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Soft Markets are a Great Time to Invest in Real Estate!

Investing in real estate has changed in many markets in our country.  If you are like me, you live in a real estate market that has gone soft.  There are still some areas in the country where homes are appreciating nicely, but nothing like it was just a year or two ago.  There were a lot of self-proclaimed real estate gurus that popped up during the boom times telling you how to make HUGE PROFITS in real estate.  Back then, during the up cycle, investing in real estate was so easy.  You could throw money at almost any piece of real estate and be practically guaranteed to make a profit.  It seemed like anyone who had flipped a couple of houses and made a profit was an “expert” investor. 

Times are different now.  Investing in real estate takes a little more effort.  Investors who haven’t weathered down cycles before are struggling because all they know are massively appreciating markets.  All too many of those self-proclaimed gurus lost their shirts when the markets changed.  Those ads that go “I made $256 Million in real estate in 4 weeks with no money down” are a whole lot less believable.  Okay, $256 Million is an exaggeration, but you know what I mean. 

So the question is, “How do we still go about investing in real estate and make profits?”  Can it be done in these soft markets? 

The answer to that question is quite simple.  I can say without question, without hesitation, the answer is:  YES!  ABSOLUTELY! 

I have been investing in real estate for more than 20 years.  I have seen up cycles and I have seen down cycles.  I have made money and been successful in both.  I can tell you several things about down markets that may surprise you. 

First, experienced real estate investors will tell you that more money is made in down markets than in up markets.  It’s true, MORE MONEY is made in DOWN markets than in up markets! 

Second, experienced investors PREFER to do the bulk of their investing in DOWN markets.  There are a number of reasons for this, but the big ones are that there are more motivated sellers in down markets and the competition (other investors) pursuing these motivated sellers is LOWER.  It’s a double bonus. 

 

Down markets produce more deals and less competition to get those deals.

 

One of the investing techniques I specialize in is Lease Options.  Lease Options are one of the absolute best techniques for investing in real estate in down markets.  I’ll say it again, because if you are looking for ways to get involved with real estate investing you need to know this, Lease Options are one of the absolute best techniques for investing in real estate in down markets. 

Let’s take a look at why. 

I’ve already said that down markets produce high numbers of motivated sellers.  Right now in Michigan, it’s very common to see a house listed on the market in two ways, both for sale and for rent.  They are listed this way because the sellers KNOW how bad it is and they want someone, anyone, to cover their mortgage payment.  These double listings SCREAM “Motivated Seller!”  Now, not every single one of these is going to be an excellent Lease Option deal.  But you know what?  That’s okay, there are plenty to choose from! 

The critical part in selecting your Lease Option candidates, in an up market or a down market, is creating WIN-WIN-WIN situations.  The seller must be satisfied with the deal, you must be satisfied and the end buyer must be satisfied.  When investing in real estate, this is what makes us successful.  How does this work?  

To create a WIN for someone we must meet their core need.  A motivated seller’s goal is to sell their house.  Eventually they need their mortgage paid off and the deed transferred out of their name.  If they are willing to rent the house as well as sell it, they are telling you that having their mortgage paid each month is more important right now than actually getting the house sold.  If we can find a tenant buyer for them we are satisfying their core need of paying the mortgage each month and eventually selling the home.  This is a WIN for the seller. 

Our end buyer is looking for a home to own. Their current situation prevents them from getting a mortgage immediately but they plan on being able to get a mortgage soon. They want a home now. They don’t want to wait to get their house.  By allowing them to lease and then purchase the house we are meeting their core need. This gives our buyer a WIN. 

Before we talk about what makes a WIN for us as an investor let’s talk a little more about mortgages for our end buyer. There has been a lot of news lately about sub-prime lending woes and how lenders with riskier loans are facing high rates of foreclosure and may be going bankrupt.  As a result it is getting much harder for people with poor credit to obtain a mortgage.  It is also getting harder for ANYONE to obtain a mortgage with 100% financing (i.e. no money out of the buyer’s pocket). This may sound crazy, but this is actually a good thing for us when investing in real estate. 

