Magdalene Altidor lost her home to foreclosure during the subprime mortgage crisis, but this week she was first in line at a four-day event in Miami where borrowers with poor credit were offered no-down payment, low interest rate loans.

“I left home, it was about 4 a.m.,” she laughed. “I’m ready to purchase a home.”

The event is one of several being held in cities across America this year, run by the nonprofit, Boston-based brokerage Neighborhood Assistance Corporation of America, or NACA.

“It’s a national disgrace about the low amount of homeownership, mortgages for low- and moderate-income people and for minority homebuyers,” said Bruce Marks, CEO of NACA. “In the loans that we’ve originated in the past 6 years, zero foreclosures.”

Marks and NACA were front and center during the subprime mortgage crisis, holding mass mortgage modification events across the country with banks and servicers. Bank of America was there then and the bank is with NACA now, backing the program with $10 billion in mortgage commitments.

Complete article posted at https://www.cnbc.com/2018/10/12/thousands-line-up-for-zero-down-payment-subprime-mortgages.html

On the way to a meeting yesterday I stopped by this apartment complex to grab a quick video about our next WREIA meeting on Oct. 15th.

Apartment Buildings, Strip Malls, Office Buildings, and Warehouses all fall under the umbrella of Multi-Unit properties.

There are many upsides to Multi-units, and a few downsides as well. We will cover both at our meeting this Monday.

Many people think this type of property is too big, or too complicated. This is a shame, because it’s really the same as residential investing once you understand the basics.

I hope you join us at WREIA this month.

If you understand the basics of property investing I will show you how you can easily add multi-unit opportunities to your list of daily activities.

If you’re interested in “GOING BIG” and adding some commercial multi-units to your portfolio at some point in your investing career join us at WREIA on Oct. 15th in Bethesda.

Join us as we enjoy “Multi-Unit Property Investing”

Meet real people doing real deals in real estate – right here in the DC/Baltimore area.

Reserve your seat at this link.

Re: Top Reason People Sell Their House

Do you know the top reason people sell their house?

Retirement? No.

Health Problems? No again.

Lifestyle Changes? Sorry. Nope.

They simply can’t afford it? BINGO!

Now, retirement, health issues and lifestyle changes can all bring on money problems. We call those leading indicators of the real issue.

Money problems are all around you.

According to a 2017 survey, can you guess how much the average American has in savings?

This is going to shock you.

57% of people had LESS than $1000.

Sad.

But even more than sad, it’s dangerous and horribly stressful.

So, when the typical “investor” sends yet another postcard asking someone to sell them their house in 7 days – what do you think goes through that homeowners mind?

Something like “This thief is trying to steal my home.”

Or “Yeah, I’ll sell. But then what? Where would I live?”

This postcard tactic is breaking the #1 rule of marketing.

Know your audience.

Do you know how stressed a person gets when they suddenly get a 5k or even 50k medical bill but they have only $500 in the bank and their credit cards are already maxed out?

How can you help that person – beyond buying their house?

Can you help them set up a payment plan with the hospital?

Refer them to a debt specialist?

Maybe help that person get in shape so they can avoid more health issues in the future? (Big opportunity right there!)

So what does that have to do with real estate?

It has to do with being a human being, and more importantly a person that has empathy for our neighbors.

When we help people turn the page and move on to their next home, it’s enjoyable.

Some people are moving out, and others are moving in.

We’ve done a good job when both groups of people are happy with the results. To be able to make a living by doing this every day – is simply a gift.

We have had a good run in real estate over the last few years. Prices have been escalating nicely.

A few months ago, something happened and things started to “slow down”.

People are getting nervous. The last time our market slowed down, it was a result of the debt crisis. This time, it’s different.

It’s more NORMAL.

Normal cycles in a business are easier to deal with than the shock and market collapse we had in 2007, 2008, and 2009.

If you would like to see around the corner, and see what it’s going to take to get you through this part of the market cycle – join us this Monday at WREIA.

