The Flipping Houses Blog

Jeanette Fisher and Jarrod Hanning

Join our series of short conference calls about new real estate investing strategies.

We’re using Facebook to host the calls because they have a great system for you to listen in without paying long distance fees. If you have unlimited telephone service, you may still call in in your usual way.

Just like technology has changed our lives, changes in the real estate market changed the way investors make money.

ABC Nightline featured a guy who buys over 2,000 houses a year and buys most of them for around $5,000. My friend Jarrod Haning was one of the investors interviewed that night.

Please read this note from Jarrod Haning:

* Houses for $5,000 sold in two weeks *

Yes it is true, you really can buy houses that low, sell them in two weeks for upwards of 4 times what you paid for them, do this without making any repairs, and completely cash out of the deal in about 3 months if you want to.

What you might not know is that the people that buy our homes are so thankful for the opportunity to be a homeowner that they send us thank you cards in the mail. Imagine that! Selling a house for 4 times what you had in it and BEING THANKED TO DO SO!

Real Estate is a GREAT business to be in - especially in today’s market - (if you know what I do). For the past 3 years I have been buying houses all across the country without ever having to leave the comforts of my own home, but it concerns me to see all of the misinformation that is out there about this business. Too many folks are out using the traditional methods like short sales, foreclosures, rehabs, and rentals – and losing money or worse.

~~~

Join us and discuss the differences between outdated investing methods like rentals and the new system Jarrod uses.

You won’t want to miss this call. It will be your access to learning how to buy houses nationwide with no competition. No one else is currently teaching Jarrod’s method. This means that you could cash in on the tens of thousands of deals available without the trouble of competing for deals!

If you join Facebook, you can write your questions on the wall and see who else is on the call. You can also call from you PC. It’s a great system!

Conference call link
http://apps.facebook.com/freeconference/conf/show/28656

Young Millionaire Investing Strategies Group
http://www.facebook.com/group.php?gid=12873863487

Joy in real estate investing!

Jeanette Fisher

Free The Truth about Making Money Flipping Houses ebook

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Have you thought about flipping houses in another country? Benjamin Bach in Canada can help you http://www.kitchener-waterloo-real-estate-investments.com

Real Estate Movement?

A California newspaper, The Press Enterprise reported that the number of Southern California’s home sales in January fell below 10,000 for the first time in more than 20 years. On a more positive note, local agents in Corona reported an upswing in sales the first week in March.

Do you think the market is stabilizing and perhaps making a turn for the better?

There are some indications that this is happening this week. There seems to be a flurry of activity in the past few days since the economic stimulus package that President Bush signed Wednesday, which significantly raised the limits for Fannie Mae, Freddie Mac, and FHA insured mortgages in hopes to revive home sales.

Because many mortgage brokers are learning to understand these loans, real estate agents are hopeful that buyers will qualify. Also, because the higher mortgage limits are only guaranteed to be available one year, buyers who have been waiting may take action.

However, some real estate experts disagree with the positive outlook.

Real estate appraiser Marc Krouse, MGK Properties Inc., California (http://www.mgkproperties.com) says:

“Real Estate is moving again, but only at a discount. My basic take on all this is Riverside County which has a median income level of $62,000 can afford a house price of $300,000. The current median
price is $331,500 and until we hit $300,000 we will not see a bottom. Many lending institutions are beginning to unload inventory, however most auctions are playing tricks.

I myself do not believe things will be stable until we hit the $300,000 median price threshold in Riverside County due to the tighter lending restrictions.”

Points to ponder:

• Incomes needs to stabilize.
• Unemployment rates mislead because so many who do not work do not get counted in the statistics.
• The media should report the good news along with the bad so people see an upswing to act on.
• Prices will continue to decline in many areas.
• There are many new houses still in inventory. Many markets have more than an 18-month inventory.
• Qualifying for loans: buyers face more restrictive lending practices that demand good credit and down payments.
• Interest rates need to stay down at affordable rates.

Some agents believe that Riverside, Los Angeles, and San Bernardino counties have bottomed out. They point to the rise in sales over the past few days.

Bruce Norris, a Riverside real estate investment adviser, says the push to buy comes when prices start to rise.

