Acquire, Acquire, Acquire. Perfect time to buy real estate!

Nice article, the deals are out there so go make then happen and buy,buy,buy!

Jeremy

Anyone who tries to convince you to walk away from your mortgage and destroy your credit is an idiot; there is just no positive logic to it.

If your house is underwater and you can still make thepayments, whats the problem with still paying it and waiting until the market corrects itself??? Yes it is a great time to buy and unfortunately it is true 'ONE'S MISERY IS ANOTHER JOY' but to walk away from your home and risk years of near-permenant credit damage is foolish to say the least.

I will be looking for many deals this year!!

Anyone knows any available property in Virginia, Maryland or DC, Please let me know. I'm qualified for $230,000 loan but i can't find any property in these areas. How about paying you $500-$1000 dollars for finding a property i can close. Let me know.
Teferi

What kind of property are you looking for? How many Sq Ft, how many Bed and bath and how much garage space are you looking for.

Very enlightening this article is. It's really a bad time right now, but it doesn't have to be so bad if one knows how to extract the best from it. There's always a "flip-side" to things... This is the perfect opportunity for investors to lend a helping hand to those who need it, and make some serious money in the process.

Thanks for this article.

I believe there can be situations when walking away can be a good thing, at least that is my experience, after walking away I'm on my way of getting a better and bigger house and all of this with really bad credit.... maybe you are missing something, and credit is not as important as you think...

It would be nice to get paid in gold, instead of cash for a deal lol

I often think of the holiday movie classic, "It's a Wonderful Life". During a tough time there is a run on the local bank and the town's people are selling at any cost, even willing to take 50 cents on the dollar for their shares in the Bailey Building and Loan. George Bailey states "that we are all a little panicky but Potter is not. Potter isn't selling Poetter is buying!" Thus, durign tough times it is time to have a vision or a gut feeling that drvies you to make the best decion you can. The time may not be the time to sell but to buy. Especially if you can buy for less than 50 cents on the dollar of FMV. Good luck. Believe and Achieve! - Joe

I'm looking for multi-family (4plex,3plex and duplex) and single-family homes of 3-4 bedrooms in Maryland. Spring field would be my first choice. But, i'm open to any propeties in the area. Let me know.
Thanks

Thanks for the article, now that I've finished reading the BARM book, I'm ready to get my feet wet before taking a dive in the deep end.

This week I'm going to be talking with a few friends, one is an RE attorney, one is an RE Broker, another is a Mortgage Broker and of course I can't forget my friend who is a BCM at a BOA branch in my area.

Thanks again,

Robin

This is a great article! However I must disagree with the stats for Loan Mods in this article. The sad reality is that the banks are not modifying mortgages. They would rather foreclose and collect the "Shared Loss Agreement" funds from the FDIC. The FDIC is refunding the banks up to 90% of their loss in a foreclosure. http://homeownerrevolution.com/?p=39

Here are the TRUE Loan Mod statistics http://s.wsj.net/public/resources/documents/st_modify_20091209.html

Though this is GREAT news for Investors it is really sad news for homeowners.

Hello Everyone, I been wanting to get involved in REI for over 5yrs, but haven't done a deal yet. I've read numerous books and been to seminars, but have not taken that first step. I've just purchased Dean's 3rd & newest book and his course(not recv'd yet). However, I have a local REI, who's been investing in my area over 40yrs and who's willing, (at no cost to me), teach me everything and help me do my first several deals. The only thing is, he believes in paying cash for everything he buys through credit card debt or any other way to accumulate money. He's not into creative RE, because I've asked him.
If I was to have the local guy help me, I was thinking that he could possibly hook me up with a team of people would also be willing to help me.
I know that I've made up my mind that I will be doing something this year, but I'm torn between jumping in feet first and having this local REI help me and create massive debt on credit cards, which scares me, OR spend the money and goin Dean's Academy. I still plan on learning everything in Dean's books and applying them at some point, but I feel I've wasted so much time and I need to jump in NOW. Please any advise would be deeply appreciated on the route I should take. Thank You to All! God Bless Beth

It's true banks are not cooperative , at a time when they really should be !

