Boomer’s Blog

I wanted to share with you this funny and inspirational video to help you kick off your New Year with a real bang! And what better way to do that than with wholesale real estate genius Mike Collins, his giant hammer and a pair of safety glasses?

It’s going VIRAL!

This video looks like Mike has lost his mind - - but clearly not his sense of humor. You’ve got to see how he rang in the New Year. It’s hilarious- -especially if you’ve got kids and pay a monthly cable bill! Even if you’re not active in RE right now, you’ve got to see this video. You’ll never look at your TV the same way again!

Not only does Mike handle a hammer like a pro, he makes a great point . . . one that hits close to home for anyone who ever has wondered where to start to affect positive changes in their lives without spending a dime! In fact, many of us could save over $1,000 per year by following Mike’s comedic lead. (Though in my case, it would bea mightly long year with the kids - -and possibly my wife not talking to me.)

If you like what Mike’s got to say, sign up for the two hours of strong content videos in Mike’s free Internet video series: “Insider’s Guide to Quick-Start 2009.” His 24 years of experience as a wholesale real estate entrepreneur and straight-shooter approach really make this training as interesting as it is educational.

I just watched another awesome hour-long video, and I was so riveted by Mike’s presentation, I totally forgot to eat lunch! With this video series, Mike is really delivering a stimulus package you can count on! Before I head off to NOT eat that burger and fries I’m craving, I wanted to give you a taste of Mike’s real estate investor’s food for thought. I pulled this info from my own personal notes.

The future of this industry belongs to the wholesaler, Mike says. And in this game, the person who finds the inventory, finds the best deals. Here, a 30-to-50 percent slice of each transaction goes to the wholesaler, only with less work than is required with other approaches.

Five Tips for Creating your Own Economic Stimulus Package

Here are five tips from Mike to whet your appetite for What’s Working in 2009. There’s plenty more where this came from. All you have to do is Sign Up Here to get access to this rich content.

1. Know Your Market: Develop an in-depth knowledge of the players in your local marketplace. Shop for qualified buyer leads at auctions, for example. But perhaps most importantly, learn how to use direct mail marketing to save while you fill your pipeline with premium leads.
2. Stop Elephant Hunting: Shift your perspective and business model so you see houses as commodities rather than as homes you might want to inhabit. Three bedroom houses in blue-collar neighborhoods tend to be winners, Mike says.
3. Learn About Values: Both wholesale values and retail values are important for you to know in your local markets. Look at previous transaction data and comps for an overview. Mike’s got lots of innovative tips to help you get a professional real estate marketing handle on these data. Developing this knowledge is absolutely mandatory to prime your business for success in this and every year..
4. Explore Direct Real Estate Marketing: In this arena, it’s essential that you develop the ability to quantify and calculate your ROI & maintain your creativity. Early on in his career, Mike says that postings in laundromats and even flyers he sent through a local pizza delivery operation helped give him a boost in this business. It also made him realize the true value that a constant flow of leads could bring to his business.
5. Find your Niche: Both in your local markets and in your overall investment strategy.. To find success, you’ve got to first get a grasp on what’s working in your local target areas.(Realtors call these niches “farms.”) With some persistence and diligence, the opportunities will become increasingly more apparent with ongoing focus on your market.

Now that we all know about Mike’s plans and strategy for the New Year, what about you? What have you decided to do differently in 2009? Whatever it is, aim high and stay strong. Remember: This is your year!

The trend heading into the holidays seems to be one of growing unemployment and a rising tide of homeowners drowning in mortgage debt.

An Ironic Twist on a Familiar Story
The U.S. Bureau of Labor Statistics’ October report finds that unemployment last month soared to a 14-year high of 6.5 percent, as 240,000 jobs were slashed. Yet the Orange County Register’s Mortgage Insider, Matthew Padilla has made an interesting observation. He sifted through the data to report that in September,  352,200 workers were making a living in the mortgage business — that’s up from 349,300 in August.

Negative Equity Plagues Homeowners
But the recent real estate statistics that really capture the real estate investor’s eye come from  First American CoreLogic: 2.1 million mortgages are within 5 percentage points of being in a negative-equity position and 7.5 million mortgaged properties are carrying more mortgage debt than they’re worth. That means that nearly 20 percent of properties with mortgages have plunged into the powerful waves the economic undertow.

Rising Percentage of Underwater Mortgages in the States
See how the mortgages currently in negative equity break down among the states listed below (Note: percentages have been rounded off and the states are listed in descending order starting with the highest reported rate of negative equity.):

1. Nevada: 48%
2. Michigan: 39%
3. Arizona: 29%
4. Florida: 29%
5. California:  27%
6. Georgia: 23%
7. Ohio: 22%
8. Colorado: 18%
9. Arkansas: 16%
10. New Hampshire: 17%
11. Texas: 17%
12. Virginia: 16%
13. Tennessee: 15%
14. Kansas: 15%
15. Iowa: 15%
16. Alaska: 14%
17. Wisconsin: 14%
18. Nebraska: 13%
19. Kentucky: 13%
20. Missouri: 13%
21. Minnesota: 12%
22. Maryland: 12%
23. Rhode Island: 12%
24. Louisiana: 11%
25. Idaho: 11%
26. Utah: 11%
27. Oklahoma: 10%
28. South Carolina: 10%
29. Indiana: 10%
30. North Carolina: 10%
31. Illinois: 10%
32. Delaware: 10%
33. Washington D.C.: 10%
34. Massachusetts: 10%
35. New Jersey: 9%
36. New Mexico: 8%
37. Washington: 8 %
38. Oregon: 8%
39. Alabama: 7%
40. Connecticut: 7%
41. Montana: 7%
42. Pennsylvania: 6%
43. Hawaii:  6%
44. New York:  4%

