Real Deal REInvestor Network

Have you ever returned to your “home” after being gone for years only to realize that it has changed significantly? Coming back to the Chicago area after being away for ten years was like starting over, replanting my roots. There had been a vast amount of change but the solid Midwestern energy was still in place. The corn fields had turned into housing developments and malls. The driving patterns were the same yet different, more congested. I-Pass had been added but road construction work remained a constant. The shoe boxes of business cards that I still had all belonged to people who “no longer lived there” any more. Trying to connect with those of yore, for the most part, just was not possible; life had moved on.

 

My time on the West Coast had been wonderful, such a magical part of the country, Oregon, Washington, and California. San Diego County, one of my favorite areas – love the ocean, outside café’s, walks on the beach, the energy of the sun - housed my being for the six months prior to my return to Chicago. For all of the sweetness of being there, this special place also launched my real estate investing pursuits. San Diego area during the peak of the housing era, just before the “bubble” burst, was a shakin’ and movin’ place. Everyone was just sitting back waiting for their equity to grow so they could cash out. With true deals difficult to locate there, at least for a novice, working in the pre-foreclosure market had proven to be a great way to begin my real estate investing adventure. With a bit of “door knocking” and initial education on real estate investing under my belt, I returned to Chicago, a new venue for the continuation of my passion for real estate investing.

 

Chicagoland had definitely changed. But it took me no time at all to begin to put down roots and get moving with my real estate endeavors. Getting to know the Chicago market was imperative. I surmised that once again pursuing homeowners in pre-foreclosure would give me a good re-orientation to the market and start me on my way of re-building a business network. My San Diego investor friend had given me a Chicago pre-foreclosure business connection. I signed on with the recommended company, went through their training, and spent the next four months driving throughout the western and southern suburbs to talk to homeowners in pre-foreclosure.

 

"Door knocking" is an interesting experience as you never know what to expect when you talk with homeowners in pre-foreclosure, if you get to speak with them. They could be in shock, denial, anger, or in a few instances, acceptance. Some you can help and others never give you the chance to assist them. It is always a “win” when you can help someone that is in a challenging situation with their home.

 

It was between Christmas and New Year’s that one client I worked with was able to resolve his situation and stay in his house. This was an exciting Christmas miracle and resulted in my first pay check for a real estate transaction. Despite how great the “door knocking” learning experience, the “pay day” was far from being a good return on investment given the time and miles I had put in. Although always willing to pay my dues, it seemed like something more was needed.

 

Then, as the New Year began, I was contacted by a branch of Robert Allen, Prosper Now, and offered a “mentor” opportunity. Was this the “something more”? Certainly having a mentor would be a key to helping me successfully kick-start my real estate efforts in the Chicago market. This venture called for a major investment of resources, time and money. The mentoring would be done by phone on a weekly basis for seven months. A new set of manuals and tapes arrived and became the basis for this new set of skills I was to learn and implement. Yes, this mentor had to be the answer! After all, the books all conclude that a mentor is essential to success. 

 

Excitedly I began the mentorship process. The mentor and I decided that I should become a scout for the pre-foreclosure investors for which I was working. That way, I would already have leveraged OPM (other people’s money), and would be on my way to building a cache of money that I could use for my personal investments. The investor group agreed that they would give me a percentage of any deal that I could find for 30% or more below market value. They had their own Realtor and construction crews with multiple projects always in the works. This seemed to be a very promising way to go.

 

The next seven months were very busy. My mentor walked me through the process of finding a deal for this group of active investors. I began to build a team, starting with a Realtor. Finding an investor friendly Realtor was no easy task. Reviewing local papers/yellow pages for Realtors lead to making numerous calls, all which resulted in less than responsive contacts. One REIA owner recommended someone to me, yet that didn’t work out. My mentor then directed me to Home Gain which at least netted me my first Realtor. Over the mentoring period I went through five Realtors, each hoping that I was going to bring them consistent sales - IMMEDIATELY. That was the goal but with the housing market still peaking it just didn’t quite work out that way. How to find and work with Realtors was an unexpected aspect of my mentoring.

