This article appeared today:
Some are calling this the best market for investors since real estate tanked in the early 1980s.
Investors, alone and in groups, are negotiating volume deals as they purchase whole subdivisions and bundles of 10 to 50 defaulted loans for pennies on the dollar.
"What we're seeing today dwarfs [the 1980s] by five or 10 times," says Bob Leonetti, president of SMI Funding, an Austin, Texas, company that originates and acquires private and conventional mortgages. "There are huge opportunities for investors."
"People who have cash positions now are going to do very well," says Central Florida real estate practitioner Mike Norvell of Developers Capital Realty in Leesburg, Fla. "It's just crazy the prices you can buy for right now for cash."
Source: Investor's Business Daily, Kathleen Doler (07/07/08)
This is all very well but take a look at what is happening today;
- Gallon of gas-$4.13
- Gallon of milk-$4.09
- Healthcare-$ obscene
- Social Security-$ bankrupt
- College tuition-$ outrageous
- Supersize combo-$6.99
- Movie and snacks for family of 4-$60
And the list goes on and on, also the reason for buying cash is that you need to be the Donald to get a gasoline credit card at the moment. The average American credit was at 602 FICO. How many of you mortgage pros can get that done at the moment without 50% and your first born as down payment?
Any solutions anyone?
Thanks for reading, God Bless