Just saw a quick blurb on this- HUD raised the FHA loan limits to $346,250 in Maricopa and Pinal Counties. This should help out our mortgage situations somewhat. I’ll try to find an article to back this up later…
One Family- $346,250
Two Family- $443,250
Three Family- $535,800
Four Family- $665,850
I’m not going to say much, as you can read the article yourself. However, CNN.com is now jumping on board with the same mentality that most intelligent investors have had for months now. It’s a GREAT time to be buying property, especially investment property. It’s about time the media starts cluing in to reality. If you’re one of the ones who are ‘waiting for the bottom’ before jumping in, I can guarantee that you’re going to miss the best deals. Then, your excuse will have to be something else. The early bird gets the deals. Read for yourself and let me know your thoughts…
I meant to post this weeks ago, but got really sick and forgot all about it. Inside sources tell me that the lenders are going to be freezing your lines of credit. What this mean is, if you have a HELOC (Home Equity Line of Credit) or any other LOC (Line of Credit), whatever balance you have open now will become the MAX you can access. So, if you have a $100k HELOC, and have only tapped $10k, the rest of the $90k will now become unavailable. This is obviously an attempt to keep the lenders from being over leveraged on properties. What I’m advising people to do is to yank out as much as you can NOW, and then use it to capitalize on our strong buyer’s market. You can easily get a great return on that money, and it’s powerful to use for purchasing property! Countrywide has already frozen all of their LOCs- and I’m sure the rest will follow suit. Will you take advantage of the opportunities here???
I have an opportunity to bring you REO’s at 50% of their appraised value. These are all homes worth a MINIMUM of $50,000, but you’re buying them for $25,000. They are GUARANTEED to appraise for a minimum of $50,000 or the bank will trade it out for a different property. These are all over the country. Here’s the fun part, we’ve had homes that appraise for $75,000 to $150,000, yet you still only pay $25,000. What a great deal! Where else can you buy homes for $25,000 at 50% of their GUARANTEED Appraised Value? I challenge you to look- you won’t find it. Sure there’s lists out there, but who’s going to GUARANTEE their value, and agree to switch the home out if they appraise for less than $50k? No one… Not only that, but I’ll teach you how to flip these houses for some quick and easy profits, if that’s what you’re looking to do! You can be in and out of the deal within weeks, with a nice, hefty profit to boot. Roll those profits into more of these properties for a RAPID GROWTH in your portfolio! If you are interested, contact me IMMEDIATELY before this opportunity is gone.
I have set a new goal for myself. I am now making a MINIMUM of 10 offers every day. I’m offering on REO’s, Pre-Foreclosures, Fixer Uppers, Rehabs, Rentals and Plexes. The result? I’m finding deals left and right! I’ve got a couple right now that look like they’re good to go, and about 40 others I’m waiting to hear back on. Some days I’m making as many as 30 offers on deals. The properties are all over the Valley, although my focus is in the East Valley (Gilbert, Mesa, Chandler, Tempe). The strategy is to then assign the contracts to you, the investor/buyer, double close at escrow, or, keep it myself. If you’re interested in getting in on the action, please contact me and let’s get you in on these opportunities before the market tightens back up!
I heard about this a few days ago, but now the media has picked up on it. Randall Martin Homes, a smaller sized builder has announced that it is letting the lender take back the remaining of their vacant lots in certain communities. Surprise’s Marley Park, Avondale’s Roosevelt Park, Chandler’s Dobson Crossing and Gilbert’s Higley Park are the communities effected by this decision. Obviously, they couldn’t make their payments in the Valley’s Housing Market downturn.
Existing homeowners will not be affected, other than having a number of vacant lots throughout their neighborhoods. Randall Martin has committed to finishing any existing contracts with homes under construction, but will not be starting any new ones in those areas.
Two other builders, Turner-Dunn in Pinal County and Trend Homes Inc. in Gilbert, have had similar problems in the past two years. A private equity company purchased Trend last month and is sending it through bankruptcy reorganization. Turner-Dunn walked away from 200 unfinished homes in 2006.
My take on this? I’m sure another builder is already in negotiations with the lender to purchase the lots at an AMAZING price. This happened out in Queen Creek a year or two ago. A number of lots we sold at pennies on the dollar from a builder who just couldn’t financially compete with the market. The result was 3,000-4,000 sq ft homes, fully loaded with every upgrade you can imagine, being offered at $250,000 starting price. Yeah, I wish I would’ve jumped on THAT opportunity! It’ll be interesting to see over the next year who capitalizes on the situation, and at what price they release the new homes. I also anticipate at minimum of 2 other builders doing the same thing this year.
Here’s another article on it.
Here’s a nice little article from azcentral.com. It talks about the sub- $200k market being ‘hot’. There’s not many of facts to back it up, but, I have to agree with most of it. There’s a ton of deals out there right now, and the $200k market seems to be fairly hot. The reason being, in my opinion, is that is the AFFORDABLE price range for most buyers nowadays. So it appears ‘hot’ due to the activity going on there. The article also mentions how most of the buyers out there seem to be investors. Hmmm, I wonder why?
HOWEVER, where I disagree somewhat is that the $200k-$400k price range is where the KILLER deals are. The reason? Not as many people can afford that right now, and the majority of nicer, newer homes are in that price range. Bottom line: there are BETTER deals in the higher price ranges than the lower- you have less competition, and tons more equity. It’s very common to find deals with $50,000, $70,000, $100,000 or more in equity (read, BELOW VALUE). At the end of the day, there’s PLENTY of deals out there right now- it’s insane how easy I’m finding great deals. The day is coming, however, where they will be much harder to find, and everyone will be saying ‘I wish I would have’!
This made me laugh and started my day out right. Yes, it’s off topic, but too good to pass up. These Filipino Inmates have been doing dances like this- another of which was Michael Jackson’s Thriller. This time, Soulja Boy and M.C. Hammer, the perfect mix of New and Old School…
Inmates Do Soulja Boy and Hammer - Watch more free videos
Breaking news from TMZ.com reports that Michael Jackson has found himself in the same situation as the rest of the country- in foreclosure. According to the article, Financial Title Company filed a Notice of Trustee’s sale on Neverland Ranch. We’ve been hearing for a while no
w that he’s in financial trouble- and that’s backed up by the sudden re-release of his ‘Greatest Hits’ on a new album only found on late night television commercials. The report says that he owes $24,525,906.61, but I have a feeling that figure is the original principle balance of the note, not his back payments owed. They also gave a sale date of March 19th. It’ll be interesting to see how this one turns out in the end. I could see some foreign ‘collector’ buying the thing and setting up shop as a museum of sorts. I wonder where MJ will move to? Do you think the bank will issue some ‘Cash for Keys’? Anyone want to buy this thing? I’m sure we could pick it up at about 40% and then flip it for 60%- not a bad pay day…
Here’s a video of a 7 year old trick shot pool player that I thought was inspiring. Just remember, whether you think you can or not, either way you get to be right about it…
