Foreclosed But Back to Homeownership
Sunday, May 20th, 2012 | Bank owned, Foreclosures, Real Estate Investing, Short Sales | No Comments
More and more, Americans aren’t letting a foreclosure, bankruptcy or short sale prevent them from becoming homeowners again, and quickly. In year’s past, the only option seemed to be renting. But today, as rental prices are on the rise, they want to take advantage of low home prices.
So where is the help coming from for these Americans? The government, in the form of FHA loans. “The number of FHA-insured home loans has soared in recent years as subprime loans have disappeared and fewer Americans have qualified for conventional mortgages backed by Fannie Mae and Freddie Mac, which were rescued in 2008 by the U.S. government after loan losses.” Even Ben Bernanke, Chairman of the Federal Reserve, agreed that banks have become so restrictive that many homebuyers are being squeezed out of the market. By the close of 2011, FHA-backed loans accounted for 30% of loans for home purchases. Critics argue that the FHA loans are putting people right back at risk for default, possibly leading their second chance to yet another loss.
For the full article, click here.
Mortgage Delinquencies at Lowest Since 2008
Sunday, May 20th, 2012 | Bank owned, Foreclosures, Pre-foreclosure | No Comments
Mortgage delinquencies have hit their lowest point in 4 years, according to the Mortgage Bankers Association, down from 7.58% to 7.4%. This includes mortgage payments that are at least one payment behind, but does not include loans already somewhere in the foreclosure process.
The peak number was over 10%, during the height of the housing crisis. This ease is reflected in mortgages that are one payment behind, as well as those that are more than 90 days behind, which is considered seriously delinquent.
Read the full article here.
Increase in Short Sales Helps Lower Foreclosures
Sunday, May 20th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing, Short Sales | No Comments
For the first time since 2007, foreclosure filings were at their lowest for a month in April 2012. This includes default notices, auctions and bank repossessions. Any increases in foreclosure activity were masked by the decline in the three large, hardest hit states of California, Nevada and Arizona.
They were more efficient in processing their foreclosures, therefore have fewer waiting in the wings. The increase in short sales is also helping stem the tide of foreclosure filings. According to Brandon Moore, CEO of RealtyTrac, “Our preliminary first quarter sales data shows that pre-foreclosure sales – typically short sales – are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.” Despite this, 26 states still saw an increase in foreclosure starts, while REO activity dropped in 37 states.
Read the full article here.
It’s My Turn To Give Back… Won’t You Join Me?
Friday, May 18th, 2012 | Uncategorized | No Comments
I’m so excited and honored to be a part of an incredible event in about a month – the Pancreatic Cancer Action Network’s PurpleStride Cleveland. Taking place on Saturday, June 16 at the beautiful Cleveland MetroParks Zoo, PurpleStride is an event to raise awareness, support and funding for pancreatic cancer. This is one of the deadliest forms of cancer. This year, over 44,000 Americans will be diagnosed with the disease, and of those, only 7,000 are expected to survive.
At this year’s PurpleStride, I will be one of the featured speakers and will have the chance to share my story of survival with the thousands of attendees and participants. Last year, over 2,500 people attended, but there were only 14 survivors. The rest were there to support someone or to walk in their memory. I’m one of the lucky ones.
I’ve shared with you that today I’m healthy and 100% cancer free. I will continue to get regular screenings, but have returned to a normal, albeit busy, life. I couldn’t be more grateful for that.
Join me in supporting this cause that is so near and dear to me. Log on today to www.purplestride.org and click on Cleveland from the list of Upcoming Events. There, you can either Register to Attend and join me at the event, or Donate to a Participant/Team if you can’t be there in person. Search for me, Josh Cantwell, or my team, Team Cantwell.
Let’s do this together – join me, my family, friends and staff at the Cleveland MetroParks Zoo on June 16 or send in a donation to help me reach my aggressive fundraising goal.
Thanks for your support!
What I’m Doing In Real Estate Now…
Friday, May 18th, 2012 | Real Estate Investing | No Comments
Over the last week or so I’ve sent you a couple videos on deals I’m doing right.