Investing in our area doesn’t have to be hard. If you stick to a few basic principles, you will be fine. In fact, I think you can make the next few years some of your best and most enjoyable if you pay attention this Monday.

In short – there is probably never been a better time to market your product or service, online or offline, than RIGHT NOW.

I think you should set aside a few moments to be with us next Monday, Aug. 17th.

FAIR WARNING: Our speaker will be discussing some controversial topics and people. Some of these topics and people are completely off my radar, but I’m giving some special permissions this month to discuss them with our audience and WREIA members.

Saying that, he is also going to connect the pieces for you and show you how you can use the same techniques today’s business builders use to build your business – quickly.

Lastly – you can relax. You won’t get a plan to build a 100 year company like Jack Ma in our last article. Instead, he will focus on things you can do in the next 6 months to make 2019 enjoyable.

It’s much easier than you think.

So, mark your calendar –

Monday, September 17th at Washington REIA.

Will I see you there?

Bring your questions for the Q&A section.

Save a few dollars and reserve your seat early. Then join us at WREIA – Monday, Sept. 17th. It will be a great meeting to get you motivated, and get some momentum for the final months of 2018.

Join us as we enjoy “Successful Real Estate Marketing”

Meet real people doing real deals in real estate – right here in the DC/Baltimore area.

Reserve your seat at this link.

John Peterson
Founder, Washington Real Estate Investors Association

Re: It’s Not The 80’s

When I looked outside this morning, I couldn’t see far.

The fog was pretty dense.

Fine. It gave me a few minutes to catch up on some reading I wanted to do. The usual drive this morning was delayed by a few minutes as I waited for the sun to come up and “burn off” the humidity.

As I was reading an article, I was reminded of my early years in business.

I learned about business in the 80’s, applied what I learned in the 90’s, continued into the 2000’s – and here we are today.

Business today is a LONG way from the 80’s.

In the 80’s we had the war on drugs. Drugs were bad and destroying peoples lives all across the country. It was an epidemic and people were dying.

But today things are different –

We pointed out last week – a major business icon of our time – Elon Musk – smoked weed on a podcast, and people have barely batted an eye.

People are in jail today for possession of the same controlled substance that this CEO just publicly used.

Not long ago that would have been a career ending moment for a CEO.

But definitely not today.

In fact – that “podcast” has been viewed on YouTube nearly 10 MILLION times in the last 4 days. Never mind that until last week I thought podcasts were audio recordings – that is a lot of people consuming that content!

And that does not take into account all of the publicity and free PR that “stunt” brought in for Tesla, Elon Musk, and other companies he is affiliated with or founded.

Never mind what you or I think about the legalization of marijuana in the United States.

Never mind what you or I think about Elon Musk or any of his companies. Let’s put all that aside and take a look at HOW he delivered this avalanche of publicity.

#1 It was controversial.
#2 It was not on mainstream TV or within a 2-5 minute interview on a major network.
#3 This was not scripted “reality” TV.

What does that mean?

It means you should wake up – this isn’t the 80’s or 90’s any more.

It means that if you are trying to reach people using old and very dated media tactics – your time in this business may be coming to an end soon.

People don’t trust anyone any more – for many reasons.

Here is one example where a contractor/friend stole money from his friends closet while he was in SURGERY! His BUDDY pulled out the entire safe and dragged it across the floor and out of the house!

I heard a similar scam going on in the DC area just this morning. Contractors are going into homes and when they do the work, they are also walking away with jewelry and cash found around the house.

Not good.

But what does this have to do with our lives as real estate entrepreneurs?

Maybe, like my issue with the fog this morning, you are having a little trouble seeing where all this is going?

It means that it is becoming harder and harder for people to trust anyone – let alone someone who is offering to “Buy Your House In 7 Days” for “all cash!” and “quick settlements!”

Stop doing that type of marketing!
Please?

