Let me help you clear some things up.
The number of foreclosures is sky high; Banks are going under left and right. The number of houses in some stage of foreclosure is at the highest rate since the GREAT DEPRESSION.
We’re talking Herbert Hoover, the Stock Market Crash of ’29, and the Dust Bowl years.
It’s that bad.
Subject to’s are almost impossible to complete right now. Why would anyone take over a house subject to when the value of that property is declining and the mortgage on the property is increasing because of foreclosures costs?
Auctions . . . lenders are buying back nearly 97.5 percent of all the houses that go to auction. Once the opening biding starts the lenders are out bidding just about every investor at the auction because their loan balance is so incredibly high.
REOs and Rehab’s can be a great opportunity, you just need the cash, or credit and the expertise to be able to buy right, rehab right and sell right. New investors often times lack the expertise to complete such complicated tasks.
Short Sales . . .there has never been in the history of our financial markets a better time to get involved in this niche. Banks are looking to unload their inventory of bad loans in a hurry. Investors are getting houses for 50 percent of their values and quick-turning them for profits to retail buyers and wholesaling them to other investors.
If I were starting out today I would forget subject to’s, forget auctions and head straight for short sales and REO rehab’s. The markets dictate where the money can be made. You just need to understand the market and the cycle.
Right now, everything is lined up to give those who take the time to learn about short sales and rehabs an amazing opportunity. Money is still cheap to get; buyers can still get loans because the Federal Reserve has continued to cut interest rates.
Article by Josh Cantwell (Strategic Real Estate Coach)
January 22nd, 2009
Posted by
realestateniches
at 12:11am |
Foreclosure, Short Sales |
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Stewardship’s offices in western Oregon–more accurately known as the GREATEST REAL ESTATE INVESTMENT FACTORIES on the planet. Okay, so we’re a legend in our own minds as well!
Central OR: 1247 Villard St. • Eugene, OR 97403 • (541) 343-7070
Bill Syrios, Eugene
Married to Teresa for 32 years, with 4 sons. Began Stewardship Properties in 1989 and has been in real estate investment full-time for 17 years. In 2005 he expanded Stewardship’s reach through internships and a 2nd office: StewardshipProperties.com
Kenny Weaver, Eugene
Married to Audra and has a daughter. Was a plumber for 20 years in Las Vegas. In 2005 he decided to “plunge” full-time into real estate investing. So, he sold his house in Vegas (does Kenny have great timing or what!?), moved to Eugene and never looked back.
Jered Souder, Eugene
Started out as a full-time real estate investor at 21 and still the youngest on the team. Lives in a home he bought as a great deal but never got around to installing the new kitchen cabinets. Oh, the life of a single guy. Is an expert on tracking, valuing and bidding foreclosures at auction. His dog: Roxy.
Michael Wilson, Eugene
Married to Shanon with a very cute daughter in stow. Has an MBA but never considered the corporate world much of a draw. The most mechanically inclined of the Stewardship team with a hankering for monster trucks.
Morgan Braze, Portland
After graduating from Oregon State Univ. he decided to get a REAL JOB so he immediately became a full-time real estate investor! Has more wander-lust than most and has already done real estate investing in Corvallis, Eugene, Salem and now Portland.
Jon Davis, Salem
Graduated from the Univ. of Oregon with a law degree but couldn’t see himself practicing law and giving up the life of a real estate tycoon. So he “enrolled” in Stewardship’s 2006 summer internship and graduated again–into becoming a vtal partner on our team.
Northern Oregon: 2055 Liberty St. NE • Salem, OR • (503) 365-7070
We don’t tell you what to do…
WE SHOW YOU HOW TO DO IT!
GO TO: RealEstateNiches.com/Coaching
Should you hire a real estate investment MENTOR?
That depends how much time, energy and money you have to tolerate the “trial and error educational method”? Depending which way you look at it, the right mentor can save you or make you thousands and thousands of dollars. So, when it comes to real estate investment, who is the RIGHT mentor? Here’s some questions:
.How long has this person been investing in real estate?
What kind of real estate investing has he/she done?
How many deals has he/she done?
How much is his/her average profit per deal?
Where have he/she found the capital?
What do his/her private lenders think about them?
Do you want to be where he/she is at three/five/ten years from now?
Now: What is it going to cost you? In commitment? In money?
If it is true that you “get what you pay for,” the last thing you want is free real estate investment advice! Make sure you are getting the kind of coaching that will help you reach your goals by someone qualified to give it. And one more question: Why hire an individual when you can hire a team?
Want to find out more about being mentored by the Stewardship Team?
GO TO: RealEstateNiches.com/Coaching
Or just call us today at (541) 343-7070 and ask for Kenny.
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