Honestly, I’ve never been more excited about what’s happening in the market than right now.
You’ve probably been noticing a shift in the real estate space.
There’s a lot of investors (and even trainers) that are completely lost. They’re struggling to do deals. They’re frustrated and ready to give up.
Not me! I see opportunity, and you should too!
My team and I are doing more deals, getting bigger profits, and spending a lot less time and effort doing it. We’ve got a system.
And recently, I’ve been PERSONALLY working with a small group of students to share this system.
They’ve been seeing AMAZING results.
I’ve recently opened the opportunity for a few more students to work with me on a one-on-one basis. I’m opening up my schedule a handful of those who I think I can help the most.
If you’re a fit I’d like to talk to you directly, share my strategies that work today, and find a way I can help you with you goals.
If this interests you, all I ask is you complete this short application.
I’ll review your answers and if you match the type of person I’m looking for to work with personally, then you and I, or my top deal guys can schedule a one-on-one strategy session and discuss how we can take he next step together. (Again, if we’re a match.)
I’m doing ton of deals right now, and time is precious. This is a rare opportunity to work with me and my team directly, so this could be your chance to let me take you by the hand, give you EXACTLY what I’m doing to close deals right now, and help you build your real estate investing business.
Complete this application and let’s talk.
I only have room for 5 or 6 calls over the next week and a half, so don’t wait.
Talk soon,
Josh
5 Tips For Investing In Bank Owned Properties
Thursday, May 17th, 2012 | Bank owned, Real Estate Investing | No Comments
There are unique income opportunities for the savvy real estate investor in today’s market. Bank owned properties, or real estate owned properties (REOs), are homes that failed to sell to an outside investor in a foreclosure auction and ownership reverted to the lender. There are some gems on the market today that can turn a tidy profit if handled creatively and wisely. The following five tips will help you avoid the pitfalls and pave the road to maximized return of your investment dollar:
1. BUILD YOUR TEAM. An attorney can help you understand real estate contracts, foreclosure laws, and other legal issues involved. A local real estate agent knows the current market, and your accountant will be able to help you outline your investment budget. Strategic Real Estate Coach can also provide information on these and other topics.
2. EXERCISE PATIENCE. The market may be glutted with REOs at or below your price range, but remind yourself to stay emotionally detached from each one. Evaluate and analyze each one before deciding which one to buy. Research comparable sales in the area, obtain the history of the property, determine if it is free and clear of all liens.
3. DO YOUR “HOME” WORK. Walk the neighborhood, talk to neighbors, and make your own observations regarding such things as area amenities, traffic, noise, crime, and the condition and curb appeal of the neighboring homes. Note location of street lights and fire hydrants.
4. GET A HOME INSPECTION. Many REOs have been unoccupied for months, leaving them prone to plumbing disrepair. Bear in mind the former owners moved involuntarily and were not concerned with routine maintenance of heating and air systems, fireplaces, sprinklers, roof and gutters. A whole house inspection will uncover issues that could be budget busters for you.
5. STICK TO YOUR BUDGET AND TIMELINE. Negotiate the price as you would if buying from an individual. Banks don’t make money by owning real estate, so a quick sale speaks volumes. A cash purchase is ideal, but if that is not possible have your financing arrangements made in advance to expedite closing. Create a punch list of repairs and improvements to be made before putting the house back on the market along with the deadline for completion and cost of each item. Track your expenses closely for possible tax deductions.
Your diligence and extra effort will determine how quickly and how much profit you will turn. To learn more about jump-starting your real estate investing career, click here.
6 Steps To Rehabbing Successfully
Thursday, May 17th, 2012 | Real Estate Investing | No Comments
When getting into real estate investing, rehabbing is one of the best ways to make money. By rehabbing a home properly, not only will you keep your budget in line, you’ll also find that you won’t be stressed out along the way. Listed below are six basic steps that most successful real estate rehabbers follow:
Part 1: Before You Start Working
Make sure that you change all the locks before you even start work. If possible, add a lock box to the front door.
Transfer all of the utilities to your name and make sure that they are active the day you close on the property.
