Something that SCARES THE PANTS OFF homeowners and makes them HATE INVESTORS is coming our way, and it’s actually GOOD NEWS FOR EVERYONE INVOLVED! I’ll tell you all the details about why there are going to be MORE DEALS and MORE APPRECIATION in a certain state in the second half of 2016 today. I’m Carole Ellis. This is Episode 88.
So, wouldn’t you like to know what state just DRAMATICALLY CHANGED its housing regulations to RAMP UP APPRECIATION and give YOU better access to great deals? Oh, and why it’s actually going to make everyone HATE YOU until the media buzz dies down? I’ll tell you all about it in just a minute, but first, I’d like to mention something that’s smart, REALLY SMART: a certain city in the Midwest. This city actually just won $50 MILLION because it’s so smart about housing and development, and you could directly benefit if you know the details and are involved in real estate investing in the area. Check out all the details in the “Real Estate Investing News” Section on www.rei.today. The title of the report is “Smartest City in the Country Snags $50 Million.” You’ll love what they did to show off their brains for sure.
Now, back to ramping up appreciation, bad media buzz for investors, and how you can take advantage of the situation to turn higher, better profits…
Here’s what’s happening:
The state of OHIO has recently passed legislation to FAST-TRACK FORECLOSURES, something that most people tend to sneer at because it feels like the big bad lenders are going to be throwing people out of their homes with government permission (you remember “foreclosure-gate” in Florida back in the wake of the housing crash and the whole robo-signing fiasco? Well, that’s what most people think of when they fear foreclosure fast track, and who can blame them? That was some dirty, dirty dealing all the way around…)
But in Ohio, the situation is seriously different, and this foreclosure fast track is actually going to be a great move because it is only pushing ABANDONED homes through the system, which means that the faster those properties get foreclosed and then either torn down or renovated and sold, the better property values around them are going to be and the less blight there will be. A lot of states struggle with the issue of whether or not to bite the bullet on foreclosure fast tracking because it has such negative connotations, but with abandoned homes sitting around like zombies for more than two years in Ohio, changing that timeline to six months will make the market a far, far friendlier place for investors, homeowners, and sellers.
Here’s how it works:
A home must not only be in default, but it must show clear signs of abandonment in order to qualify for the program. This could be physical deterioration, disconnected utilities, and, most importantly, NO ONE IN RESIDENCE. Once an inspector has certified the home abandoned, the accelerated foreclosure can begin and that ZOMBIE FORECLOSURE now has a future once more, possibly in YOUR real estate investing portfolio as a renovation or a tear-down, for example, which will be great for local property values as you can imagine!
One of the best things a real estate investor can do is keep an eye out for states where the state government clearly has the markets’ best interests in mind instead of just getting a good spin on a bad situation, because states with GOOD fast-track foreclosure laws actually recover their markets far more quickly after downturns than those that either forego these laws or actually try to legislate AGAINST foreclosures without taking the time to distinguish between a good foreclosure and a bad one. Want to know which states are foreclosure fast-track friendly and which ones are literally out to get their own housing markets thanks to BAD legislation that might sound good in a media bite but really hurts housing? Get the list in the REI Today Vault, it’s labeled with today’s episode number, 88, at www.rei.today/vault. Not yet a member? you can join right now by texting REITODAY no spaces no periods to 33444. When you do, I’ll provide you with fast, immediate access to the report as well as a lot of other timely, insightful, PRACTICAL information that will help make your investing safer, faster, and more profitable.
And folks, remember, when you join the Vault you join our community, which means you have the opportunity to network with me, my guests, and your fellow listeners across the country. So go ahead right now and text REITODAY no spaces no periods to 33444 or visit us online at www.rei.today/vault.
REI Nation, thanks for listening in and please always remember this:
Your best investment is your own education.
Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.