There is so much money to be made in real estate right now - but I have to learn the right ways in this crazy market. It's not so easy to just go buy an REO and think your going to get a qualified buyer right away. Sell the house right away - maybe. Get the buyer who can get a loan… not so much.
The homes are great deals, they look good, etc. But how in the heck can you get someone to qualify to buy these great houses? We can't buy every house subject to. And I really want to get the REO's as well.
Last night at Sam Sadat’s meeting I heard Nick Manfredi explain in detail about the new law that makes banks contact a homeowner in pre-foreclosure and try and do a work out or rather “due diligence” (whatever that means) 30 days before they file the NOD. Additionally, banks that are holding REO’s are now required by law to maintain the property or risk being fined a $1000 a day. Good for investors, bad for banks. To me this means that getting short sales accepted or doing loan modification is going to be a lot easier.
After hearing Nick speak and learning that he would service the short sale for me – I might just be interested in pursuing doing short sales now. But….. hhhmmm… how I am going to sell those mofos once I get them?
Oy – here we go again. Private money and hard money are going to need to be used to hold the houses until this credit crunch dissipates. Maybe until next year? Do you think the credit crisis might start to alleviate by then? I have no idea - I'm just a pretty little girl afterall... Maybe I'll check in with Bruce on this.... :) Or maybe Rob Swanson is going to teach me how to raise millions of dollars so that I don't have to worrry about it!
