Ask ten strangers on the street what their opinion is of the current real estate market and most of them will respond with something like, "It's horrible!" The average consumer believes the real estate market has crashed, but in reality we're really facing a perfect storm.
We have a lender problem, not a real estate problem. I know that's a tough pill to swallow given all the negative media we see on television and in the newspapers everyday. The truth is the financial crisis we're facing today has given real estate values a severe, undeserved beating.
There are more millionaires (even billionaires) born in distressed times than in ANY hot market. In fact many of the most motivated sellers are those who bought property while prices were sizzling. They're desperate to get rid of assets that just aren't producing the results they thought it would. Many secured short term financing and can't refinance, so they have to sell. Others just didn't know what they were doing.
That means NOW is the time to start investing--and apartment buildings just make more sense. The number of single family homes built over the past five or six years has been incredible. Certainly that's having an impact on the real estate market, as there's more supply and less qualified demand because lender criteria has tightened. In addition, because so many consumers were easily becoming home owners, the number of apartment units constructed the past few years has been very low as well.
Now fast forward to today. People are, sadly, losing their homes. Lender criteria, or there lack of, combined with buyers' eyes that were bigger than their budgets equates to a foreclosure rate that's higher than anything we've ever seen. It would have been just as easy for lenders to create a checkbox with the question, "Do you have a pulse?" next to it. The bottom line is there are a lot of people in need of housing solutions because they've been tossed back into the rental market. That's where people like us come in!
Apartment fundamentals are very strong. Plus, because of the credit crunch, the number of units under development throughout the entire country is still extraordinarily low. Increased demand, little supply....... well, you get the picture. Somebody is going to make A LOT of money. (Shouldn't it be you?)
Today sellers are not only motivated, but they're accepting particularly favorable financing terms as well. That means investors are getting more and more creative, and rich. Feel free to give me a call or send me an email. I'd be happy to help you become one of the few to make millions of dollars in the next year.
Wish you all the success,
Steve Steadele
About Steve:
Steve Steadele, author of the book Multifamily Millionaire, is a successful Real Estate Investor, Broker, Entrepreneur and self-made millionaire. He is a featured speaker at Real Estate Investment Associations across the country where he shares his wealth of knowledge, experience and enthusiasm for the real estate industry. Today Steve specializes in the acquisition and disposition of investment real estate throughout the United States. To learn more about his products and services, visit his Web site at www.SteveSteadele.com.
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