When investing in real estate by doing Lease Options it is harder for us to find quality tenant buyers when almost anyone who can fog a mirror can get a mortgage. Not only that but because it was so easy to get 100% financing most buyers save nothing and are unable or unwilling to pay much for an option fee.  With the lending companies tightening their belts I expect we will see a growing population of QUALITY tenant buyers who are able to pay HIGHER option fees. 

The flip side of this is that because lenders are tightening their belts your tenant buyers will need to work harder to restore their credit.  It may take as much as 2 to 3 years for some tenant buyers to be able to qualify for mortgages instead of just 1 year as we had seen before. 

The bottom line is when investing in real estate by using Lease Options the difficulties of the mortgage lenders are just another reason why this down market is a GREAT time for us investors. 

Now let’s look at the last part of our WIN-WIN-WIN equation — the WIN for us, the investor. For us to WIN we need to make a profit. The profit comes both from the equity spread between your option price to the seller and the buyer’s option price to you as well as any monthly cash flow in the rental payments.  With Lease Options it pays to be creative. You’ll find a lot more deals and be a lot more successful investing in real estate if you practice creativity in your structuring. 

The most common motivated seller we encounter is the one who has little to no equity in his home.  Too many real estate investors get calls from sellers that only care about “What’s it worth?” and “What do you owe?”  If the numbers are too close together, they say, “Sorry I can’t help you.”  Click. 

What if you pursue it a little further with a creative mind?  A good question to always ask is “What are your monthly payments?”  If the payments are lower than rental rates you may be able to make some monthly cash flow.  

Another good question to ask is, “How soon do you need to sell the house?”  You may want to ask this question a couple of times while you are talking to them.  You could be surprised to find that the number grows longer each time you ask.  There aren’t too many markets I can think of that stay down forever.  Eventually the house should start appreciating again.  If your option period to the seller is long enough you can capture appreciation to make your profit. 

What about this – “Are you willing to bring money to closing to sell your house?” And if their monthly payment is higher than what you can rent the house for, “Are you willing to pay the difference between the rental amount and your monthly payment?”  These two questions may seem brazen, but ask yourself, what have you got to lose?  If the seller is fully leveraged on the house or their payment is higher than the rental rate you have nothing to lose, because if they aren’t willing to make concessions then you can’t help them!  Certainly some of us feel awkward in asking these questions, but trust me, if you ask this question 30 times, no matter how embarrassed you might feel at the beginning, you will start to feel much more comfortable by the end.

These are just a few creative questions you might come up with to try to find terms that will allow you, as the investor, to make a profit, a WIN for you.  When you add all of three of these together, meeting the seller’s need, meeting the buyer’s need and you making a profit, you have created a WIN-WIN-WIN.  This is what you MUST do to be successful when investing in real estate with Lease Options.

Do you see how much BETTER it can be to find deals in down markets?  Motivated Sellers are EVERYWHERE and there are FEWER investors competing with you.  Combining these two factors allows you to choose your deals with greater care. Always “Cherry Pick” your deals in a soft market.  This is why experienced investors, who have been in both up markets and down markets, prefer the down markets.  Soft markets can provide some of the best deals when investing in real estate.

To find out more about this topic, visit my website at www.WendyPatton.com. My website offers free articles, my national speaking schedule and my new books, Rent-to-Sell, (published late February 2009) and Rent-to-Buy (coming out Summer 2009). You may also be interested in my other books, Making Hard Cash in a Soft Real Estate Market and Investing in Real Estate With Lease Options and “Subject To” Deals. These are books for sellers, buyers, investors and the real estate agents that serve them.

