Creating Wealth Through Real Estate

It has been way too long since my last blog post and I apologize as I have just been swamped with work. So this post is to sweep the dust off my blog and also update you all on our Granada Hills REO flip.

We had multiple offers in the first three days several of which were over asking price. We accepted one at $485k (ask price was $480k and started a 30 day escrow with our conventional buyer who was placing 20% down. After approximately two weeks, just shy of the 17 day inspection/appraisal contingency expiration, the buyer's appraiser came back with the figure.

To our dismay, the buyer's, the buyer's agent, and us, the home was only valued at $450,000! This comes after showing evidence of true and real comps (within 1/2 mile, most within the same subdivision), all within the last 3 months, that the value was indeed in excess of the $485 offer price. Again, we have an able and willing buyer wanting the home at that price and the damn HVCC steps in with their overly conservative appraisers who just don't get it and through out a number $30,000 lower.

Since we were very confident that the appraisal would come in at least close to the offer price, we did allow the contingency. Now we had three choices. Let the buyers walk, have them come to the table with $30k more to cover the difference (which they were not willing to do), or start negotiating.Now the negotiations re-started between us (the sellers) and them (the buyers) To start over and go to the next buyer and start a new 30 day escrow would have wasted another 3-4 weeks, so it was in everybody's best interests to resolve the issue. The result was that we were to reduce the purchase price to $477,500 and convert the front two bedrooms into one master suite. I agreed to do this, take the hit, and just move on.

We did have the room in this deal because we bought right, did a lot of the work ourselves, and were able to control the repair budget and keep it lower than most could do for the work we did. The place was a palace in case you didn't see the videos.

This decision was also based on the concept that by taking less profit now, we could get our money back out of this home and into others which would yield more income. Starting over may have got us a higher ask price, but we would still end up with a potential appraisal issue again (which would be resolved by not allowing that contingency), and we would lose out on another 3-4 weeks were are money was earning nothing.Let this be a lesson to all in this ridiculous appraisal market. Make sure you either do not give the appraisal contingency, or limit it to only 5-7 days, or have in place a stipulation stating that no matter what the appraiser come back with, the buyer is responsible for any difference. This could in fact reduce your buyers pool, but then again, it is such a large pool these days that it appears to be worth it so far.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including REO rehab flips. Join his next "Make Me An Investor" program by going to www.nationwidepropertyinvestments,com/education and start your journey to creating wealth through real estate!

We completed almost two dozen interviews for potential candidates interested in our Make Me An Investor Program which begins in one week. This will be round two of the program. The program is an intensive 8 week, hands on educational experience which teaches the students how to buy REO properties, rehab them and sell them for maximum profits, just as we do.

Every detail is covered and all of the strategies we use to succeed or divulged to the students. Most importantly, we teach them not only the how, but the what to do, what to say, how to do, how to say, down to every last detail. Then we make them do it and report back. This form of education has proven to be most valuable to our first round of students.

Don't forget to watch our video series available here on this BP blog as well as on our website. We look forward to reporting back this round of students' experiences and progress as they go through the program which covers the following: 

-     Finding The Deal Before MLS Listed
-     10 Biggest Rehab Mistakes
-     Building Your Team
-     Raising Private Money
-     Calculating Repair Costs
-     Working With Contractors
-     Liability Protection & Insurance
-     Exit Strategies - including Wholesaling

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including REO rehab flips. Join his next "Make Me An Investor" program by going to www.nationwidepropertyinvestments,com/education and start your journey to creating wealth through real estate!

I hope you all have enjoyed our videos as much as we had producing them! They were a lot of fun and hopefully eye-opening for you.

Nationwide Property Investments has a new hands on program called Make Me An Investor which is an 8 week program teaching students EXACTLY how to maximize profits on REO rehab flips. Our next program starts soon, so take a look at our final video right here:

It is no secret that REO investing is one of the most viable strategies available to investors during these current market conditions. If I asked 10 investors how they were acquiring their REO properties, I would get 10 different answers, however, part of the answer would be the same (or very similar). The common response would be, "well, I make a lot of low ball offers and eventually get one accepted." I have stated several times that while this is certainly a way to go, I don't believe it is the most effective or efficient means to acquiring REO properties.

