A new generation of real estate pioneers are enjoying increased mobility and freedom in spite of there still being an estimated $250 billion dollars in distressed real estate on the books. Even though it had its holes, Tim Ferriss’ book, The 4 Hour Work Week, has become a household name for those enjoying this freedom. At the very least, it was a popular title in the go-bags of a new generation of mobilized entrepreneurs. Between the recent crises and new technology, many are embracing a more nomadic lifestyle. This is certainly true in real estate circles, even though there are still big numbers of defaulting and foreclosure properties across the country.
Fox News ran a feature highlighting the story of one Google employee that, until recently, lived on the California Google campus in a mobile home. This was reportedly a combination of living out a dare and simply not being able to afford rent. It begs the question of how long it will be before Google gets into the residential income property business like Facebook.
According to an exclusive interview via G-Code Magazine, the founder of one of the leading distressed real estate data companies, Brecht Palombo, has recently joined this clan of mobile optimized CEOs and entrepreneurs. Brecht recently took off on a yearlong RV adventure with his wife and three kids. To track their journey, Palombo started the site Nomadic Brood. He is also the founder of one of the most comprehensive foreclosure and nonperforming mortgage note databases, which pulls info directly from U.S. banks and credit unions.
According to Brecht’s count, there are still an estimated quarter of a trillion dollars in REOs and non-performing mortgage loan notes on the books of U.S. institutions, as of the third quarter 2014. We’ve also seen Bloomberg News report that some trillion dollars in nonperforming loans have been transferred from U.S. banks to ‘non-bank’ servicing companies. which has derailed many homeowners’ efforts to get loan modifications and save their homes from foreclosure.
When it comes to harnessing technology for mobility, Brecht says he recommends:
A) Getting your real estate website up and running (not just an “under construction page”)
B) Using a legitimate email address i.e. not Hotmail!
C) Using data to get well informed about your prospects before negotiating real estate deals
D) Email marketing
E) Google apps
F) DropBox
G) Leveraging a high data capacity Wi-Fi package, combined with using local hotspots
If Brecht can take off on this type of travel with three young kids, then most real estate investors and even agents and brokers have little excuse not to give it a shot. For the timid, Tim Ferriss has always recommended mini-retirement experiences, as in getting away for a couple months at a time. This can provide a lot of much needed inspiration, new perspective and exploration into new markets for the real estate crowd.
Of course, full time travel may not be for everyone. Some just like being anchored, with a full time residence and a fixed routine. If that’s how you do your best work, there is nothing wrong with that. Regular extended vacations will still do you a world of good.
Others may not be able to talk their spouses or kids into ditching careers and heading off to new territory. That’s okay too, but a few experimental runs with summer road trips might quickly give them an insatiable taste for travel.
For those that want the best of both worlds, consider simply doing more travel as a part of your real estate. Become more active on the event circuit. Book tickets to national seminars, conferences and expos early so you have to follow through. For the veterans, there may be opportunities to hook up with coaching teams like FortuneBuilders. At a minimum, consider diversifying the markets you are working in, and go check out a few over the next year. See what San Diego, CA and New Haven, CT have to offer.
Where will you go? Let us know about your adventures, and how real estate has given you more freedom.
