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!

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’!

Well, it’s been going on for a while, but it’s now getting more publicity in the press. Home Builders are using auctions as a way to shot gun sales of their existing inventory. The same way wholesalers use the word ‘foreclosure’ to mass market a property, home builders are hoping the general public thinks they’re getting a great deal if they buy at these events. The sad thing is, it’s typically a bunch of uneducated buyers who are getting caught up in the excitement of the bidding action. They’re purchasing on a whim, without representation from a REALTOR®, and no knowledge as to whether it’s a great deal or not. Just because the builder says the home retails for $500k (and the opening bid is $400k!), doesn’t mean that’s what it’s worth. You’ll find out quickly that your $400k home is going for $350k across the street.

Yes, you CAN find some deals in these auctions, however, you’ve got to be VERY careful and know your values like the back of your hand. Yes, a homeowner might walk into $10,000 - $30,000 in equity, but that’s about it. Certainly not the best way to find a deal on an investment property. Before you get caught up in the excitement of it all, make sure you call me first to get an honest value of the homes before you go. Be prepared to be outbid and pay more than you should once the excitement of it all is said and done. For what it’s worth, here’s an article about it, but I’d take it like a grain of salt.

The Phoenix Business Journal took a dig at us Realtors in this article posted Thursday. What cracks me up is that the article has somewhat of a negative tone towards the National Association of Realtors and Realtors in general, as if they’re hypocrites or something. To me, when I read this article, I’m thinking ‘WOW’! ONLY a 1.2% Decline for 2008?  MAN- How are we NOT going to see the bottom of the market this year??? Considering we’ve seen a 12% decline in the past 1.5 years or so, a 1.2% for the entire year is AWESOME! Now, let’s get some perspective here- if your home is worth $300,000, and we see a 1.2% decline- we’re only talking about $3,600 total decline in the price of your home! Considering the hits we’ve seen, this is nothing.

Let’s get some more perspective… if you’re buying investment property right now and are worried about the market dropping after you purchase, this should ease all your worries. Assuming you’re using me to find your deals for you (HINT HINT), I’d be putting you in deals 20-30% BELOW MARKET VALUE. Who cares IF the value drops 1.2%? You just walked into 20-30% in equity!  The market could drop another 10% or more, and you’d STILL have an awesome deal! Additionally, I only put my clients in deals that are good, solid, long term investments and areas. So you can be assured that the values in those neighborhoods are more secure than others out there.

Whenever I’m reading or watching the media hype on all the foreclosures, I see the other side. My perspective doesn’t sell subscriptions or higher priced air time, but it brings me great comfort that there are incredible opportunities out there for everyone. If you are interested in picking up some investment property (REO’s, Short Sales, Foreclosures, etc), please give me a call and let’s find you a great deal or three. I’m finding them all day long, in every price range, every neighborhood. Let’s build your wealth and retirement portfolio together.

I’ve been really busy this week, but nothing too exciting going on. I have the closing from hell going on currently- the scam artist buyer and the sketchy Title Co are in bed together- I’ll post details and warnings on that once the deal closes and the bank clears the check. It’s ridiculous, to say the least.

The Super Bowl is Sunday- Times like this I’m really glad I don’t live in the West Side. I can only imagine the insane traffic and morons out there this weekend. Good luck to those of you who live over there- now’s a great time to consider dumping your house and picking up a foreclosure here on the East Side! I wonder how those people who were trying to rent out their homes for $2k/week are feeling right about now. I’ll bet they’re saying it wasn’t worth it, and ‘I shouldn’t have offered to be their personal Chauffeur for the week!" The Arizona Cardinals are making a FORTUNE off of this thing- and from my experience of working with them years ago, I’m sure they’re milking it for every last penny they can. Oh, and you better believe they’re already bidding for the 2012 Super Bowl rights. Personally, I’m not rooting for either team per se’, I just hope they have better commercials than they’ve had the last few years.

Wal-Mart has soo generously slashed their prices (*cough ‘on selected items’ *cough) 10-30% with a HUGE media spin. All week the media was reporting the price reduction as their efforts in assisting with the economic crisis currently going on in our country. The funny part is, by the middle of the week, it appeared that only ‘Super Bowl Items’ were receiving the discounts- items such as flat panel tv’s, specific football groceries, etc. So, while that American Family fights to save their home from foreclosure, at least they can save a bundle on that new 52" Flat Panel TV for the big game this weekend. Aww, Wal-Mart Cares.

Britney Spears was committed to a Psych Ward and listed as ‘Gravely Disabled’- meaning, she is not capable of providing the basics in life, food, water, shelter, etc. Her entire estate has now been turned over to her family/lawyers, which is enraging her more. Poor Brit Brit, life must be soo hard for her.

The Feds slashed rates again. I didn’t post about it because my sources are telling me that the rate cut only really benefits the lenders. The rates for consumers buying loans stays about the same, but provides a little more profit margin for the banks. I believe there’s more to come in the near future. Much like gas prices, the rate cuts are coming at a good time for greasing the wheels of the next President. And yes folks, politics has influence over the Fed’s rates (or is that the other way around?).

Locally- deals are still flowing. I’m seeing a slight increase in what wholesalers are buying/selling at. It’ll probably gear up a little bit during our peak buying season, but then drop back down during the dead times. Still tons of deals out there, lots happening under the radar that doesn’t get reported in the media. It’s a great time to be in Real Estate and building your wealth!

Be careful out there this weekend!

