The media constantly bashes my city and yet through all the negative statistics that attack Detroit Metropolitan, Michigan I see a vision for my city.My young age (21 years young) teamed with my business mindset and mentality (Been doing business since I was 13 years young) believes that my city is a diamond in the rough.

I am already seeing jewelry stores selling more silver and diamond jewelry then every before.I also like the idea of buying business as well especially since I am a big fan of Warren Buffet but it has to be something that can evolve over time furniture stores, grocery stores, or discount store(99 cent stores*) I am a big fan of car dealers as well but.

Ive been listening to Bob Diamonds material and one technique caught my attention that is called a "net listing".

I know investors that are making millions of dollars in this business NOW and I know investors that are going bankrupt NOW.Acres of Diamonds in your backyards, boys.

Before being on the commercial side I was doing mainly short sales on the residential side about 4 years ago.The real estate commission and many others didn't even know what they were.In a appreciating market lenders won't do short sales usually as by the time it forecloses the asset has improved in price to cover more of the lender costs.I will tell you in short sales you can't make sense out of non-sense.I have had a short sale listing where we received 10 offers at 105k.An out of county agent did the BPO for the bank.Comps used were horrible.Bank rejected all the offers and went to foreclosure 2 months later.Re-listed as REO in month 3 and sold for 69,000.No sense but whatever.Sometimes the investors who own the loan think they have a diamond and it turns out to be a lemon but takes awhile for them to see it.2 years is not uncommon to hold up.Many times the investor would prefer to do a workout and put back payments on the loan then to take a big loss.Example rather than foreclosing and taking a big hit investor opts to reduce the home owners interest rate down to say 3% and then roll in the past due fees.So loan at 8% at 200k now you reduce to 3% and roll in 40k in back fees plus the servicer still makes fees off of the loan.Some states are very expensive to foreclose in as they use the judicial process.Also many lenders were using MERS to record documents and attorneys for the home owners can sue to show the foreclosing party doesn't have a legal right to the property.If a home owner knows their rights they can drag it out for years and years.A lender defending a lawsuit in court can costs hundreds of thousands of dollars over time.A good publication to read is www.mortgageservicingnews.com

They are especially key to landing those diamond in rough type of deals with the banks or true motivated sellers.What so many investors fail to understand is that real motivated sellers use ALL avenues to sell their home, and this will usually include listing with a dependable real estate firm.

In the meantime I would market the house out to either a retail end buyer and/or investors who want to make the house a total diamond and get the higher end of the comps selling in the area.

And let's say you do quality work and there are some diamonds in the rough that have great returns.

Seeing the diamond in the rough is hard to do at times.

Bob Diamond is another who has materials on this topic.Quite frankly, I was able to sit through the free presentation (in person at REIA, but webinar is about the same), and I fiigured out how to do it without paying for any courses.