I have also stated many times that the best way to do so, is to get the properties under contract BEFORE the public knows about them. This eliminates your competition, eliminates the common place bidding wars in many areas of the country, and reduces the amount of paperwork and leg work for both the investor and their team members (specifically their agents). Let's face it, agents want to make the most money with the least amount of effort! Don't you!

REO investing is NOT a simple or easy process. It requires a multitude of abilities and knowledge, of course, experience never hurts either. Generating creative means to acquire these properties prior to public knowledge is one of the "real hidden secrets". Yes, I said secret, because if you don't know how, it is certainly a secret to YOU! I am by no means claiming to be the inventor or founder of these strategies, but I certainly know how to get them done which is how and why I am a successful REO investor.

A very valuable piece of information I can share with you is this: Relationships, relationships, relationships! We have all heard the similar statement about location, but the true key, as far as REO investing is concerned, is relationships. You must form these with REO brokers, and lots of them. A strong network of relationships in your corner is a true key to being successful in the REO investing business.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including REO rehab flips. Join his next "Make Me An Investor" program by going to www.nationwidepropertyinvestments,com/education and start your journey to creating wealth through real estate!

We are now under contract on our Granada Hills home! Listed on MLS Monday and agreed purchase contract just three days later! Not too shaby!

Buyer has 17 days of contingencies and then must close or lose the EMD (earnest money deposit). It was difficult, to say the least, to inform the now back up offer buyers that they are not getting the home. They loved it and are quite dissapointed.

Competition is certainly fierec in our market and the back up offer buyers agent eluded to that fact by explaining they have been second best several times. I feel bad as I understand their position.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Our Granada Hills REO rehab flip went very well and we just put it on the MLS late Sunday night, so Monday was the first work day that the agents could see it. We had 5 showings on Monday, plus two walk-ins. On Tuesday, we had 9 showings, and today, my phone keeps ringing from agents who want to show the property!

I alsready have three offers in, and they are very strong offers indeed. One is above ask price with 20% down (not too shaby!). I am telling the agents today that they are more than welcome to show the property, but their clients had better get there fast and write an offer tonight, as tomorrow will be too late. Looks like I have the offer I want, but will give it one more day to see what else comes in.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

We have completed the rehab in Granada Hills, CA and it now awaits a buyer, We have pre-marketed the property and it just now hit the MLS. It was a lot of work and we put more into it than originally planned, but we are very happy with the results and all potential buyers and agents have loved the home and complimented on the quality of the workmanship.

If you would like to view it on the MLS, you can by searching the MLS # T09089044 and you can also view it both on our wbesite and on realtor.com  All agents are encouraged to bring their conventional (or all cash) buyers as we do not expect this georgeous home to last long.

I will update you all on the progress of the sale as it happens and post any details that occur. Be sure to keep an eye out for our next video and if you are interested in doing what we do, then you must join our next make me an investor program which is a hands on educational experience lasting 8 weeks and no details are left out. We are accepting requests for interviews as not all candidates will be accepted. Contact us by email with any questions or for an interbiew request.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Time is running out! If you want to learn EXACTLY how to profit from REO properties in this market and stop wasting time with the other unsuccessful methods, then contact us immediately for an interview. We will review each candidate for entry into our program and there are limited spots available. Send an email to info@nationwidepropertyinvestments.com for details and an interview request.

Today was a very productive day at our Southern CA rehab project. While I had to deal with some quality control issues on one end which set us behind on our time line, I was productive in other aspects.

Cleared the pile of scrap in the backyard and tossed it into the dumpster, went to my second home (Home Depot) and picked up some sheets of 5/8" plywood to lay down as flooring in the master bedroom (the floor level in this room was 5/8" below the hall and other bedrooms and needed to be raised so the carpet had no transition problems once it is laid), the toilets for the two bathrooms, some misc. supplies, and materials to build a small fence around the pool equipment.

