Finally, some good news on the housing front. It seems everything has been doom and gloom for so long. Many investors have completely left the business, many more are struggling to stay alive. The Washington Post just reported that new homes sales for the month of July increased 9.6% over sales in June. This is key because foreclosures and bank owned properties have been leading sales, in most areas for quite some time. Although that means many opportunities for buying great bargains at bargain basement prices, it does also drive values down. So, if you are a buy and hold investor and you have 10 homes in your portfolio then you don’t want it to be compared, value wise, to all the short sales, REO’s and foreclosures.
If you want to read the entire article you can check it out at: http://voices.washingtonpost.com/economy-watch/2009/08/new_home_sales_surge_nearly_10.html?hpid=topnews
One of the things I tell investors all the time is how important it is to stay in touch with people. This applies to sellers that you’ve met with who weren’t quite ready that day; buyers that you have in your database; and particularly, most particulary to private lenders or potential private lenders.
The dirty little secret behind finding private lenders isn’t really a secret at all. In fact, it’s basic common sense smart business practices. Read more