Gordon White was my guidance counsel in Junior High and he hated me. That was perfectly fine with me because I hated him just as much. Click Here For Entire Blog Post
For the record I love the Donald! I think he’s wacky, funny, and smart, has great hair and builds fantastic buildings. But last night on Larry King he left anyone who invests in real estate scratching his or her heads including yours truly.
The interview with Larry King was all over the place. It ranged from politics, to taxes, the economy and real estate.
Speaking about real estate - (Thanks to our friends at CNN)
King: You said that this is a good time to buy real estate. What about financing? What if you want to buy and you can’t get the mortgage?
Trump: Larry, this is a great time to buy real estate.
And as far as financing is concerned, the only financing you should be thinking about is seller financing. If the seller won’t give you financing, don’t do it, because the banks are not doing their job. They’re not providing financing for deals.
Donny please, the best deals right now are coming from Foreclosed Homes owned by banks. Go ahead and name one bank that provides “seller financing,” they don’t. So if your advice is to stay away from these deals where should we invest and what strategy should we use? Most traditional sellers are upside down and these types of deals don’t make sense.
If this is the strategy taught in your seminars and coaching programs no one is going to make any money. Right now you can get smoking deals from banks, you can still get bank financing, use hard money, convert your old 401K to a self directed IRA’s to make these deals happen. If you buy the property the way I teach you, you’ll be into the deal at a low investment to value, which will allow you to “Sell” the deal-using seller financing. Now you can sell a portion of your receivable income to retire your old debt. This strategy that I teach allows you to create cash and cash flow as a lender without the headaches of being a landlord.
Mr. Trump if you would like me to teach you and your staff at Trump University this strategy please feel free to contract me through the comments below. Someone from my office will contact you.
An estimated 600,000 foreclosed homes owned by banks and mortgage lenders nationwide haven’t been resold or listed, according to a report from the San Francisco Chronicle.
This so-called “shadow inventory” could drive home prices much lower if unloaded on the market, and clearly distorts the inventory picture that appeared to be improving.
In California alone, estimates of shadow inventory range from 80,000 to 100,000 properties.
I think these numbers need to be published on a state by state basis. Why, in the spirit of “Full Disclosure” its the right thing to do. Don’t you agree?
I never knew I could learn a life lesson from a dog but I did. Watch in HQ on the bottom right.
If it’s not working for you try something different. If your brave enough to share a “short” life lesson do so in the comments.
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