2007 Facts that will Create Wealth for you!
- Proverbs 22: 7 The rich rules over the poor, And the borrower becomes the lender's slave.
- Foreclosure: 1. to hinder the working of; 2. to deny the right to redeem a mortgage when payments have not been made
- Subprime: 1. not a good choice; 2. in hindsight, a very poor choice
- One of the greatest times in a person's life is when preparedness and opportunity meet.
- Today, unfortunately, one in 16 subprime mortgage homeowners are facing foreclosure.
Problem: Today, there are many families who are qualified and want to buy homes, but the escalated prices keep these great Americans from buying their home.
Opportunity: Most communities have a surplus of vacant houses on the market, and many are owned by banks and other lenders.
Prepareness: Having saved money to invest in a profit and have Good Credit
Solution: Buy these houses at a discount, fix them up, and sell them below market prices.
Result: a "Win" - "Win" situation.
This morning, Terri and I viewed houses, within 8 miles of our home, with a nice realtor named Elizabeth. Elizabeth had given me a list of twenty one possibilities yesterday, and I narrowed it down to "the six". All of these are foreclosurers, owned by banks or other lenders, and have been vacant for 4 to 9 months.
- The asking prices vary from 118K to 139k
- I will offer 75k to 95K for each and I expect to get one or two deals.
- Each will require me to invest 10K to 35K for repairs to make them sparkle, like new!
- I will sell them for 105K to 135K, about 10K below market, to folks who want a good deal.
- The profit for Terri and me: estimated 15K to 20K within 4 months.
Tomorrow: How to improve your credit rating
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