 

“FIND, FUND, and FARM it” became the major thrust of my mentoring experience. The FIND was to locate the properties that were below market value, at least 30%. Finding deals meant implementing multiple strategies, one of which was working with a Realtor to find motivated sellers, REOs (Real Estate Owned – by banks), estate sales, re-location, etc. Searching newspaper ads (today would add online sites such as Craig’s list) for “don’t wanters”; for sale by owners (FSBO) was another. Talking with other investors and being on their buyers list could provide wholesale deals and other opportunities for joint ventures. It seemed that most of my time was spent in the “find” mode. The funding was to be covered by the investors for which I was property scouting. Farming included developing an awareness of a specific targeted market area and getting to know it, advertising in it for the long haul. This was another way to eventually establish credibility and develop seller leads, as well as to identify buyers and renters for the exit strategies that would be employed for any deal.

 

Developing a network of other investors was also important. This meant joining REIA’s (real estate investor associations), a must for anyone going into real estate investing. Finding the REIAs online was easy enough. The larger groups I attended seemed to be somewhat closed off to “newbies”, at least that was my observation. With a sales and business development background it wasn’t that I was shy about talking with people. Once I made a contact and followed up, it seemed that many investors didn’t understand the value of building relationships. Many individuals I met were just getting started and didn’t know what they needed to do to build their business. Others were old timers to investing and, for the most part, didn’t seem to see the value of spending time with those new to investing. The smaller REIA groups actually felt more welcoming to all who came, both seasoned and newbie investors. No matter the energy of any given REIA, each meeting offered worthwhile educational content and some valuable connections. Building your network is truly is a process of continuing to “show up”!  Those who persist will beat out the “revolving door” of tire kickers, those who come and then quickly fade out of the picture never to be heard from again.

 

Taking action is essential to the learning process, helps to keep you in the business. Over the summer that I worked with my mentor, taking action was at the forefront. I looked at about 100 homes, assessed repair needs and made offers on 68 homes, mostly REO, estate sales, handyman specials, etc. I hung out at Home Depot and Sears, and learned a bit from each Realtor that showed me properties. Writing an offer wasn’t intimidating any more. My mentor had connected me to an investor friendly lender who had provided me with my pre-qualification letter so that my offers had a better chance of being accepted. And, I continued to identify resources, team members and a buyers list.

 

As I’d present the potential analyzed deals to my buyers ( pre-foreclosure investors) nothing seemed to work out for them; the deals were always just short of the mark. One deal did work but it was a never lived in high-end new construction. The builder had been left holding three houses that he couldn’t move. After three bids (three different Realtors took me to the house) the offer was accepted. However, it was October and the investors didn’t want to buy and have holding costs over the winter. My buyers list was short and no one else wanted a high-end house over the winter either; I let the deal go.

 

My mentor had a hard time believing that none of the deals that I presented to the pre-foreclosure investors would work for them. It is possible that they did work, and I was left out of the loop. So take note, in hind sight, one thing I did learn is that I needed to get my business agreements in writing – a lesson learned by “doing”.

 

By the end of my mentorship my nest egg for investing had not grown, however the learning curve had been steep. The market was starting to shift and all the sub-prime loans were beginning to default. The bubble, as predicted, had finally started to burst; the approach to real estate investing was going to shift. Investors that I had met were at a stand still and had stopped most of their activity taking a wait and see attitude. At least I was very aware of the real estate market environment, especially Chicago which was starting to really feel like home again.

 

But why was it taking so long to get to my “first deal”? Even with a mentor my financial situation hadn’t changed, except for the hole in my personal bankroll due to my mentoring investment. Although I hadn't accomplished as much as I had hoped to with the mentor it was a good experience. At least I had personally experienced change that thrust me into the world of real estate investing with guided experience and insights. The mentor, the hands on experience, and the ongoing study all had helped my “roots” more firmly entrench and start to take hold. Ah, it was going to take a longer gestation time, more fertilizer, light and water to grow.

 

As fall and mentoring came to an end, I took a deep breath and settled in for “a long winter’s nap” resolving to make my real estate investing grow and bloom. There was nothing to do but stay the course and let the seeds germinate and reach for the sun. After all, who said it was easy growing strong roots and pushing up through the dirt. There is always a growing period, and it takes as long as it takes.

As many of you already know, I was in St. Thomas last week working with some investor /students on some real estate projects. While we were waiting to meet with the CEO of a local commercial bank, I met this sharp entrepreneur/ builder from the Island. We only spoke for a few moments but I was very impressed with some things she said. Their company is focused on "Building Green" in St. Thomas. By the way... I love businesses that care about our environment!  So I connected with her and have been in touch via email. For those of you who have shared interest in purchasing a second home or even purchasing a property in an Island, this builder may be a great contact for you.

