All Forum Posts by: Richard Warren

Originally posted by firedragon:

I'm not looking to fleece the guy but I've learned that if I don't say anything he'll just take advantage of the situation.

Let me get this straight. YOU haven’t paid rent in three years and you’re worried about HIM taking advantage of the situation?

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Originally posted by Jon Holdman:

Demand for housing has dropped dramatically w.r.t. the supply.

That's my point. So many people in the US are lured by the low prices without realizing that the prices are where they are for a very good reason. There is such a problem of oversupply that Detroit is actually bulldozing entire neighborhoods.

My question is really in regard to what a foreign investor sees that makes them consider investing there.

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Originally posted by Bev Willerby:

I am interested in purchasing in Detroit and would like to check the market out a bit more 1st.

I'd be curious to know what is attracting you to the Detroit area. So many people wouldn't even consider touching it. What is attracting a foreign investor?

Maybe we're missing something here.

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On the low end of the Vegas market prices have stabilized or ticked up slightly. The issue is lack of available inventory. A lot of homes listed on the MLS are not available due to pending short sales or are otherwise under contract. REOs on the low end wind up in bidding wars. Banks accept offers for a short time then go back to the highest ones and ask for highest & best. The banks have wised up here.

This is not a prediction of the future - just where we are at now.

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There is one way you can compete without a huge budget. Get out and network. I’m not talking about REI meetings loaded with your competitors. I’m talking about business networking, chamber of commerce, and various business organizations.

This is very much a people business. Get out there and let it be known that you buy houses. Have professional looking business cards. On the back of the card you should list the type of houses you are looking to buy.

Everyone who needs to sell a house knows plenty of people. When they talk to their friends, associates, etc, you want the person they are talking to to say “Hey, I met a guy who buys houses, let me get you his card.â€

Networking is very much down in the trenches activity and it works. I have personally built several businesses through networking without spending thousands of dollars on marketing. It’s not easy and takes a lot of effort. That’s why they call it netWORKing.

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Originally posted by Danny Day:

Question: A friend of mine told me you can not purchase homes from a wholesaler with a conventional mortgage loan. Is this true? I don't see why you couldn't.

Absolutely false. You are not purchasing the home from the wholesaler - you are purchasing a contract. The contract allows you to buy the home from the owner and you can certainly use your financing to do that. Many wholesalers look for cash buyers due to time constraints and that's where you may have an issue if you are purchasing with a mortgage.

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Remember that the figure for the first six months includes a lot of foreclosures that were held back due to the moratorium in place at the end of the year. Also efforts to increase the number of short sales as an alternative to foreclosures are ongoing. The 1 million foreclosures is a huge psychological level and I would think that our trusty government will take steps to keep that from happening.

All that being said – the number for the year will be huge, it already is. So far the cash has been coming in to eat up the inventory, but is it an endless supply?

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Congrats Josh!

Makes me feel small - my posts over the years are less than 0.75% of that total!

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Originally posted by Realtyman:

What state requires a "real estate license" for managers?

Nevada requires that property managers have a real estate license and property manager certification. They also require additional continuing education hours.

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There is a downside to hosting a "free" seminar. Most people assume (usually correctly) that it is really a sales pitch. Another factor is that something that has no cost is often thought to have no value as well.

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