Hedge fund buys 970 homes

Colony capital made a deal with the banks to buy 970 foreclosed homes. They made a deal with the govt to rent them out so the real estate market would not tumble. These homes are in Ca, nevada and az- the worst hit states. They paid an average of 112% of value. And you wonder why we can’t get deals? I tell my students not to pay more than 70% of value.
If you want to know the right way to find deals today, you need to attend my upcoming basic training bootcamp on Jan 26th.
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More evidence that the real estate market is rigged

Article from the San Francisco Chronicle:

“Right now the dominating force driving the rental market in California is foreclosed-upon former homeowners transitioning to renters,” Burke said. “That demographic is an important market segment forĀ us.”

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