Today I attended a closing between one of our buyers and investors. I rarely attend, usually a case manager goes, but today she had a conflect, and I found myself seated around the jovial closing table, watching the buyer sign piles of documents, chatting with an investor totally pleased with himself for investing, and, really against his will, enjoying the process and people. I was glad I attended, it validates the job we do, and what can be achieved when an investor truly comes to enjoy what he is doing, and why.
Many flippers are about turning a house as quickly as possible. They work on strict budgets (so do we), and take enormous risks with large sums of money to flip a house and make a tidy process. They rarely meet and have the chance to interact with the buyers, and understand the gravity of what they are doing – creating a new home which will excite and create memories for a home buyer, whether they be new or otherwise.
Our investors have the chance to interact with their buyers. For 6 months, they are receiving rent, fixing small issues that might arise, making sure, as this investor did, that their buyer is truly excited about their home. And this investor did. He landscaped the house, even though it wasn’t in the ‘budget’. He received the small notes that the buyer put in the rent envelope, even posting a couple of them on his kitchen appliances. He grew to know his buyers, and when he paid a water bill ($10.00), and the buyer found out and repaid him, he was gratified, surprised, and filled with admiration that his buyers were so responsible that they would not allow him to pay even $10.00 out of his own pocket. They joked about this at the closing table, and the joking added to the atmosphere of the closing, made it more personable, more enjoyable. Indeed, with the right buyer, right product, the process does work. Even I, heading the organization, felt pride, and that sense of accomplishment.
The buyers emerged after 6 months with a strong house that passed multiple inspections. They understand their house, have resources required to ensure maintenance is continued. And, they learned that investors do care, and are willing to ensure they achieve what they tried so hard for so long to do…that of home ownership. Having achieved it themselves, they thought of their daughter, who also shares the same dream…and wants home ownership. But she requires a bit of structure, a program that will teach her how and what homeownership is all about, the financial responsibilities required. And she may require an investor…. our buyer smiled, as did our investor. Yes, when real estate investing becomes more…. I’m glad I attended this closing.