Here are some of the things we discussed.

"Our website will tell you a bit about Rolando (the talent and my other half) and myself (the business end and designer). I have been passionate about wanting to make an impact in Green Building since deciding to join forces with Rolando. We do very little as an Island Community to recycle, so our intent is to reduce, reuse and replenish through our building process. We waste very little and reuse most everything in the way that we build. We replenish by composting in our kitchen and even have composting toilets in the Model House that we are now building. Every appliances and fixture that can be “Energy Star Certified” is. We will have Solar Hot Water Heaters as well as a Solar Pool Pump System. Eventually we hope to be off the grid by utilizing Solar and Wind Power, but that will wait for a year after full living mode and a record of usage to compare without.
Our cabinets are made of Reclaimed Wood, our paint is Eco-friendly, the insulation is “Eco-Batt” which is a recycled product, we are doing concrete floors stained with an eco-friendly water based product, our grass will be synthetic. All of the building materials are “Green," MW double pane windows……and the list goes on.

I would encourage you to come see us on your next visit to St Thomas. The community that we are building in would be a fabulous place to find investors to build in and we would be happy to come on board as your developing builders!!!"

I believe that being a person of value will always help your business grow. For this reason I would like to connect anyone that is looking to purchase in St. Thomas with Genie. If you are even thinking about doing business in this Island you will want to contact Genie. 

www.AsenciosConstruction.com 

 

Perhaps some of you can join me on my next trip.  I wish all of you a very productive week.

 

Rick Melero

www.RealDealCommunity.com

www.HisRealEstateNetwork.com/commercial

Home prices declines have sent affordability soaring. Home prices have declined to where the average home is now undervalued by 12.2% according to IHS Global Insight. The IHS study reported that of the 330 markets it tracked, homes are under priced in 248 of those markets. According to the study here are 10 markets overvalued and the 10 most undervalued cities.

 

10 Most Overvalued

Home prices in these cities are abnormally high.

 

1. Atlantic City, N.J.

Median Home Price: $243.6K

Percent Overvalued: 44.1%

 

2. Ocean City, N.J.

Median Home Price: $302.1K

Percent Overvalued: 33.8%

 

3. Wenatchee, Wash.

Median Home Price: $247.1K

Percent Overvalued: 29.3%

 

4. Longview, Wash.

Median Home Price: $192.6K

Percent Overvalued: 26.6%

 

5. Honolulu, Hawaii

Median Home Price: $614.5K

Percent Overvalued: 25.7%

 

6. St. George, Utah

Median Home Price: $197.0K

Percent Overvalued: 25.0%

 

7. Bend, Ore.

Median Home Price: $240.8K

Percent Overvalued: 24.9%

 

8. Bellingham, Wash.

Median Home Price: $288.9K

Percent Overvalued: 24.2%

 

9. Portland, Ore.

Median Home Price: $277.2K

Percent Overvalued: 22.4%

 

10. Asheville, N.C.

Median Home Price: $171.0K

Percent Overvalued: 22.0%

 

10 Most Undervalued

Home prices in these cities are well below normal.

 

1. Vero Beach, Fla.

Median Home Price: $125.4K

Percent Overvalued: -42.5%

 

2. Houma, La.

Median Home Price: $113.5K

Percent Overvalued: -41.4%

 

3. Las Vegas, Nev.

Median Home Price: $140.0K

Percent Overvalued: -40.9%

 

4. Merced, Calif.

Median Home Price: $106.0K

Percent Overvalued: -40.1%

 

5. Cape Coral, Fla.

Median Home Price: $119.5K

Percent Overvalued: -39.1%

 

6. Houston, Tex.

Median Home Price: $119.8K

Percent Overvalued: -36.9%

 

7. Midland, Tex.

Median Home Price: $126.7K

Percent Overvalued: -34.8%

 

8. Lafayette, La.

Median Home Price: $125.3K

Percent Overvalued: -34.4%

 

9. Vallejo, Calif.

Median Home Price: $196.3K

Percent Overvalued: -34.3%

 

10. Stockton, Calif.

Median Home Price: $144.0K

Percent Overvalued: -34.3%

 

 

What are your opinions on these under priced markets, do you find that these are accurate? Do you know of any other areas that are under priced that are poised for a price gain this year, 2010?

