Future of the Real Estate Market

[skiracer]

Runner,
It takes a long time to learn the real estate business and to understand how to read the market and to market a home. It's not something that you can learn overnight or in a week or two. Plus it's always advisable to know the legal ramifications and to have a good real estate lawyer handle any transaction for you. Foreclosures are homes that the mortgage lender or bank has taken back from the owner for failure to pay the mortgage. It doesn't necessarily mean the home is a lemon or that it isn't marketable and that it can't be sold. The main factor is that the owner could not meet their mortgage commitment or obligation and the lender took it back. Usually because the owner or buyer initially didn't have enough down payment and got in on a shoestring and the mortgage payment is so high that they get strangled by the monthly payment an end up falling into arrears on their commitment. There are numerous legal actions that have to be cleared up in these cases to get a free and clear title to the home. Be wary of trying to do it on your own without the proper legal representation by a lawyer who knows how it works and the ins an outs of foreclosures. My advice would be to take an available real estate course at a local junior college or university or at a real estate school. These courses usually require about 72 hrs. of course work and passing the final examination which then allows you to take the state examination which will differ from state to state. Some states are now requiring 2 years of college as a prerequisite plus the required 72 hours of study in that subject matter. It is not as simple as it seems and as some will try to convince you that it is. Buying and selling homes can become a negative action just as easily as a positive one if you don't know your market and what your are doing.

[IIC]

Doug, thanks for the tip.. In all honesty I have a relative in Florida who does Real Estate for a living. He has offered to come to my house and show me how he does it.. He is very successful in this business and I figured if he is willing to teach I;m willing to learn... My business partner and I have wanted to use some of our profits from our business to help us along...

My advice...listen to what he has to say...then go your own way w/o him.

[IIC]

I hear that foreclosures all together are usually scams. Think about it, foreclosures are houses that are on the market because no one wants them. Before they are 'foreclosed' they get every chance to get sold, they offer it to people they know as a great deal and if they hire an agent and offer a low price and they still can't sell it. The last resort is to foreclose the house.

Generally that is true...However, in 1994 there were some fantastic foreclosure deals in West LA...Real Estate usually goes in 9 year cycles...Values will drop a lot in the next few years...Right now they are going after those that think they can get a deal...It is too early in the cycle...Doug

[dmk112]

First of all Carleton Sheets is a scam artist...He makes his money selling stuff that you could find out on your own.

http://www.infomercialscams.com/scams/carlton_sheets_no_down_payment

Second of all, I'd suggest waiting for the foreclosure deals...Why would you want to buy a foreclosure that will continue down in value...Wait till we are near a bottom unless you can find someone REALLY desparate to get out...It is too early to find many good deals...Wait till the Banks are willing to take less than they are owed or sellers are short selling to avoid foreclosure...Doug

I hear that foreclosures all together are usually scams. Think about it, foreclosures are houses that are on the market because no one wants them. Before they are 'foreclosed' they get every chance to get sold, they offer it to people they know as a great deal and if they hire an agent and offer a low price and they still can't sell it. The last resort is to foreclose the house.

[dmk112]

Doug, thanks for the tip.. In all honesty I have a relative in Florida who does Real Estate for a living. He has offered to come to my house and show me how he does it.. He is very successful in this business and I figured if he is willing to teach I;m willing to learn... My business partner and I have wanted to use some of our profits from our business to help us along...

Let us know what you learn, Runner. You can make a lot of money in Real Estate over the long term and ever more if you leverage yourself right.

Doug, thanks for the tip.. In all honesty I have a relative in Florida who does Real Estate for a living. He has offered to come to my house and show me how he does it.. He is very successful in this business and I figured if he is willing to teach I;m willing to learn... My business partner and I have wanted to use some of our profits from our business to help us along...

[IIC]

I’m going to start buying some houses through Carleton sheets program. I looked at a huge spike in bankruptcies and foreclosures occurring in my area. I wonder if this can be done with zero money down? Ya’ll think I joking….

First of all Carleton Sheets is a scam artist...He makes his money selling stuff that you could find out on your own.

http://www.infomercialscams.com/scams/carlton_sheets_no_down_payment

Second of all, I'd suggest waiting for the foreclosure deals...Why would you want to buy a foreclosure that will continue down in value...Wait till we are near a bottom unless you can find someone REALLY desparate to get out...It is too early to find many good deals...Wait till the Banks are willing to take less than they are owed or sellers are short selling to avoid foreclosure...Doug

[skiracer]

I know all of us here indulge in trading/investing in stocks, options and the like. But has anyone done anything in the real estate market? Since it's peak prices have fell in many places and I believe there is more falling prices to come. I've been reading alot about real estate as I do not know much about it as I am still renting. I'm thinking about buying in about 2 years but may do something sooner if the opportunity arises. I'm currently reading Buying a Home for Dummies and taking Master Real Estate course. Any other recommendations?



The above image shows the cycle of Real Estate. Where do you guys think we're at in the current state of the economy?

I think we're just hitting that area between anxiety and fear. This downward slope is the best time for those that have available cash an are not leveraged out from buying things that they couldn't really afford but got into because of plenty of available cash from the banks. Like stocks you have to wait for it to bottom out somewhere between capitulation and depression. Then the sharks come into the shallows and the bloodletting begins. One thing about real estate is that they are not making any more of it.

I’m going to start buying some houses through Carleton sheets program. I looked at a huge spike in bankruptcies and foreclosures occurring in my area. I wonder if this can be done with zero money down? Ya’ll think I joking….

[IIC]

I know all of us here indulge in trading/investing in stocks, options and the like. But has anyone done anything in the real estate market? Since it's peak prices have fell in many places and I believe there is more falling prices to come. I've been reading alot about real estate as I do not know much about it as I am still renting. I'm thinking about buying in about 2 years but may do something sooner if the opportunity arises. I'm currently reading Buying a Home for Dummies and taking Master Real Estate course. Any other recommendations?



The above image shows the cycle of Real Estate. Where do you guys think we're at in the current state of the economy?

I'd say we are fast approaching denial...the time to buy will be when we approach Panic down thru Despondency....You will still be able to get some great values up thru the approach to Relief....Doug

[dmk112]

I know all of us here indulge in trading/investing in stocks, options and the like. But has anyone done anything in the real estate market? Since it's peak prices have fell in many places and I believe there is more falling prices to come. I've been reading alot about real estate as I do not know much about it as I am still renting. I'm thinking about buying in about 2 years but may do something sooner if the opportunity arises. I'm currently reading Buying a Home for Dummies and taking Master Real Estate course. Any other recommendations?



The above image shows the cycle of Real Estate. Where do you guys think we're at in the current state of the economy?