WANTED: MULTI-FAMILY PROPERTIES

(Buildings with 2 or more residential units)

* Prefer shells or properties in need of rehab.
* Any number of units (2+) will be considered.
* Short Term Owner financing (less than 18 months), assignment of
mortgage, and/or combination of both is ***HIGHLY PREFERRED***
* ANY CITY, ANY NEIGHBORHOOD, ANY CONDITION

If you have any questions, please feel free to email or call me.

Thank You

Joseph Grant
Joe-Can-Do-It. Net
240-880-4447 office
240-744-0262 fax
904-536-4882 cell
jgrant@joecandoit. net
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All the business news shows continue to harp on the "mortgage meltdown" that is taking place today. Most of the focus is on "sub-prime" type loans.

The reports seem to be painting a picture that the world as we know it is about to end because the entire planet is going to have an increase in their monthly mortgage payment.

Nothing could be further from the truth.

Today on CNBC they did a report on the current situation with mortgage delinquency. The report stated that the past due rate on sub-prime adjustable rate mortgage now stands in excess of 13%.

Wow, 13%! Sounds like the world is coming to an end for sure (the report failed to report that credit card delinquency runs in excess of 15% month in and month out, year end and year out).

If you recall, on the email I posted last week, I pointed out that sub-prime type loans historically make up less than 5% of the mortgage market. In the CNBC report, they stated that adjustable rate sub-prime loans originated from 2004 through 2006 made up less that 1% of mortgage originations. This sort of substantiates my comment about sub-prime loans being a small part of the overall market.

They also stated in the report that these loans in default will result in almost 500,000 properties going through the foreclose process. The period of time expected for these foreclosures to take place is over the next 6-7 years!

Again, Wow. Almost a half a million homes going into foreclosure. Sounds like a lot. But, spread it throughout the entire USA and spread it our over seven years and it will not cause doom and gloom that the "experts" keep harping about.

By the way, during "normal" times, more than 50,000 homes in the state of Florida go into foreclosure each year.

All of this being said, the financial world is not coming to an end. There will be more mortgage defaults, that is for sure. There will be more foreclosures also.

There will also be many, more opportunities for short sales. Remember, this is Florida. The state is still growing. People are still moving down here.

And almost all of them will be purchasing real estate in the next 6-7 years.

As always, just my opinion.

David Ginn
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I want to flip a house that has >$20K materials and labor.
My thoughts were to go with a fellow that is not a GC but has
been doing this for years without license. He also can not hold
off being paid until job is done, he has no working capital to
pay helpers. So far the advise I've seen here tells me I should
not go this way. Any added thoughts?
Betsy Kaupa
=====
8402 Cocoa Ave. (Oakwood Villas) Arlington



Perfect for a Rental

2/1 Frame

Asking 57k Net






Ryan Courson

Wealthcare Solutions LLC

Licensed Real Estate Broker
25 South 2nd Street (Map)
Jacksonville Beach , Florida 32250
904.246.0894 office
904.242.7304 fax
904.762.5264 cell

ryan@wealthcarerealty.com


====
Hi Betsy,

Unless you already know the "handyman" you are thinking of hiring AND know him well on a personal level too, I have to agree with everybody else's answer. The only reason I even hire a handyman for some of my work, is because I've worked for him, with him and have known him as a friend for almost 3 yrs now. If you must absolutely hire someone who is not a GC, I would suggest you choose someone you have seen working so you know his work ethics, his attention to details and ONLY pay him for one project at a time AFTER you or someone who is qualified, has inspected his work carefully. I would also not give him money for materials, but as many other investors will tell you, go to get the supplies with him and pay for them yourself at the store. This way, you can also keep track of what was bought and how much was spent, so you can return unused materials if you have any left after the job is finished. And last, but not least, check his references, past work quality AND whethe r he has had any complaints against him at the BBB.

Just my thoughs. I hope this helps. :)

Sylvie
881-9012