 

 

Referenced: Christie, Les, CNNMoney.com, Jun 11th, 2009 “Most Overvalued and Undervalued Housing Markets.”

http://realestate.yahoo.com/promo/most-overvalued-and-undervalued-housing-markets.html

Accessed February 22, 2010

 

Rick Strubel, Millionaire in Training, MMMChallenge.com

http://www.realdealcommunity.com/members/profile/475/Rick Strubel, Millionaire in Training - MMM Challenge.com

The housing bubble has sent values skyrocketing down and sent millions into foreclosure. But for some buyers the boom and bust has been a lifesaver. During the first half of the previous decade, easy credit and spec excitement worked to make houses too expensive. By the 4^th quarter of 2005, medium home prices had reached 2.77 times medium household incomes. This is sharply higher than the 1.92 average of the 15 years ending in 2003 and too expensive for many families. With the housing crash in home prices, values have fallen roughly 30% a the national level from their 2006 peaks, this has helped restore affordability. By the third quarter of 2009 the price-to-income ratio had fallen below it’s 15 year average to 1.84 for the nation as a whole. Not all markets all markets have come back to earth equally. Prices in some markets remain overvalued. With this information Moody’s Economy did a study and came up with 10 cities for Real Estate steals.

1)    Memphis – Now has a price to income ratio of 1.17 to nearly 5 in the first quarter of 2006.

2)    Salina, CA – Price to income has fallen to 2.3, it was at 7.09 in the 4^th quarter of 2005.

3)    Medford, OR – Price to income is 1.01 through 3^rd quarter of 2009.

4)    Washington, DC ­– Price to income stands 1.12 through 3^rd quarter of 2009 with further price declines projected.

5)    Mobile, AL – Price to income stands at 1.52 and prices are expected to bottom out in late 2010.

6)    Las Cruces, NM ­– The price to income climbed to 3.03 in 1^st quarter 2006 but has fallen to 1.37 in the 3^rd quarter of 2009. There population is expected to grow twice as fast as the rest of the country due to government jobs and health care employment.

7)    Fayetteville, NC – Has a price to income of 1.23 in the 3^rd quarter of 2009.

8)    Phoenix, AZ – Home prices jumped 85% from 2002-2006 and have crashed over 50% in recent years. Its price to income has been cut in half to 1.52.

9)    Fort Worth/Arlington, TX – Price to income has fallen from 3.95 in the 4^th quarter of 2005 to 1.89 through the 3^rd quarter of 2009.

10) Cincinnati – This market price to income has been pretty stable going from 1.46 to 1.41.

Referenced: Mullins, Luke, Thursday, February 18, 2010, “10 Cities for Real Estate.”

http://finance.yahoo.com/news/10-Cities-for-Real-Estate-usnews-375742734.html?x=0&mod=real-estate

Accessed February 22, 2010

Rick Strubel, Millionaire in Training, MMMChallenge.com

http://www.realdealcommunity.com/members/profile/475/Rick Strubel, Millionaire in Training - MMM Challenge.com

Blogging helps me to get clear on what I'm doing.  Hopefully, reading about it helps you to get clear too.

I got a call a few weeks ago from a woman whose divorce attorney had recommended me to her (networking hint - divorce attorneys can be great sources of deals).  So I explained the short sale process to her and sent her a packet of information which included other alternatives and a short sale package for her to complete.  She arranged a three way call for her, her ex-husband and me.  I explained the short sale process again.

Shortly thereafter, I got their paperwork.  So I went to see the house to make a repair list and met their renter.  The ex-husband is living in another state and the ex-wife is living with her parents and going to school.  He has already tried a loan modification with Indymac, and, no surprise - was turned down.   For a couple of months, the husband was not making payments on the mortgages, though he was collecting rent.  I advised him that he'd better start sending the rent payment amount to the mortgage companies, or he could get himself in legal hot water - what he was doing is called equity skimming.

The homeowners have two mortgages on their house.  The first is from Indymac and is for $295,000.  The second is from HSBC and is for $110,000.  The house has a quick sale value of around $315,000.  If it goes into foreclosure, HSBC will be entirely wiped out at the foreclosure sale, and it's not worth enough for them to try to redeem it.

I'm offering $160,000 to the banks to start my negotiations.   Additionally, I am asking for $7,000 in seller concessions, a 3.5% negotiation fee, a 7% realtor fee and for the seller to pay all the closing costs.  

