All Forum Posts by: Derek W.

I was fortunate enough to able to attend this event live. It was very cool. Dr. Thornberg is always a blast to listen to.

I saw this and got so excited that they finally suspended the anti-flip law. But after further reading I think it just applies to the NSP program and not to general investors. How do you read it?

On Friday, FHA announced the suspension of the anti-Flipping 90-day waiting period.Prior to September 14, 2009, FHA products were denied to buyers purchasing homes from investors that buy homes, rehab them, and sell them within a 90-day period. Previously, the only option to purchase these homes was through conventional financing (which requires a higher down payment) or a cash-only purchase.This revision allows homebuyers to expand their market when searching for a home and gives them the opportunity to secure a much lower down payment. More investors and buyers will be encouraged to purchase homes due to this major change.

Take a look at the revision:Section 203.37a(b)(2) of the FHA regulations, 24 CFR, is hereby waived for a period of one year, September 14, 2009 through September 13, 2010, with regard to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program.http://www.hud.gov/offices/hsg/sfh/waivpropflip.pdf

You obviously don't know who the "distinguished gentlemen" I pointed out are. Those distinguished gentlemen (with the exception of David Kittle, I don't know what his stance was in early 2000's) were screaming as loud as they could that the market was heading for a severe crash. Please read Bruce Norris' "California Crash" that he published in January 2006. Dr. Thornberg published a number of article in 2005-2007 predicting one of the worst real estate crashed in history. Rick Sharga predicted that foreclosures would increase every month for the next 5 years in 2005 setting record breaking total foreclosure statistics. (He was right.)
So I refer to those men as individuals that have a track record of understanding the global and local economic picture and who have for the last 20 years provided accurate and valuable real estate economic predictions to keep little guys like me out of trouble. Which I why I didn't mention any economic predictions from C.A.R or N.A.R! They were the one's saying we would have a soft landing.

There are some great resources of local I.E. investors and economists that are studying the market for you so you know what to expect. Recently at the Nixon Library there was a gala of top industry experts discussion the market and what they saw coming. These experts included David Kittle, Chairman of the mortgage bankers Association, Dr. Christopher Thornberg from Beacon Economics, Rick Sharga, Senior Vice President Realty-trac, Joseph Magdziarz, Vice President Appraisal Institute, Bruce Norris, Investor and hard money lender, and other experts. You can listen to this event on http://www.thenorrisgroup.com/radio_show/
Great information. But the bottom line is, don't worry about the competition right now. It is temporary. We have 3 inches of buyers fighting over 2 inches of property, with 3 feet of property behind the floodgate. I don't care to debate how and when and how slowly or quickly the properties will be released, but there is no way they can artificially hold this real estate market with the tsunami of foreclosures that are hitting every month.

There is a gunk remover called "goof off" but then you don't get that free contact high acetone gives you.

waht do yu meen, "watch the nasty fumes?" I dunt git it?

Sorry to say, there are no deals like that out here. Nada. Nothing. Never happens. Better to stay where you are. :D

If anyone takes the deal, could you update us with progress reports. I would love to see if anyone could make a deal out of it and how. That would be better than an episode of Shark Tank.

I just scub them off with acetone and a rag. DO a test spot first, but the acetone shouldn't strip the floors if you're carefull. You can buy Acetone in any hardware store next to the paint thinner.

You don't "find" relationships, you build them. Over time. Just keep doing what you are doing and you will eventually start having agents call you with deals. Attend your local REI meetings regularly. Stay late and talk to people afterward. Call listing agents and talk to them about the weather or the moratoriums, or what they are hearing about the market etc. Call them again when you see they picked up a new listing and congradulate them on it. They will start to remember you and eventually they will have a property falling out of escrow and they will need someone to bail them out before they upset their asset manager. You will come to mind and get the call.