Is the Recession Over

Is the Recession Over, and more importantly have you missed the boat on the perfect opportunity to make a killing in the real estate market.

Here’s what Chris McLaughlin the noted distressed real estate attorney and short sale expert has to say on the current state of the economy, the real estate market and the stock market:

I’ve heard it all. But the 3 biggest whoppers keep coming
back, over and over again.

#1: The recession is over. Right. We believe the media
about as much as we do the politicians. It ain’t
over with unemployment numbers still piling up new
bodies on the heap every week. And foreclosures
still hitting record highs (no, “slowing slightly”
doesn’t count – they’re still growing every day!).

#2: The stock market’s recovering. If so, it’s the worst
“recovery” in history. Stock markets in China and
Europe are delivering up to SIX DOLLARS IN PROFIT
for every ONE ours is! Why? Our economy still has tons
of bad subprime loans and are gonna go South.

Other economies may be saddled with dunderhead politicos
too, but not subprime defaults. Our stock market is
limping along like an anemic bum in the gutter, looking
for bottles to turn in for change.

#3: Foreclosures are down. What a spin-job that was!
We simply threw a few less houses on the bonfire this
month than last. Does that mean there are less? No!
In fact, if you compare it with the same month of the
previous year, when the economy was crashing big-time,
the rate is UP 18% this year!

If you search out media stories in the Great Depression,
they also constantly broadcasted “recovery is just around
the corner.”

For 8 miserable years.

Look, you can actually make a ton of cash in these bad times
and the worse ones to come. Truth is, there are more
millionaires made in recessions than any other times. The
main reason being, when things fall apart, there are smart
people positioned to pick them up…

…for pennies on the dollar. But there’s even more money
being made by spotting these opportunities and flipping
them to other investors.

There where over 95, 000 homes foreclosed in the month of August 2010 alone, what this means is that it is not too late to consider entering the property market in search of a bargain property. The old adage goes something like this: Don’t wait to buy real estate, Buy real estate and wait!!

Don’t loose this once in a lifetime opportunity to ensure your financial future. If you don’t know how to avail of this opportunity then check out the info offered by the expert Chris McLaughlin here. Click Here For Real Estate Info.

In wholesaling (short term flip without rehab), you want the type of house that your buyers will want, the ones that, for them, sell the fastest, and, of course, ones they can make a profit on. Following are some tips on what you should be looking for.

In general, especially if you are just starting out, avoid houses in the high end of the market. Yes, they can look beautiful,and clean up real nice, but most retail buyers will not be able to afford to live in them. And as rentals, they are murder when investors are trying to cover the mortgage payments.

You want to work mainly with houses in working class neighborhoods. Investors will be interested in these types of homes for rental purposes. And a majority of reliable renters will want to live in these neighborhoods.

Look for houses in need of repair. Look for peeling paint, broken windows, unmowed grass, general disrepair.

Especially in the beginning of your career, deal mainly with houses that do not need structural repairs, like foundation work. You will receive your fees quicker because any needed repair work can be done relatively quickly.

In the neighborhood you are working in, you want houses that are most affordable for first-time buyers. Those are the houses your buyer will want to rent out.

Put another way, you want houses in the median price range for your area.

The ideal house investor will want to buy will have 3 bedrooms and 2 baths, although you can get away with 1 baths. This is the bread and butter rental house for your buyers. If your area has only 2 bedrooms and 1 bath, you may have to go with that. Or, go farther afield to do your hunting.

What about war zone houses? Generally, you will do better in working class neighborhoods. However, if you have buyers on your buyer’s list who want war zone types of homes, go for it.

Avoid houses with weird floor plans. For example, houses where one is required to go through a bedroom to get to a kitchen, etc. They will be harder for your buyer to rent or retail.

Avoid houses that are too small. Medium size houses are what you are after. Medium for your area, that is.

The more equity a house has in it, the better your chances of making a deal with your buyer. More equity means there is plenty of room for your buyer’s profit, not to mention your fee.

You, of course, want to be dealing with motivated sellers who are willing (or forced) to take a discount from their asking price.

You are always looking for bargain properties where there is plenty of room for profit.