Repairs on the house are minimal as it's only 5 years old.  The sprinkler system needs work, one 6-panel door needs to be replaced, there are a couple of spots where the drywall tape has separated.  Frankly, the paint is even in pretty good shape and the carpet is fine.

So, tomorrow, I start to hunt down the banks.  I'm offering the 2nd $1,000 to settle their $110,000 debt and trying to get $15,000 from the 1st to settle the 2nd.  We'll meet somewhere in the middle, though I don't expect it will be over $3,000.

I've been playing interference between the homeowners who largely get along, though I think there are probably always a few issues in a divorce, especially when you throw some financial stress in the mix.

I'll let you know  how it goes with the banks... 

TOP 10 SHORT SALE QUESTIONS

Here are 10 frequently asked questions that will give you a basic understanding of short sales. Hopefully this helps someone.

1. Does short selling your property affect the seller's credit rating when they allow an investor to short sell their property?

Usually what happens is the loan will show up as "paid" on their credit report, although there will probably be a notation that says "settled for less than originally owed" or something similar. However it is definitely more favorable for a homeowner to short sell than to have a foreclosure listed on their credit report.

2. Where do you find investors for short sales?

Depending on where you live, you may see investors who advertise with signs or in your local newspaper. They usually say something like I Buy Houses for Cash. Contact the investors and ask them if they have experience in short sales. Another great place to check is your local real estate investors club meeting.

3. What is a short sale?

A short sale when the lender agrees to accept less than the loan amount due, usually to avoid foreclosure. A negotiated short sale can result in a discounted purchase price for the buyer. The buyer would finance the property much the same as in any conventional realty acquisition but sometimes without the luxury of time.

4. Can an owner profit from a short sale?

The mortgagee will not normally allow the seller to profit (monetarily) from a pre-foreclosure short sale.

5. How do bankruptcies affect the possibility of doing a short sale?

Mortgagees normally won't allow a short sale if the homeowner is in bankruptcy. The reason is because negotiating a short sale payoff is considered a collection activity. Collection activities are not allowed while a person is in bankruptcy.

6. What documents do you need to include in a short sale package?

Documents depend on the lender. Every lender has different requirements. Some of the more common requirements are a hardship letter, purchase and sales contract, settlement statement , pay stubs, bank statements, and a personal financial sheet.

7. Do mortgage companies send out an appraiser for a possible short sale?

All lenders will order a full appraisal of the property before making their decision to accept or reject the short sale offer. This is the only way of assessing the true value of the property.

8. How late in the pre-foreclosure process can you ask for a short sale?

A mortgagee can agree to a short sale at any point before foreclosure but a window of at least 60 days is more likely to get a mortgagee approved, pre-foreclosure Short Sale.

9. What is a Due on Sale clause?

A provision in a mortgage enabling the lender to demand full repayment if the

　

10. Will banks allow a short sale when the owner has equity in the property?

 

If a property has a substantial amount of equity, there is a possibility that the lender would consider letting the property go to foreclosure and then reselling it closer to the retail value. Again all lenders are different.

http://www.realdealcommunity.com/members/profile/503/Bobborrower sells the mortgaged property.

All entrepreneurs know a lot is expected, actually, demanded of them.  And while each individual entrepreneur is unique and brings special talents and gifts to the table there are at least 2o top attributes of successful entrepreneurs.  Being vigilant about self-introspection as regards to what it means to an entrepreneur helps you to keep an edge, reminds you of your weaknesses so that you may strengthen them, and affirms your strengths so that you may build upon them.

In thinking about the entrepreneurial journey, I recently reviewed the book The One Minute Entrepreneur by Ken Blanchart, et al.  Perhaps you've read it and placed it on a shelf, or maybe it hasn't crossed your path to date.  Regardless of your situation, the information in this writing might be calling you to take a look, or to look again. 

In the appendix you'll find a list of the Top 20 Attributes of Successful Entrepreneurs that are featured in the book:

Resourceful
Purposeful
Focused
Risk-taking
Problem-solving
Salesmanship-oriented
Ambitious
Innovative
Integrity-based
Adaptable
Communicative
Self-motivated
Strategic
Team-oriented
Determined
Curious
Balanced

If you'd like to see how you measure up in each key attribute, go to www.estrengths.com and  take an assessment.