Hot off the wire! An Investor Group I know of has a package of 59 New Construction Homes under contract at 50% FMV all over the Valley. They are putting in $250,000 themselves, and are looking for an additional $9 Million for the rest of the funding. These homes are all from a single builder here in the Valley, who’s obviously dumping his inventory to stay afloat. The plan is to wholesale out the homes at 70-75% FMV and be completely out of the deal within 6 months. Here’s the facts I know in the moment…

• 59 New Construction Homes
• $9Mil required, will be secured by Title Reports, 1st Position Trust Deeds, and Fresh Appraisals
• Acquiring properties at 50% Fair Market Value
• Wholesaling them out at 70-75% Fair Market Value
• Total Holding Time: 6 Months Max
• Willing to pay points + return to funding entity
• Can assemble multiple investors for the take down, but would prefer just one or two

Most of the time you hear of these deals, they’re complete BS. However, I personally have known this investor for 7+ years, and feel confident in the deal. They’re looking to fund within 3 weeks, if possible. If you know anyone looking to get into this opportunity, please let me know ASAP.

"I want to buy a foreclosure, I hear they grow on trees!" "Where can I get a list of foreclosures?" I hear these questions a number of times a month from various people. They hear all the hype in the media, then watch one too many infomercials, and think it’s as easy as 1-2-flip to make their $100k this year. Next thing you know, they’re fantasizing about quitting their job, working 2 hours a week from home, and raking in the profits. Believe me, if it were that easy, there wouldn’t be infomercials about it! Those ‘gurus’ you see on tv would be giving trump a run for his money, never spilling a word about how they’re doing it, not even to their closest family members. They certainly wouldn’t be selling some 100 page ‘manual’ on late night tv for $20 each!

Yes, I can give you a list of foreclosures. In fact, I can give you a list of about 150 new foreclosures every day. The question is what are you going to do with them? Most people I encounter believe that if it’s in foreclosure, it’s for sale. They think that the owners must WANT to sell their homes long before the bank starts the foreclosure process, and are begging for someone to come take it off their hands for a rock bottom price. Let me sum it up in one word- WRONG. In my 7+ years in the pre-foreclosure business, I’d say that less than 1% of the people I’ve encountered have ever WANTED to sell their homes. All the rest want to stay and keep their home. They haven’t come to terms with the reality of the situation yet, and are still scrambling to get a loan or win the lottery.

If you don’t believe me, I invite you to go to the County Recorder’s site, look up a Notice of Trustee’s Sale, and go knock on the door of one of those houses in foreclosure. You’ll figure it out in about 10 seconds how these people feel about selling their home. You’ll be one of about 20 who have knocked on their door THAT DAY. It’s MUCH tougher than you would think. If you enjoy being threatened, chased off a property, law suits thrown at you, then you found your calling. Not to mention all the ways the deal can go bad and backfire on you later. I see it happen all the time. Believe me, it’s a tough and risky way to find deals.

Yes, there’s ways to do it, but it takes a TON of knowledge, practice, and guts to make it happen. Why not leave that to the professionals who do this day in and day out? Oh, because you want to get it for cheaper than what they’re selling it to you for. I understand. So, let me ask you this- the next time you buy a home, why use a loan officer to get your mortgage for you? You could go directly to 1,000+ banks, shop their loans, negotiate the best rate/price/terms and cut the mortgage broker right out of the equation. It’d save you a few thousand dollars in costs! Or instead of going to a car dealership for your next vehicle purchase, why not go directly to the auto auctions and purchase it directly yourself? Again, it would save you about $5-7k on the cost of the car.  All you have to do is find the auctions, research them every day, go there, research the vehicle to make sure it’s in top condition, and play the bidding war until you win. Sound like fun? Or, is it worth the few extra thousand to save the hassle, and buy direct from a professional? I agree.

A professional knows the ins and outs, the pitfalls and winning strategies. They know what’s legal and what’s not. They know which are good deals, and which are not. Most importantly, they have deals coming at them continuously, so they can pick out the best one for your investing portfolio. And for a few thousand dollars more, it’s worth their time and effort. I am currently tracking thousands of foreclosure deals in Maricopa County. All of these are ready to be sold, and just need a buyer. If you’re ready to pick up a deal, contact me and we’ll go to work for you. Leave the dirty work to the professionals.

ok- I just wrote a post about this, and for some reason my server timed out when publishing it- and I lost it. So, instead of trying it again, here’s a great post about exactly my thoughts.

Why the Holiday Season may be a Great Time to Buy a Home

Here’s an excerpt-

My opinion, if you believe in conventional wisdom in this real estate market you are the greater fool.

Sellers who are listing in the holiday period are motivated. Odds are they have a job change, a life change, or a mortgage they have to get out of. They need to sell their home and want to do so as quickly as possible.

Not only are the sellers motivated, but they’ve BEEN motivated for months- and have no buyers. Now, it’s Christmas time, the market is slower, and they’re even more desperate to get this house and financial burden off their backs. How motivated do you think people in foreclosure are, or divorce, or probate this time of year? You think they’re motivated- what about the BANKS? Do you think they need to get as much debt off their backs before the end of the fiscal year? You bet they do! SHORT SALES HERE I COME! What a great time for picking up deals!!!

Here’s an interesting article from CNN.com- Here’s an excerpt- The gross domestic product, the broad measure of the nation’s economic activity, grew at an annual rate of 4.9 percent in the three months ending Sept. 30. That’s up from the 3.9 percent growth rate in the government’s initial estimate for the period released a month earlier, as the revision matched the consensus forecast of economists surveyed by Briefing.com. Despite all the doom and gloom out there- seems as if things are actually going pretty well! I keep saying it, and I’m going to say it again- NOW’S THE TIME TO GET BACK INTO REAL ESTATE! Every major investor I know is capitalizing on this market, picking up foreclosures and rental property left and right! They’re not waiting for the media to report it and react to it, they’re picking up the best deals before everyone else figures it out. Here’s a great clip to reinforce my feelings on it… Feelin’ the Flow