Robert S. Kramarz, Realtor with Nationwide Real Estate AND Foreclosure Trackers, Inc. (specialist in purchasing distressed properties in today’s market) said, “The current increase in residential purchase
activity is only a blip that will pass quickly. As soon as buyers realize that the tidal wave of foreclosures and resultant price declines has only just begun, buyers will back off again for a few more months. There will probably be a succession of these mini buyers boomlets during the year as the government and lenders roll out their recovery programs, but I think prices will continue to decline for the
rest of the year into 2009. Then the real opportunities will begin rolling in. The one exception might be in areas like Riverside County California, where prices may already be bottoming out.

Real estate fortunes will be made by strong negotiators over the next year. Banks are dealing and listening to short sale offers. Sellers are selling “subject to” and banks allow assumptions. Investors look
at the bottom line: does the rent cover the mortgage? Who wouldn’t like to borrow hundreds of thousands of dollars and have someone else pay it back?

If you want to know how to fix up houses for higher rents or to sell for more, see http://www.doghousetodollhousefordollars.com

“The best book on staging” http://homestaging.us

No matter what the market does, you can make money when you buy low and sell higher.

Joy~

Jeanette

P.S. Add me as a friend on Facebook. We have an upcoming call “How Interior Design Psychology Boosts Sales.”

Are you having trouble selling your home?

We have some ideas that can help you in today’s difficult market.

Join our special conference call on Facebook. The advantages of this call system:

* You can type your questions in so I can see them.
* You can mute yourself by clicking on a microphone icon.
* You can “raise your hand” to speak.
* You can even upload your pictures so I can see your house outside and inside.

How to participate:

1- Join Facebook
http://www.facebook.com

2- Join my Conference Call for Home Sellers. Click the link below to add the conferencing application and join the call.
http://apps.facebook.com/freeconference/conf/show/11113

3- Join the group: Jeanette Fisher’s Home Seller’s Helpline
Click on the Groups button on the left under applications.
Search for Jeanette Fisher’s Home Seller’s Helpline or try this link:
http://www.facebook.com/group.php?gid=9721931758&ref=mf

I know all this seems complicated, but the conference call will be unlike all the other teleseminars we’ve done. This is a hands-on experience where you will get answers to YOUR home selling questions.

Joy in technology!

Jeanette

www.facebook.com

It’s an open secret. The American economy is in trouble, and President Bush acknowledged that fact by unveiling a $150 billion economic stimulus package recently. However, that package contains no provisions for raising the $417,000 conforming loan limit to allow Fannie Mae and Freddie Mac to begin purchasing so-called jumbo loans.The main thrust of the president’s plan is to try to stimulate economic growth through about $100 billion in relief tax cuts and incentives for individuals, families, and businesses. No specific mention was made about trying to revive the country’s sagging real markets or the intensely troubled mortgage lending industry. Disagreements within Congress have continued to hinder the progress of legislation that would allow Fannie Mae and Freddie Mac to be able to purchase larger loans, as well.

As far as trying to bolster the housing market, the Bush administration has concentrated its efforts on FHASecure, which a new FHA loan guarantee program that would allow some delinquent borrowers who have adjustable-rate mortgages to refinance using fixed-rate loans, and a voluntary program they can Hope Now, which encourages lenders to work with borrowers in creative ways to refinance or restructure their loans rather than moving forward with the foreclosure process. However, some critics of the plan contend that neither one of those programs will provide any real help to the nearly two million American homeowners who are facing foreclosure, especially in light of the fact that home prices are declining in many areas of the country.

The Mortgage Bankers Association recently estimated that some 384,000 loans are currently in some stage of foreclosure, although many of those loans don’t cover owner occupied real estate. There is some good news, though. The MBA also reported that some 54,000 loans were restructured during the third quarter of 2007 and another 183,000 were modified to establish repayment plans that would allow homeowners to stay in their houses.

The real estate crunch is far from over, however. The National Association of Realtors recently suggested that any stimulus package passed by Congress needs to include an increase in the conforming loan limit for Fannie Mae and Freddie Mac if the country’s housing market is to recover any time soon. According to the NAR, simply raising the conforming loan limit to $625,000 would reduce the supply of homes on the market within a couple months, would strengthen home prices by at least two percentage points, and could increase real estate activity by more than $40 billion. The NAR also stated that raising those conforming loan limits could reduce foreclosures by as many as 210,000 in a relatively short time.