 

Reprints available with permission only.  Contact: Info@wendypatton.com

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California Real Estate Law $24.54 Known for its accessible approach to real estate law and comprehensive state specific information, this introductory text is a favorite with California Broker candidates. The text explores the latest legal trends, including usng the Internet in practice, consumer protection, and markng liability. Chapters include: * Introduction * Lesson Assignments * Chapter One: Nature and Cycle of California Real Estate Finance. * Chapter Two: Money and the Monetary System * Chapter Three: Fiduciary Sources For Real Estate Finance. * Chapter Four: Semifiduciary and Nonfiduciary Sources for Real Estate Finance. * Chapter Five: Conventional, Insured and Guaranteed Loans. * Chapter Six: Federal and State Financial Regulations and Lending Programs. * Chapter Seven: Junior Real Estate Finance * Chapter Eight: Contemporary Real Estate Finance * Chapter Nine: Instruments of Real Estate Finance * Chapter Ten: Real Estate Loan Underwriting * Chapter Eleven: Processing Real Estate Loans * Chapter Twelve: The Secondary Mortgage and Trust Deed Markets. * Chapter Thirteen: Defaults and Foreclosures * Chapter Fourteen: Investment Financing Strategies * Chapter Fifteen: Mathematics of Real Estate Finance * Exams and Answer Keys (PIN Access Only)

Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery $75 As of the writing of Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery, one in four homeowners is underwater, and one in seven is delinquent on their mortgage payment. But at least the worst is behind us. Or is it? At the end of 2008, although U.S. investment in commercial real estate (CRE)—office buildings, multifamily rental properties, retail stores and shopping centers, hotels, hospitals, warehouses, factories, and flex spaces—totaled $6.4 trillion, it is nearly all leveraged with mortgage debt, and by 2014, $1.4 trillion of CRE debt will come due. Even worse than homeowners, 50 percent of all CRE projects are underwater—trillions of dollars worth of CRE capital investment will be lost in this cycle. Written by attorney Stephen Meister, a nationally recognized name and highly respected voice in real estate, Commercial Real Estate Restructuring Revolution discusses the impending tsunami of CRE foreclosures, how it will coincide with Subprime 2.0, and what you need to do now to prepare. Meister details:The history of the commercial real estate capital marketsThe cause of the impending CRE crisis, including the subprime mortgage meltdown, debt structures, lender-borrower collusion, and bankruptcy abusesHow consumer purchasing power drives the CRE marketsWhy the multifamily CRE sector presents both risks and benefits not found in other CRE asset classesWhy rent control laws are misguided and damagingWhy the Obama administration’s efforts to combat the housing crisis have not only failed but actually compounded the crisisHow banks, in an attempt to pay back their TARP loans so they can get out from under the government’s thumb, are currently hiding losses in CREReal reforms that can be implemented today to prevent tomorrow’s bubblesThe correction process in the housing market is far from over. With debt maturities for the

Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery $41.72 As of the writing of Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery, one in four homeowners is underwater, and one in seven is delinquent on their mortgage payment. But at least the worst is behind us. Or is it? At the end of 2008, although U.S. investment in commercial real estate (CRE)—office buildings, multifamily rental properties, retail stores and shopping centers, hotels, hospitals, warehouses, factories, and flex spaces—totaled $6.4 trillion, it is nearly all leveraged with mortgage debt, and by 2014, $1.4 trillion of CRE debt will come due. Even worse than homeowners, 50 percent of all CRE projects are underwater—trillions of dollars worth of CRE capital investment will be lost in this cycle. Written by attorney Stephen Meister, a nationally recognized name and highly respected voice in real estate, Commercial Real Estate Restructuring Revolution discusses the impending tsunami of CRE foreclosures, how it will coincide with Subprime 2.0, and what you need to do now to prepare. Meister details:The history of the commercial real estate capital marketsThe cause of the impending CRE crisis, including the subprime mortgage meltdown, debt structures, lender-borrower collusion, and bankruptcy abusesHow consumer purchasing power drives the CRE marketsWhy the multifamily CRE sector presents both risks and benefits not found in other CRE asset classesWhy rent control laws are misguided and damagingWhy the Obama administration’s efforts to combat the housing crisis have not only failed but actually compounded the crisisHow banks, in an attempt to pay back their TARP loans so they can get out from under the government’s thumb, are currently hiding losses in CREReal reforms that can be implemented today to prevent tomorrow’s bubblesThe correction process in the housing market is far from over. With debt maturities for the

