John and James are 'on target' with their assessment.
The only money to be made in this program is directly related to the money YOU give them.
You will buy a hobby, not a business.
Now, let me introduce my credentials. I, Annette Lawerence, DO pay to attend these seminars to expressly know who and why homeowners in my area get stuff in their mail box that borders on unbeleiveable. I need to know the tactics 'cash' buyes present to home sellers that are a diversion to the real intent.
How I profit from this is protecting my buyers and sellers and leveraging the marketing discoveries these folks and other 'non-real estate' marketers have found benefical.
As John and James pointed out, policies in place by the banks have virturally emliminated the wholesale market. Unless your brother is an attorney who works for FREE, the assignment market will be gone also. That leaves the only remaining portal for you to be 'bird-dogging.' Sounds good until you try to get paid. Be aware, you are dealing with folks just like you. Other lenders have a 90 seasoning in place. This leaves only the rehabbers and those who make real improvements as the remaining, citizen players in this market.
Before you spend that $2,500 dollars for that weekend seminar, go ahead and call a few local banks an see if you can get access to the asset manager and that list. Those who can already have 15 investor types for that real estate. I have four that consume everything I find. So, why would anyone take a risk on you?
Here is what I can assure you....When you leave that seminar you WILL be fired up and possessing great expectations. Now, there's nothing wrong with that. A person who is truly teachable, should embrace great expectations. You have demonstrated your teachability by asking a well structured question in the proper venue. Keep knocking. Persist. Seperate the old bones from the fresh spring water and you will find the inspiration and passion to which you should respond.
If you think real estate is your passion, commit to discover the 20 ways that exist to sell real estate and the 15 ways that exist to finace a deal. (If you accomplish 80% of this you will be ahead of 95% of those making a living in real estate)Then, you will be able to match the resources of a partnership with the needs of the existing buyer/seller market and the value positon you occupy.
There is room in this business for those who bring solutions.
Best of success,
Annette Lawrence, Broker/Assciate
Remax Realtec Group
Palm Harbor FL
Unfortunately, That ship has sailed! - Even in 2009 when the Foreclosures were at their peak, We used to work for Asset Managers Directly, and couldn't get them to accept an offer before it was on the market. If you need any info on properties, or personal advise, I'd be glad to talk or meet with you. Best of Luck to you.
1. in order to sell a house that you have owned for less then 90 days most lenders will require 2 appraisals. So you had better be getting a massive deal .
2. Most of these asset managers are doing their due diligence and are not allowing these properties to be sold for too much less than they are worth.
3 In the meanwhile you are paying 10.5% for a private money loan. The chances of losing your rear end are huge.
I would say you may be better off trying to find pre-foreclosure houses that need to be rehabbed.
You CAN make money investing in real estate but a lot of what you see on tv and in seminars doesn't really happen they way they say it does. And even if it does, it's pretty uncommon. I've seen his tv show and a lot of what he says and does is true. But I think the claims for these types if that you have to follow the system EXACTLY they way they say in order to make the big bucks. It's a bit like multilevel marketing. A few people at the top of the pyramid will get rich and the rest will be at the bottom.
Add to that these points as well:
1. Right now many if not most viable and investment worthy markets are inventory deficient.
2. The so called "SHADOW INVENTORY" has been largely gobbled up by the, "BIG BOYS", comprised of major hedge funds and investors. I have a friend that is working for such an investment company and all he does is bounce around the Country buying up hundreds of millions of dollars of large blocs of foreclosures to buy and hold in their rent/lease portfolios.
3. The boat has already left the dock and you're still standing on dry land. You've pretty much missed the "FIX & FLIP" cruise.
If you really feel the urge to cut loose with $600 you'd be better off hooking up with someone like us, getting some hands on up close and personal experience and get ready for the next meltdown which will come at some point.
I've been through three pull backs in the past 35 years.
1.The inflationary spiral under the Carter administration in he late 70's that sent interest rates to all time 18%+ highs resulting in huge value losses leading to defaults for many homeowners.
2. The S&L debacle of the late 80's and early 90's that sent the RE market into a downward spiral and ended up costing homeowners in some markets as much as 50% of the value in their home.
3. Then finally the 2008 meltdown which has been biggest financial and RE crash since the "GREAT DEPRESSION". You can count on one thing. There will be more real estate corrections.
Finally, do the math. Every class of graduates from all these types of companies, and there are too many to count, will be hitting the ground running the day after they get their little certificate of accomplishment.
How many of them do you really think will be successful? Don't be another Johnny come lately. Keep you money in your pocket. Personally, I think that there are probably more so called Fix & Flippers out running around trying to schlep foreclosures than there are foreclosures. But that's just my 3 cents worth (adjusted for inflation). Good luck.
So let me see....599 for the seminar, times 100 people... no wonder why he isn't out with an other show flipping he is making more money doing this.
Bottom line, find a good agent, that knows the market, be real to them, show them that you are serious and they will help you get a good deal on what is out there. BTW.... which is nothing since there is hardly anything listed and once something good is listed it is attacked by a bunch of Piranhas.