I sold my last home in the summer of 2005. I had purchased the home in early 2000 and it nearly doubled in value by mid-2005. Believing that this price appreciation was not only unsustainable, I thought it possible there could be serious repercussions to everyone involved in this manic buying spree should prices reverse themselves. By 2009, that same home was worth nearly 50% less than what I sold it for. True, property values have recovered since then and real estate investors have fared well in recent years.
At this same time, I met a group of people in Orange County, CA, who had a small, but very successful mortgage company. The company had a senior member there who at one time, was one of Orange County CA's largest builders. With more and more people starting to default on their mortgages, he created a business to aid people in the notice of default stage using stand-alone second deeds of trust. I was invited to join the firm as it seemed to be a timely idea and something I wanted to learn more about. Little did we know at the time, the real estate price correction would be so severe that people who were receiving notice of default's - had zero equity left in their properties and would therefore not qualify for a stand-alone second. Homeowners then began to default on their mortgages in mass which launched the loan modification movement. Clearly, the business did not last very long, but it was a great learning experience.
During my training there, I decided to get my CA real estate brokers license. I then brokered loans for a small group of highly experienced loan officers and began conducting real estate transactions. I have done one commercial property and the balance being residential transactions. I have also completed about 100 broker price opinions (BPO's) for a major loan servicing company. I recently let my CA real estate brokers license expire and today, I am a licensed real estate broker in the beautiful State of Idaho.
I then became interested in learning more about property management. I hooked up with a couple of different property managers in order to gain some experience by managing multi-unit and single dwelling residential properties. Today, I am C.A.R.property management certified.
Idaho Real Estate Commission License #DB47622
212 W Ironwood Dr. Ste D, #228
Coeur d' Alene, ID 83814
Hoot Gibson broker
Consulting specializing in HEALth insurance, real estate and General business solutions...