The flooring in the master bedroom (plywood purchased) was installed and screws were used to keep in place, the bricks and mortar were completed in the front entryway (they look great), and I repaired several of the broken fence pieces in the backyard. It was hot today (not quite as hot as the previous few days) so I jumped into the pool to cool off towards the end of the day as I have the previous few days. What a life saver this pool is!

 I was not satisfied with the texture coating and paint job in the bedrooms so I had the project coordinator come to the job site to talk about my concerns. He will have the workers sand down the texture and repaint the areas so that the quality meets my standards and I was happy with the implementations he instructed the workers to perform. Tomorrow, I will again check the quality of the work to make sure it is to the standards our potential buyers would expect in a home of this quality and cost.

This set-back is a perfect example of why it is so difficult to perform and manage a rehab project form out of state and why I will not do so again. All of my rehab projects are and will be local, and when the time comes that the market is not condusive to this strategy, I will adjust and adapt as I have always done.

We had the livingroom fireplace completely refaced with red brick (the existing brick was old and ugly, and some were missing or broken) and it looks fantastic. It really makes the room and since we removed the ugly 70's style wood paneling on the walls in the living room and dining room, the new look will dazzle the potential buyers who see it. I am very pleased with the outcome (although it was an added cost not factored initially, the expense will be re-couped in the sales price).

Looking forward to what tomorrow brings!

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

As most of my blog readers know, my most recent REO purchase was made in Granada Hills, CA for the very low price of $312,500. I have since put $42,000 into it in rehab expenses and it looks like a brand new home! It will be sold to an end buyer for at least $485,000 which will give a gross profit of $130,500. After holding costs and re-sell costs, the net profit (pre-tax) will be over $90,000 on just one deal!

Follow our video series on this rehab project and watch how we do it. We have several students in our "Make Me An Investor" Program and they are in their 5 week of the 8 week program. They are doing fantastic and are learning the process in a hands on fashion, getting all their questions answered, and travel with us to potential rehab projects, to our current rehab project, as well as listening to actual phone calls with agents and service providers.

We are announcing the second round of our Make Me An Investor Program today and invite each of you to contact us by email for an interview request. As in the first round, not all applicants will be accepted. We are looking for dedicated and motivated people who want to learn the right way and who are truly committed to success! In doing so, our student success rate will be second to none. Getting the tools and contacts necessary is only one step in this process. The other is up to you! You must do the work as the profits will NOT just fall into your lap. Our program is not a get rich quick scheme or some bogus means to artificially excite you. You WILL be required to put forth the efforts required to be successful and those who do not show the qualities to do so will not be allowed into our program.Limited spots will be available so contact us ASAP for an interview request.

If you had an interview for round one but were not accepted or did not enter the program, we may require you to re-interview so please contact us by email to check in. We can take both local or out of area candidates. The local candidates have the advantage of personally visiting our rehab projects, but our out of area ones are certainly invited to do so and we also have many videos and visual aids to make you a success.

Our 8 week program will teach you exactly how we locate, negotiate and close REO properties at steep discounts, rehab them, and then re-sell them for maximum profits. The program includes building your team, funding your deal (includes locating private funding), dealing with contractors, exit strategies (including wholesaling), market and financial analysis, calculating rehab costs, and much more! No stone will be left un-turned and ALL of the strategies and techniques we use for success will be shared with our students for this money making investment strategy.

All candidates are required to interview for a spot in the program. You may do so by sending an email to us at will@nationwidepropertyinvestments.com expressing your interest in entering the program.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Follow his new video series on buying, rehabbing, and flipping REO's for maximum profits at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

We just completed part IV of our Make Me An Investor Video Series and are very pleased with it. It has been a lot of fun doing both the rehab on this project and filming the videos so that you all can follow along with us.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Today, the pool was replastered at our Granada Hills, CA rehab project and it looks great. The pool will sparkle now once the water has filled. (Can't wait for the pool party!) The tile in the entry way, dining room and kitchen was picked up today and our crew got a great jump start on the install of it. It really looks fantastic and will be a warm and inviting experience for potential buyers.

