Forclosures! Another way to get rich...Real Estate is rockin'!
 

Great googlimoogli!

I just found out I've got a couple dozen old high school and college pals who are real estate gurus here in California!

No wonder I hadn't heard from them in a while because they've been busy rolling in dough!

They gave me the real deal on Cali real estate and it just blew my mind!

They have so many properties to sell and so many foreclosures they can't give em' away!

They sent me the foreclosure charts and it was abominable!

People here and in many parts of the country are losing their homes faster than they can buy em'!!!

#1 reason: DIVORCE...

Fucking shame! In Cali there are two things you can get faster than a hamburger: A Car and a House...

:thumbsup

if I had to do shit all over again, starting back when I got out of the military I would have gone right for that shit, I know RE is serious cash, always has and always will be...

PS: what I don't get is....


here's an example, I used to rent a house for about 1900 a month, down the street from the beach here on the central coast of cali....that house to be bought would run around 750k and the average run of the mill house inland is about 450k ish...

with a mortgage on those puppies the way they are now, how in the WORLD can you make cash long term from renting those bishes out? I mean the mortgage on those things is waaaay over what you can rent them for...

are they just flipping them, holding for the seriously long haul or what?

mind boggling...

We are doing the same thing in Vegas....but you need a major amount of cash to get started in that.

What's very popular right now are the no interest ARMS. Get a 5-7 ARM, pay just the interest, lower than what the rent would be.

Um, dude... that business isn't as easy as you make it seem. Those foreclosures are watched by a bunch of vulture RE investors with better connections than you could ever imagine. They'll usually get them BEFORE they even go into foreclosure, giving you zero chance of scoring the property. Once the property goes into foreclosure, there's dozens, and dozens of investors that have exactly the same plan you've got.

Dealing with those property owners before their property goes into foreclosure is one dirty fucking business. I mean, a lot of people think gay porn is dirty... but at least everyone I work with are willing participants. I think that takes the cake.

I dont understand how forclosures can happen in California on residential property. The market is so hot, if you were about to lose your home wouldn't you just put it on the market and sell it and pay off your mortgage? And at least save your credit and put some bucks in your pocket?

Um Dude, what part of "Real Estate Gurus" translated into 'dumb fucks watchin' tv'???

Of course my pals are the Foreclosure Masters or else THEY WOULDN'T HAVE BROUGHT IT UP IN THE CONVERSATION.

Being there FIRST is foremost. Being a greedy bastard and trying to snag up all the foreclosures at once is just as hazardous. It's like that old story of the cookie theif. He got into a bakery, stole all the cookies in sacks and was outside with so many cookies he couldn't transport them before the rats ate em' up. ( old Irish tale ).

The bottom line is, as long as people are ignorant, big headed, belligerent, arrogant and marry each other for STUPID reasons, there will ALWAYS be a viable RE market.

Exactly!!! That's what I thought but that ain't always the case! You have got to read some of the latest and best articles on this stuff.

The heartbreaking thing isn't always that the people lost their home, it's WHY they got into trouble in the first place!

Pal told me divorce, child custody, liquidation of assets shit clogs up the courts. It's EVIL how much this shit goes on.

People get married for the dumbest reasons and when the littlest thing goes wrong: divorce! They go to some counselor who drives them further apart and that counselor has a cousin whose a RE Agent etc. etc.

It's like Vulture leading Vulture round there.

When I studied RE back in the 80's it was fun. Nowadays you have to be like a therapist just to get through this shit.

I'm going back to studying more and more. Better to have your corp. buy the properties. If you do you get targeted.

One thing I've learned is don't put shit in your name. Ex wives and their lawyers are like impending doom vultures.

Glad I didn't get married! Even if you ain't married and have kids and those kids fuck something up like car accidents, fights etc. you, the 'man' get dragged into their shit!

Dang!

Depends on how long you've owned your home. If they've been in for a short period of time and are paying interest only, it's very likely they have zero equity and if they overpaid (which is happening a lot in hot areas) they owe more than they can sell it for.

any idea of a good resource to find forclosures

I absolutely agree 100% :thumbsup

best to get them to sign ownership to u and buy out the second mortgage at a discount, then flip.

Forclosures is not a easy game to get into just like everything else.