Blogs WRE City Group
I almost forgot...
Posted on March 3, 2009
I almost forgot.....I have a blog. Apparently I am supposed to write in this thing to keep my clients informed about the foreclosure market and the deals that my clients are getting at the auction. So, here we go.
The auction was good to our investors last month. Our clients walked away with some screaming deals in February and March is shaping up to blow February out of the water.
There has been some speculation that banks were going to halt foreclosures until Obama’s plan was pushed through and everyone would be saved. That is clearly not the case and the banks are finally starting to understand that they need to go back to their old way of doing business if they want to survive this down-turn.
It is becoming more and more clear that the government is looking out for the consumer (i.e. 8k as a first time home buyer incentive) and they will not be handing the banks free money to get out of their bad debt. So, they need to get rid of their bad debt and they are now doing it in the only way they are allowed....through foreclosure! Yeah!
We are seeing more and more banks discount their opening bids (that means taking a loss on the money they are owed) in order to get the property off their books so they free up their capital so they can lend it again and continue to make money. These banks are losing a lot of money, but don’t feel too bad for them. It’s called “risk”. They took a risk and now they are paying the price...trust me....they can afford the price.
Long story, short; Their loss is our gain. And not just the investors’ gain. The neighborhoods with vacant houses will gain. The first time home buyer gain. The lenders will gain (they get to lend again after they take their losses).
Foreclosure is a good thing. It starts things over. The debt goes away. The house gets a new owner. The bank gets their money back. The former owner moves on with their life. The neighborhood improves.
Keep in mind, this is all my opinion and I know that most people won’t agree with it. Feel free to let me know what you think.
Post a Comment : Author: Brian Sandusky
Welcome to my blog
Posted on January 22, 2009
My name is Brian Sandusky and I work for Windermere City Group as their foreclosure and distressed property specialist. I lead a group of over 170 investors and teach, coach and mentor them on how to successfully invest in foreclosure properties. Between my partners and myself, we have over 15 years of real estate investing experience and have successfully bought well over 150 properties in the Seattle and Spokane market. We have helped our clients buy and sell over 300 properties in the Spokane market alone.
With all that aside, I have decided to start this blog as a platform where I can update my clients on what is happening in Spokane's foreclosure market on a week-to-week basis. This blog will include details of any sales that happened at the foreclosure auction each week and the sales of houses that were successfully flipped and closed. This will give people an idea of what it takes to flip a property: how much money it takes, how much time it takes and how much money you stand to make. If you stick with a plan and listen to the advice of those who have been there before, you can make a significant amount of money in this industry...I've seen it happen.
I also hope this blog will open the eyes of anyone who has ever wanted to give real estate investing a try. Our service truly makes real estate investing possible for anyone and it takes the guessing, the worry and the fear of the unknown out of the equation.
If you would like to learn more about what we do, you can feel free to post a comment on the blog, send me an email, give me a call or come to one of our weekly meetings on Thursdays at 4:30 @ 908 N. Howard St., Suite 101. We just ask that you call and RSVP.
Happy Investing.
1 Comment : Author: Brian Sandusky
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