Feds Cut Rate Again

The feds have cut the rates again this time by a 1/2 point in order to try to give the economy a boost.

Click Here for the story.

Prime has hit the lowest since the Spring of ‘05.

If you’re able to borrow money to buy houses, then realize the money is extremely cheap right now. But don’t solely rely on the banks to fund your deals because the bank can put a stop on your line of credit at any given moment for no apparent reason.

Ask me how I know that…

Instead, look for more creative real estate methods and private money to fund your deals.

With the rates dropping and the amount of deals increasing, focus on flipping your deals to other investors. Many long term real estate investors (landlords) see this turbulent time as an opportunity and you’ll see many of these guys scooping up as many deals as possible.

Foreclosure Notices

For those that may not believe that foreclosure and preforeclosure real estate investing is where you it’s at, there’s an interesting read that came out today about the current foreclosure rates.

Here’s the article:

Click Here

The fact remains if you’re not investing in preforeclosures then you need to implement a preforeclosure strategy immediately. This way, you can grab the property before it hits the foreclosure sale.

I love the preforeclosure arena for various reasons but I love facing the deadline, knowing you’ve got days, hours ticking away that you’ve got to push to get the deal done. It’s really an adrenaline rush with a big payday in the end if I’m smart with my investment.

But, in order to succeed, you’ve got to treat this like a business instead of get rich quick money maket.. Now, what do I mean - you ask?

Well, for starters you’ve got to gain the necessary knowledge. And then you’ve got to put the action into place.

Action is the real secret ingredient for success.

I have people emailing me all the time - I need to get my first deal done. I’m tired of struggling

To those, I have the following questions:

How long have you put off gaining a list of homeowners in preforeclosure- whether it be a subscription or you gather the leads from your own courthouse research?

Have you sent them any Preforeclosure letters?

Have you ran any Real Estate ads?

Have you looked at any houses whatsover?

Have you made offers?

It’s a proven fact that if you fail to make offers, then you’ll never buy a house. Period.

Now I gotta go check on my contractors - we’re having hardwood floors installed.

Derek

PS- What do you need help with? I’m interested to hear your concerns and questions, so post them to the comments section below

Great time at Bama game

I had a blast this weekend at the Bama game. And to my surprise we pulled off a huge win.

Even though I ripped Coach Gottfried in the previous post, he made the necesarry changes and the team looked like a completely different crew.

Remember, it’s never too late to turn things around whether your talking bball or your financial future.

Anyway, one of the best parts of the weekend was eating at Dreamland. It’s some of the best bbq ribs you’ll ever have. And its more than just food, it’s really an experience.

For those of you that happen to visit Tuscaloosa, you’ve got to take time out to visit the Original Dreamland. They’ll bring you out a coke, slab of ribs with bread on a paper plate and the place stays packed for a good reason - the food is awesome!

Rambo For President

He’s back.

And he’s got my vote for president.

He knows foreign policy. He’s a man of few words that believes actions speak louder than words.

And the only mud slinging he’ll do is when he kicks your ass.

So here’s my question to you:

Would you vote for John Rambo for President?

Blame the Coach

Tomorrow, I’ll head to T-town (Tuscaloosa) to watch the Alabama Crimson Tide play Auburn in a little b-ball action.

For those of you that don’t know- I’m a huge college basketball fan and love the Tide. However, this year has been a little rocky for the Tide with not a single win in the SEC.

I believe it’s only gonna get worse, but most folks in Alabama are only concerned about having an awesome football program (which is why the football coach is paid $4 million a year) and as long as the basketball program has a fair year then it’s ok.

Well, I differ since basketball is my passion. And I know we have better talent than what we’re showing on the basketball court.

Who’s to blame when you have talent yet still show up losing game after game?

The coach? Players? Or The Fans?

In this case, Coach Mark Gottfried is to blame. Read more

New Years Resolution Failures

Have you already failed your new years resolutions?

Most people last only about 2-3 weeks with their resolutions.

Why?

Because they’re only making wishes and not setting specific, detailed goals.

And as a result, they fail to make a lifestyle change.

In order to succeed, you’ve got to do more than make a wish.

Regardless of what your goal may be, it’s got to be a commitment.

The main reason that many fail in the real estate investment arena is because they’re afraid.

Afraid it won’t work.

Afraid of losing money.

Afraid of not selling a property.

Afraid of how they’ll look if they fail.

You cannot let fear control your actions or you’ll never achieve anything.

Take your goal setting seriously this year, starting with the end in mind and map out a plan to get you’re there.

If you’ve never done a deal, then maybe your goal is to obtain your first deal that will net you $5K within the next 60 days.

Now, $5K isn’t a lot of money, but you’ve got to crawl before you walk. Focus on making that first $5K, then you can adjust your plans to make more. Getting the first check seems to always be the hardest.

Document everything - your entire process with the direct mail letters you used, ads your ran, houses you looked at, sellers you talked to- everything.

Now, you can go back and look at your plan to see where you succeeded and where you fell short.

If you’re unsure about what steps to take then invest in some programs to grab a better education on what it takes to succeed as a real estate investor.

Gotta go view a property we picked up a few weeks ago. The tenants just moved out and the last time I was in the house you could cut the smoke with a knife and I don’t think it was just cigarette smoke- if you know what I mean! I’ll try to make a video of the house and give you a sneak peak at the deal and how to deal with tenants you inherit without going crazy.

- Derek Pierce

PS – Set aside some quiet time to reflect on what you really want and set detailed action oriented goals, and take the necessary action! The most important part is that you TAKE ACTION!