The roof repairs were also completed today and the two bathroom remodels are done except for the vanity installs (all the travertine is installed and the walls are all done and repaired). I spent a few hours cleaning up the scrap from the back yard and front yards and tossed it in the dumpster, watered the lawn in the front and cleaned up the front appearance as we get closer to having potential buyers look at the property now that it is close.

Monday or Tuesday will be the day in which the interior walls get texture coated,  the remainder of the baseboards installed, and then the painting. The exterior is mostly complete other than a few touch-ups and the front elevation, which has been dramatically changed, looks fantastic! The before to after pictures of the front elevation are going to show a dramatic improvement, so much that it will look like two different homes. Of course the interior has some dramatic and fabulous changes as well!

We also had another conference call with some of our students today going over the weeks work as well as the past two weeks. It was another great session and our students asked some great questions. Next week they hit the streets again and get some offers made. We look forward to seeing their first deal contracted!

Stay tuned for our next update as well as the next video in our Make Me An Investor Video Series.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Welcome back to our updates on our new investor program called, "Make Me An Investor" It is all about teaching our students EXACTLY in full DETAIL from start to finish, how to buy REO's, rehab them, and re-sell them for maximum profits. Our current students are doing great and are loving every minute of the program. We are real educators teaching othres what we do, as we do it!

Take a look at our video series, part III.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Today was another very productive day at our Granada Hills, CA REO rehab project. The plumbers put in the new pipes and fittings for the bathrooms (shower, bath, and sinks) and got rid of some of the old piping that was no longer used and just in the way. The master bath shower is completely framed in and the hot mop guys came out and did their thing. (Dang does that stuff smell!) After they completed the work, the shower was filled with water and then it will be checked tomorrow to be sure there are no leaks.

I went to our tile suppliers today and picked up some great looking travertine tiles that are 18" squares. They will go into both the master and hall baths for the floors and shower and bath. I got a smoking deal on these and when the buyers walk through this home, they will be very impressed indeed!

The finishing crew has all the new door jams and doors hung and the door moldings have been installed. Some of the baseboards have also been installed and it all looks great. Most of the paint prep is complete and the walls are ready for painting but that can not start yet until some other items are completed, such as the tile installation in the bathrooms and some electrical work in the bedrooms (ceiling fans and wiring install) as well as some other minor items.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Today was a very productive day. Almost all the 6 panel interior doors were hung (they look great), much of the drywall and paint prep is finished, and the floors in the bathrooms that were bad have now been replaced. The master bath shower has been re-framed and the layout of the lighting and fans for the bathroom and shower are now confirmed.Tomorrow, I will go back to Home Depot and get some more electrical supplies and lighting fixtures and then install them so the finishers can complete the drywall and prep in the master and hall baths.Today also marked the first phone conference with our "Make Me An Investor" students and they had many great questions. The phone call went very well and was most productive. I felt very excited as if I was learning for the first time again! I enjoyed all the questions and hope that our students equally enjoyed the answers. I am very confident that with hard work and perseverance, each of our students will reach success!

Until next time, stay tuned. . .

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Part II of our video series is now released. Today at our rehab project in Southern CA, we had some surprises in the bathrooms, completed all the demo work, got a great start on the drywall and paint prep, and even had one of our students present on site! He was able to walk the entire project with us, asked many questions and went back home with a greater understanding of how this business works.

Watch our newest video right here on our BP blog as well as on our website at www.nationwidepropertyinvestments.com/videoseries

Today, I had two crews working on the balance of the demo today on our Southern CA REO rehab flip. The bathrooms are now gutted and the walls are knowcked out in the areas needed where we will be re-arranging some items. I personally did the demo on the tiles in the family room where I will be changing the flooring to carpet to warm up the place.

