There are around a million homeowners facing foreclosure and stuck in limbo, especially after a settlement was announced on Monday between the government and lenders. In a story at Economy Watch, one borrower’s story of four years fighting to keep her home highlighted the article. She found that she was not eligible for any of the various programs to help her keep her home. She had just filled out a form to see if she could benefit from a federal program set up after widespread mortgage abuses came to light in 2010. However, that program was canceled when this new settlement was reached.
This was a short sale purchase that took several months to buy. It is a 2 bed/2 bath/1 car garage with about 1100 sq. ft. of living area.
Painted inside & out; new toilets, medicine cabinets & mirrors; new light fixtures, ceiling fans, & carpet. Spent about 3K on materials.
Listed on a "Flat Fee" Service for about $ 250; a
REA brought a buyer who was selling his house due to divorce, so we did a doule type of closing when he sold his house, took the cash & bought our house.
Sold it for $ 44,800; with the 3% commission, taxes, title insurance & doc stamps, the net was $ 41,759; less the 3K for materials = 38,759 less the 27,000 purchase price = $ 11,759 profit.
On to the next rehab!!!
In a direct contradiction to the previous article, an article in the New York Times is predicting fewer first time home buyers for some time to come. The article cites tight credit and eager investors buying up lower priced inventory as two major factors.
A survey of real estate agents indicates that first time home buyers as a percentage of all buyers are down from a normal 40% to 31 percent. Surveys also show that first time buyers are relying very heavily on low down payment mortgages from the FHA, as they can still get a loan for as little as 3.5 percent down. However, fees are being raised for these loans and the financially troubled agency is indicating that fees will continue to rise.
IT CLOSED! IT CLOSED! IT CLOSED! Wait until you hear about THIS deal! WOW! You aren't going to BELIEVE this!!!!! This deal was on, then off, then on, then off, then on, then off, then on 5 times.
2012 was a roller coast ride. I joined the success academy in November 2011. At that time I was in Anchorage, AK turning wrenches as an automotive mechanic. Now I invest full time and the long hours of busting my knuckles and slaving away building someone else's wealth are long gone. My family and I now prosper 100% from my labors. We also help our local economy as a bi-product of my real estate success. I wanted to use this forum to share my failures and successes.
Hello fellow investors, after reading this book and talking to a local investor I meet at our local REIA meeting in Rhode Island. I started my first marketing program. I needed bandit signs and a 24/7 dedicated number, but I was starting on a no money budget. So this is what I did.
1st- I came up with a name for my business " Rescue Home Buyers, Inc."
2nd- I went to Google Voice, and setup a free local phone number with a recorded message - targeting home owners that want to sell or that are facing foreclosure. Its free folks - tip don't link the number to your personal phone, and disable the caller Pre-Screening.