Plato had Socrates. Tom Peters had Peter Drucker. Luke Skywalker had Obi-Wan.  Robin had Batman and on and on about how the path of an individual to greatness is almost always paved by a mentor (ok maybe Robin was a stretch). It is no different in the Real Estate world.  Mentors aren’t your parents, friends, or even your more generous investors. They are business veterans whose only role is to tell you what you really need to hear about your company. Mentors do plenty of cheer leading, of course, but their real value is in the objective, unvarnished advice they can provide.   Having been there and done that, mentors can save you from falling into common traps and point out things you may be too busy to notice. I guess what I am trying to point out here is to choose a mentor but choose wisely, just because someone is successful does not mean he/she will be a good mentor.  There is usually a cost involved of having someone mentor you but that is minimal compared to the success that a mentor-ship will bring you. So, if you are looking at getting into Real Estate or any other business under the sun, find a mentor who will guide you to success

MAD

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There has been a ton of debate out there on if the great FHA is going to extend the first time home buyer tax credit or not.  It is due to expire on the December first of this year.  Basically if you due not close buy that magic date you do not get the credit from the government on the real estate as a first time home buyer.  What does this mean to the investors who are purchasing foreclosures?  Well it depends on what type of real estate you are purchasing and who will be your end client.  If you are purchasing high end investment properties say above $300,000 retail, there will be no effect since FHA has its limits.  But if you are purchasing investment properties that fall within the FHA limit you need to slow down and purchase wisely, knowing that the program may not be extended.  The first time buyer credit has definitely caused a much needed surge in our housing market just like what the cash for clunkers did for the auto industry.  But, signs are out there that the Fed may just turn the lights out.  Read this article recently posted in the Wall Street Journal, it sheds a lot of light on this program and the pitfalls behind it.  So if you are investing in real estate, be it foreclosures, short sales etc..  slow down and purchase wisely until we know what our friends at the Fed are going to do.

MAD

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