Michigan Foreclosure Report by Mark Ijlal

All guns blazing….

Last Thursday was the second last Inner Circle Mastertemind of 2006. Can’t believe that the year is almost over??? Me neither. By the way we broke the record this month – left the hotel at 11:53pm, seven minutes before midnight. The previous record was 11:40pm in October 2006.

Here is one email that Mike Hale, Inner Circle member from Trenton, MI sent me very late that night:

“Mark, Just some feed back about last nights meeting. It was powerful for me to sit 5 feet away from a live person, that lives in my state, that not so long ago set out with the same desire as me to make some money in real estate, and here they were telling the story of having done that. Yes I believe in the direction I am going, and I believe that my results are soon to come, but to see other members share their experience in living, breathing form was powerful for me. Also, I am studying the July 06 Short sale Marketing CD this morning before I send out my flyers, and I am embarrassed to say, I have been sitting on what is to me a gold mine this whole time, and this is the first time that I took the time to listen to it.”

. I had couple of my Inner Circle members dissect in great painstaking detail some of the foreclosure deals that they have bought and sold and what is in the pipeline for them right now in Michigan.

Here are some of the highlights:

1. Banks are giving bigger discounts on Short Sales provided you can “close fast”. One of the common phrases being used by Loss Mitigation Officers over and over again is – “how soon can you close” and NOT “ how can you ask for a big discount like that when there is nothing wrong with the house.”

I had Inner Circle Member Rodney Townsend describe several of eight ongoing deals in the tri-county area and he reports that with the exception of two homes that require renovation (paint, carpet, cleanup, kitchen updates) the rest are all cleanup only – no rehab needed yet he is still asking and getting big discounts – based on “how soon can you close.” That is why it is so important to have quick financing lined up to close as quick as possible once the Short Sale is approved.

Even when you are buying REO’s – it always works as a great “price reducer” to go in and offer less but offer to close faster. There are enough resources available in Michigan right now as far as financing foreclosure deals goes especially some of them that work exclusively with Michigan real estate investors that you should not have any reason not to use the above to whack some big discounts.

2. He is also doing something very smart – clipping all the “negative articles” that appear in the newspapers about Michigan and sending copies of these articles to the Loss Mitigation officers with his Short Sale package for houses that are in excellent shape. Talk about turning sour into sweet.

3. Inner Circle member Dwayne Toler who is 19 years old along with his partner Marcus Thompson who is also 19 shared on how he is using the Internet particularly one free website to get foreclosure leads in Oakland county for no cost.

I don’t know about you but I do wish I knew about all this when I was 19. These guys literally drain me. They call in regularly on every coaching call, ask a bucket full of questions, get strategies and then implement like crazy. It is a “closed loop” . Learn, act, learn, act – that is is how bank accounts get bigger. b

4. I had Inner Circle member Paul Mueller who just finished his first flip – described step by step on how he bought, fixed and sold his first house. It is fun to see new members do their first deal and get a real check with their name on it. Paul made some very good points in his presentation on what new investors in Michigan need to do in their first deal and I will write more about his points later this week.

He also put together a great Investor Credibility Kit for his future private investors in Powerpoint with something that very few Michigan real estate investors ever bother doing – getting a great warm testimonial from the hoemwner who just bought their house.

You can leverage this 3 minute video to sell the next three dozen houses. I wish I knew about this strategy when I first started.

Tony Grix talking about the heartaches that one bank gave him and one did'nt in Michigan. Cool thing about having members like Tony is that you always know that is happening right now in the real world of Michigan foreclosures. Not just one opinion but facts.

That is me, doing a show and tell on a new direct mail package for getting preforeclosure leads. Look closely and you might recognize the package. :o)

At Ijlal Inner Circle I do things differently – no pitches, no courses to buy, no other expensive bootcamp to pay for that will have the “all the answers”. I could do it I guess if I wanted to – majority of real estate investors have been brainwashed into thinking that more information is a better.

Actually good information about buying and selling bank foreclosures is only half of the game. The other half is a plan – action steps – to do one after one that turn one deal into 8 as one of my members described only three days ago.