SUCCESS IN TODAY'S RE MARKET

o3-21-2010

So, how is the real estate economy doing in your town. Here in San Antonio, Texas things seem to be getting better and I can tell you for a fact that some prices are starting to resemble pricing reminecent of 1998. That is to say; if a person has to sell or wants to sell "fast" it is definitely a "Buyer's Market" because mortgage companies and banks are not moving fast, if at all.

Things that have changed for the worst include; Lack of jobs (So Buyers can pay for the the houses we investors sell), worsening credit (people losing their jobs tend to damage their credit in the process), and again...Mortgae companies and banks NOT lending money very freely.

These situations line up to create a great environment for the RE Investors that can purchase properties with their own "CASH" or with favorable "PRIVATE MONEY." When people cannot buy, they are renting...or they are buying via "Owner Financing." Believe me when I tell you, "Owner Financing" can set you apart from the landlording crowd in a hurry.

Mitch Stephen
Author, MY LIFE & 1,000 HOUSES
http://www.1000houses.com/

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03-20-2010

Well, It looks like the market is perking up in San Antonio, Texas. I currently own about 100 houses if you count everything (SFRs, Mobile homes & land/Home deals). I am on my way to having an occupant in every property...only 4 vacancies left. After the onslought of foreclosures the past 2 years only having 4 vacancies is like a cake walk!

There were many days I had 25+ vacancies and I was in a shear panic. How did I get through it? First an formost, I did a lot of soul searching a praying. Then, I took masssive action from sun up 'til sun down...working with my trusted contrator to re-bright the houses, pulling in people to help sell (commission only) and closing deals at my office in lightning speed. Although I disagree with the Obama's "1st Time Home Buyer's Tax Credit" I was able to collect higher down payments due to that program.

I used plenty of bandit signs and tons of postings on CraigsLists.org to generate leads. The traditional newspaper is dead as far as I'm concerned. I am starting to look at buying agian. The prices are getting back to the way it used to be. I wrote about thos times in my book,

MY LIFE & 1,000 HOUSES

"Failing Forward to Financial Freedom"

By Mitch Stephen

http://www.mitchstephen.com/

FIRST 100 PAGES - FREE!

Today is starting to look a lot like yesterday in some respects; Prices, Note Buyers, eager clients ready to use "Owner Financing." Things that are NOT the same... well let's see.... the banks aren't lending, the credit score bar has been raised to 620 for traditional FHA loans and a lot more people are out of work. All in all, there is still much money to be made in real estate...

"Wealth Comes From Chaos"

...and there is plenty of chaos out there!

If you care to discuss the Texas real estate market or real estate in general, please feel free to join me. I'm looking forward to my first discussion with someone other than myself.

Mitch Stephen

Author, MY LIFE & 1,000 HOUSES

www.100Houses.com

Real Estate Blogs Directory

Real Estate Blogs Directory
- Directory of real estate blogs and blogs of industries affiliated with and
serving the real estate industry.