jobless claims

Real Estate News & Commentary by Chris McLaughlin, February 5, 2009
http://www.shortsalesriches.com/welcome.html

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CNBC reported today that the White House plans to announce next week that it is moving away from having the government buy up trillions of troubled assets and putting them into a bad bank, rather it is more interested providing insurance and guarantees of the troubled assets in a “ring fence” concept.  The current plan will likely involve the remaining $350 billion of TARP money, and rumors of several trillion are now apparently not in the cards. 

In economic news today, the US Department of Labor reported that adjusted initial jobless claims for a 4 week period were 626,000, an increase of 35,000 over the prior week’s revised figure.   Most analysts had expected 585,000 new claims, so the 626,000 number surprise many.  The number of jobless claims is now at a 26-year high. Ouch.

Now, on to our real estate investing section…

Short Sales Excuses – and Why they are All Wrong

If you have been sitting on the side-lines thinking about investing in short sales but haven’t yet taken the plunge then chances are you have a few of the following short sales excuses to blame. Learn how to overcome the fear of failure and instead focus on the path to profit by informing yourself why all the facts you think you know are actually wrong.

Excuse #1. You need a lot of extra time and money to get started.

Fact: It sure doesn’t hurt but one of the great things about short sales investing is the ability to begin with very little out of pocket funds. Unlike starting your own business that requires immense up-front capital as well as most of your free time, short sales investing uses leverage and can be started in your spare time.

Excuse #2. You need years of experience.

Fact: No, you don’t need years of experience…you only need to tap into the know-how of someone else who has been there and done it with a track record of success. Hmmmm, now where can you find that if not right here at the shortsalesriches.com strategy?

Excuse  #3. You need to have a heart of stone to deal with foreclosures.

Fact: This has nothing to do with your level of empathy or not. Properly transacted, many homeowners benefit as much if not even more than the short sale investor; you are actually doing them a favor in many cases.

Excuse #4. It’s too late to begin investing in short sales.

Fact: There are still plenty of great homes to select from and in many areas, the inventory is still growing. Don’t assume the federal bail-out or other stop-gap solutions will work for everyone or even be desirable; many people will not qualify or simply want to walk away and start over. There are still plenty of great properties to be found for those who know where to look and how to make an offer.  Are you aware that there were over 1 million jobs lost in the last 2 months?  What will happen to all those homes?

Excuse #5. It’s still too early to begin investing in short sales.

Fact: Although there are still plenty of great homes at ultra-affordable prices with historically low interest rates, that situation could change at any time. Even if the price of homes continued to decline, any increase in interest rates or lending standards could negatively impact today’s favorable conditions. Buy while the buying is good to lock in favorable prices and rates.

See you at the top!

Chris McLaughlin

http://www.shortsalesriches.com/welcome.html  

P.S.

This week’s webinar replay is right here…for the next 8 hours:

http://www.webinarwizards.com/custom/index.cfm?id=170879

Copyright Loss Mitigation Institute 2009.
All Rights Reserved.

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Finally, a blog for Real Estate professionals
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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

    * As the top Florida foreclosure and pre-
      foreclosure expert, he oversees more than
      100 short sale & REO closings each month

   * Long-time authority on real estate investing
      and rapid flipping of distressed homes.  Owns
      portfolio of nearly 100 high-value, high-profit
     properties

    * Owner and Supervising Broker of one of Florida’s
     largest Real Estate firms, running 4 different
     offices, supporting nearly 450 agents, uniquely
     positioning him to help thousands of investors
     make money in the biggest market opportunity ever!

     * Highly sought-after speaker, consultant, and
      seminar leader for current trends and hot topics
      in Real Estate Investing, Entrepreneurship, and
      Wealth Building

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Market News & Commentary by Chris McLaughlin, January 8, 2009
http://www.shortsalesriches.com/welcome.html

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You really can make a huge six figure income … even a 7 figure income … with no money out of your pocket in the deepest recession our country has ever faced.   Come to the amazing webinar on “Recession Proof Real Estate Investing” and learn the proven strategies to making wealth in 2009.  It all begins TONIGHT at 9 PM ET, 6 PM PST:

There are only 14 spots available, so jump on this now:

https://www2.gotomeeting.com/register/505377393

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The news was a little grim today about the jobs market, as continuing jobless claims rose more than expected.  The Department of Labor reported that those who are continuing to claim unemployment rose by 101,000 to 4.61 million, which was well above most analysts’ expectation of 4.5 million.  It also marks the highest level of jobless claims since November 1982.

And President elect Barack Obama warned today that a “bad situation could become dramatically worse” if Congress does not approve his upcoming stimulus package.  But Obama did have some positive comments: “The very fact that this crisis is largely of our own making means that it is not beyond our ability to solve,” he stated.

Now on to our real estate educational section…

News You Need to Know for 2009 – FHA Short Sales Easier than Ever!