Source: First American CoreLogic

Notes: Data were unavailable for Maine, Mississippi, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. These data are based on 42 million properties that had a first or second mortgage, accounting for at least  80 percent of U.S. mortgages.

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Tim Ferriss, author of The Four-Hour Workweek: How to Escape 9–5, Live Anywhere, and Join the New Rich (4HWW), majored in East Asian studies at Princeton University. Soon after graduation, he found his self-imposed cubicle lifestyle wasn’t giving him room enough to breathe, much less twirl. In 2004, Ferriss was working 80 hours a week to build his company and found himself burning out. So he put three days of clothing into a backpack and bought a one-way ticket to London … and wound up in Argentina as a world-class Tango dance champion.

Ferriss’ manifesto, the 4HWW, captures the wisdom and quixotic joy the author found when he traded his cubicle for the excitement-packed lifestyle of his dreams. Published last year, the book quickly became an international best seller.

Escape Inhibitions and Discover your Life
Ferriss urges people to shed the traditional expectations that wedge them into cubicles and create luxury lifestyles in the present using the currency of the new rich: time and mobility. This process is an art and a science that Ferriss refers to as lifestyle design (LD), and in 4HWW, he provides a deceptively simple strategy for achieving it.

Design your Lifestyle
For real estate entrepreneurs, 4HWW nails the formula for maximizing effectiveness in your endeavors. Your business may be surviving, but is it thriving? Many of us escape the regular grind only to become totally submerged in busywork that keeps us from accomplishing the more important tasks that fuel our business growth.

To really excel in this business, no true innovation is needed. When you automate and outsource your grunt work and use systems that have been proven effective, you’re well into the metamorphosis from which you will emerge a true real estate entrepreneur.

Automate and Recreate
For most of us in the real estate game, marketing easily can become a central vacuum system that swallows time and energy and rarely pays off. How can you effectively run your business when you’re struggling with lists, copy writing, mailings and postage?

If this is not your strong point, it may be time to follow Ferriss’ advice: Emphasize your strengths by delegating your weaknesses. When you’re using your strengths to build your business rather than being forced to focus on your weaknesses in mindless tasks such as marketing, your business, your income and your self esteem can reach new heights.

Give your Strengths a Workout
When you’re using an effective marketing system, such as SalesTeamLive, you know it’s working because you’re receiving a steady flow of calls from motivated and qualified sellers and buyers every day. And you’ve actually got the time to make the deals you know will take your business to the next level.

In 4HWW, Ferris successfully reminds us that time is short and we only have one chance to live the lifestyle each of us desires. His lifestyle design provides us with the necessary framework to transform our businesses and to embrace opportunity without fear or regret. Bravo, Mr. Ferris.

Look for my full review of 4HWW, coming soon.

As Foreclosures Rise, Investors Pull Back: Defaults on home mortgages touched another historic high late last year as foreclosures on adjustable-rate mortgages surged, an industry group reported on Thursday.

5 Ways Real Estate is Better Than Domain Names: 1. Easy financing. 2. Title insurance.3. No “Support” middlemen. 4. Your tenants are your tenants. 5. No one is going to twist the law and steal your house.

Real estate experts say time is ripe to snap up land: While builders need to sell inventory even if it means going without a profit, they should consider buying land for the future when experts predict a shortage of available lots.

U.S. foreclosures soar as borrowers ‘give up’: U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increase.

Ahead of the Bell: Mortgage Lenders: The financial industry needs $1 trillion in permanent capital to help stabilize and improve the pricing of mortgage assets, but is unlikely to receive it.

A Different Approach to Revitalizing the Housing Market: While U.S. Federal Reserve rate cuts and the economic stimulus package are helpful, they aren´t enough to bring the economy back from the brink of recession. Some mortgage lenders´ decision to temporarily suspend the foreclosure process through “Project Lifeline” is encouraging but more drastic steps need to be taken to help a housing market that is obviously in trouble.

Crisis deepens in U.S. mortgage market: After surging in popularity during the U.S. housing boom, the risky subprime loans now are contributing to a record number of home foreclosures across the country, as many borrowers find themselves unable to pay the exorbitantly high interest rates that are starting to kick in after a few years of paying super-low “teaser” rates.

Investing: Balancing Risk And Opportunity: Prices are down. Inventory is up. And demand for new construction is withering on the vine. The days of flipping houses for a 30 percent markup, it seems, are gone for good. Yet, while some maintain that acquiring property now presents too great a risk, there are those who insist the current market correction spells opportunity for bargain hunters who are willing to wager on the long-term health of real estate.