way long.
Would it be wise to move, lease the house out with an option, and wait it out for a year? Your input is appreciated.

[Prichard]

Leasing your residence for 1 year is not a good idea. First, you could get a tenant that could do more damage to your house than you will collect in rent over a one year period of time. Second, I doubt that you will be able to cover your mortgage with the rental income. Third, don't forget, rental income is taxed as ordinary income, not capital gains. I've never been a big fan of someone leasing their house just to buy a little time. Of course this is different from people who buy "rental" houses, live in them while they fix them up for renting and then move on to the next project. This is all done with turning the house into a rental in the first place.

Just sell it and move, unless you won't be able to cover your mortgage and costs. In that case, you might not want to be moving so fast. Better have a 5 year horizon.