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2008 Is Out of The Gate!
by Terry Wygal
2008 is out of the gate - and running wild from the looks of things. Dubya is out making noise about the Sub Prime market. The Feds are making noise about the Foreclosures and Interest Rates. The whole wide world seems to be talking about the housing market don't they? Think about this though - What is different right now from this time last year? Think about that for a second, and we'll come back to it.
It seems that a ton of investors are nervous about the market and are afraid to make a mistake - and others are going Hog Wild making money. I receive at least four calls a week from people saying they are afraid they will not be able to find buyers and be stuck with their inventory - and others are out buying 10 to 15 houses a month.
Here are a few rules for this year:
Buy lower than before - add a few months to the holding cost you have estimated.
Do not take chances. Should be simple, right? WRONG. The worst mistake most new investors make is trying to buy something just because they have not bought any houses in a while - desperation sets in.
Be ready to talk to a lot of buyers to find a real one. We just put 8 Magic Signs out and had over 45 calls from them. We sold 2 houses, but it was a lot of talking to people who could not buy.
Have your team in place to qualify them. Find a good Mortgage Broker who understands what you are trying to do.
If your house is sitting empty - you are losing money! Be ready to add some incentives to make your house more loved than all of those others around you. A TV, washer and dryer, paying for a few months of utilities or even a few payments can knock your hold time down to nothing.
Market your houses everywhere you can, including Craigslist for out of state buyers. California is a great place to list your house. Be sure you have a way to capture the buyers information in case the house you have right now does not work for them - the next one might.
The industry as we know it has changed - and you will change your strategy as well, or your business will fail. It is as simple as that. Yes, the economy has changed, but the biggest change is the mindset of the investors looking at the economy.
Those who are successful are looking at it as a Gold Mine. Those that are not doing well only see the negative.
Which category do you fall into?
I will be discussing these issues, and a whole lot more, on an upcoming call on Tuesday, January 15. You can register for this call at my Total Financial Liberty website.
The right strategy - and the right mindset - will make 2008 your most profitable year yet. If you can change with the times.
Terry Wygal, The Quick House Buyer
Terry Wygal is a Native Houstonian and has been a full time investor for over 7 years. He has interviewed and developed strong networking partnerships with noted national speakers such as The Apprentice 3rd Season Winner Kendra Todd, A&E’s Flip This House star Than Merrill, David and Armando Montelongo, as well as national motivational speaker Vic Johnson. Terry runs one of the Nation's fastest growing real estate investing training centers at www.TotalFinancialLiberty.com.