It’s even difficult for those of us IN this business to trust each other!

When I get a call or email about a new off-market property for sale, I almost always get a second, third or fourth email about the same deal! Every one of these amateurs wants to “tack on” a “finders fee” for helping me find the deal. The infamous daisy-chain deal that we are ALL getting really tired of hearing about.

Daisy chain “deals” didn’t exist back in the 90’s. And I hope we get rid of them soon.

Trust……. It’s a huge issue today in any business.

So what do you do?

Would you like to know how you can attract people that are EASY for you to do business with?

Elon Musk did it last week and you are going to find out how and why next Monday at WREIA.

I had a call last week with our speaker this month at WREIA. He has connected the trust dots for me in a way that is simple to understand.

In short – there is probably never been a better time to market your product or service, online or offline, than RIGHT NOW.

I think you should set aside a few moments to be with us next Monday Aug. 17th.

FAIR WARNING: Our speaker will be discussing some controversial topics and people. Some of these topics and people are completely off my radar, but I’m giving some special permissions this month to discuss them with our audience and WREIA members.

Saying that, he is also going to connect the pieces for you and show you how you can use the same techniques today’s business builders use to build your business – quickly.

Lastly – you can relax. You won’t have to smoke marijuana on a podcast, scream like a 2 year old, or other idiotic or dangerous things to get peoples attention.

It’s much easier than that.

And now that the fog is gone – it’s time to get back out there!

So, mark your calendar –

Monday, September 17th at Washington REIA.

Will I see you there?

Bring your questions for the Q&A section.

Save a few dollars and reserve your seat early. Then join us at WREIA – Monday, Sept. 17th. It will be a great meeting to get you motivated, and get some momentum for the final months of 2018.

Join us as we enjoy “Successful Real Estate Marketing”

Meet real people doing real deals in real estate – right here in the DC/Baltimore area.

Reserve your seat this link.

John Peterson
Founder, Washington Real Estate Investors Association

Zillow: US won’t see a buyer’s market until 2020 from CNBC.

From Article:

Fall and winter give buyers more negotiating power
Homebuyers with children tend to abandon their homebuying plans by August because they want to be settled before school starts. National housing data shows that August and September tend to have the most drastic price reductions of any time during the year, Hale says.

Although there’s less inventory in the fall than in the spring, buyers can often get better deals on what is available. Fall is a last-ditch opportunity for sellers to close on their homes before the end of the year. And with fewer buyers coming through the door, sellers tend to price their homes more aggressively to get buyers’ attention, says Bill Gassett, a real estate agent with Re/Max Executive Realty in Hopkinton, Massachusetts.

Aside from nabbing a better price, you might also score more flexible terms in the fall, such as an extended closing time, or home inspection repairs or credits, Gassett says. The longer a home sits on the market, too, the more willing a seller will be to negotiate, he says.”

Complete article posted at  https://www.cnbc.com/2018/08/28/these-are-the-best-times-to-buy-a-home-according-to-the-experts.html

Existing home sales decline for fourth straight month in July from CNBC.

I hope you’re enjoying the last few days of summer.

Did yours go by as fast as mine?  It feels like just last week I got to catch my breath, and here we are starting school again!

The end of summer also means that it’s time to get back to work.  It’s time to push the gas through the end of the year.

And here is the thing – do you sense a change in our local real estate sales?  Are we slowly moving from a sellers market to a neutral or even buyers market?

And what does that mean for wholesalers, renovators, agents and mortgage pros?

Mark your calendar for Sept. 17.  Reserve your seat and join us for some insight into what’s going on, and how you can sharpen your marketing skills for the coming shift in our industry.

Mark your calendar for Monday evening September 17th.  Reserve your seat and join us for networking, a bite to eat, and an evening of insights from a local DC professional investor.

Complete article posted at https://www.cnbc.com/2018/08/07/wells-fargo-accidentally-foreclosed-on-hundreds-of-homeowners.html