Be sure to set your priorities straight before starting the work. This means that you should get your permits and set up contractor’s appointments if heavy work such as foundation repair needs to be done.
Be sure to have a professional plumber walk through the property to ensure all of the plumbing is in tact before the water is turned on.
Part 2: Roughing The House Out
Take a look at the plumbing and start repairing any necessary areas that need repairing.
If any parts of the flooring or subfloors need to be replaced, it’s important that this gets fixed ASAP.
Be sure to check the exterior doors and make sure that they are up to code.
If you’re going to paint the exterior and interior, be prepared to gather the necessary supplies as well as prep the area.
Take a good glance at the roof and see if it’s in great shape. If not, bring in a professional roofing expert to access the situation.
Part 3: The Mechanical Process
If there is a fireplace inside of the home, make sure that a chimney sweep is done.
Bring in a HVAC tech to clean up the vents as well as clean inside the heating and air conditioning unit.
Ensure that all of the plumbing as well as the electrical work is done according to code.
Inspect the driveways and walkways of the home and replace any parts that are either uneven or cracked.
Check the septic system and if it’s in need of repair, find out who’s going to be responsible for the cost.
Part 4: Unfinished Parts
Start repairing and replacing the drywall throughout the home.
Analyze the garage door. If it needs to be replaced, replace it.
Take a good look at the gutters and downspouts. Replace any that look beat up.
Analyze the flooring throughout the home. It’s best to replace any bad flooring with wood.
Replace any cabinets that need work.
Inspect the interior doors and replace any that are in need of replacing.
Part 5: Finishing Touches
Start painting the interior as well as the exterior.
Replace the countertops if they need to be replaced.
Start replacing the flooring if you chose to do so.
Analyze the plumbing throughout the home again and make sure there are no leaks.
Install new lights, a thermostat and smoke detectors.
Part 6: Finalizing Details
Add appeal to the property by adding small things such as a towel bar, doorknobs and even address house numbers.
Install appliances in the kitchen.
If carpet needs to be installed, consider adding a neutral color.
Finish up the landscaping in the yard.
Do a thorough cleaning throughout the home.
By following these main parts when rehabbing a home, you will find that as long as you have a positive mindset and you keep your budget down, there is a lot of money to be made.
I Lost Big Bucks On This!
Thursday, May 17th, 2012 | Real Estate Investing | No Comments
Dang it.
My pockets are lighter today thanks to a friendly round of golf.
Yesterday I teed off with my friend, local real estate investor, SREC-follower and coach, Matt Rd. Matt specializes in lease option deals, and because of this expertise, he helps teach and train my Sharp Concepts Realty agents everything they need to know about rent-to-own properties – including how to rent and flip them.
Matt and I made a friendly wager on our game, and I’m sad to say I came up short. So, I had to open my wallet and pay up… $2.
BUT, what came out of our game of golf was so worth the cost. We spent the whole round brainstorming. We’re working on incredible upgrades to our lease option training, including Instant Cash Infusion and the Accelerated Investor Pro training program. We focused on ways to deliver cool, unique content while working our way to the greens.
So stay tuned for the results of our brainstorming and training course improvements and you’ll soon be on your way to being a lease option expert.
Here’s proof that I paid my debt. Thanks for a great round, Matt!
Parma House Case Study Whiteboard Video
Tuesday, May 15th, 2012 | Private Money, Real Estate Investing, Short Sales | 1 Comment
200 Banks at Risk to Fail in 2012
Sunday, May 13th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
According to a recent report released by Trepp, there are more than 200 banks earmarked for likely failure in 2012. Three have already failed. Georgia has the largest concentration of those identified (41), followed by Florida (32), Illinois (24), and Minnesota (12).
The stats represent a slowdown from this same time last year, with 22 at the end of April 2012, compared to 39 at the end of April 2011. Why the slowdown? Struggling banks are being given more time to course correct, raise capital and improve performance. But, that could mean closures filtering over into next year. Bad commercial real estate loans account for over 70% of non-performing loans at the failing banks, followed closely by residential real estate loans with 25% of the total.
For the full article, click here.
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