| A conversation with
... Bob Greene |
| By Jay MacDonald • Bankrate.com |
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Long before Bob Greene became the health and fitness guru to Oprah Winfrey, he was moonlighting at reclamation of a different sort: fixing up houses.
The New Jersey native started young,
collecting real estate magazines. In graduate school
at the University of Arizona, he caught the fixer
bug but lacked the capital to make a go of it. But
Miami in the early 1980s was ripe for renovation and
Greene jumped in with both feet.
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| At a glance |
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Bankrate had a chat with the creator of "The Best Life Diet" about his passion for properties.
We generally picture you shaping up such celebrity clients as Oprah. But shaping up real estate for resale is another one of your passions, right?
It is. When I finished graduate school, I moved to
the Miami area and I had a great job at a hospital;
I ran a sports medicine institute, physical therapy
and weight loss programs. Then I started buying properties
in the Coconut Grove area and fixing them up. I'd
come home after a full day of work and start fixing
up these properties. I started with my own house and
then rental property. It became like this second passion
and love of mine.
How were you able to afford to become involved in real estate initially?
Right out of graduate school, I wasn't. But a little-known
fact, right out of grad school, in the early '80s,
I went to Miami and the Latin dollar fell and you
could buy things because a lot of things were under
foreclosure in Coconut Grove. This was before Coconut
Grove got really popular. So I basically sold my car
to afford the down payment on my first house; I didn't
need it because I worked within biking distance of
the hospital. So I went without a car for a little
while and was lucky enough to get a loan, and just
started buying up a couple of rental properties as
I got more equity. Then I started selling a couple
of them quickly after, because they fixed up very
nicely and the timing was good. To be honest with
you, it became a very good living. My passion was
health and fitness, but unless you reach a certain
level, which I hadn't at the time, I made a much better
living in the real estate.
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Posted: March 19, 2007 |
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