When I was a kid
In 1960, I was came home crying because I got beat up by a bully outside my front door . My mom made me shut up and go back and punch the bully in the nose as hard as I could. It succeeded! The bully grabbed his nose and went home. The next day I was famous at my school. I beat the bully.
Later in life
In 1980, before I was 30, the same thing happened. But this time, the bully was the economy. We were in a recession with 20% interest rates and I had millions borrowed out on credit. I almost got wiped out before I got started good. However, my past lessons and experience that my Mom taught me still resonated with me. I transferred my property management business and rolled up my sleeves and went to work. By 1984, I had closed more than $150 million in tax shelter deals. I made a few million in commissions and I was back in the groove. I confirmed “When the going gets tough, the tough gets going.”
The boogy man is back. This time as the greatest ever recession. The good news is that I have been to a similar movie before, so I know what to expect. We have to deal with the issues and opportunities, or they will deal with us. Today we have the chance to buy real estate for 15% on the dollars and we can make money without having cash, credit or collateral. So why are we crying? After all, the most valuable part of a real estate transaction is finding, underwriting and structuring the deal for maximum value.
Have you been crying about your house in foreclosure? Before the tears start rolling to tough, why not find out if you can buy the mortgage back for 15 cents on the dollar? Or even $500 in the case of a property tax auction.
Most foreclosures today are big blessings. It allows the occupant or the titleholder to purchase the property for the discounted price at the Sheriff sale or to bid and buy the property at a public auction for as low as $500.00. When property is bought at an auction, all of the liens and mortgages disappear, so long as you do not buy it back in the same name and accidentally cause it to become a redemption. The best advice is to take an expert with you (like yours truly).
Believe it or not
In 2011, my class bought 5 houses for less than $4,000. All the houses had homeowners that did not even bother to bid $500 to buy their own home back… go figure?
Was it because they were sleeping and did not know that they could buy their house back?
How about you? Are you acquiring assets now or sleeping through the greatest opportunities you might ever have? If the latter is true, then perhaps you should consider putting down the mop and broom, and empower yourself with real estate knowledge that will allow you to succeed.
Just go to www.stratheracademy.com or call 313 444.9691 for our upcoming Free Live Seminar/Webinar Saturday March 23rd, 2014 from 1:00am to 2:30pm @ Tower Center 15400 Grand River 2nd floor Detroit Michigan.