Archive for March, 2007

“Foreclosure” is the word of the week…

Friday, March 16th, 2007

WOW! The foreclosure market is hitting the fan! Alot of my friends that are in the mortgage and real estate business have seen this coming…and it’s here!

I know some people have been down on our investing market the last year or so, but I think that time is over. It will be VERY easy to buy houses under value this year, the only thing to be watchful of is that you will be able to sell it, since there will be a huge supply of available houses in many markets.

I think that now is the time for ALL investors of every experience level to get VERY educated in their state’s foreclosure process and become an expert at what they do. You will also probably want to get educated in the Short-Sale process, because that is absolutely going to be the tool to get great deals. Get involved in your local REIA group (go to www.nationalreia.com to find a group in your area) and start networking with other investors…it has been one of my secrets to success.

To get statistics on foreclosures in your market, you can either visit www.realtytrac.com or your local board of Realtors website (try www.NAR.org).

Selling with Owner Financing

Monday, March 12th, 2007

We have had great luck lately finding buyers with our sign: “May Owner Finance”. The funny thing is…most of the people calling actually can qualify for a regular loan, so they are ending up cashing us out anyway!

You can’t advertise this way if you have no intention of ever doing it though, that would be misleading, but if someone with 50% down came to you and was willing to pay 10% interest, would you do it?