It is my hope that the entrepreneurial spirit is alive and well for those who are on this journey.  It is the secret to creating and sustaining a successful business.

As the late Golden Rule Jones once said, "What I want for myself, I want for everybody."  To your entrepreneurial success!

 

The Tax Credit Countdown

April 30^th, 2010 is fast approaching!!

 

With under 3 months remaining, here are some tax credit reminders for you!

This information is important for you to know as an investor so you can motivate potential buyers for your residential properties. You may even want to use this info in some of the marketing for your properties. It could be used as a call to action, to give first time buyers a sense of urgency because they need to put a property under agreement by April 30, 2010. Good luck!

　

Who’s eligible and how much?

First-time buyers

 

 

Married Couples who file jointly and/or single individuals - $8,000

 

Filing Separately - $4,000

Current homeowners

 

(who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years)

Married Couples who file jointly and/or single individuals - $6,500

Filing Separately - $3,200

Need the details?

The tax credit may not used to purchase a home for more than $800,000. All buyers must include documentation of the purchase on their tax returns to obtain the tax credit.

 

The income limits for both tax credits have been raised:

 

 

 

Single Buyers - $125,000

 

 

Married Couples - $225,000

The Purchase & Sales Agreement must be signed by 4/30/10 in order to qualify.

This is exciting news for those who missed the deadline for the first-time home buyer credit! It's also great news for current homeowners looking to sell and move up (or downsize).

　

(who have not had an interest in a principle residence for three years)

 

http://www.realdealcommunity.com/members/profile/503/Bob

If you had  friends that went to a hardship and they try to stop foreclosure whether it was a:  loan refinance, loan modification,  shortsale but foreclosure was eminent then let them know that they still have 6 months or more to reinstate themselves and lead them to these options:

First of all take the MMM challenge and make good  and then later help them out this way:

1. Short pay or Short refinance.

   In most situations people accomplish this through a refinance of the property facing foreclosure or already foreclosed. Example: The debtor owes $100,000 on their mortgage with another $15,000 in arrearage and legal fees. Someone(YOU) negotiates for the loan to be settled for $80,000 and arranges a new loan for $85,000 to cover paying off the original bank and all associated transaction fees. The debtor has now avoided the foreclosure and eliminated $30,000 of debt. Sometimes a friend, relative or investor(Associate) buys or pays off the mortgage from the creditor. Another way to make this work may be to negotiate as outlined here but instead of finding a foreclosure loan to cover both the settlement and the legal fees find the best loan you can and have friends(YOU) or family make up the difference. at a discount.

2. Modify the existing mortgage.

   In simple terms, the creditor, usually a bank, agrees to change the terms of the loan. Most often the changes are temporary. Reducing the interest rate, principal portions of payments, or extending the amortization in an effort to reduce overall payment obligations, remain the changes most acceptable to creditors. Unless the delinquency remains small with a loan at a local bank or the debtor has a nasty hardship under a government program this can be a tough plan to get through the creditor’s guidelines. Often a professional foreclosure negotiator(YOU) can get these plans approved even when the debtor cannot.

3. Repayment plan.

   Easy to understand, easy for creditor acceptance. The debtor pays a portion of the arrearage and agrees to pay the rest in addition to the regular payment over a period of months. With proof of the income and the proper down payment, most lenders will accept this type of plan all day. Expect half of the arrearage plus its legal fees get paid up front with a promise to pay the rest of the arrearage in addition to the regular payment within six months. Plans with less down and paid over a longer period of time can be negotiated by loss mitigation professionals(YOU).

4. Repurchase after foreclosure.

   Just as it says, buy back a foreclosed property after the auction WITH YOUR ASSISTANCE OF COURSE as a personal investor financing their new modified loan.

5. Baby-sitting.

   I made up this term for a situation I sometimes see; it’s really a form of forbearance. A property owner, most times with investment property, cannot pay the mortgage. The bank does not want to take title to the property, probably because of environmental, management or other liabilities. The property owner keeps title and “baby-sits” the property until one party(YOU) or the other(Your Buddy Rick) can execute another option.

All these options can help your friends plus more it will help you become familiar with the intricacies of post foreclosure and at the end you get to tell us your success stories and if you want to step up you can ask Rick to help you create a foundation or non-profit organization and later we will nominate you for a presidential gold medal for helping your community in these hard times, may the Lord bless us all good Americans that are mindful of those that are going through tough times.