We've seen the residential market implode, but that's still only about 37% played out.
Here's what's far worse: the coming meltdown of industry.
Everyone knows about the big 3 bailout, but few talk about what it means. It's not just the big 3. Honda and Toyota are closing down plants, too. Industry everywhere is in huge trouble, from American steel makers to General Electric, to Hewlett-Packard.
Does this mean you should run and hide? No, it means you should do the following ... or 2009 will be your worst year yet...
#1: It always comes back to the human level. It comeshome to roost at residential real estate. In 2008, 60% ofhomes still sold conventional, believe it or not. And westill had a horrible market. Expect this figure to plunge to 30% in 2009, with multiple foreclosures on every block. The moral of the story: you MUST learn all you can about foreclosure, bankruptcy, and tax implications.
#2: The two biggest ways to make money with foreclosuresand pre-foreclosures are 1) Short Sales, and 2) REO. Even if you are a wholesale investor, you need to know about #1 and #2 -- that's where the money is.
#3: Prepare for the biggest money making year you've had yet!! This sounds out of character, with all the doom and gloom we've been talking about. But here's the reality: in 2009, it's either/or. Do or die. There's not going to be much of a middle ground.The virtue of this is that it presents a clear choice.Either learn foreclosure strategies and become wealthy, or apply for a bridge card.It's your choice. But either way, know that a choicewas involved. It wasn't fate or karma. It was a choice.
As always...I'll see you at the top!
www.ShawnDodson.com
Saturday, April 4, 2009
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