It’s yet to be determined if the Bush package will be amended to reflect those suggestions. As of this moment, there is no such wording in the plan.

Copyright © 2007 Jeanette

I just talked to a friend in Nevad. SHe is selling REOs and short sales like crazy. The buyers are lease optioning to sell and expect to make a million dollars this year. I’m going to do some more research and write articles about this system.

In any case, I believe that they could make more money if they fixed the houses a little. Not only could they raise the rents, like Adrienned van Dooren proved, they could get more money from the closed sales later on.

Fix and flip with interior design psychology strategies at Flipping Houses.

Joy in real estate investing,

Jeanette

Faux art and home staging make a big difference.

Compared to last year, or even twenty five years ago, what’s different about flipping houses in today’s market?

While some market conditions remind seasoned investors of flipping HUD repos in the eighties, there are some investing principles that have changed. Because investors went crazy buying houses for no money down, banks have tightened up their lending practices. Sellers also are more careful about turning over their title without a secure down payment.

However, many beginning real estate investors will make a fortune in 2008. That’s because they will learn how to invest from professionals who made money “in the old days” — before the recent skyrocketing frenzy. AND, these beginning investors won’t let fear keep them from taking action. If you have courage and will take the time to learn your local real estate market, here are five problems and solutions for flipping houses in 2008.

1. Prices keep dropping in a declining market.

The problem of declining prices means that you must know your market. You must be able to buy low and sell higher. You must know how much repairs and holding costs will be for properties. Smart investors will track every penny, save money on repairs, and fix the houses in a way that tempts home buyers.

2. Loans are harder to secure.

Investors will find it extremely hard to find 100 percent loans. You will need ten to thirty percent down depending on your credit score. If you don’t already own your own home, you still can get 100 percent financing for owner occupied, which is how many beginners get into the market. You must keep your credit in perfect condition.

3. Larger reserves needed to qualify.

Lenders require about three monthly payments as cash reserves in the bank. Lenders know about tricks like borrowing money and will look at how long the funds have been in your account. Keep your bank accounts solvent.

4. Houses take longer to sell.

With fewer qualified buyers and more houses on the market, it will take longer to sell most houses. The houses that are selling either offer deep discounts or features beyond ordinary. Interior design and home staging strategies will make a huge difference. Agents will show the houses that look great and typical buyers will pass on fixers.

5. Agents will bend over backwards to sell to you.

If you’re a qualified buyer, real estate agents will work hard to find you what you want. On the other hand, you will need to watch out for desperate agents who might paint a positive picture or gloss over problems.

Learn about your real estate market, short sales, REOs, and desperate sellers who are willing to give up equity to move.

Learn how to make more money flipping houses.

Copyright © 2008 Jeanette

Wow, one of my articles has won First Runner Up in a 2007 contest. The article used to be the most emailed article on EzineArticles. It’s amazing to me–the power of one article almost four years later to still generate traffic.

Contest Winner

Question posted on my article A Beginner’s Guide to Flipping Houses:

hi, I was wondering about qualifications if you had no income but want to start flipping homes do you still have a chance even if you still had bad credit?

All the infomercials and misleading slogans like “Nothing Down” give many people false hope. You can get started realistically by finding bargain houses, securing a contract, and selling that contract to an investor. Join your local real estate club to learn how this process works in your location.

Real Estate Investing Articles for beginners

Read my free ebook The Truth about Making Money Flipping Houses.

How do you stage a house that has over 600 people walking through?

You stage the walls, a few table tops, and (in sunny California in December) the gardens.

Our Faux Flip featured in Flip That House will be decorated for the Lake Elsinore Historic tour to benefit HOPE. The tour of eight special homes starts at 10 AM on December 8.

The day after Thanksgiving we’ll start decorating the home and taking photographs.

The print book for Seven Secrets to Glorious Home Design and Flip That House with FAUX will be sold to benefit Habitat for Humanity.

Once the print book comes out, the ebook Seven Secrets to Glorious Home Design may be taken off the market. See Residential Design Guide for more information.

Happy Thanksgiving!

Jeanette