The second crew finished the rest of the baseboard and door casing removals as well as the balance of the interior doors and jams (all will be replaced new). They also scraped the hallway ceiling where the acoustic was and the bonus room was prepped for painting. Tomorrow, the bathrooms will be looked over by myself and my contractor to decide exactly how much tile and other materials are needed.

I went to Home Depot again today to pick up the panel boards for the new skirt around the spa I wil have built as well as the cast iron tub for the hall bath. Unfortunatley, the trip to HD tok longer than expected, so by the time I got back, all the workers were gone, so I could not unload the tub out of the truck on my own. It remains there now as I had to leave it in my truck (no harm, no foul).

Today marked the start of our "Make Me An Investor" program and our students received the first weeks information to get started building their team. A phone conversation is set for Wednesday to go over in detail everything that is needed to accomplish as well as answer any and all direct questions our students may and will have.

What is even more exciting is that our students have been invited to the rehab project to see first hand the process in action. Not only that, more filming will be done on the project and any students present will have the opportunity to be part of the videos. There will be more opportunities for the students who do not make it to the job site tomorrow, as we will make sure each of them get first hand experience. Stay tuned for our next blog post which will update you even further on the process and the exciting things that are to happen!

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Today was major interior demo day! I did much of the work myself, for one to keep costs down, and for two, it is great anger management! There are so many ways to release aggression doing demo work, and best of all, it is productive.

I took the sledge hammer to the bathroom countertops, shower tiles, and vanity. The only thing left in the hall bath is the toilet and the tub (my crew will get that on Monday). In the master bath, more of the same, but the shower is not finished with the demo work as we are moving some walls and re-arranging the layout.

The floor tiles in the living room were pulled up as well and the dumpster received lots of action today! My pool guy (also a very good friend of mine) drained the pool and cleaned it out. It is now ready to be re-plastered next week. It will look great when done and really add value to the home. My bathroom remodel crew starts Monday and they will finish the demo work, finalize the material order and start the rehab.

Stay tuned for the Monday report on this exciting rehab project and we should have more videos for you soon.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

We have finished the filming and editing of part one of our new video series, "Make Me An Investor" and you can watch the video by following us on twitter. Just go to my profile and click on the twitter link, "what am I doing right now"

As soon as I figure out how to embed the video right here on this blog, I will do that as well. If you know how, feel free to comment here with instructions. I appreciate any time saving assistance I can get!

As we work through this particular REO rehab project in Southern California, we will be filming the progress and posting the videos here on our BP blog as well as on our website at www.nationwidepropertyinvestments.com/ourblog so be sure to watch it. It will be a great learning experience and lots of fun too!

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

And the candidiates are . . . . .

Not quite yet, the public will have to wait just a bit longer. The selected candidiates are being informed via email as we speak as to their slecetion into our program. They each have a deadline to meet which is Monday at 3 PM. Once we have all of our selected candidates meet their given deadline, I will publically announce who they are. This will take place on Monday, sometime after 3 PM Pacific time.

We are setting up times and dates for our videos to be recorded so that each of you can follow the rehab project as well as follow the progress of our students. We are working on something very special and top secret and it will also be announced in the near future so stay tuned for that as well.

To be continued . . . .

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

I had seven phone interviews today for prospective individuals wanting to enter my new investment program in which I take 4 individuals by the hand and teach them how to buy, rehab and retail flip REO properties right here in Southern California. All the interviews went very well I am happy to say and it will be a very tough decision as to which of the 4 will make it.

I have already locked in one and therefore, only three more will be accepted into this program. I informed each of the candidates today that they will have the unique opportunity to visit one of my actual REO rehab projects and they will see first hand, in a live experience, how it is done. They will be taught which items are of greater importance to spend money on and which are not, resulting in the production of maximum profits.

Each student will learn how to build their team, how to perform proper market analysis, as well as the financial analysis, how to market for private investors and partners, how to deal with real estate agents and contractors, how to negotiate contracts, and much more.