Contagion $24.95 Tough times are ahead and Talbott argues that the coming recession will be on a global scale, affecting economies across the world. We have had no real growth in GDP for the last ten years if purchases with government and personal debt are excluded. In effect, government borrowing and spending on the war and healthcare and Social Security and corporate give-aways combined with dramatic increases in personal spending funded by credit card and mortgage debt have funded unsustainable levels of personal and government consumption. The world’s banks are threatened with insolvency due to bad mortgage loans and will not be making new loans for any purposes for a very long time. Consumption, by definition, has to decline. Our financial markets worldwide are in chaos with the inability of any financial house or big hedge fund going bankrupt without pulling down the whole $400 trillion derivatives market and the global financial markets at the same time. With this as a backdrop, Talbott offers practical suggestions as to how homeowners and investors can best weather the coming storm with specific advice on where to invest by type of investment and geographic location. Stocks, bonds, TIPS, commodities, real estate, housing and currencies will all be examined.

Getting To Closing! $4.98 “Getting To Closing” will give you the insider information you need to understand and navigate the residential real estate loan process. This book explains the details of the mortgage process, the loan application and disclosures, and even tells you how to save thousands of dollars on your mortgage once you have it. Cheryl Peck spent ten years as a Mortgage Broker, closing thousands of loans. This book gives you the insider view of how the process works, how the underwriter views your file, and other things you need to know to help you get the best possible real estate mortgage loan.Whether you are a first time home buyer, or have closed several real estate loans, this book will give you valuable information that will help you get your residential real estate loan closed with a minimum of stress. Property types and uses, along with their effects on the loan, are discussed. The book also discusses the sales contract, appraisal, home owners insurance, title work, and what to expect at closing. You will learn the secrets of quoting and locking an interest rate. “Getting To Closing” will give you tips to streamline the process, reduce costs, be better prepared, and get your loan approved and closed.In today’s tighter credit markets you need all the information you can get to make the best deal possible on your home or investment property loan. This book gives you that information, which you may not get from your loan officer, so you will never be surprised at closing!

Getting To Closing! $20.92 “Getting To Closing” will give you the insider information you need to understand and navigate the residential real estate loan process. This book explains the details of the mortgage process, the loan application and disclosures, and even tells you how to save thousands of dollars on your mortgage once you have it. Cheryl Peck spent ten years as a Mortgage Broker, closing thousands of loans. This book gives you the insider view of how the process works, how the underwriter views your file, and other things you need to know to help you get the best possible real estate mortgage loan.Whether you are a first time home buyer, or have closed several real estate loans, this book will give you valuable information that will help you get your residential real estate loan closed with a minimum of stress. Property types and uses, along with their effects on the loan, are discussed. The book also discusses the sales contract, appraisal, home owners insurance, title work, and what to expect at closing. You will learn the secrets of quoting and locking an interest rate. “Getting To Closing” will give you tips to streamline the process, reduce costs, be better prepared, and get your loan approved and closed.In today’s tighter credit markets you need all the information you can get to make the best deal possible on your home or investment property loan. This book gives you that information, which you may not get from your loan officer, so you will never be surprised at closing!

Home Buyer’s Advisor: A Handbook for First-Time Buyers and Second-Home Investors $0.99 The tax-smart guide for first-time buyers and second-home investorsWhether you’re a first-time home buyer or a seasoned investor, this practical guide covers everything you need to know to invest safely, confidently, and profitably in today’s real estate market–while getting the most out of the latest tax laws.The Home Buyer’s Advisor shows you precisely what to look for in a real estate investment, where to find the best buying opportunities, how to use proven holding strategies such as land-banking and lease options, and how to make your home a secure foundation for future real estate investments. Ideas for a secure retirement are also included. Packed with ideas, strategies, and real-world examples, Andrew McLean’s Home Buyer’s Advisor will show you how to:Take advantage of a wide range of financing methods, such as originating new VA, FHA, and conventional loans; loan assumption; wrap-around loans; and other alternative financing methodsHunt for bargain properties using the InternetProfit from HUD and VA repossessions and bank foreclosures, and bid for property at special auctionsUse professional appraisal techniques to ensure you’re getting the best value for your investmentUtilize smart investment strategies and holding techniquesManage properties without all the hasslesMinimize, defer, and transfer more of your tax liabilityAnd much more!

