Sounds like a great group to market to, doesn’t it? In fact, as discussed in my last post, they don’t really need to be entirely Free & Clear… they just need enough equity (and motivation) to sell at a price that works for us. Given the choice, I’d rather start with equity and work at discovering motivation than spend time with a seller with all the motivation and not enough equity.
As discussed in the last post, the new data, just out, shows that 32% of Americans own their house with no mortgage. It actually runs as high as 51% in some areas!
We’ve assembled all this data (plus complete breakdowns of the types of loans, foreclosure rates, etc.) state-by-state, for us and our Clients in-house, and I’m making the report available to all my readers here as well. Download the PDF report at the link below.
DOWNLOAD THE STATE-BY-STATE PDF REPORT HERE
I’m a numbers guy… is this helpful information to everybody?
Related posts:
{ 10 comments… read them below or add one }
Great Resource Brian!!
Thanks for the useful data.
Very interesting and valuable data on free and clear properties, as well as exposure to foreclosure. Of necessity, rather broad data since it’s only state by state. Additional detail (county by county), for example, would be interesting. In addition, I’d be particularly interested in the characteristics of the properties (or owners of the properties) that are owned free and clear. Thanks for the information.
Don
http://www.Solutions3DHome.com
http://www.WeBuyFairfaxHouses.com
Useful – thank you for compiling that list.
The number of free-and-clear homes and the number of homes with a mortgage is also available by zip code. Visit city-data.com and type in the ZIP code in question, hit control-F, and search for the phrase ‘Houses without a mortgage’. For example:
http://www.city-data.com/zips/73072.html
“Housing units in zip code 73072 with a mortgage: 5,714 (724 second mortgage, 478 home equity loan, 40 both second mortgage and home equity loan)
Houses without a mortgage: 1,734″
Hope that’s helpful!
Brian,
Thanks for the useful info. Certainly makes one realise not to take the media at face value – they only give part of the story!
Jenny
This is excellent data. I would never have guessed that the % is as high as it is.
I have bought a good amount of homes from people who owned them outright, always with seller financing… but this data makes me consider changing my marketing strategy altogether.
Thanks for the report.
Nick Cifonie
Host: http://www.REI-TV.com
Hey Brian,
Great info on Free & Clear homes!!
I was on a newsgroup the other day and read a pretty interesting thread about “virtual” wholesaling……please let me know your opinion.
Here’s the link
http://reiplace.com/newsgroup/read.php?1,156111,156232#msg-156232
Thanks,
Pete Lucke
Des Moines, Iowa
Very interesting, and revealing. This helps to understand my market a bit better. Thanks for sharing.
Pete,
Thanks! That is a very interesting thread, with some credible conversation. I’m going to pull this out into a post, since it’s a different topic…
Best Regards,
Brian Dickerson
Great resource Brian. Thanks!
I just wrote a short article and will post it on the Real Estate Resources blogs I run.
Sincerely,
James
Hi Brian,
I am or I should say, I was, a VIP Coaching student with Richard and Dan until last April when an opportunity came along I couldn’t turn down. I’m work with a Hedge Fund now that has $200,000,000 or more to loan out for Commercial Real Estate deals or Business loans. They have competitive fixed rates, it’s easier to qualify than a bank, low down payments (3-10%), interest only payments an No Pre-payment Penalty. I know you may not need a loan like this but you may know someone that does and if you connect us up and the deal closes I can get you 10% of the down payment money. Let me know if you want more info. Thanks for your time.
Randy Lower
RL Financial Solutions
Commercial Loans
513-256-7053
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