Foreclosures Fall In Most US Cities

NEW YORK (CNNMoney) -- Foreclosures declined in more than 84% of U.S. metro areas during the first half of the year, according to the latest report from RealtyTrac, an online marketer of foreclosed properties. But that doesn't mean these markets are staging a turnaround.

"These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country," said RealtyTrac CEO, James Saccacio, whose firm reported earlier this month that the national foreclosure rate fell 29%  over the past 12 months.

 Are You Doing It Right? 

I'll keep it brief this week cause I know you got lots of emails to read.  Actually I think that some investors actually think they are doing something by reading every email from every supposed guru on the planet.  I beg to differ, most of the emails I am referring to are actually meticulously designed to one thing and one thing only:  Make you believe that their newest offering is the magic pill you need to make it big.  That's right just buy their $1,500 course or event, sit back, relax, press a few keys on your computer and then run out to your mailbox to get your check.  That's not been my experience in almost 15 years of investing in real estate.    

Earlier this week I was talking to one of your fellow FFN Members, he's been a member for a long time.  He's not a fraidy cat when it comes to pulling the trigger, he's not afraid of a little work (not the rehabbing, swinging hammer kind of work);  he's even had a few successes along the way.  He's just putting it all together after attending last months Summit and being just too tenacious to quit.  He's realized that you've got to talk to lots of sellers, make lots of offers, line up your private money, do the renovations to a good and appropriate standard, market it just right, follow up without end; and then, and only then, will you see success in this business. 

He was telling me about a house he's just finished a rehab on and has still not had it a full 90 days.  He just got a contract to sell to a retail buyer and expects to make about $40,000.  He did the rehab just right, not too much (meaning spent a bunch of money on stuff that nobody really cares about, he didn't over pay for the stuff he did do) and not too little.  It's kind of an art more so than a science.  He's viewed several of my properties at various stages of completion and now he get's it.  He get's it so much that he's admittedly been doing it wrong and now realizes such.

My question for you is:  Are you doing it right?  If so, are you sure and how do you know?  I propose you begin using me as your sounding board as the above FFN Member has done.  I can guarantee you this business works and there's lots of money in it.  What I don't know is how you're potentially screwing it up and not netting out big checks as I and the above Member are. 

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Dennis Quattlebaum   678-836-4469

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QUOTE OF THE WEEK

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