Home Rich: Increasing the Value of the Biggest Investment of Your Life $25 Your home is the single most valuable thing you can own, yet making it pay can intimidate and confuse even the savviest investor. Now, in an indispensable new book, finance expert Gerri Willis leads you step-by-step through the entire experience of buying, maintaining, and selling a home, and shows you how to come out ahead–maybe even way ahead.Americans used to raise their families in one place, knowing that their homes would someday make them wealthy. These days, on average, people spend just nine years in a house; it’s become a medium-term investment in a volatile real estate market. Home Rich is the first book that offers simple rules specifically designed for this brave new world of home buying and selling. Here are the ways to maximize your profit, from the time you get the keys to the time you hand them over.• before you buy: Learn about the best and safest loans available, how to finance and refinance them, and how to pick the right real estate agent (watch out for the “dual agency,” when one agent represents both buyer and seller).• buy right: Understand what size home you need and can afford (it’s the features and the fit, not the square footage), and check out location, location, location (a school system is a tip-off to a growing neighborhood).• keep up your investment: Make a checklist by season to determine maintenance expenses and find out how to protect against monster storms, mold, and vermin.• upgrade in ways that count: Be practical (an updated kitchen beats a Jacuzzi), discover the new green improvements, and plant the best trees and shrubs for your zone (landscaping can add 6 to 7 percent to the value of a home).• sell right: Inspect and repair, clear and clean, then set the correct price, advertise, and field the offers.Home Rich addresses the needs of homeowners in all regions and at all income levels, featuring helpful case

Home Rich: Increasing the Value of the Biggest Investment of Your Life $14.99 Your home is the single most valuable thing you can own, yet making it pay can intimidate and confuse even the savviest investor. Now, in an indispensable new book, finance expert Gerri Willis leads you step-by-step through the entire experience of buying, maintaining, and selling a home, and shows you how to come out ahead–maybe even way ahead.Americans used to raise their families in one place, knowing that their homes would someday make them wealthy. These days, on average, people spend just nine years in a house; it’s become a medium-term investment in a volatile real estate market. Home Rich is the first book that offers simple rules specifically designed for this brave new world of home buying and selling. Here are the ways to maximize your profit, from the time you get the keys to the time you hand them over.• before you buy: Learn about the best and safest loans available, how to finance and refinance them, and how to pick the right real estate agent (watch out for the “dual agency,” when one agent represents both buyer and seller).• buy right: Understand what size home you need and can afford (it’s the features and the fit, not the square footage), and check out location, location, location (a school system is a tip-off to a growing neighborhood).• keep up your investment: Make a checklist by season to determine maintenance expenses and find out how to protect against monster storms, mold, and vermin.• upgrade in ways that count: Be practical (an updated kitchen beats a Jacuzzi), discover the new green improvements, and plant the best trees and shrubs for your zone (landscaping can add 6 to 7 percent to the value of a home).• sell right: Inspect and repair, clear and clean, then set the correct price, advertise, and field the offers.Home Rich addresses the needs of homeowners in all regions and at all income levels, featuring helpful case

