Is Real Estate Going to Continue to Tank?
During some time off I was in the other room and watching a little TV and a real estate guru interrupts my normal program.
He said his name but he was talking about how currently we’re in the greatest wealth building era in real estate history where, even a newbie just starting out, to make money in this current real estate housing crisis.
He started to continue with to buy houses…
After a few moments of careful thought I asked, “Is that really true or is it just a marketing pitch?”
He did have a point because there are more properties available at rock-bottom fire sale prices than at any time in my lifetime and in the last 50 years.
To my knowledge, we’ve never seen this extreme level of foreclosures in the history of the United States.
That’s not including homeowners who are only 1,2 or 3 months behind or those who would love to sell to get out from under their house but can’t because they bought in at the top and now prices have fallen below even what they owe.
Up to this point, these homeowners have continued paying their mortgage to protect their credit but how long will this last? When will they become one of those who just “Send the keys back to their mortgage company”?
But wait there’s more…
I was doing some reading yesterday about how commercial foreclosures are rising and even hotels are falling behind on their mortgage payments.
We haven’t even begun to see the ripple effect this will have on domestic home prices and the domestic property market. When these really start to hit and there will be another shock to the market.
But the good news for you is these trying times create lots of opportunities. And the real estate market will come back. I guarantee it won’t be down forever.
The other cool thing the disastrous current climate affords you is that it is going to weed out all the wannabes and nonprofessionals. And only the hard-core people who are willing to work, do their due diligence, and make the appropriate number of contacts and sales calls are going to be the ones who come out the other side with massive wealth and tremendously underpriced assets which will see phenomenal growth.
You can be one of these hard-core real estate investors even if you’re just getting your start. The best way to get started and my advice to you would be to find a mentor who is already out there in your local marketplace buying and selling properties.
The fastest way you can get to wealth is following someone’s footsteps who’s already been negotiating real estate.
They may not show you all their tricks but lots of them are more than willing to help out and teach you stuff.
Some of what the late-night gurus say is real and can be used successfully. But the problem is a lot of it is outdated and simply inapplicable to the current market.
Get going so you can profit massively before this unprecedented market turnsaround.
This entry was posted on Friday, August 28th, 2009 at 5:40 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.