Stay tuned to find out who will be the chosen 4 and to watch their progression right here on my blog.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including rehab flips. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

California loacted REO's require a specific breed of investors to maximize success. We all to often hear about creative financing strategies to acquire properties and while they may be true, they do not work for all types of investments in all cities across the country.

California had one of the largest rapid real estate booms ever from 2001-2006. Home prices shot up so fast, it was impossible to keep up. Any home, in any area, in any condition could have been purchased, sat on for 3 months and resold for tens of thousands of dollars in profits. Now that the bubble has not only burst, but exploded, we have experienced one of the greatest rapid declines in the country over the last two years.

REO properties are everywhere. So how does one profit in this current CA market? Prices have dropped so far and so fast, that in many areas of Southern California, homes are once again affordable to first time homebuyers as well as other buyers. We are experiencing multiple offers at and above asking prices as buyers attempt to outbid the next. Banks are aggressively underpricing their properties knowing it will create the buying frenzy and have multiple bids within the first day the property hits the MLS. This does not make for a profitable situation as an investor as we would never participate in a bidding war. Once more, we can not compete with an end user who is willing to pay full market value for a home.

Properties that have been listed for over 120 days are usually in very bad shape and or in very bad areas and do not always make for great profit potentials for us investors. I have found the best deals by getting my offers in to brokers before the property ever hits the MLS. I also meet the BPO agent there to encourage the very lowest BPO submittal price as possible. Then, assuming the bank came in at or below the suggested list price, I have the broker submit my all cash offer before the public every knows it is there.

A few days later (assuming all goes well) I have locked up an REO at a great price and look to rehab and flip it to an end user (retail it) or flip it to a rehab investor (wholesale it). All cash offers get it done and it is very difficult to get your price points when you must use debt leverage when dealing with banks.

If you want to agressively go after the REO market in CA, come equiped with cash, as your net result will be much more profitable. Good luck and happy investing.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing. Join his FREE Membership at www.nationwidepropertyinvestments,com and start or continue on your journey to creating wealth through real estate!

Nationwide Property Invetsments, LLC is putting together individuals interested in buying REO properties at huge discounts to current market values. Most REO listings on the MLS are at full market value or just below it. Why pay retail!?! Most buyers do not have the financial resources or the ability to buy bulk REO tapes or buy direct at auction, trustee sales, etc. and therefore have only the MLS as an avenue.

We are changing how this will be done. Now, any individual associated with Nationwide will have access to bulk REO properties at bulk pricing and never pay MLS pricing again. Don't have the time or experience buying at auctions? Thats ok. We can get pricings of reo properties at bulk rates and deliver them right to your computer. No hassles, no fees, no experience necessary! Are you simply a buyer looking to buy your first home, or perhaps move to another home, stop using realtors who only search the MLS for properties where you will pay full or close to full market value!

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Several homes are now empty because of foreclosures. The vacated houses sit inside a northwest Las Vegas ZIP code that has more than 1,500 foreclosures.

"We knew who our neighbors were," Soudbakhsh said. "Now, we don't even know who's next to us."

Against that backdrop Wednesday, Senate Majority Leader Harry Reid talked up the new Neighborhood Stabilization Program, which provides money aimed at getting people into empty, foreclosed homes so that the properties don't continue to bring down their neighborhoods.

He was joined by Las Vegas Mayor Oscar Goodman, Las Vegas City Councilman Steve Ross and Phyllis Hargrove from the U.S. Department of Housing and Urban Development.

The $3.92 billion Neighborhood Stabilization Program is part of recently passed federal housing legislation. Nevada is in line to receive $72 million targeted at foreclosed and abandoned properties, including $22.8 million for Clark County and $14.8 million for the city of Las Vegas.

North Las Vegas has $6.8 million coming, and Henderson will have $3.2 million.

The funds can be used to buy property, demolish or rehabilitate properties, and offer help with down payments and closing costs for low- to moderate-income home buyers.

"Plans for the funds are due Dec. 1, and the money is expected to be available in mid-January, Goodman said.

From the Las Vegas news journal October 08'