Is Now Really The Best Time To Invest In Real Estate?

My dad called me this past week after watching some investment show on FOX, warning me and telling me to be careful about that real estate stuff….

I explained to my dad that this was great because investors will be able to pick up deals at absolute steals. And that I don’t invest using speculation.

Anyway, I prepared a video to explain my take on the current market conditions and what you need to focus your efforts on right now. One thing I explain in this video is the demand that you’ll see in the coming months for lease option due to the fact that the subprime market has shot to hell.

Here’s the video:

Real Estate Investing Tip - Keep Moving

This weekend closes a chapter of my life with 2 pain in the ass deals that I did. Most deals don’t go this way, but I swear I had the buyer from hell as well as the seller from hell all at the same time! gggggrrrrrhhhh!!!

So, what do you do?

First, I do whatever it takes to get the deal done, finished and out of my hair, then I take some time off, clear my head, and refocus my energy to completing my goals. I find that a Hot Stones Massage works wonders and since I own a spa – I’ve kinda got the hookup. Finally, I learn from the deal. What could I have done to make the process go smoother? Could I have done something to automate the process or could I have delegated a particular task? I find a way to implement, and then move on.

Don’t beat yourself up if you screw up, just realize it, adjust and move on. Don’t take it personal.

You’ve got to keep moving forward and, keep focusing on your goals.

– Derek Pierce

Fannie Mae Tightening Up

A few months ago, a Realtor calls me up about a property that I should take a peek at. I’ll not go into the details of the deal itself, but I decided to make an offer on the property. The house was a Fannie Mae foreclosure. So, we write up the contract as usual and submitted the offer to the listing agent. The next day my agent calls me to inform me that before my offer is submitted, I’d have to sign off on some new addendums.

OK…

Apparently, Fannie Mae is trying to crack down on some of the fraudulent flippers.

So, the addendum was a deed restriction that would prevent the buyer from selling the property within a 90-day period from the closing date. This restriction would be placed in the deed, therefore there’s no way around it.

I was pretty surprised by this, but go figure.

Heck, instead of enforcing the laws we already have to cut down on mortgage fraud and illegal flips, let’s create some new ones!

Now, for those of you that are wholesalers, this hurts in a major way because the first 90 days are make it or break it, so consider offering less to figure in your holding costs.

Gotta go meet a seller and send a short sale offer,

Talk soon
Derek Pierce