Upcoming Events
We have an exciting, profitable and informative schedule of events coming. Click on the event to learn more about it.
There is no real estate basics for November or December. There is no luncheon for December also.
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General Meeting December 2, 2008, 6:00 PM
"Where Do We Go From Here?"
Presented by: Jack Miller
DOUBLE TREE HOTEL
4500 W. CYPRESS ST.
FREE TO MEMBERS
America is in a heap of trouble. We’ve got a new president who has an uphill battle against some of the most daunting challenges since FDR. In addition to finding the best people to place in his cabinet and creating entirely new federal agencies to implement all the programs he promised, he has to keep the economy from slipping further into recession. I don’t see why anybody would want to be the president who is going to be responsible for solving al the problems he’s going to be left with all at the same time. If he succeeds, he’ll go down in history as a miracle worker. If he fails, nobody will care how difficult the job was, they’ll only remember he failed.
He is going to have majorities in the House and Senate, so he’ll be able to get the laws he needs enacted quickly. That is good news if the programs he initiates work, but bad news if he further disrupts the economy and creates even more tension among our international partners. Here’s a look at the current situation:
LEGAL PRE-FORECLOSURE AND DICOUNT MORTGAGE OPPORTUNITIES
Banks are loaded with thousands of foreclosed properties that they have to secure, maintain, insure and pay property taxes on. They are holding back on foreclosures in hopes that they will get some kind of federal bailout, but much of what he proposes will only hurt them more. For instance, bankruptcy judges are going to be given the authority to cram down loan balances to give broke home owners some slack at the expense of lenders. How many lenders will be able to survive this?
Another plan would allow non-paying home owners to stop payments for 90 days before they can be foreclosed. That might create a terrific window of opportunity for pre-foreclosure buyers between the period when payments stop and foreclosure starts. It should also make buying defaulted loans from distressed mortgage holders at deep discounts much easier. For those who can wait for their money, this could create huge opportunities.
The sub-prime melt down continues unabated. Mortgage and credit card defaults continue to rise and banks continue to fail and be merged with stronger banks. There will be a lot of consolidation and the survivors are going to want to unload foreclosed house inventories at bargain sale prices. REO auctions are in full swing all over the country and opening bids are set very low. Check out www.ushomeauction.com to find their locations and to review homes to be auctioned. We’ve found some terrific bargains at these sales, the last being a 4/2/2 house in great shape for under $70,000.
Investors in both the stock markets and bond markets are losing their shirts as the markets drift downward. Its losses are in the trillions. The FDIC has announced that it does not have enough money to pay back depositors if too many banks fail.
Higher taxes are promised that would further depress the economy while increasing the amount wage earners would have to pay.
If you read back over the foregoing you’ll see that those who buy houses are going to have a field day as prices continue to drift downward. The day of the landlord has arrived. When homeowners lose their upscale homes, they’ll look for comparable houses to rent. That’s the market sector where most of the foreclosures are taking place. Fortunately, banks will be unloading REO inventories at low enough prices to make upscale houses feasible as rentals to foreclosed homeowner who must rent.
What makes all of this come together is the fact that cash-rich investors who are afraid of inflation, worried about taxes and unwilling to lose even more money in the stock market are going to have to turn to investment houses. Entrepreneurs who use their money to buy foreclosed houses and REO’s at mere fractions of their replacement value, then lease/option them for cash flow and a portion of the future gain, will be able to create fortuned in the next couple of years.
Jack Miller, who has owned houses and made money during every real estate recession of the past 50 years, will be our speaker at The General Meeting December 2nd. Don’t miss his macro-to-micro view of the exciting possibilities in today’s market.
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SREIA’s 30th Year Anniversary Celebration
& CHRISTMAS PARTY!
 
Suncoast Real Estate Investors Assn., Inc.
Invites you to our Annual Holiday Party
At the Double Tree Hotel, 4500 W. Cypress, Tampa
Friday, December 5, 2008
6:00 p.m. – Cash Bar
7:00 p.m. – Dinner
Dress: Business Casual / Formal
Cash bar
Music for dancing
Sumptuous gourmet buffet
Dancing to great entertainment
Network with new and known friends
Win gifts generously provided by SREIA and its Vendors
SREIA Members: Prior to Nov 5: $30, After Nov 5: $35
Non-Members: Add $10
Day of Event: Add $10
Call the SREIA Office to make your reservation (813) 287-1515
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