Obama's new cash for keys program

President Barack Obama has a new plan to help millions of Americans fight foreclosure by offering them a better shot at selling their homes. And nowhere is that help needed more than here in Southwest Florida.

I was interviewed by NBC about this. The house in the interview was just purchased for 40,200

Basically this plan is, the home owner gets $1500. and the bank get $1,000.00 to do a short sale or deed in lieu

:lol: :lol:

Edited: 06/26/2010 at 08:13AM

Michael Culler

Real Estate Investor · Tampa Bay, Florida

180 posts
354 Influence

Icon_minipost May 15 '09, 03:25 AM

Sweet! You are famous!

That reporter looks really skinny. Is she really that thin?

Edited: 06/26/2010 at 08:14AM by Michael Culler

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 15 '09, 03:37 AM

She just had a kid

Edited: 06/26/2010 at 08:14AM

Michael Culler

Real Estate Investor · Tampa Bay, Florida

180 posts
354 Influence

Icon_minipost May 15 '09, 03:44 AM

Mkay, take that as a no then.

Edited: 06/26/2010 at 08:14AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 15 '09, 03:53 AM

No she is that slim. Real nice lady. Seemed to have a real good head on her shoulders

I have worked with Fort Myers Newspress, Naples Daily News, Fort Myers Weekly, the Local NBC, CBS, Fox TV, along with NPR, WSJ and CNN.

You have to learn to deal with the media. They can be a marketing and SEO asset but, one wrong comment and you will have to dig ditches for a living after they are done making a fool of you.

Edited: 06/26/2010 at 08:14AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost May 15 '09, 05:33 AM

So how will this effect short sellers and loss mitigation specialists?

Edited: 06/26/2010 at 08:14AM

Michael Rossi

Real Estate Investor · Ohio

4587 posts
14256 Influence
14 Awards

Icon_minipost May 15 '09, 08:52 PM

Jeff,

I didn't know that we had a celebrity on BiggerPockets (other than Josh). Good job on the interview and that's quite a house for $40K!!!

This crisis IS going to all work out in the end. Jeff and other smart investors are picking up houses for pennies on the dollar; and greedy homeowners and banks will get what they deserve.

Mike

Edited: 06/26/2010 at 08:14AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 15 '09, 09:12 PM

I am enjoying and profiting from this crisis

Edited: 06/26/2010 at 08:14AM

Adrian Pillow

General Contractor · Warrenton, Virginia

69 posts
35 Influence
2 Awards

Icon_minipost May 16 '09, 10:53 PM

Congrats Jeff! Media mogul at large.

I agree that is a hell of a house for 40K!!! Even with a dirt road.

Edited: 06/26/2010 at 08:15AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 16 '09, 11:13 PM

We are closing this week on a pool home to fix and flip.

The market has turned enough to be safe to come out the bunker.

We really took a beating for about 3 years.

I should be "out" at the end of the next cycle

Everyone here keeps wanting me to call bottom. I am too busy doing business to worry about it. Typical herd mentality. They need someone to tell them its okay. Instead of getting the data and doing the work to find out for themselves if it is ok

Edited: 06/26/2010 at 08:15AM by Jeff Tumbarello

Nick J.

SFR Investor · Scottsdale, Arizona

2806 posts
27916 Influence
21 Awards

Icon_minipost May 16 '09, 11:36 PM

can I have your autograph

Edited: 06/26/2010 at 08:15AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 16 '09, 11:44 PM

We have a package deal. An 8X10 of Josh, Lippincott, MikefromOhio and myself. Signed with certificate of authtenticity. We pay you ten dollars to take it.

Edited: 06/26/2010 at 08:15AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost May 17 '09, 04:44 AM

I ate lunch with this media mogul just YESTERDAY. Much nicer in person than he comes through in posts!!! Thanks for the lunch Jeff. We'll do it again. Rich.

Edited: 06/26/2010 at 08:15AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost May 17 '09, 04:55 AM

I came to florida to look for myself. I was pleased with what I found. I'll spend some money here. I found homes for 35K, near new and with 2 car garages. The key is to find renters or maybe sell on owner financing, imo.

Edited: 06/26/2010 at 08:15AM

Robert Mack

Real Estate Investor · Bergen County, New Jersey

390 posts
2502 Influence
7 Awards

Icon_minipost May 17 '09, 11:31 PM

does there seem to be a demand for rentals in the area or are most people buying owner occupants or buying as landlords also. Seems to be some great deals if you can actually rent out what you buy.

Edited: 06/26/2010 at 08:15AM

Eliott G.

Real Estate Investor · Elgin, Illinois

134 posts
473 Influence
1 Award

Icon_minipost May 17 '09, 11:47 PM

Originally posted by Jeff Tumbarello

We have a package deal. An 8X10 of Josh, Lippincott, MikefromOhio and myself. Signed with certificate of authtenticity. We pay you ten dollars to take it.

I will take 1,000,000 units!

Send check to...

Edited: 06/26/2010 at 08:15AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost May 17 '09, 11:50 PM

THE RENTAL MARKET IS FINE

Edited: 06/26/2010 at 08:15AM

Michelle Sampson

1 post

Icon_minipost May 21 '09, 05:28 AM

I got laid off a few weeks ago and am struggling to pay my bills and support my family. One of my neighbors told me this morning that part of the Stimulus Recovery Act that Obama signed is supposed to create a significant amount of Census jobs across the country for the 2010 Census. Has anyone heard anything about this? I imagine that these jobs would pay reasonable salaries and am pretty desperate at this point to find some kind of employment. I read somewhere that a non-profit created census training classes on a scholarship basis. The link I found on google for it was http://www.nefuniversity.org/monster and it seems like the course packages are specifically tailored to the stimulus jobs that are going to be available. Has anyone completed these classes that can give me feedback?

Edited: 06/26/2010 at 08:18AM

Robert Mack

Real Estate Investor · Bergen County, New Jersey

390 posts
2502 Influence
7 Awards

Icon_minipost May 21 '09, 05:40 AM

I googled "2010 census jobs" , the first link was this:

http://2010.census.gov/2010censusjobs/

I think every decade their are temp jobs created from the Census I don't think it's b/c of obamas bailout plan but I may be wrong.

Edited: 06/26/2010 at 08:18AM

David G

Real Estate Consultant · OR

25 posts
32 Influence

Icon_minipost May 25 '09, 06:39 AM

Jeff, great interview.

Just trying to get an idea of what the lenders are doing in general.

On a scale of 1 to 10, how easy was it to negotiate (with the bank) for that house you bought for 40k?

Also, what is your exit strategy(s) on that one (and sale price if to sell)?

You are smart to not follow the herd.

Edited: 06/26/2010 at 08:19AM

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