As if increased minimum wage laws and ultra-low interest rates weren’t good enough, short sale investors will be downright delirious to learn about changes to FHA laws set to begin in 2009. On December 24^th, 2008 the Department of Housing and Urban Development (HUD) released “Mortgage Letter 2008-43”….despite the inconspicuous title, this is a powerful boon to every short sale investor in the nation.

For those of you who somehow managed not to be engrossed by this less than climatic title, here are the major changes coming soon to a FHA/HUD foreclosure near you!

1. Elimination of the clause calling for 63 percent or greater property appraisal versus debt. Now properties can appraise at any value and still be eligible for the program.
2. Increased Net. Instead of the former 82 percent net based upon appraisal value the new limits will be 88 percent if sold with 30 days, 86 percent if sold within 60 days and 84 percent thereafter.
3. Increased Closing Costs on Short Sales. Although not a lot – FHA will now allow up to 1 percent of closing costs rather than the former zero.
4. Increased Seller Incentives. Again, although not a lot this will at least allow sellers a reasonable down payment toward a rental home by putting up to $1,000 in their pocket at closing.
5. Increased Lien Allocations. Junior liens up to $2,500 are now allowed – just one more tool that helps sweeten the pot for short sale investors interested in pursuing FHA/HUD homes.
6. Removal of Repair Limitations. This is one change that could potentially add up to thousands depending upon the required maintenance on the home. This opens the doors to many homes that would otherwise be ignored due to excessive damage.
7. Exceptions to Non-Owner Occupant Requirements. This is on a case by case basis but opens to the door to rental properties formerly excluded from the program.

To learn more or read the release for yourself visit: http://www.brokencredit.com/wp-content/uploads/2008/12/fha-pre-foreclosure-short-sale-guidelines.pdf

New Year’s Resolutions for the Short Sales Investor

Admit it. Your New Year’s resolutions look a lot like last year’s list don’t they? If you are like most people then near the top of your list is “get in shape” followed by some type of ambiguous financial goals. The trouble with most New Year’s resolutions is they fail to energize, motivate – or even make sense. When was the last time you REALLY got excited about cutting back or doing without? Rather than emphasize the negative, it’s time to create a realistic list of positive goals designed to make a lasting difference in your life. Here are some more tips designed to transform wishful thinking into reality for the coming year.

1. Write it Down. Researchers have discovered the mere action of taking the time to write it down increases the odds of actually putting the plan to work.
2. Tell it to Others. Commit to the plan of action by making it known to others; whether in person, via telephone or simply as part of an online discussion. Let others know of your goals.
3. Be Specific. Get into the nitty-gritty details; duration, specific amounts, locations or other pertinent information should be spelled out in as much detail as possible.
4. Measure Continuously. Set a schedule to measure progress on a continuous – and frequent basis.
5. Work toward it Daily. Make it a regular part of your routine to do at least one item toward your goal on a daily basis throughout 2009.
6. Dare to Dream. Don’t discount your own dreams or ability to profit…it is what excites and motivates people to take action. While the rest of America is sitting on the side-lines while the greatest buying opportunity of a generation sits in front of them, those who dare to dream of a better life are capitalizing upon it.
7. Get a Mentor. It is important to banish negativity from your vocabulary and personal goal’s; while a healthy dose of constructive criticism is always warranted – that is quite different from negativity. Constructive criticism is born of information and experience while negativity stems from fear. Surround yourself with knowledgeable professionals who are successful in the short sales field rather than those to fearful to take action.
8. Educate Yourself. Information and education are key to growing in any field. In fact, common wisdom holds it takes a minimum of 1,000 hours to become fully informed about any given topic. To put this into perspective, 1,000 hours is the equivalent of 25 weeks of full-time work. Fortunately, you don’t need to start from scratch. Benefit from the wisdom of others that have gone before you and customize it to your own situation.
9. Invest in Success. Perhaps one of the biggest mistakes most real estate investors make is failure to invest in success. Whether it is your time, money or simply opportunity cost required to put short sales real estate to work – the fact is you must make up your mind to invest in your own success before anyone else will follow.  Go here right NOW to register for our webinar TONIGHT  (Thursday) at 9 PM ET, 6 PM PST on Recession Proof Real Estate Investing:

https://www2.gotomeeting.com/register/505377393

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See you at the top!

Chris McLaughlin
http://www.shortsalesriches.com/blog

P.S.:

Are you ready to get 2009 rolling?  Then it is time to come to our LIVE “Recession Proof Real Estate Investing” webinar at 9 PM EST, 6 PM PST:

Only 14 spots left:

https://www2.gotomeeting.com/register/505377393

P.P.S.:

My good friend Mike Collins is dead serious about
this “Get the People Educated” mission he’s on.

He promised you hard-core real estate investment videos
to jump start your 2009.

Well, here’s the first installment – No cost and No catch. 
Just go and watch it.

https://rehablist.infusionsoft.com/go/smash/NJur1

P.P.P.S.: Did you see what happened to the Seven Figure REO product?  If you still MUST have this sold out and sought after product, there were 50 reserved to help make up for the webinar meltdown that occurred.  Go here now to learn how to get your hands on the Holy Grail of REO:

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