Offline**NOTE - This is what I have been trying to tell you guys about since I joined this site. This is MY home town, this is where I live and this is whats happening here right NOW! Other than me and a handful of others no one is taking advantage of the opportunites here. I have ebven offered to act as a "Bird-Dogger" and find the deals for others, but still no takers. Now read this and let me know what YOU think.
(BTW Thanks Rina......)
Twice bitten: One town's foreclosure nightmare
One town's second go around with a foreclosure crisis finds it more prepared. Here's how Lancaster, Calif., where nearly every city block is affected, is coping with the current mess.
By Melinda Fulmer, MSN Real Estate
Real-estate agent Dan Marion thought he had ridden out his hometown's last great foreclosure crisis more than 15 years ago. That was the early 1990s, when aerospace jobs were fleeing in Lancaster, Calif., and the local economy was crumbling.
Now, just over 15 years later, the high desert town known for its cheap and spacious real estate is reeling again, with the second-highest foreclosure rate this year of any ZIP code in the United States.
Lancaster had 3,543 total filings between January and August 2008, the most recent data available from RealtyTrac. That is second only to Stockton, Calif. And if you include Lancaster's immediate neighbor to the west, third-ranked Palmdale, it has the highest concentration of foreclosure activity in one small area. (RealtyTrac is an MSN Real Estate partner.)
"(The foreclosures) started coming fast and furious towards the middle of 2007," says Marion, of Troth Realtors GMAC Real Estate. Now, with foreclosures up 71% year-over-year in the U.S., almost every block in Lancaster has at least two vacant bank-owned properties with a for-sale shingle out front.
A town in crisis
This time around, it wasn't a dwindling economy that brought crisis to this dusty town next to Edwards Air Force Base. It was a volatile combination of subprime lending, ignorance and greed.
Builders put up homes they shouldn't have in this commuter town an hour outside Los Angeles, says economist Edward Leamer, director of the UCLA Anderson Forecast. Then they relied on subprime loans to get lower-income buyers to stretch to afford them.
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"Now we have a larger number of homes that are not likely to find owners," Leamer says.
Locals also point to the large number of naïve, new house-rich homeowners who began using their home as a cash register, taking out lines of credit to buy RVs, three-wheel bikes and other expensive toys, before watching rates and gas prices tick up. "The attitude was 'I want it now,' " says Elizabeth Brubaker, director of the city's housing and neighborhood revitalization agency. "People got greedy."
Of the 4,063 homes listed as active on the Greater Antelope Valley's Multiple Listing Service in late October, 74% are owned by banks or are short sales.
And unlike other parts of the country, this crisis has touched just about every part of this town, from cracker-box starter homes to custom estates in gated communities.
On almost every street in Lancaster, you can find houses with brown lawns, lockboxes and tumbleweeds rolling in the backyard.
In front of one house in a nice middle-class community on the coveted west end of town, a forlorn-looking burgundy recliner sits next to the curb, abandoned hastily during a move-out. In this newer neighborhood of stucco homes that are 3,000 square feet and larger, foreclosures or short sales account for almost half the houses on some streets.
It's quite an enticement for teenagers looking for a place to hang out and drink or do drugs, Marion says. And it's also a draw for vandals looking to steal hardware, appliances or even the outside air conditioning unit. "I've had houses where everything was taken from the inside right down to the flooring," Marion says.
CLICK ON ATTACHMENT TO SEE PICTURE.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Yeah, when I saw this I thought, "that's Anita's Lancaster!"
Sounds like a "ghost town" in the making, an INVESTORS' DREAM!
Thanks for posting it in here. Do you mind if I put the link, too? There's other good info there.
http://realestate.msn.com/buying/Article2.aspx?cp-documentid=11536612>...
