and financing incentives are at the forefront.
Chicago, IL (PRWEB) March 24, 2009
Thirty-five-year veteran real estate investor, teacher, and television personality, Carlton Sheets, provides insight into President Obama's Stimulus package and explains what lawmakers should be doing to stimulate growth in the real estate industry, as well as in the overall economy.
"It's a challenging time for the real estate sector. But, opportunities abound for real estate investors who are willing to be creative," says Carleton Sheets, author of the best-selling No Down Payment® real estate program now offered online at http://www.CarletonSheets.com. "And I, for the most part, support the efforts that our government is trying to make. There are some great incentives included in the housing stimulus package, and I feel that it's certainly a step in the right direction, But it's not the entire solution … the solution will depend on a number of different factors."
One of the most heralded incentives in the housing stimulus bill is the $8,000 tax credit to first-time home buyers; intended to motivate them to purchase a property. "It's definitely a positive step," Carleton agrees. "But first-time home buyers aren't going to save the housing system alone." Pointing out that the large number of bank foreclosures and distressed properties on the market in need of rehabs is beyond the scope of an average first-time home buyer, he adds that "this credit needs to extend to everyone--especially to investors to encourage them to become more active in the real estate investing market again."
Investors are in a unique position in today's buyer's market. They have the resources, experience, and the opportunity to change the entire landscape of neighborhoods. How? By rehabbing distressed properties, they can help stabilize prices and lift the values of both owner-occupied and rental properties by turning even the most dilapidated foreclosures into safe, viable properties to resell or rent. "But they need some incentives to do so," Carleton points out, "and financing incentives are at the forefront."
Real estate investors are using creative financing principles like never before to purchase real estate. However, those who attempt to use private or hard-money lenders are finding those avenues to be costly options in the current financial climate. "Conventional financing and private money sources are difficult for investors to access in this market," Carleton affirms. "I encourage the government to provide incentives for investors to not only rehab foreclosed property but, more importantly, for lenders to develop financing programs tailored toward investors' needs. Under current market conditions, creative financing is the single most effective means of funding any real estate transaction. But, the government needs to work toward giving investors a myriad of tools to use in putting together real estate deals."
Included in the stimulus package are mandates to update and rehab low-income housing, modernize Native American housing units, and improve the energy efficiency in government-subsidized multi-family properties. "There is a time and a place for deferred maintenance," Carleton acknowledges, "and spending money on these projects now instead of putting them off will help put people to work--an important objective in the economic recovery, as well as a smart energy-conserving and long-term money-saving decision."
For more information on creative financing techniques and foreclosures, visit http://www.CarletonSheets.com.
About Carleton Sheets:
Carlton Sheets has over 35 years of investing experience and is well-known for having the longest-running television program of its kind spanning over 25 years. His students have used the principles in his No Down Payment program to amass millions in real estate.