I attended the Jack Miller & Peter Fortunado seminar in Reno a couple of weeks ago - it was very informative and there were lots of seasoned investors to network with which made it even more enjoyable. These two have been around for multiple cycles and have a good solid approach to teaching without the fluff, and no upselling. It was well worth attending.
Jack is 79 years old, and has done every creative deal imaginable in real estate - the seminar was chock-a-block with insights including the fact that Jack has done 500 plus deals with only one traditional loan in all of those transactions. We also got clarification on the fact that sales numbers are up because foreclosures are now being included in the numbers as sales. There are opportunities that we need to be gearing up for and increasing our creative financing knowledge is key with all of the banking meltdowns that are occuring around us.
Jack spends his summers in Reno, and winters in Florida - so before he leaves to hibernate in Florida this Fall we have secured him to come do a day seminar at the SJREI on Saturday, September 6th. This is really a coup for us as we have never had him present to our group before. Jack is old school with lots of great information to share; no product sales just content - so mark your calendars.
Saturday, July 26, 2008
Tuesday, July 8, 2008
Options when things go wrong...
Options When things Go Wrong...Presented by : Attorney Shawn Parr
This is the topic of our meeting on Thursday night - I selected this subject because of the large number of people who are calling me, asking for advice and direction on how they should handle investment properties, and primary residences, that they are up-side down in. It really is a moral dilemma as well as a financial one - should one continue to pay a $5,000 mortgage and eventually file for bankruptcy by taking the high road? Or should one walk away once they decipher that they are in over their head, and they will be ruined financially if they continue to make the payments with borrowed money or by accumulating additional debt.
These are difficult situations to navigate and every circumstance is different and has it own special nuances. For me it really highlights how tenuous real estate investing is - when it is good it is very, very good but when it is bad it is horrid! A couple of years ago novice investors were making $100k with very little effort or strategy involved - those days are gone and real estate is not the hot topic it once was with people bragging about the huge equity gains in short periods or time.
The current market is confounding - financial markets gone awry, gas prices skyrocketing, the economy slowing down, and real estate inventories climbing at a pretty rapid pace, yet multiple offers are common and houses are certainly not being given away by the banks. But hang in there our day is coming - for those with cash give it 12-24 months and opportunities will present themselves, and those who have educated themselves and are poised to act will be able to create some nice gains and long-term wealth with good solid investments. Having patience is the difficult part right now...
This is the topic of our meeting on Thursday night - I selected this subject because of the large number of people who are calling me, asking for advice and direction on how they should handle investment properties, and primary residences, that they are up-side down in. It really is a moral dilemma as well as a financial one - should one continue to pay a $5,000 mortgage and eventually file for bankruptcy by taking the high road? Or should one walk away once they decipher that they are in over their head, and they will be ruined financially if they continue to make the payments with borrowed money or by accumulating additional debt.
These are difficult situations to navigate and every circumstance is different and has it own special nuances. For me it really highlights how tenuous real estate investing is - when it is good it is very, very good but when it is bad it is horrid! A couple of years ago novice investors were making $100k with very little effort or strategy involved - those days are gone and real estate is not the hot topic it once was with people bragging about the huge equity gains in short periods or time.
The current market is confounding - financial markets gone awry, gas prices skyrocketing, the economy slowing down, and real estate inventories climbing at a pretty rapid pace, yet multiple offers are common and houses are certainly not being given away by the banks. But hang in there our day is coming - for those with cash give it 12-24 months and opportunities will present themselves, and those who have educated themselves and are poised to act will be able to create some nice gains and long-term wealth with good solid investments. Having patience is the difficult part right now...
Monday, July 7, 2008
The Art of the Deal
I am attending a seminar -"The Art of the Deal" in Reno this weekend with Jack Miller and Peter Fortunato presenting - two of the more creative minds in real estate investing will share how to create profits through the use of seller involved concepts (AKA creative financing) that will enable investors to buy, sell, manage, and trade properties without cash or credit. I have not seen them present before, but most of the heavy hitters that I know including many of our speakers have been trained by these guys. It is $330 for SJREI members to attend-not a sizable sum for three days training - it should be worth the time. I will update you with a post next week on how it goes.
Click here for Flyer
People spend thousands of dollars on seminars and do not use the information or are subjected to other "sales presentation" at the seminars which is all about increasing gross revenues. A lot of investors that I know are attending this one, so in addition to valuable information being shared at the seminar, it will be a great opportunity to network. I often find the information that I learn from other attendees is sometimes more useful than the actual presentation...Be leery of spending large sums of money on real estate education - there is lots of great material available at your local library.
Click here for Flyer
People spend thousands of dollars on seminars and do not use the information or are subjected to other "sales presentation" at the seminars which is all about increasing gross revenues. A lot of investors that I know are attending this one, so in addition to valuable information being shared at the seminar, it will be a great opportunity to network. I often find the information that I learn from other attendees is sometimes more useful than the actual presentation...Be leery of spending large sums of money on real estate education - there is lots of great material available at your local library.
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