REI Marketing Tips

I just saw this on CNBC and thought it might interest you. It’s all about whether the United States actually needs the 30 year fixed mortgage.

It’s an interesting theory/debate. I’d love your comments on it below. Enjoy the video:

Visit msnbc.com for breaking news, world news, and news about the economy

Check out the video below, and leave a comment. I’d love to know what you think:

Visit msnbc.com for breaking news, world news, and news about the economy

I came across these 2 articles in the past couple of days while surfing the web. If you’re a real estate investor, I would consider both of them mandatory reading.

The first article is about Brent T. White, a University of Arizona law school professor, who says that it’s in the homeowners’ best financial interest to stiff their lenders and that it’s not immoral to do so.

When I first read it I was a bit shocked. However, here’s a tip for you:

I would print out this article and take it on short sale appointments with me. However, instead of telling the people to walk away, I would tell them that a short sale would be far less damaging to their credit.

The second article is from Bloomberg, and it talks about how we’re going to see not just a huge increase in foreclosures, but also in luxury home foreclosures. This excites me, as their are much larger spreads and profit potential when doing deals with luxury homes.

I would take 10 minutes, and read each article. Hopefully it gives you some good insight, and also the opportunity to get motivated and excited about your real estate investing business in 2010.

Happy Holidays!

A staggering report that I just read in today's Wall Street Journal: The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23% Here are some other great stats from the same article:

• Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply
• Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value
• Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage
• About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay — more than double the number in 2007
• More than 40% of borrowers who took out a mortgage in 2006 — when home prices peaked — are under water

So what does this mean for you, as a real estate investor? Well as I have been saying for months now, it's still not too late to get into the preforeclosure business.  There's a lot of money to be made buying and selling short sales, doing loan modifications and debt settlement.  If you're unsure where to start the best place is my free CD, which you can grab as long as you're willing to pony up the $7.95 for shipping and handling. Don't forget that it comes with a free strategy session, where I'll personally build a strategy for you and help you make big profits during the foreclosure crisis.  There has never been a better time to invest in foreclosures.  What are you doing to profit in this market?

An article in today’s Washington Post suggests that short sales are becoming easier to close. Before everyone gets all excited, take a look at this excerpt from the article:

Bank of America opened a short-sale call center last year. And the bank hopes to launch a pilot program within 30 days that would shrink to one week the time it takes to have a specific short-sale offer approved, Sunlin said. Under the program, prospective sellers apply to Bank of America to get preapproved to pursue a short sale in general, then go back to the bank for approval of specific offers as they come in. The program will initially focus on borrowers who fail to qualify for a government foreclosure-prevention program, he said.

“If they have come to the conclusion that there is no possible workout, they should contact us as quickly as possible,” Sunlin said.

So Bank of America is going to launch a “pilot program”? I’ll believe it when I see it. Call me a skeptic, but right now, our short sales in process with Bank of America don’t seem to anywhere close to getting approved one week from today, let alone 1 week over all!

The article is certainly worth a read, but remember that it’s written mainly for owner occupants who are looking to buy a short sale, not from the perspective of investors. Nonetheless, I’d love to hear your opinions about this.

As written in this article in the Los Angeles Times, foreclosures are showing no signs of slowing down. If you’re not already investing in preforeclosure property, there has never been a better time to start.

In fact, you can grab a free foreclosure investing CD, a free DVD, a free month of coaching and a free 30 minute strategy session by simply going to www.BestForeclosureSystem.com

A great article from the Wall Street Journal with supporting numbers, that states that the current housing & foreclosure crisis was not caused by sub prime loans, but rather by all of the “zero down” loans that made it so easy for so many borrowers to qualify for a mortgages and buy properties with zero equity.

Consider:

But the focus on subprimes ignores the widely available industry facts (reported by the Mortgage Bankers Association) that 51% of all foreclosed homes had prime loans, not subprime, and that the foreclosure rate for prime loans grew by 488% compared to a growth rate of 200% for subprime foreclosures. (These percentages are based on the period since the steep ascent in foreclosures began — the third quarter of 2006 — during which more than 4.3 million homes went into foreclosure.)

To read the entire article, just click here.