Originally Posted by MakeItEz2GetPd
I read both articles you linked to and it reminded me of why I don't read or watch the news. I decided a long time ago that there is absolutely nothing good that I can gain by polluting my mind with all the negative news stories or how bad the economy is or how evil the banks are. In my opinion, those articles were stating the obvious that HUD needs to be less wasteful and more vigilant in holding the lenders accountable. Forget about the fact that in both articles each author was "speculating" about what could potentially happen and how HUD could potentially deal with it. Hell, I thought that HUD was already challenging 100% of the claims.
On a more serious note, I've got to be honest with you. I have a few questions for you that popped into my head right after I read your post and those 2 articles. Please don't think that I am attacking you, because I'm not. I just think it might be helpful to you to think about this from a different perspective. So here is my immediate "knee jerk" reaction to your post:
1) Why is he surfing the internet on a Thursday and Friday afternoon? Shouldn't he be out in the field or doing something to build his business?
2) What is the "real reason" he is publicly "predicting" the collapse of the entire Property Preservation industry? Wait a minute. Why do I get the feeling that he is enjoying talking about all the bad stuff that might happen to an industry where he says he has worked in for" a long time."
3) He can't really be quitting the business because of an article where someone was "speculating" about HUD's financials. What is the real reason?
4) How ironic it is that as he spreads this gloom and doom of a story he proclaims that he is generally optimistic.
I have to pick my son up from school right now but I will continue this if you want.
P.S. I'm sure some of this forum's neighborhood smart as$es will be here soon to cause trouble. So to answer their question (before they even know they are thinking it). about why am I surfing the internet instead of working on this beautiful Friday afternoon. It's because I spent the last few years focusing on building my business so that it mostly runs itself.
Thanks for calling me out - I appreciate your skepticism.
I try to stay away from the news as well however I've been keeping a close watch on what's going on in the preservation industry. You're welcome to take the articles as you wish - I would love for someone to share some positive news - however I see the articles as valuable clues in this puzzle. We all "should have" seen the housing bust coming (some did); we all "should have" seen the dot-com bubble getting ready to burst (some did); we all "should have" seen the preservation industry in a free-fall (some do). My intention is not to be a harbinger of doom and gloom - it's to share my struggle to come to grips with the future of this industry, particularly the dangers of touching FHA properties.
Here's some answers to your questions:
1) As I stated - I'm outta here - not building any preservation business - I'm moving in a totally different direction
2) The real reason is altruism - some may find this dialog helpful - everyone is invited to share their own insight
3) I'm not quitting because of the article - I committed to leave this industry a while ago however I can't stop following it - it's like watching a train wreck in slow motion - that's just how I feel.
4) I am
optimistic, which is how I survived some really difficult times.
One question for you (and its rhetorical): if you take your gross preservation revenue from last year, subtract your expenses and taxes, and divide that by the number of hours you worked (including time spent thinking about your business), are you thrilled by that hourly rate? Now factor in the potential for ridiculous FHA back-charges. And factor in one (or more) of your clients going belly-up while they owe you too much money.
When I asked myself that question, and answered it honestly, I concluded that I needed to move in a different direction.