OfflineNow is the time to take advantage of this market!
From the NY Post
Residential-foreclosure figures for January, compared with December.
Jan. 2009 % Change
Bronx 33 up 267%
Staten Island 58 up 76%
Manhattan 5 no change
Brooklyn 12 down 14%
Queens 170 up 56%
Total foreclosures are up 64%!!!!!! This is the time to take advantge of this. NY just had one of the biggest foreclosure auctions ever. Some Houses had starting bids at 60% below cost.
States with the biggest in homeowners 90 days late in paying mortgages (4th quarter 08)
1. New York up 35%
2. Arizona up 34%
3. California up 31%
4. Conn. up 29%
5. New Jersey up 28%
This should keep us motivated. We need to all try and move as fast as we can. Houses have never been so cheap.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I was reading it today 03/09/09 about that auction @ Javit Center a house worth 95k was sold for $12500, incredible.
Yeah, it is amazing. This just shows what is out there, and that it can happen, and we can get them for this cheap, and we can do it. I did not know about the auction, I wish I did. But there are many more avail out there.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Hi,
Viliame, Where did you find the info about the auction, is it online?
I will find it, but if you have a link I would appreciate it.
I sent out a couple of great leads last week to 2 of my buyers about 2 of the properties that were in the auction and I have to go and follow up to see if they managed to buy the properties before Sunday.
There were 750 houses in this auction in the NY NJ PA area.
I am thinking that the "Tri State Area Investors NY,NJ,PA,CT" should have known about this!
I did get the first email about this about 10 days ago, but it never dawned on me to post it on our REI club page!
There are other auctions coming up in other areas.
e.g. http://webmail.****/41757/aol/en-us/Suite.aspx
Jeremy, I think we cannot be the "Tri State Area Investors NY,NJ,PA,CT", there are 4 states in that title, I have a friend who lives in Virginia who has invested before (that is one contact), my best friend lives in Miami and has her Florida RE license, (that is another contact) between the members of this group and the contacts that we might have between us, maybe we should change our name a little and be Interstate Investors or something similar ???
The more I think about it, the more I think that we should all get together and talk this out.
Angela
I changed the name. I had the tri, plus one state haha, so it is interstate investors now.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Perfect!
How can I get started with buying if my credit score, which is only 560, and I am unable to get any assistance from a mortgage company or banks? I am VERY motivated and have set my mind to succeed in real estate. I am a single parent and I don't have any money to put down. Which is why I purchased Dean's book, "Profit from real estate right now, the proven no money down system for today's market". I haven't finished reading the book yet, and I will indeed finish it, but I was wondering if anyone had any ideas. By the way, I don't have a well off family member that I can get money from either.
Find a friend to partner up with. work out the details .
You can also bring your credit score up by asking someone or more then one person you know with a great credit score to add you on their card. Its called piggy backing. It does NOT effect their credit in anyway. All it does is let you benefit from their good credit which will boost your score up. You can't hurt their credit at all. You don't get a card or their acct# or pin#. Actually in the end if they screwed up and stopped paying it would hurt you.There is no risk at all for them.
hope this helps.
Richie.
Thanks, Richie for the information. I obviously don't know anyone with a credit card that I can just ask if I can piggie back with them, but that can hopefully help someone else. I thought that I made it clear that I do not have any family members that I can ask for money from, and they definately don't have credit cards. As a matter of fact, their credit score is probably worse than mine. I will just continue reading the book and pray that God can guide me and maybe I will come across someone that will be willing to give me the opportunity to show them that I am determined to make it.
You can! I found someone on this site that I am partnering with. I am 18 and don't have much credit at all yet, but you can do it. Don't give up no matter what. You don't need to work with family or friends, you can make it.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Guy's, I send you a PM. Invite others in the area.
Cheersss!!!
Viliame.
Ok. There are other avenue's you can explore.
You can bird dog for other investors.
You can try owner finance deals.
sandwich lease options.
Read the forums. You WILL find a way that suits you. Then it is just a matter of making it happen.
Put together a buyers list. I have a guy from work asking me to get him a house in a certain area. He just walked up and asked me a day after going out with a realestate agent. My guess is he feels more comfotable with me setting his purchase up and doing the haggling for him. I will use the IEE( i think thats right) method from deans new book.
Botton line is NEVER give up! Find a way around any obsticals you may encounter.
good luck.
Richie.
Welcome to the DG family, great to have you here with us. You can do this without credit AND money. This is what Dean teaches! If you have a little specialized knowledge on how to find a good deal, then put a seller and a buyer together, you don't need either one. You're the middle man and you get paid very well for what you do. That's the whole concept of wholesaling, assigning, flipping, bird dogging, owner financing. All of it can be done with 0 credit and 0 money out of your pocket. Just learn the how to's and you can get it done. The hardest part is getting over your fear and taking action! I hope this helps you.
God bless you,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I thought that could be done! That is great. I guess that I should be asking the DG family if there is anyone out there willing to partner with me? I am willing to do the work and I will be working in the Lexington, South Carolina area. There are really great deals out here. If anyone in the family is interested, please do not hesitate to PM me.
Much success to all of us!!
did a search on the site for "piggy backing" (to increase credit score??), but this is the only reference to it. Know someone who could greatly benefit from that. Can someone explain the purpose and method of doing that? How long does it take to have an affect on that person's score and HOW MUCH of an affect does it have? Thanks in advance
Without a vision the people parish. Prov 29:18
Hello All,
I'm new to the DG family. I'm still awaiting Dean's books and other material; however, I accessed the AFF online and started reading about Dean's methods, as well as trying to get set up. I'm super excited! I've also been reading the wealth of information you guys have been providing on the forum. Incredible! You all seem diligent in your efforts to assist new investors by any means. I'm glad that I decided to take the next step in joining this group. Thank you and looking forward to seeing you all at the top!
P.S. Can someone please explain to me the differences between wholesaling, assigning, assuming the loan and bird dogging. Are these terms used interchangeably?
T. King