Dennis Hearing's journey to Florida was for the same reason that so many of his clients make the move —  simply put, the sun brought him there.

Hearing left his construction job to start up his own remodeling company in South Florida, eventually working his way to becoming a licensed real estate agent. Seven years later, he's an REO specialist in Hollywood who spoke with BlockShopper.com about his experience in all levels of the industry.

BS: What led you to getting licensed?

DH: I was working with my remodeling business, doing a lot of remodeling work for real estate agents that were investing in properties and then flipping them. This was even before the market got to its peak. I saw that I needed to expand my toolbox and started buying the properties and fixing them up for myself. I got my real estate license so I wouldn't need an agent and it became the full package.

BS: Did you have carry-over clients from your remodeling and construction business?

DH: I really had to start my real estate business from the ground up. I had opened an office with a friend of mine who got his broker's license,and we opened in Hollywood in 2005 as an assist-to-sell office. It was a gold mine during the peak and we did fairly well. People were looking for an inexpensive way to sell their homes, for someone to guide them. Once the sign hit the yard then, the house would sell. Since then, I've established an REO business with a couple of big banks.

BS: Is the REO market big in Hollywood?

DH: There are quite a few REOs in Hollywood and just west. There were a lot of condo conversions on the beach that were being purchased by investors and speculators who had no intention of occupying the property. There were just going to sell it for as much money as they could but didn't time the market right and found themselves on its downside. The investors just walked away from their deposits and let the banks take them back. A good portion of the REOs come from that.

BS: What are the condo conversions like?

DH: They're usually beautiful, high-end buildings. A lot of them feature many amenities, like a gym on-site, valets and concierge. The buildings have an impeccable location on the beach. The units themselves may or may not have been renovated so they could be new or from the 1970s. What can be daunting are the homeowners' association fees. When you explain to the buyer, though, that the property was originally $350,000 and it's now $125,000, the monthly fee of $800 works out. You need to show people the numbers so they can see that it's a better deal than it was three years ago.

BS: What's the rest of Hollywood's market like?

DH: On the east side, along the beach, it's predominantly condos. Closer to the ocean, the homes are more expensive. Prices go down as you head west, though there are some pockets that are very expensive, like Hollywood Lakes and Hollywood Hills. Those homes are about $200,000. The average price in Hollywood for a home has come down to about $170,000, but you can get homes at both ends of the spectrum.