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Carrion Investing

I haven't seen the traditional TV Real Estate Gurus on the air, lately. I haven't had my mail box flooded with their offers to make me rich in the next 30 days. These carrion Vultures and their minions of Crows all hoping for a free meal are undoubtably afraid of changing law and public perception.

I don't miss the Vultures or the Crows that sweep down and attack vulnerable home owners by deception and deceit. These vile caricatures should indeed be very, very careful and be prepared for prosecution/persecution regardless of guilt!

Before you condemn/curse the carrion among us remember both the Wise Old Owl and the Noble Eagles are carrion! Like in nature, society needs it's carrion members!

Opportunity investors are indeed carrion! Weather you're seen as a bloody Vulture, ignoble Crow, Wise Old Owl, or Noble Eagle depends entirely on the honesty of your actions and useful nature of your solutions!

Perhaps the Vultures and the Crows are having trouble finding suitable proprieties. It use to be that any property in foreclosure was an opportunity. That's no longer assumable, many if not most of today's foreclosures lack any salvageable equity. That doesn't mean there is less opportunity, quite the contrary! There is more opportunity than ever, it's just hard to see the trees in the forest! There are no free meals!

I have a nine word starting point for those who would be "wise and noble" investors: truth, truth, truth, disclose, disclose, disclose, document, document, document! There is a lot more to doing it right, but this is a free lesson.

The new TV Gurus are offering to teach you how to buy foreclosures, well "DA" they're listed! Get yourself a good REALTOR! Then there are the infomercials for the big real auctions, like tent revivals, leave your money and check books at home!

Bill

William J Archambault Jr

The Real Estate Investment Institute

PS: You might want reread: Creating Equity From Nothing / Revisited

Beat The Sharks

Posted by William J Archambault Jr on 07/07/2008 12:20 PM

Comments (6)

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6 Comments on Carrion Investing

Bill, I guess the preforeclosures schemes are very difficult when the seler owes 200k on a home worth 100K!!! I had a guy callme today who is in the preforeclosure business. He can't find anything so now he is looking to find homes he can "wholesale" of course he wants to buy at 40 cents on the dollar. And in this market he may very well be able to!!!

07/07/2008 05:08 PM

by Bryant Tutas-Tutas Towne Realty, Inc

Indeed. I got a call from an "investor" last week who insisted that she would only pay 75% of any asking price and wanted "instant equity".

I didn't even refer her. Her "formula" prevented any meaningful discussion.

07/07/2008 05:10 PM

by Lenn Harley, Homefinders.com, MD & VA Real Estate

Bryant,

"Difficult" naw! IMPOSABLE! Normally!

That's the problem with the get rich quick shams the forget that it takes real real estate knowledge. Finding your $200,000 listing is not finding an opportunity.

I've yet to meet an honest "wholesaler" more oftenj than not they are listing properties with option that never close. I have a rule that everyone must be better off afterward. I've never seen that happen with a "wholesaler"

Bill

07/07/2008 05:36 PM

by William J Archambault Jr (The Real Estate Investment Institute )

Lenn,

"Her "formula" prevented any meaningful discussion." We can't discuss this ether! You got it right!

The sad thing about these non-thinkers is they might have made a fortune offering 70% or 73%. I believe in guide lines not absolute formulas. Besides what value is a % of asking price? Seller try to ask more than they think the property is worth. The last position I want is negotiating between two idiots!

Bill

07/07/2008 05:45 PM

by William J Archambault Jr (The Real Estate Investment Institute )

AMEN Brother. I am an investor in apartment properties and am on your side all the way. The "get rich quick" guys muddy up my waters as well. It is hard for me to close on a deal that my broker brings me when I can't get investment partners to talk to me because they think I am a get rich quick slug.

This has never stopped me from getting deals done, but I don't like them either.

Keep up the good work

07/08/2008 08:12 AM

by Steve Saunders (e2 Property)

Bill, Thanks for the interesting read. It would be nice if these TV Gurus would point investors the way of the Realtor®. Mike

07/08/2008 10:59 AM

by Mike Miller (Howard Hanna Real Estate Services, Inc.)