Wednesday, July 15, 2009

What should you buy in SWFL?

So, Friday we discussed if it was time to participate in the SWFL real estate market, - I believe you know my opinion on that! Well, what do I see as a good option?

Short Sales are very time consuming, unless you have a system set up to crank them out, or work with someone who does. The main difficulty with doing short sales is the length of time it takes the bank to make a decision. As an investor, you will also have to line up your buyer, so when the bank does decide, then you are in a position to close the deal. Sometimes this can be a bit tricky as you may have the buyer, who then gets impatient with the long process and finds another property to purchase. Unfortunately, this happens often.

Buying at the Foreclosure Auction (on the "courthouse steps") is a great way, but does require that you do all of your due diligence upfront. Once you are the winning bidder, you must pay for the property you've purchased -that same day. This can be difficult for most new investors, even some "old timers find it difficult". At the Auction, you are bidding against the bank as well as anyone else looking to purchase the property. I'd encourage you to go to the courthouse and watch the process to get familiar with how the whole thing works. It's actually quite fun, and very educational.

My favorite right now? REOs. Real Estate Owned by the Bank. They're trying to dump some of this stuff fast. There are great deals to be had. But like all real estate, you need to do your due diligence. Make sure you know the area you want to purchase in, what the current values of the properties are and what your exit strategy will be. Pick your niche and stick with it. This will make it easier for you when you buy and having the same product will simplify the selling process.

The SWFL real estate market is absolutely heating up. Did you realize that June 2009 was the highest real estate sales for SW FL ever? I talking ever - including the "boom"! It is time to get on board, or you'll watch it pass you by. There is only a small window of time to join those investors making thousands and thousands of dollars, soon that window will close. Don't let the greatest opportunity for real estate investors leave you behind wondering what happened.

I look forward to seeing you at the top.

Saturday, July 11, 2009

Going out to dinner with my honey!
Thanks to WIRE, I just had my free makeover from Erica at Lancome. She was very knowlegable and I had fun - got a bunch of free gifts as well!

Friday, July 10, 2009

Time to call in a night, tomorrow will be another great day!

Florida Real Estate - Time to Buy?

I was networking tonight with a group from WIRE. This is a grat group whose focus is on education and networking as it relates to real estate, marketing and business growth. I'm always interested in groups that have value added networking. Let's meet, learn how we can help each other and at the same time get ideas that will enhance what we do.

Anyway, when asked by one gentlemen, an attorney, "what did I do", I stated that I was a real estate investor, and national real estate coach giving others the opportunity to learn how to invest in real estate or partner. His response surprised me - "you mean there are some investors left?" Wow, are there ever!

Is now a good time to invest? Yes! If you don't know how, find out! Do some research, seek out those who do and learn from them. Did you know that a large portion of America's foreclosed properties are in Florida? Do you realize that the banks are trying to sell of property in an attempt to recover their assets? This creates a great opportunity for real estate investors. Sales have increased significantly in SW Florida and inventory is still high, creating the "perfect storm". It's time to hone your negotiating skills, get creative on the funding, close on contracts, and make some money!

We've recently closed on some fantastic deals, purchasing several properties at $25 per sq ft, you can't build it for that price. One of our students has a quick turn deal she is working on tht will give her a nice fat check for the short amount of time she has into it. She just started with us last week and already has a deal in the works! Another student has been trying to get his first deal for the last 18 months, again his first week with us, he learned how to see the deal and - viola he bought a property sub to, which he plans to wholesale.

These are just a couple of examples of the possibilities that exist in real estate investing today. I encourage you to look around in your area. Pick an area you're familiar with and do some due diligence. Are there many foreclosures? What are the houses selling for? What is the condition of the properties? Is it an area people would like to live? Is it rental or more homeowners? What would the cost of repairs be? If I bought it, what is my exit strategy? Is it an area with HOA fees? You get the idea.

I would encourage you to participate in the real estate game, it is an exciting time, one we may not see again for a long, long time.

To Your Success,