Do you watch the News? You know the headlines and topics.
Real un-employment over 17%
Banks using Robo-Signers, Forclosures being challenged
Rates at all time lows,but no one is lending
Tight credit conditions,...Inflation...Deflation...Double Dip....it goes on and on...
Isn't it true that lots of people these days are either; broke,going broke or afraid of going broke? Ask the average person in Real Estate on the outlook of business, and they will give you a pessimistic answer.
What I find strange is the dis-connect of why Investors at all experience levels, STILL DO NOT REALIZE THAT THE BANKS DO NOT WANT TO BE IN THE MORTGAGE BUSINESS THESE DAYS. Think about it....They have tons of bad loans and inventory, tons of new regulations, threats of class action law suits, and yet the average person expects a loan from a Bank to buy the very same property that has caused the lenders headaches in the first place,and for a lower rate to boot.
Isn't it SAFER, EASIER and MORE PROFITABLE to CREATE AND CRAFT YOUR DEALS ON YOUR TERMS?
What do you think was the fastest time, from Contract to getting a Deed ,that I have bought a house in?
Answer; less than 2 hours !!! (May 2009, and it was a nice house in a nice neighborhood,I also had it sold in a little over 90 days for a $38,000 profit)
In October 2009, I bought a house in 2 weeks, and that was because the sellers needed time to pack(I offered to close in 48 hours!!!)
None of the prior situations was a short-sale or REO,but rather houses with big equities and motivated sellers that needed a solution to a pressing problem. I also never went to a bank to beg for a loan(they wouldn't give it to me anyway)nor would these deals ever take place if I had to wait 60-90 days to hear from a bank.
I created my economy on my terms because I knew how.
Peter Fortunato is the master of these techniques. He will be teaching a workshop in New Jersey on October 23,2010 sponsored by this group. People all over the country usually have to fly to Tampa,Florida to attend his workshops which are few and far between.
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