How To Build Wealth In A Down Economy Or Recession
Based off of my experiance in a personal recession… going from 116,000 in debt to paying off 70,000+ and making 250,000 in 2 and a half years….
With economic times not where we want them to be today, the bottom line is how do you survive? Do you suddenly have to tighten your budget and deal with increased stress? Is it possible that you could get laid off tomorrow, if so then what? Can you truly plan a family vacation for the summer not knowing what will happen next? People always ask are we really in a recession? It is my profound belief that if you are not better off right now then you where last year, that you are in an economic recession.
So the question remains, if things are slowing down in the economy what should you do next? In my experience I’ve learned there are only 3 viable ways to truly ensure that you can beat out the economy. First, have 100’s of thousands of dollars stashed away to basically buy your time through the slow periods. Read more
Why Down Economic Times Create Multi-Family Investment Opportunities
There is a common rationale used in the world of real estate that human beings need four fundamental things to survive: air, food, water, and shelter. This rationale is used simply to exemplify why real estate has been and will continue to be a valuable commodity and I tend to agree with it. The need for real estate is pretty obvious but the choice to invest in it and what types to focus on may not be quite as clear.
There has been a tremendous amount of recent focus on the housing crunch and the impact it has had on our economy as a whole. As a dedicated investor in multi-family real estate, I can tell you that the housing crunch has created a mass migration of consumers. Where are they migrating from? The homes that they purchased a few years ago, can no longer afford, and have since had to sell or unfortunately lose via foreclosure. Read more
Foreclosure Investing Secrets of Finding Private Money
You can acquire foreclosure properties by going to the bank and getting a loan. One of the challenges with that is you can only get so many loans in your name. As of this writing conventional lenders will only allow you to have 4 loans in your name. This article explains what I did instead: found private money.
The people you’re looking for are private individuals who have money to invest in real estate. Many of these people may currently keep their money in CDs, mutual funds, IRAs, etc.
Why do they put money into these types of accounts? They want a good return on their investment. If you can offer them a higher return than they’re currently getting on their CDs, money market accounts, etc., do you think they’d be interested in talking to you? Absolutely! Read more
Raising Private Money For Real Estate Investing
If you’ve been watching the news lately you might have heard some of the breaking headlines about our current real estate and finance markets. Actually, it’s kind of hard to miss. I know, because I don’t usually watch the news and I am having a hard time avoiding all the gloom and doom. So, what does it mean to us as real estate investors now that money is tightening up for both our buyers and us as investors to buy houses?
Well, it opens up an amazing opportunity for those that are willing to roll up their sleeves and get to work raising private money.
Private money, unlike institutional money, is money lent by individuals that are looking to get a better and/or more stable return on their money instead of depositing it with a bank or investing it in the stock market. Read more
How to Buy More Than Four Properties When Investing in Michigan Foreclosures
Michigan foreclosures have pressed down real estate values in Metro Detroit for over 4 years in a row. The silver lining to these skidding values is that investors now recognize that prices for investment properties have never been more attractive.
So why aren’t more people snatching up houses at rock bottom prices like a kid on a Toys R Us shopping spree?
Well when they take the next steps to transforming this dream into reality they find out that most mortgage lenders currently will not allow you to have more than 4 mortgages to your name if you are applying for another. When translated, this means that you can only have 3 additional mortgages on your credit report if you have one on your primary residence. Read more
How to Buy Rental Property by Buying Michigan Foreclosures
From Ontonagon and Marquette, to Traverse City, Dearborn, and Adrian, Michigan foreclosures can give you the opportunity of a lifetime. Foreclosures in Michigan number in the thousands, presenting you with the advantage of getting a terrific property to use as rental property at such an affordable price that you won?t be able to pass it up.
Online offerings
The web site, foreclosure, can help you find information specific to Michigan properties, free with a seven-day trial. After that time, you will need to subscribe to the site to continue to have access to the compilation of data they have gathered there. This web site gives information on pre-foreclosures, Sheriff’s sales, and bankuptcies as well. Read more
Learn How to Purchase Foreclosure Auction Properties and Use Private Money
Investors are finding a large number of discounted properties at foreclosure auction sales. The main problem with foreclosure auction sales is you need all cash most of the time to purchase the property.
How to Find Foreclosure Auctions
Most properties that are being auctioned are advertised in the newspaper in the county where the property is being sold and at the courthouse steps you can find a notice which gives you the date, time and property information. You can also check at the local county recorder’s office for notice of sales or notices of defaults depending on which state you live in. Some foreclosure actions are judicial, which need court approval, and others are non-judicial conducted by a trustee and do not need court approval. Read more
First Time Purchasers of Foreclosed Real Estate Are Given Many Options
Foreclosed real estate has sharply increased in the United States. More than 1 million homes were repossessed in 2008. Recent trends indicate the availability of real estate foreclosures will continue to at least the end of 2009 or 2010. Availability of homes repossessed varies according to different markets, around the United States. A majority of foreclosures took place in the states of Florida, California, and Arizona, however all areas of the country are affected to some degree. This news is obviously negative for the millions of buyers losing homes – however beneficial news for qualified buyers seeking investment property. Investors with sound credit and the financial ability, to purchase real estate, can easily purchase foreclosures as investment property. Investors purchasing previously foreclosed residential real estate, or commercial real estate, use a variety of methods to purchase such properties, using the assistance of a professional to assist with the process. Read more
Effects of Investment Properties Sliding Into Foreclosure
The foreclosure is a judicial process by which the banks forecloses on the mortgage and seeks the permission of the court to realize unpaid dues by selling the property in a court auction. Foreclosures have always been there in the mortgage world but lately it is of grave concern because of the sheer numbers of foreclosures. It has put into jeopardy the whole financial health of USA. And since American has caught a cold many places in the world are sneezing. Such is the snowballing effect of foreclosures.
The foreclosure crisis had its roots in the housing boom years around 2005. Deregulations in the financial world had allowed sub-prime mortgages to be given practically to anybody with a pulse. Read more
Real Estate Foreclosure Listings – Two Major Resources
A real estate foreclosure occurs when someone who had taken a loan for a bank is unable to pay the loan and the bank seizes his real estate to offset the loan. Such types of foreclosures are very beneficial to the investor, especially in the long run, since the properties are usually offered at rates that are way below the prevailing market rate.
Although the real estate foreclosure investment is a lucrative venture, it is not easy to find foreclosure listings, especially for an investor who is new in this field. It may be a very frustrating process to look for foreclosures only to hear about them when they have already been sold. Here are two ways to go about finding foreclosures that you may be interested in: Read more
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