Author: Mike Jacka (3 articles found) - Clear Search

The Equifax Hack

North Carolina Real Estate Investors Association

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In the last week and a half, we have had news of another North Korean missile launch, protests in St. Louis, President Trump tweeting about anything and a terrorist attack in Britain.  The news item that probably affects more Americans directly than any of those is the news of the security breach at Equifax.

I have been contacted by several clients asking Are they effected? What is the threat? and What to do?  This hopefully answers some of your questions and gives you a path for the way forward.

Where we are.

Last week Equifax announced that personal data of approximately 143 million Americans as of this writing had been stolen.  Equifax has begun some paltry attempts to begin recovering.  They early on put up a website to discover if your information had been compromised.  The website was not well supported and crashed multiple times.  They also offered an 800 number to call in to.  Numerous people report calling in and receiving incorrect advice from untrained call center workers, if they were able to get an answer at all.  Early on Equifax offered a free year of credit monitoring but part of signing up for it was waiving your right to sue for damages.  The stipulation has since been removed but the credit monitoring service is largely a symbolic gesture.  Government investigations have been promised, some of Equifax’s corporate leadership has “retired”.  Recent reports suggest that some Equifax executives had sold stock in the
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How to Find Hidden Real Estate Bargains Online

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The internet is full of hidden bargains!  As many as 24% of the real estate market is composed of self-sellers, and you have a 10-23%  chance of finding a property well below market value depending on the seller’s intentions.

Kinds of Properties

There are so many different types of property, its almost like a smorgasbord. It can be a fixer-upper,  foreclosure or just motivated sellers. With a few online strategies and tools, you can tap into the hidden bargains available online. Investors who use the internet wisely can find 100s of real estate deals monthly.

Use the Internet

Why shy away from internet marketing, when there is massive potential and you can get more deals faster than your competitors. Many experienced real estate investors have turned to the internet to find as many real estate deals they can without leaving the office.

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Is there Another Crash Coming?

Minnesota Real Estate Investors Association, Inc.

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The simple answer is yes of course there is.  There have always been buildups, crashes and recoveries.  That is just the way things work.  The real questions are when is the next big crash coming, what you do about it and how do you prepare for it.

I know people are freaking out right now, but staying informed and objective at this point will help keep your sanity. 

As I am writing this, an email thread from my Lifeonaire Titanium group started circling about just this exact same topic.  Some of them are taking advantage of the current market conditions because they have a great marketing machine running that is supplying them with good deals and because of the lack of inventory, they are making higher profits than they would have in a normal market.  Others are starting to panic and preparing for dooms day.

Here is my quick response to them:

Everything we are seeing right now is equivalent to 2003-2005 before the big crash in 2008.  While there are similarities to that time frame, there are also huge differences.  As Steve stated, there are no NINJA loans right now.  But they may be coming back.  Lack of inventory was not the driving force back in 2003-2005.  NINJA loans and other no qualifying loans were the main driving force. 

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