California recently made it difficult for a real estate investor to buy properties through a foreclosure auction. Although these changes may be a surprise to investors who wish to make the most of a foreclosure crisis, this is really nothing new.
You see, this law purports to level the playing field when it comes to bidding on properties; however, if you look closely at the legislation, this is really a way for the government to get a piece of the action.
SB 1079 states that if an investor wins a foreclosed home at an auction, people get 45 days to submit competing offers. But then again, so does the government. And the foreclosure crisis is going to lead to more opportunities for government intervention.
But the foreclosure auction is not the first example of this mentality. Just think back to the 1950’s when the government got involved in “running numbers.” They decided to start their own lottery. This promptly overtook the mob’s lucrative business.
It’s important to take a look at what’s happening in California, because your state is undoubtedly next to adopt these changes. The foreclosure crisis is happening everywhere, so the government will want to get involved everywhere too.
But there’s some good news. A foreclosure auction can be difficult for any but the most seasoned investors. Fortunately, with the right ideas, you can make investment decisions that work for you.
1:28 – why the government got involved in “running numbers”
3:00 – what is SB1079 and how the government wins
4:40 – what is often left unmentioned when it comes to SB1079
5:40 – how SB1079 mirrors the government’s interference in the cannabis industry
7:30 – how you can find opportunity in these changes
My name is Matt Theriault. When aspiring, frustrated investors are stuck in the proverbial “rat race,” they come to me.
I help these people create passive income through creative real estate investing strategies so their money works harder for them than they do for it, resulting in ultimate financial independence and freedom.
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The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Matt Theriault is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicles.