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- New York state foreclosures may top 50000 in 2008 - Reuters
- FDIC home-loan plan may get TARP funds soon-Bair - Reuters
- Fixed-rate mortgages - kjrh.com
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- US Needs to Pump $1.2 Trillion Into Banks, FBR Says (Update1) - Bloomberg
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Idiots surround themselves with idiots then have the audacity to wonder why they are not successful!
I’ve long understood the importance of surrounding yourself with successful people because our “environment” is critical to our success. For this reason I join mastermind groups to share ideas, network, learn, and to keep my real estate investing skills and techniques finely tuned. In addition to mastermind groups I love to hang out with like minded friends, and today my good buddy Stephen took me out to lunch so we could talk real estate and share war stories.
Stephen and I have been going out to lunch for years and we have a running competition to find dining establishments that are either a great value or a fine dining experience.
Don’t ask me how but Stephen found a Chinese place where we both had lunch and the total bill came to under $9.00 - and that included an appetizer! Cheap B@#$%@rd found a place that will be tough to beat! I’m thinking maybe Costco Dogs for $1.50 each with a churro should come in under $6 bucks. It’s just one of the ways we keep things interesting… and we’re also fond of good sushi and fine dining!
Next thing you know we’re trading war stories over lunch and busting each other’s chops on deals that have gone south, have an interesting twist, or required a court experience. The gloves come off and sometimes we come away with some useful knowledge. Other times it’s just fun to vent.
My fun deal of the week is I’ll be in the BK court this week because a rotten seller lost their house when they stopped paying a private loan. Should be cut and dry since the title to the house transferred EXCEPT they found some attorney willing to file Bankruptcy and include the house after the former owner was no longer the owner!
Even though the house was already forfeited and transferred via warranty deed it can be included it in the BK which forces one to petition the court to have the house released even when it should not have been a part of the BK in the first place. Crazy I know but trust me it’s real and while the entire game is going on no payments are coming in and the former owner is squatting in the house!
All the former owner is trying to do is stretch out the time they can live payment free in the house. It’s a sleazy thing to do but something investors have to deal with from time to time. It does set up the first lender for a short sale which could turn this into a real opportunity.
The good news for you is it is much cheaper and faster to learn from somebody else’s mistakes. In fact, if a real estate expert doesn’t have war stories and scars then it’s a good sign that they haven’t done very much in the business!
Stephen’s a sharp guy and he’s been around the block a few times and I’ve asked him to share a few words with you about what’s working for him right now in today’s real estate market. So here’s Stephen…
Author: Gerald Romine
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