Ask any real estate expert in the United States about current market conditions and they’ll tell you it’s a buyers’ market. However other economic factors such as the mortgage meltdown and credit crisis have left some buyers at the sidelines twiddling their thumbs – but not the Tracy Caywood and her family. On July 1, 2008 the Caywoods hit the road to take advantage of the abundance of real estate inventory, slow sales, and flat prices. These ambitious real estate investors will sell their home in Jacksonville, Fla. and load their two kids into an RV for a year long adventure with the goal of purchasing as many homes as they can without any of their own cash or credit on a tour of 10 states.
Tracy Caywood and her husband Dan have made more than $2 million in cash and equity since they began investing in real estate. After evaluating recent market conditions, the Caywoods began brainstorming ways to take advantage of the buyers’ market. They came up with the idea of the Rollin’ Real Estate Tour. “We thought it would be an awesome way to see the country, be adventurous, and still be able to do what we truly have a passion for, maybe even teaching a thing or two to aspiring investors through our blogs along the way,” says Tracy Caywood. At the conclusion of the school year, they will sell their home and hit the road with their two kids, Derek, age 14 and Mallory, age 8.
According to Realty Times, in many markets buyers can purchase homes for at least 5 to 10 percent below asking price. During their trip, the Caywoods will purchase homes in: Arizona, Arkansas, California, Colorado, Illinois, Indiana, Nevada, Ohio, Tennessee and Texas. Their goal is to purchase at least one home in each of the states without using any of their own cash or credit, though they are certain that they will exceed that goal. They will utilize the Yellow Letters Complete system, a seamless real estate marketing strategy they’ve used for the last two years. The letters are mailed to vacant houses, owners of expired listings, and homeowners going through foreclosure, divorce and bankruptcy in order to target motivated sellers. Once they buy the homes, they will either sell the homes at wholesale prices or leasing them with an option to buy.
While Tracy Caywood hopes the Rollin’ Real Estate Tour will be a fantastic way to seize opportunities in the real estate market, she’s also looking forward to teaching her kids some valuable life lessons during their road trip as well. “This trip will be really instrumental in teaching our kids how to seize opportunities, think outside the box and have fun while still being disciplined and staying focused. We also hope they’ll develop a greater appreciation for the fact that we have a strong family bond, no matter what we do or where we go.”
Those interested in the Caywoods’ progress will be able to follow the family every step the way on the Rollin' Real Estate Tour Official Site. The family has already begun posting blogs and video footage of their preparations. In addition to buying and selling homes, the family also plans to enjoy plenty of recreation with the Rocky Mountains, Mt. Rushmore, the Grand Canyon, plenty of good fishing, and the Hot Air Balloon Festival being at the top of their list of places to visit while on their cross country tour.