Did you know that there are 1,945,204 homes currently in the foreclosure system, and that number keeps going up? Before it is all said and done one out of eight households will end up being foreclosed. The current political administration is trying to help some of these homeowners; however, with the increase of unemployment it is expected that foreclosures will continue to rise for at least another year. History has taught us that foreclosures lag behind unemployment. Foreclosures will start to peak when unemployment drops and people are able to start paying their mortgages again. Currently unemployment is at 9.5% and expected to rise over the next several months. One of the reasons is that the auto industry is making drastic changes and companies will be closing down hundreds of dealerships. Most of these employees will have to take unemployment at least short term and could make unemployment levels historic.
With every situation there is opportunity. It is unfortunate that so many people have already or are about to lose their homes; but, right now professional real estate investors are buying up these foreclosures and making a fortune. You see ads all over the internet and several infomercials on television pitching their latest "get rich by buying foreclosures" programs. Don't get suckered in, buying foreclosures can be risky and is not a "get rich quick" option. It takes time, patience and education, but not necessarily a lot of money. There are legitimate programs that will teach you how to buy homes for under a thousand dollars of your own money and if it is your desire, make it a lucrative business. Statistics show that between 16% and 25% of internet business opportunities are fraudulent. Yet with 75% of opportunities legitimate, why do so many people feel they are scammed"? Well the truth is most people want to sit at home and work on their computers for a few hours a week and make a million dollars a year, not have a real business. A real business needs time, effort and some sort of an initial investment. First it takes at least 90 days to objectively evaluate a business or opportunity; second it takes education. Successful business owners know everything there is about the industry they are in; and third it takes a lot of work, at least initially. Did you know that the average business owner works 16 hours a day for several years before seeing any real profit?
Conclusion, buying foreclosures is a lucrative business and must be treated as such. If you aspire to make a fortune in this business, go about it the right way and work at it as a business, not a part time hobby.
Bad Credit? No Credit? No Problem! Guaranteed Approval Loans Are Available!
0 comments:
Post a Comment