Atlanta's Real Estate Market's on Fire!

I've heard so many agents and brokers complain that 2009 was a horrible year in Real Estate. 2009 has been an amazing year in the Atlanta market. If you are flexible, you can always make money in Real Estate. So many agents are too slow to react and too stubborn to change their business models. If you follow the market trends you will always make money. I told agents three years ago to begin developing relationships with banks and to start doing BPO's. The agents that listened are making record commissions this year. The money is in the foreclosures and will be for a couple more years. It's really not too late to start getting a piece of this business. Whether you work for the bank or for the investors, there's plenty of business to go around.
I choose to work with investors. The way I see it, I'm working with the party that is happy and making money, not the one giving their houses away. My investors are from all over. They come from California, New Mexico, Texas, New York, Florida and Georgia. They are successful because they have a couple things in common. The first thing they have in common is that they all pay cash. Cash is king when buying in this market. The banks know it and when you make a cash offer it gets priority over the others. Where they get the cash differs. Some get it from their Self-Directed IRA'S and 401k's. Some get it from Private sources, they borrow it from others in order to invest. Some just have it or get it from equity in other properties they own. The key is that they have it, and are getting amazing deals. They can afford to pay 8-10% to use someone else's money to make these deals.
Another thing they have in common is that they have an open exit strategy. Once they acquire a property, they give me time to do several things with it. We first try and wholesale it to another investor. That's how you can make the quickest money with the least amount invested. We just did this in July, August and even this month in September. We bought small brick ranches and immediately wholesaled them. They were all aquired for between $13,000-$14,300 and all sold for at least $23,000. One sold in 7 days, the longest took 15 days. The investor (actually two different investors) made a total gross profit on these four wholesale deals of $44,000. Not too bad, we turned $55,000 into $99,000 just like that.
Time to get the kids in for the night, I'll pick this up next time. There are several other things my investors have in common that I'll share. Every one of these traits make them successful. The key for you is to copy these traits or find clients that have these traits. There is a ton of money on the table right now, you need to reach out and grab your share.

In the meantime, you can go to www.richandchrista.com and find a plethora of free reports, lists and various other tidbits that will help grow your business.

Continued Success,
Rich Reynolds
Virtual Investor Agent

$8000, Going Once, Going Twice, Sold!

I cannot stress enough how quickly 12/1/09 is approaching. It will be here before you know it and just like that, the $8000 Tax Credit will be gone. If you are looking to purchase a home and qualify for this money, act now. Today is 9/17/09. It takes longer than you think to buy a home, unless of course you are paying cash. There are many obstacles that go along with getting financing these days that can drag the whole process out. In my personal experience, the appraisal has been the biggest issue. I have found that once the lender receives the appraisal, they then order a desk review of it, then if any questions arise they require a second appraisal be done, then order a desk review on it. Appraisal issues have delayed closing for more than 30 days. It really is unbelievable.
There is less than 75 days before the program will expire. Interest rates are so low and there are so many amazing deals to choose from. This is the best buyers markets we have ever had, and getting the $8000 is icing on the cake. I would be doing everything in my power to buy a home before 12/1/09 if I qualified for the rebate. Do yourself a favor, contact a lender today and get qualified. Find out what you qualify for and how much your payment will be. Ask for a "Good Faith Estimate" so will will know how much to ask the seller to pay in closing costs. Once you know what you qualify for, find a Realtor and begin the search. There are so many good Realtors out there waiting to find you your dream home. It should take you 2 or 3 weeks to find the home of your dreams and then take 30 days to close. You still have time to get it done so don't delay. It would be horrible to find that dream home and then have something pop up to delay the closing and miss out on the $8000. There are no exceptions, you must own the home by 12/1/09 or you will not be eligible for the money.
Another thing I am doing to help people get the money is offering all my tenants the opportunity to buy the home they are renting. Thats right, if you like the home you are renting now, why don't you ask your landlord if you can buy it from them. We are offering owner financing to our tenants to make it as simple as possible for them to be a home owner and be able to take advantage of the $8000 Tax Credit. You might not even have to move to get the money! How good of a deal is that! You most likely will lower your monthly payment, not move, own a home and get paid $8000 by Uncle Sam. Sounds like a deal of a lifetime to me.
What are you waiitng for?