Real Estate Toilet Talk
09/09/2007
Well it has finally happened….The doodie has hit the proverbial fan. Yep, you heard me. The sub-prime market is basically gone and now the regular market is taking a huge hit. Financing is very difficult to obtain and the good ol’ days of 100% financing seem to be gone. Here is what the average person has to look forward to: a minimum of 5% down, a credit score of at least 620 (though that might not cut it anymore either), and a live human sacrifice (I’m mostly kidding about this one). To my investors, I give you this piece of advice; lease options. I will try to hold a seminar on the hows and whys of lease optioning but consider it strongly as the average person is going to have a hard time getting financing in the months to come. This will be especially true as lenders continue to file for bankruptcy. It is a great time to buy rentals, however. Everyone needs a home and you can bet that the folks with decent enough credit to rent won’t be buying any time soon. Look strongly into rental properties, they could be your ticket to riding out this market shift.
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