Real Estate Investing Weekly Wisdom #285 - Mistakes Are All About Perception

Last week Dean was in Tokyo and Shanghai and boy did he learn and have to reinforce one of the biggest lessons of his life...

Mistakes can be the anchor that holds your life back or the wind that blows your sail to a new life. You decide...

Dean explains what happened, how he had to correct it and is a must watch for anyone who wants to be successful in anything. Check it out now.

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MY first Deal 30k !!!!!!!!!!! and after

Hey DG Fam! It's been over 5 years since I posted to this site (even tho I'm sucking up knowledge everyday I'm on here). Soooo much has happened since my last post I really don't know where to start. Anyways here it goes.

History

Who is going to the EDGE??

Lets start a list of DGers going to the EDGE!!

Post your name on this thread and lets all make the effort to meet and NETWORK with one another. There is plenty of time before the Edge starts each day, time during breaks and lunch and then a TON of time afterwards to go to dinner and/or hang out around the pool or lobby area!!

See you then!
Michael

Rising Home Prices Relocating Buyers and Some Investors

Multiple articles and blog posts are telling us that home prices are rising in many areas of the country, making home purchases unaffordable for many buyers. Some of the cities where price increases have been most noticeable include:
• Las Vegas at 24.9%
• San Francisco at 23.1%
• San Diego at 19.4%
• Los Angeles at 18.9%
• Atlanta at 16.8%
• Other cities include Denver, Miami and Portland
An article at Nuwire states that nationwide some 33.6% of homes are unaffordable for buyers making median income. Even when they can afford a home, many buyers are finding themselves outbid for the best available. Some lenders are moving back to less-than-optimal loan types and lower down payments to aid home buyers … a little of the past perhaps coming back to haunt us.

This Week’s Short Stories

Buying Cheaper than Renting
Currently home ownership is still 38% cheaper than renting, though the gap is narrowing. Some analysts estimate that interest rates will need to reach 10.6% before the gap closes. This is a national average, and it varies considerably in local markets. In Honolulu, it’s just 5% cheaper, while it’s 66% cheaper than renting in Detroit.

Subprime Lending Back on the Scene
A group of small lenders are bringing subprime loans back into the mortgage market. These loans are being offered to buyers who pose a credit risk, typically those with credit scores below 640. They’re not cheap loans though. Interest rates are as high as 8% to 10%, and down payments are required to be in the neighborhood of 25% to 35%.

Home Buyers Priced Out of the Market

$12,000 fee on contract assignment!

This was a really interesting deal. It was a two house deal. The houses were on a very busy street, next door to a marijuana dispensary. The houses were side by by side and in great shape.
I offered low on these MLS listed properties and we negotiated a workable price over the last 30 days. I got them under contract and made a couple of calls, I really did not think I would be able to move these properties but I know from experience that you just never know. One buyers nightmare may be another buyers gold! If I don't try then I have ZERO chance of making any money. If I wait for the perfect deal and over analyze the thing I have no chance of making money.

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