Exponential Opportunities
Foreclosure.com Scholarship Program Winning Essay 2022, (Runner up)
By Ella Stone | Southern New Hampshire University
Vividly, I remember 2nd-grade classmates struggling with math concepts that came easy to me. My teacher had me assist them. While guiding my classmates through two-digit subtraction, I patiently described the process. The key was understanding where to start. Success came when classmates would subtract the ones-digit, then the tens-digit. No one could have known the significance assisting others would have on me. As a 16-year-old Southern New Hampshire University senior, I explore my passions at accelerated rates.
It is worth mentioning again that the key to understanding a topic or concept is where to start. Admittedly, as a college senior who is funding my Bachelor’s in mathematics through generous scholarships like the one you are sponsoring, I knew very little as to where to begin in answering your essay prompt of how to prepare and execute great real estate deals with high prices and low inventory in the current housing market. I decided the best place to begin my research on how to take advantage of distressed properties was on the foreclosure.com website. I quickly discovered foreclosure.com has an immense array of educational tools, resources, and search tools that are easy to understand and use.
My first step in learning how to prepare, and execute great deals is to educate myself on the terminology associated with finding house bargains in real estate. The video library at foreclosure.com quickly brought me up to speed with the distinction of distressed properties, and I now understand the difference between each of the different types. I had no idea there were so many options and opportunities to make money in real estate. The simple-to-use search feature for distressed properties at foreclosure.com is very concise. I also love that listed properties have an estimated market value, and many have an estimated rental value. While my area may not currently have homes in categories like shadow inventory, it is hugely beneficial to have a categorized list of the properties in my zip code that I can select based on my preferred method of investing.
My second step in preparing to find lucrative real estate deals in my area is to determine which offerings work best for me at this point and which options appear to have the highest successful ratio or potential profit during the current market in my area. North Texas experienced enormous growth in terms of families moving to the area, which caused the booming housing market of 2022 to continue to go through the roof. As of mid-December 2022, the DFW real estate market appears to be slowing down. The adage “What goes up, must come down”, rings true. Many potential investors might think it is a terrible time to prepare to invest in real estate. But the key word is preparing. I enjoyed researching, educating myself, and learning about what the market is doing in my area. The more I learn, network, and study online, the more I am prepared for when the market does become more desirable to take advantage of bargains. Another discovery I realized was when I watched the video about Rent to Own homes at foreclosure.com. I recognized that just because those products are not in my geographic area did not perclude them from my portfolio. These are options to keep in mind for potential deals I might execute with foreclosures or bankruptcies. If I do not explore all of these options now, I will not be familiar with them later and might miss an opportunity.
My third step in preparing and executing real estate deals in an up market is determining what strategies I am willing to work with and organizing a team of professionals that specialize in delivering services for my strategies. For example, I would need a money lender with a traditional loan, finance a short-term flip, or locate a hard money lender. If I decide to buy a property as is, then I am going to need to expand my team of contractors to do repairs. While I may be only 16, it would be necessary to have relationships in place with professionals in the industry well before I need them. Preparing for the deal now, while the market may not be best for purchasing, is an excellent time to begin team-building.
My final step in prepping and executing deals is to begin physically viewing properties that fit my investor profile. Once my team is in place, I would get a subscription to foreclosure.com, download the app and start driving and seeing as many houses as possible. I would likely bring various members of my team with me to some of these homes and get their opinions before making any offers or conducting a deal. I would also be documenting and photographing various properties for comparison. This would allow me to assess each property and then determine if I would put a bid or offer in, and purchase the home. While I recognize buying or selling in the real estate market may have much to do about timing, there is much to be said about the preparation of multiple entrances and exit strategies to feel comfortable with my endeavors.
As I achieve my Bachelor’s degree and pursue my Master’s degree I will research the exponential opportunities that are waiting for me in real estate. I recognize foreclosure.com is the first and best place to find real estate deals at 50% or more off true market value. It doesn’t take a math major to tell you that these numbers add up and provide exponential opportunities.
The winning essay above was submitted to Foreclosure.com’s scholarship program. To submit an essay for the current Foreclosure.com scholarship, please click here.
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