Russ Dalbey's Blog

The Pontiac Silverdome. Image Credit: Unknown.

Last week, a Canadian real estate investment firm purchased the Pontiac Silverdome — the former home of the Detroit Lions football team — for just $583,000.

Located in Michigan, the Pontiac Silverdome originally cost $55 million dollars to build back in 1975.  It contains 80,300 seats, stretches over 400,000 square feet and sits upon 127 acres of land — all included in the price.

This may be one of the greatest real estate bargains of all time when you consider that the purchase price was about 1% of the original cost to build.

But the real question is…. now what?

Some speculate that the investors will use the stadium to host a major league soccer team.  But what if that doesn’t pan out?  What if they decide to sell the stadium?

Many foreclosure investors are stuck in the same boat.  They’re finding great deals on foreclosed homes.  So they’re snatching them up for pennies on the dollar.

Then they’re fixing them up and putting the homes back on the market.  Except they can’t find any buyers.

So what’s the solution?

Well, one possible fix is selling the homes “on a note”.  In other words, the foreclosure investor would act as the bank and receive monthly payments on the property.  This way, the investor wins because the house is off the market and he’s getting payments every month.

The buyers win because by paying the investor directly they don’t need to get a bank mortgage (which is especially important since it’s extremely difficult to get approved for a bank mortgage these days).

But here’s the kicker:

Very few foreclosure investors know anything about the cash flow note business.

As a result, many of them are losing money every month because their properties sit vacant.

That’s why I believe note-finder and note business professionals are going to very busy in 2010 and beyond.

If you’d like to see this strategy in action, you’re in luck.  Recently, Andrew Steiner –my director of education here at Dalbey Education, put together a short video explaining how note-finders can profit from foreclosures in their area.

Go check it out now:

The video is only 9 minutes long and there’s no sales pitch.

Why Every Note-Finder Needs To Get Involved With Foreclosures Right NOW.

– Russ

Founder of Winning in the Cash Flow Business