Home Rich: Increasing the Value of the Biggest Investment of Your Life $0.99 Your home is the single most valuable thing you can own, yet making it pay can intimidate and confuse even the savviest investor. Now, in an indispensable new book, finance expert Gerri Willis leads you step-by-step through the entire experience of buying, maintaining, and selling a home, and shows you how to come out ahead–maybe even way ahead.Americans used to raise their families in one place, knowing that their homes would someday make them wealthy. These days, on average, people spend just nine years in a house; it’s become a medium-term investment in a volatile real estate market. Home Rich is the first book that offers simple rules specifically designed for this brave new world of home buying and selling. Here are the ways to maximize your profit, from the time you get the keys to the time you hand them over.• before you buy: Learn about the best and safest loans available, how to finance and refinance them, and how to pick the right real estate agent (watch out for the “dual agency,” when one agent represents both buyer and seller).• buy right: Understand what size home you need and can afford (it’s the features and the fit, not the square footage), and check out location, location, location (a school system is a tip-off to a growing neighborhood).• keep up your investment: Make a checklist by season to determine maintenance expenses and find out how to protect against monster storms, mold, and vermin.• upgrade in ways that count: Be practical (an updated kitchen beats a Jacuzzi), discover the new green improvements, and plant the best trees and shrubs for your zone (landscaping can add 6 to 7 percent to the value of a home).• sell right: Inspect and repair, clear and clean, then set the correct price, advertise, and field the offers.Home Rich addresses the needs of homeowners in all regions and at all income levels, featuring helpful case

Home Rich: Increasing the Value of the Biggest Investment of Your Life $19.95 Your home is the single most valuable thing you can own, yet making it pay can intimidate and confuse even the savviest investor. Now, in an indispensable new book, finance expert Gerri Willis leads you step-by-step through the entire experience of buying, maintaining, and selling a home, and shows you how to come out ahead–maybe even way ahead.Americans used to raise their families in one place, knowing that their homes would someday make them wealthy. These days, on average, people spend just nine years in a house; it’s become a medium-term investment in a volatile real estate market. Home Rich is the first book that offers simple rules specifically designed for this brave new world of home buying and selling. Here are the ways to maximize your profit, from the time you get the keys to the time you hand them over.• before you buy: Learn about the best and safest loans available, how to finance and refinance them, and how to pick the right real estate agent (watch out for the “dual agency,” when one agent represents both buyer and seller).• buy right: Understand what size home you need and can afford (it’s the features and the fit, not the square footage), and check out location, location, location (a school system is a tip-off to a growing neighborhood).• keep up your investment: Make a checklist by season to determine maintenance expenses and find out how to protect against monster storms, mold, and vermin.• upgrade in ways that count: Be practical (an updated kitchen beats a Jacuzzi), discover the new green improvements, and plant the best trees and shrubs for your zone (landscaping can add 6 to 7 percent to the value of a home).• sell right: Inspect and repair, clear and clean, then set the correct price, advertise, and field the offers.Home Rich addresses the needs of homeowners in all regions and at all income levels, featuring helpful case

Home Rich: Increasing the Value of the Biggest Investment of Your Life $19.95 Your home is the single most valuable thing you can own, yet making it pay can intimidate and confuse even the savviest investor. Now, in an indispensable new book, finance expert Gerri Willis leads you step-by-step through the entire experience of buying, maintaining, and selling a home, and shows you how to come out ahead–maybe even way ahead.Americans used to raise their families in one place, knowing that their homes would someday make them wealthy. These days, on average, people spend just nine years in a house; it’s become a medium-term investment in a volatile real estate market. Home Rich is the first book that offers simple rules specifically designed for this brave new world of home buying and selling. Here are the ways to maximize your profit, from the time you get the keys to the time you hand them over.• before you buy: Learn about the best and safest loans available, how to finance and refinance them, and how to pick the right real estate agent (watch out for the “dual agency,” when one agent represents both buyer and seller).• buy right: Understand what size home you need and can afford (it’s the features and the fit, not the square footage), and check out location, location, location (a school system is a tip-off to a growing neighborhood).• keep up your investment: Make a checklist by season to determine maintenance expenses and find out how to protect against monster storms, mold, and vermin.• upgrade in ways that count: Be practical (an updated kitchen beats a Jacuzzi), discover the new green improvements, and plant the best trees and shrubs for your zone (landscaping can add 6 to 7 percent to the value of a home).• sell right: Inspect and repair, clear and clean, then set the correct price, advertise, and field the offers.Home Rich addresses the needs of homeowners in all regions and at all income levels, featuring helpful case