I am receiving more & more emails and phone calls like the one below . . . . .

 I have two homes in FL that are short sales. I own them. They
were
> bought as investments. The first is a condo at the Club in Port
St.
> Lucie. It is not even worth half of what I bought it for and I
can't
> rent it for more than half of the mortgage payments and HOA. I had
> help for 1 year, with "decorator" credit and a renter. But the
> renter left and my money ran out.
>
> The second is a pre-construction home that is finished, now, has a
> pool, 4 bed/2 bath 3 car garage, appliances, sod lawn, on the fresh
> water canal. It is in Cape Coral, which was hyped to me as an up
and
> coming, high influx, emerging market. It was not, it is not and it
> won't be for a long time. There are many many other properties
that
> are on the market there, and the house is also worth less than half
> of what I owe.
>
> Buyers are scarce and the offers I am getting (which are few) are
> ridiculously low. The banks, even though they should want to get
out
> from under this and not go all the way to foreclosure because of
> market conditions, don't want to sell at that "short" of a sale.
>
> I have a third property (out of 3) in Colorado, which has been a
pre-
> construction for over a year, and the excuse last year was that it
> was a hard winter. Well, winter is upon us again. The house is
> waiting for the gas line to be hooked up, then they can finish the
> outside of the house. By then, it will be snowing and under a lot
of
> white. I am going to go for a second extension on the construction
> loan. The builder, ADS Builders Inc., is supposed to be paying the
> interest payments monthly. But the bank now wants me to cough up
> principal payments monthly plus a lump sum toward principal to
extend
> the loan.
>
> All my $$ is now tied up. They can't squeeze blood from a turnip
or
> from me. I am dry. I hope to settle with the house that I live in
> with my family intact. That is still in question, as I do have
some
> untapped equity there.
>
> So, bottom line, Real Estate Investing with your own money, no
matter
> how little money it is (I got into each of these deals with less
than
> $8K each). I was supposed to make a few bucks on each and not have
> to depend so much on my 40-hour+ job.
>
> My excellent credit will be trash in the next few months, and if
any
> of these houses sell before Jan. 1, I will be owing Uncle Sam a lot
> of $$ (way more than I spent) due to taxes on the deficiency of the
> short sales.
>
> Moral: Do your research very thoroughly, don't spend your own
money,
> don't be the principal in the transaction (be the flipper), and if
> you are the principal, have at least 1 year's payments (in this
> market) in the bank for each property you own.
>

it is quite disturbing actually that after all that has transpired over the past (2) years that individuals are still buying into "HYPE" about certain areas etc... etc... People, Brothers, Sisters, always, always stay within your means and certainly stay in your areas of expertise.

I have and I will continue to advocate for beginners & newbies to start small... look at areas in your home cities and states that no-one wants to buy property.  You will be quite surprised at the values that you'll find and you will certainly keep more of your money in pocket and you are able to maintain your fico scores.

Don't follow the crowd.... look in your own backyards and you will find all that you have really been looking for has been right there the whole time.

RIYAHSDREAM12

****JUST SO YOU KNOW***

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Recent law: 

you do not have to pay taxes on balances of Short Sales and the Banks can-not come after you for balance owed.
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