Live Blogging from Vegas, Baby!

OK, I am halfway through Fortune Builders' 5-day bootcamp on real estate investment marketing and wholesaling. I cannot recommend it more highly!

It's like drinking from a firehose! Nothing but content! I've been to a lot of seminars where they spend a lot of time trying to sell you more seminars. Not so here!


Whoops! Gotta go, time to pay attention again!

More soon...

Cass

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Scared yet?

Stumbled upon this gem over at "REIFR". Money quote:

Yet, in this market there are good investment choices, because of the
risk. Those who pull the trigger and guesstimate correctly will be
rewarded handsomely, but many might lose. If there was no loss,
everyone would invest.

Full story here:
Oh, Those Scary Unknowns in Real Estate Investing | Real Estate Investing for Real Blog


Cass

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Is it the real deal?

Got an email today claiming:

There's a new Real Estate Investing Club in Baltimore called The Real Deal.   Finally, a FREE real estate club that truly wants to educate, share and spread the power of real estate investing, without any BS. That's right no courses, seminars, or tapes, to sell, just the facts about real estate investing, no general information.  If you can handle the truth about real estate investing then you will want to be a part of The Real Deal

A quick check of their web site (a group page on meetup.com, which is a great way to get going cheap!) reveals they started in March and have met twice so far. I recognize the names of a couple of their members, but not the principals. Any feedback on the group, the meetings, or the people behind it would be appreciated.

I'm out of town on the 28th of the month, when their next meeting will be held. Someone go and get back to me, K?

Real Estate Investing / The Real Deal (Baltimore, MD) - Meetup.com

Cass

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Investors -- know your 1031 Exchange rules

This just in from my title insurance underwriter's newsletter:

Section 1031 of the Internal Revenue Code ... is extremely beneficial to investors because it allows them to reinvest all their net equity into another investment property without paying capital gain taxes.

However, ... there are many ways an investor can get tripped up in the tangles of complicated
IRS rules and regulations and the tax code requirements of a 1031 exchange.

Know the pitfalls! Read it here:

Pitfalls to Avoid
in 1031 Exchanges

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The Real Estate Wonk on Foreclosures

Jamie Smith Hopkins, over at The Sun, has a piece today on finding foreclosures. Great as far as it goes, and you should bookmark all the links she includes, if you haven't already.

But professional investors, take note: she says nothing about marketing for foreclosures, and the inherent dangers therein. If you are actively marketing for foreclosures, e.g. "We Buy Houses -- Avoid Foreclosure", you may be courting legal trouble if/when you buy a foreclosure.

The Real Estate Wonk: How-to Monday: Finding foreclosures - Baltimore and Maryland real estate market, homes, foreclosures, mortgages - baltimoresun.com

Like she says, avoid the auction, and go right to the REOs. Much safer, IMO.

Cass

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The Real Estate Wonk: Map those trends - Baltimore and Maryland real estate market, homes, foreclosures, mortgages - baltimoresun.com

The Real Estate Wonk: Map those trends - Baltimore and Maryland real estate market, homes, foreclosures, mortgages - baltimoresun.com

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Real Estate Investor Web Site

Spent a little time playing with this site. Since I saw a few people I know on there, I guess I can recommend it here. :)

Actually it's a pretty good compilation of news, in-depth articles, forums and blogs, and all geared to the real estate investor. You can create your own real estate focused blog there. Hey, now there's an idea!

Check it out:

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Who needs title insurance anyway?!

This is not in Maryland, but I love stories like this because they can -- and do -- happen anywhere. Why do you want title insurance? Here's why:

The property was twice mowed by the city while the house was empty, and the assessment was filed against the absentee property owner.The house was later foreclosed on by the bank and transferred to the U.S. Department of Housing and Urban Development. HUD, in turn, sold the house to a Rowlett man named Andy Grubbs, who fixed it up and resold it to Mrs. Gutierrez and her late husband.