That is VERY generous of you to offer to bird-dog for people! I'd love to come out there and see these places myself. How much lower do you think they'll go?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Dude, when are you flying me out there, it's like a Disney Land for Investors! I can ONLY WISH i were in Cali, it's almost like not even reality out there, at least compared to PA it isn't, all i can say is, Ant keep taking Advantage of that EXCELLENT DOWN MARKET, i would be buying as much property as possible, cause that state is going to realize HUGE APPRECIATION, when the market TURNS into UP SWING mode, SULLY
YOUR HERO, SULLY
well I dont really know rina, but I can tell you this. A house I had been keeping an eye on is as follows
4/3 2 story built 2006 - 14300sq/ft lot and 3852 sq/ft home
2/2007 415,000.00
4/2008 285,000.00
6/2008 230,000.00
8/2008 195,000.00
10/2008 150,000.00 SOLD 10/5/2008
Thats pretty much how things are going here. There are entire streets that are REO's and the banks are making some serious deals.
A year ago there was NOTHING in this valley under 200,000.00 now just this week I put offers in on 14 properties from 17K to 56K......I just wish others would take another look and see what I see.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita, thanks for sharing those numbers.
And are you guys getting as much rent as a couple of months ago, or is that market getting somewhat flooded? I've noticed more places for rent here now in the last month. Nowhere near flooded, but I think there's more investors making their move (OR desperate homeowners).
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
The rental range here is between 1500.00 - 2200.00 and 1500.00 MIGHT get you a 3/2 1200sq/ft
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
You are doing a great job at setting yourself up for the MILLIONS! You should be sooo proud of yourselves. Others don't see what you see because their vision has been impaired by all the doom and gloom stories. They have allowed circumstance to influence their decisions. You have allowed knowledge and wisdom to expand your vision therefore you see the opportunity and are ceasing it. CONGRATULATIONS!
I am having such a hard time here in Jersey finding deals - I'm seriously ready to fly out and meet you! Here is my main question....with streets full of empty houses....are they easy to rent? Obviously a person wouldnt be flipping them at this point and of course I couldnt afford to just buy and hold empty till the market turns. What is your take on the rental end? I know you posted some numbers above, but are there active renters looking? Also - do you have any connections with management people that you trust? Being across the country I would have to look into that as well. You are so amazing and generous to offer to help us like that! Thanks so much!
Laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
There are 4,772 Properties available in my small NJ County which is only 222 sq. miles.
2795 pre-foreclosures
490 bank owned
19 government owned
58 FSBO
1041 in resale
There were 100+ rentals posted on craigslist in South Jersey just yesterday. That did not include the hundred or so posted the day before.
There are a ton of opportunities here in NJ as well. You just need to build a strategy to reap the benefits. Ex. Spend one day calling the rentals to see if they wish to sell, spend another day contacting the FSBO etc.... (this may mean sending a ton of emails since some do not list a phone #)
You will find deals! Now Go Get em!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Exactly where are you finding all these listings for FSBO and bank owned properties in your town?
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I checked out the link for www.RealtyTrac.com. Every town in the USA is listed here along with the stats on FSBO, foreclosures etc...
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
appreciate the info!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I am still trying hard to get others up here to invest. Its hard when you can see the vision and they cant see past the morning headlines
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Laura
Hi Laura
its not hard to find buyers because now all of the renters are now buyers. its just that the foreclosures hit so fast and hard no one had time to think.
I have a couple of great managment companies that one could use if they invested here and i have actually started doing a little management of my own. This is just a wonderful city in crisis.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I totally agree with Anita about Lancaster. It's a beautiful town with more growths and developments. I was there in August and there were literally for sale signs in every block if not almost in every streets. I will definitely make another trip back there in February and possibly start investing there. The homes are beautiful and it's a goalmine waiting to be discovered. I'm having a hard time looking for great deals here, unlike Lancaster and Palmdale where there plenty of money to be made there. I wish i was living there, but i might have to expand my horizon in real estate investing.
Lloyd
And as always thanks for the encouragement. Hey Ialmost forgot I am 20lbs down, btw and still working it.....lol...thanks for the kind words
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I have not forgotten our discussion on long distance investing and your generous offer to help bird dog deals! I am just a bit unsure of diving in all the way across country without seeing the area first. Wish I had the time to come down the coast and see you next week (I will be in Washington State)
)- you say you have an incredible monthly positive cash flow - are your properties in Lancaster?
On your video (which I loved
I finally had a great deal I thought was mine - but someone swooped in with cash today and the bank took it over mine. Frustrating, but I just tell myself its because something better will come!
Thanks again for all your inspiration and support!
Laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404