Bank Hiring Surge
Banks across America are mounting a hiring surge right now. Why? They are gearing up for what lies ahead…more defaults, more short sales and more foreclosures. Collectively, the big 4, including Bank of America, Chase, Wells Fargo and Citi have recently added over 17,000 new employees to their payroll to help manage the volume of loan modification and short sale requests as well as the disposal of foreclosures. And the most ambitious are those that have a large number of Alt-A (Interest Only and Option ARM) loans. Wachovia, for example, is loaded with these loan products. They were recently acquired by Wells Fargo so now it’s Wells Fargo’s responsibility to deal with the mess that is going to be hitting them this summer when many of these Alt-A loans begin re-casting to fully amortized loans.Â
Experts are predicting that there is plenty more mortgage mayhem to come as this graph depicts:
Now you can see why banks are on a hiring surge. 2010 and 2011 are shaping up to be as big (if not bigger), than the sub prime meltdown of 2007 and 2008. Believe it or not, this graph shows that 2009 was the “eye” of the storm.
When you study what the banks are doing, hiring tons of employees to gear up for more deafults, short sales and foreclosures, that should give you a clue as to what lies ahead…you guessed it…more defaults, short sales and foreclosures.
I spoke with a new investor the other day who said he was told by another investor in his area, “short sales and foreclosures don’t work, stick to deals with tons of equity.” Amused, I asked this new investor if he felt this council was sound advice. He said, “Yes.”Â
“Oh, dear,” I said, “This other investor is simply steering you away from short sales and foreclosures so that he can have more for himself. There has never been a better time in American history to be in the short sale and foreclosure investing business. It’s so blatantly obvious that only lies could supress the truth.”
Needless to say, he instantly recognized the folly of the advice he had been given.
The reality is that the truth will always be revealed. So you don’t have to take my word for it, or all the banks who are currently on a hiring surge, or all the other investors in America who are profiting legally, morally and ethically from the current short sale and foreclosure boom. No, you can just take a walk down your street. Have the courage to talk to some strangers you’ve never spoken with before and ask about the homes that are for sale in your area. The truth will be revealed then. That short sales and foreclosures dominate the residential (and soon to be commercial) real estate markets.Â
In fact, they are so plentiful, everyone reading this article could do a deal a week in their respective area, make hundreds upon hundreds upon hundreds of thousands of dollars each year for the next few years and it wouldn’t even scratch the surface of all the homeowners that need your help. The opportunity is so incredibly large, much like the ocean, that no matter how big of a splash you think you can or will make, it’s like filling up a bucket with saltwater and worrying about draining the ocean. It’s ain’t gonna happen. This is a world of abundance. There is no shortage of short sales and foreclosures in your area or in this country.
So now the ball is in your court. What are you going to do about it? Are you going to sit on the sidelines and watch others make money and help their fellow American? Are you going to let this extraordinary opportunity slip through your fingers?
I’ve heard some say the following, “But Phil, that’s easy for you to say. But my life is different. I don’t have time…blah, ba, blah, blah, blah.” You know what they say about excuses? I’m think you how the rest of that goes.
One of our students, Stephanie Ornelas, “didn’t have the time” when she first got started with us but she wanted to make a change in her life. You know where she is right now? Jamaica. Actually, she has been there for a few weeks now. In all, this January, she will have spent 3 weeks in Jamaica. Do you know what financed the trip? She has closed a number of deals recently using our Step by Step program and now has the freedom she always dreamed of.
That’s real life, today. No fluff. Warm, tropical, facts. Deals are closing all around you. To see how you can be a part of this river of prosperity, register for tonight’s webinar below:
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Please feel free to leave a comment below too…
Discover how to make fast cash from real estate in today's market with this step by step investing guide ($97 value).
Is it true that an Investor that purchases a property in a short sale cannot re-sell it for 30 days? I am referring to the A to B and C to D transaction (double escrow). I live in California and was told by a real estate agent that this is true. Is it? Thank you.
Is it true that an Investor has to wait 30 days before he can re-sell a property acquired in a short sale?
That is incorrect. In some instances, the lender may put on the approval letter soem 30 day type language but there are numerous ways to satisfy that requirement and still do a back to back closing
That is incorrect. We closed two deals in CA this week. That real estate agent has been mis-informed. However, in some instances, the lender may put on the approval letter some 30 day type language but there are numerous ways to satisfy that requirement and still do a back to back closing
Hi Phil,
I just wanted to add a little comment. Not only am I sitting in Jamaica as we speak I was here for 3 weeks in December as well. When I came down in December it was my intention to just vacation for a few weeks and get back to the states to work. Well, that didn’t work out for me… I fell in love with the country and moved heavan and earth to be able to have the best of all worlds. In December I figured out how to run my business from Jamaica and went house hunting. When I came back this month I was able to purchase a modest one bedroom home on the side of a cliff with a sea view. Yes, I’m suffering down here… HAHA The point I want to make to everyone is this.GO … ANYTHING is possible with this business. You can have as little or as much as you want. I am still not up to 100% operational with my business all the time on the island but I am working the bugs out. After being in a 3rd world nation for some time and seeing how the people live here I know how blessed I am. Maybe moving out of the country is not your cup of tea, but what is your dream and what are your goals??? GO FOR IT!!!! Soon I will send pics of my new vacation home!!! Thanks Phil, Tom, and all of the short sale step by step coaches, couldn’t of done it without you!!!!!
That’s the way to do it. I’m so proud of you and your ability to step outside the box and go after living your dreams! You’re an inspiration to an entire nation of students. I’ll come visit soon…although I don’t know how it will work with the baby…but I’ll figure it out.
Very interesting. Thanks for sharing.
Phil,
I like what you said in the training video and have been pondering to take up your offer for few months. I was ruined so many times by so called Great Mentor in real estate just to find out it was draining my few available source. What is the proof that I will not be burned like with other if I joint your program? I and my wife can work very hard as we did but it really need a whole lot more of FAITH and trust that we can give it another shot. We do need help but we don’t want to be hurt again. Can we speak to you over the phone? Thank you.
ABBSSOOLLUUTTEELLYYYYYYYYYYY!
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Iwas recently involved with Dean Graziosi’s success acadomy. Iput money down to start and 3 payments
but never realy got going because my wife got real sick, so i put it on hold, but not sure if i should start back up or pusue othere optoins. I was looking at asignment of contracts, but sort sals sound nice to.
I just want to start somewhere. Iwant to start my oun buisness. I will watch the training on thursday night
and i will keep reading you emails. pleasa give me your advice Phil.
PS Icurently lost my Job “bummer”
thanks
Jason
First, I am sorry to hear about the health challenges your wife ran into, I hope she is better now. Any situation such as that can really adjust one’s priorities. Also, your current job loss seems to have come at a pecular time.
As far as where you get started, the best questions to ask yourself are:
What happened the first 3 months with the previous program you joined? If you didn’t sign up any deals and make anything happen, why not? Was it the program? Was it you?
If it was the program in your mind, why?
Since it’s my our program, of course I think ours is the best, but when you have tried another program in the past and it didn’t work out, you want to ask yourself why.
I beleive that the majority of the time, the reason for failure is a lack of support from people who have the same incentives as you do…which is why our program was created to begin with.
I hope this helps.
Stellar work there everyone. I’ll keep on riedang.