Mr. Grubbs admits he did not have a title search made when he purchased the home from HUD, instead relying on the agency’s stated policy of not selling properties unless the titles are “clean” of any liens.

Dude, like, you trust the Gubmint? And you live in Texas?!

The lien, assessed in 1988 for city mowing charges totaling $272.95, has ballooned with interest and penalties to more than $2,000. In 2005, the city began notifying Mrs. Gutierrez that unless the full amount was paid, her home could be subject to foreclosure.

But here's the money quote:

“Title insurance, ever heard of it?” one cranky reader sarcastically asked.

Gotta read the whole thing. Don't worry, it's not long.

Garland woman won't lose home over 20-year-old lien | Dallas Morning News | News for Dallas, Texas | Columnist Jacquielynn Floyd | Dallas-Fort Worth News

Cass

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I'm going to Vegas, Baby!

Yeah, the boss let me have a couple days off. (Thanks, honey!)

Call me a sucker, or call me an educated investor, but don't call me at the end of June because I'm going to FortuneBuilder's Real Estate Marketing and Wholesaling Boot Camp at the Golden Nugget!

I missed the one in Connecticut earlier this year, but I won't be missing this one unless another 9/11 grounds all the planes in the US!

Than Merrill of "Flip This House" fame is the lead instructor, and having heard him speak, I know he's good. When he was here, he told a story about an annual trip he makes to Costa Rica to meet with a bunch of real estate millionaires. They hobnob and compare notes and what he learns there he applies to his business and it always increases his revenues. Nobody gets invited to that retreat unless they've made over $1,000,000 in real estate.

Guess who wants to go to Costa Rica? First stop, Vegas!

Will blog from there with anything at all I can share! Beware! (Sorry, couldn't resist the corny rhyme.)

Cass

PS: I can take a "business partner" for a mere $495, instead of the $3495 list price. Included is all the cool stuff pictured below, and more I'm sure. Airfare and hotel is about $1,000. All's I can say is, make me an offer I can't refuse...  :)

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We're long on short sales

When I first started looking at real estate investing, I had no clue what a short sale was. Now Maryland is on a record setting pace for them. Great article in the BBJ:

Mortgage woes spur short sales.

Just realized it's for subscribers only. Sorry.

But then, you really should subscribe! Call Jerry!

- Cass

Why does every little thing cost $300 to $500?!

So much to do, so much to learn!

I'd really like to buy one of those prefab web sites for real estate investors, but most of the good ones start at $499 and $50/month.

I'd really like to sign up for MAREIA's wholesaling class, but it costs $495 plus another 3 $500 hits after your first deal!

I'd really like to join the GBBR or the Maryland Mortgage Bankers Association, but affiliate
memberships there cost $350 and $600!

Does everybody think we're made out of $100 bills!?

Thank goodness the Thirty Day Challenge is still free! And I recommend it HIGHLY!

Cass

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Where to invest?

Hoping to take advantage of the rash of foreclosures? Itching to position yourself as a landlord, rehabber/flipper, or even developer ahead of the BRAC goldrush? The big question is where to start?

Fort Meade and Aberdeen Proving Grounds are slated for significant growth over the next couple of years. Around Fort Meade you can find plenty of icky houses to buy, but will they suit as rentals or be better for flipping to retail home buyers? What's the best way to navigate the myriad counties' law re zoning and land use laws? Is it better to focus on a geographic area, or a building type?

Aberdeen is surrounded by lots o open space, but is it really ready for the growth? Think of the commute down 95 today, and imagine what it will be like in 3 years. Egads!

And Baltimore City, centrally located, is chock full of shells, partially fixed up neighborhoods, and rent-ready houses that can be got cheap. But will the worker bees be willing to travel every day south to Ft. Meade or north to Aberdeen?

Hmmmmm.

These are the questions running through my mind this June 1, 2008. Comments and discussion are welcome. I'll post answers if/when I ever come up with them...

Cass