My mind is reeling after attending a real estate seminar in Las Vegas at the Red Rock Casino and Spa (very nice place). The event was put on by Robert Allen and is called the "Enlightened Wealth Retreat". I almost didn't go because I was still hurting from my accident, but I am so glad I attended, pain and all.

There were multiple speakers who gave very inspirational speeches (and sales pitches for their latest products) and stories of their humble beginnings. As one speaker said, "There is no reason that every one in this room cannot be a millionaire and retired within 6 months given the current real estate market". It may sound farfetched, but after listening to speaker after speaker say we are at the beginning of the biggest real estate boom EVER, it starts sounding feasible.

One area that I found interesting was the foreclosure market. One speaker said we have never had the situation that exists today. Never have there been more motivated sellers (banks) than ever before and it is creating a stronger rental market.Banks will cease to be banks if they are forced to hold on to liabilites (foreclosed houses). When dealing with REO properties, their advice is DON"T PAY TOO MUCH. Let your offers embarass you. Since most of the ARMs were issued between 2003-2005 with a 5 yr reset on average ARM mortgage, the foreclosure market is going to be strongest between 2008-2010.  He listed 7 cities as the top foreclosure markets in the country: 1. Indianapolis, 2. Kansas City, Mo, 3. Atlanta, 4. Charlotte, NC, 5 Detroit, MI, 6. Houston, TX and 7. Denver, CO. Banks are discounting properties at record numbers because they want them off their records. Examples were given of houses being offered at 1K-20K, needing about 15K rehab and having an ARV of 80-90K. A couple websites given were  fanniemae.com and ocwen.com.

The ongoing mantra that was pounded in our heads for a few days was TAKE ACTION NOW! If you don't, you will be kicking yourself in a few years, saying "I could have been a part of this real estate boom, but I didn't get off my assets".  It all sounded so easy when I was listening to these self-made millionaires, but when I get home by myself, the reality of life settles in and confidence dwindles, but I do already have 4 rental properties and see the value of investing and hope I can muster up the courage to pursue this market more agressively.

By the way, my new favorite slot machine is WILD, WILD, WILD. On two separate nights, I hit $1,000  (everyone say CHA CHING!) and left Vegas with more money than I went with and paid for meals and gifts. Maybe I should just give up my J.O.B. and do gambling and real estate.

Once I review my notes, I may be posting some more tips or ideas, so stay tuned.

Luck to all,

Barb