I purchased a great property in Florida for 20k. I closed on it at the beginning of January. I got it fixed up and on the market on January 27. I spent 5k on the assignment fee and put 6,500 into for rehab. I got a full price offer of 68,500 on January 28th and it went under contract today. I should net between 25k to 30k. Ohhh I love real estate. Just do it!

DONATION UPDATE!:
Ok, I verified that there is trouble with that paypal account and paypal is looking into it, so this is the new paypal address to pay to: paypal@deangraziosi.com . Remember to designate it as a 'gift'. We've lost a lot of donations with that not working. So, if you did try to pay by paypal and it didn't work, please try with this new info. Thank you everyone!

UPDATE:
OK, I want to say that I get such a thrill out of doing this contest and that reading the up and comers reminds me how I was in that position once myself. I will not forget how difficult it is to both get started in REI as well as how much dedication it takes to turn a negative profit business to profitable again. I NEED YOUR HELP!

It was a quiet week for meaningful real estate related news. However, there were a couple of stories of interest:

Mortgage Applications Surge

Last week mortgage applications jumped by 23% according to the Mortgage Bankers Association. Of course, record low interest rates are the reason. Last week mortgage rates hit new record lows:

• 30-year fixed rate 3.89%
• 15-year fixed rate 3.16%

82.2% of these mortgage applications were for refinancing, as home buyers are still not in the market at anywhere near historic levels. Some analysts point to this as illustrating that home sales aren’t overly interest rate sensitive. ARMs, Adjustable Rate Mortgages, that are resetting during this period are making borrowers happy. Many are enjoying lower rates after the reset.

2012 Mantra "Nothing Is Impossible" I have realized its really all about your mindset. Its not the buisness its YOU!!! Feel Frustrated? still chopping at the same tree and its not falling? Well get a chain saw and cut the sucker down!!! Get focused copy proven systems that are working for others and make $$$ How many bandit signs have you put out? How many letters have you mailed? Have you built a buyers list? Ask your self what have you done today to to increase your calls? I have watched a company not related to realestate go from 2 employees to 40 in 3 years grossing 2 million a month!! They are no different then me and you! I now believe There must be guys around the country that flip 30 to 40 houses a month why?

It depends on who is writing about it how you might view the December performance for new home construction and the outlook going forward. Two articles this week, one at the MSNBC site and the other over at CNNMoney used the same government reports but interpreted them differently for how new home construction is doing these days.

MSNBC

The article title is “Housing starts fell in December, capping a grim year.” Builders started just 606,900 homes last year, only slightly better than the previous two years. That’s roughly half of the 1.2 million starts that most economists consider a healthy market.

Jeri and I are in again! This will be our second time attending the edge event and look forward to networking, meeting great people and having a good time!

Look forward to meeting you there soon!

Tom and Jeri!