But nonetheless , it is an opportune time to buy , buy , buy. So use that as your motivation and inspiration !!

Credit card is not an option, especially now. It would be better to work with a small bank in your area or a credit union. The interest on the credit cards are huge. I had a 9% and it was increased to 19% even though the balance is a little over $500. I am eliminating credit card services and using credit union, where the interest rates are very low and no headaches. God Bless.

Sandra

You hit the nail on the head about loan mods. I dont' believe they are not designed to help homeowners.

danyatborder, I understand what you are saying. Being in the position of facing foreclosure and all the money behind it for some it seems sensible to think what the heck, why bother? However it isn't only future loans that are affected but insurance on cars, renters insurance, getting a job in some instances, etc.

Lea
SPR Property Solutions, LLC

Thank You Sandra for your advise. I do have a credit card through my CU right now that's at a fixed rate of 6.9% on cash advances as well as purchases and a 13,000 limit. The Investor I was talking about said he can get houses that need only cosmetic for starting at 6,000 on up in descent areas. That's why I thought if I could get at least 2 houses to start it would only take a year or so to pay off the credit cards. I was assured by the CU that the rate would always stay at that. I've already talked to them about getting into REI and to see if I could take out a cash loan and they said they don't make loans any higher than 5,000 and I'd have to apply for a regular mortgage. I'm doing this on my own and I don't have support from my spouse or family, so any other advise on the best way to get started with no money, would be appreciated. Thanks Again, God Bless Beth

I may be able to help you in virginia. what part of virginia are you looking for? Also what type of property are you looking for? Feel free to call me at 757-566-3244

Good reading materials...keep going..I am so motivated to read all your articles...dom

Let me make sure I understand. Your investor said he could get you houses in decent areas for $6000. each that only need cosmetics? Where in the world is this?

Anyway, "cosmetics" can be in the thousands and it's always more than you think it's going to be. Get a contractor or a rehab investor to help you determine fix-up costs.

Also you have to factor in the closing costs which are at minimun usually $2000. And what about the investor that's bringing you the deals? How much does he want on each deal?

In my opinion, I would be very careful funding your deals with a credit card, especially in this lending environment. These banks can change their terms anytime they want regardless of what they may tell you today. Just my opinion.

Have you considered a hard money lender or partner? It may not be a bad idea to partner with another experienced investor on your first several deals to get in the swing. Offer them a percentage of the profit if they will put up the money or help in some other way.

Just a thought.

Thank you for your imput. The investor showed me several houses on the realitors multiple listing site and there were several houses that were 6000 on up in areas that are not in warzones but still in the city.

I live in central Michigan so there's numerous homes in foreclosure or REO's and many people are leaving the state. I felt that maybe working with someone who has his experience would be good, because he's right here in town and he could get me connected with the right people. He's thinking about retiring, so he's been selling off alot of properties.

He said when he started 40yrs ago that credit cards were how he started. He said he's helped about 5 people in his career time get started and some are doing better than him. I've been to seminars on investing as well that have said to use them, so I just thought maybe that was how alot of people start out.

I think I'm just going to go through Dean's program and possibly pay for coaching, which is very expensive, because I checked last year. I know I need to do something. I'm not sure who would partner with someone like me, if they can invest on their own without anyone? Well, thank you again, I feel better on which way I should turn. I certainly don't want the debt hanging over my head, especially if I lose a renter. The credit cards still need to be paid. Thanks Again, Sorry it's so long. God Bless Beth

I have to agree this is the time to buy. This is a great thing for investors. This is a incredible time filled with lots of opportunities. I know that a lot of people are afraid because of the economic uncertainty, however we must remember as investors to do the complete opposite of the crowd. The best time to go to a store is when its a HUGE sale going on. Right now its a huge DISCOUNT sale going on in real estate I actually dont think we will see a better times to buy in our lifetime than now.

Happy Investing everyone !