| Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
8 |
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1. Acquiring Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
12 |
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Who’s gonna give You MONEY TO BUY all these foreclosed houses!? I mean, I had such terrible credit when I started, my banker used to slip out to lunch whenever I came by! He got tired of telling me “No!” So one of the first things I had to pull together was a pool of investors to bankroll my deals. In this chapter I GIVE YOU My BLACK BOOK… so you don’t have to reinvent the wheel! You’ll have ALL THE MONEY you need for all the houses you ever want to buy!
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Hard Money Lenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
13 |
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Hard Money Financing Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
14 |
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Private Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
16 |
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Interaction with a Private Investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
19 |
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No Money Down . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
21 |
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Hard Money Lenders: A National Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
23 |
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2. Identifying Distressed Properties |
38 |
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How do You BEAT OTHER INVESTORS to the deals!?! How can a novice expect to compete against the big boys out there? I had the same problem… and I figured out some great devious ways to beat ‘em to the punch! Hey, I don’t call it my “Street Smart” System for nothing! I spend this whole chapter on snapping up the really great deals before in real estate foreclosure your competition even knows they’re available!
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Pre-Foreclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
39 |
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A Market Ripe for Picking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
39 |
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How to Work Them . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
41 |
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Courthouse Records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
42 |
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Online Information Bureau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
50 |
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Abandoned Homes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
52 |
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REO Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
55 |
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Players of the Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
60 |
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Divorce Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
61 |
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Probate Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
64 |
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Out-of-State Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
67 |
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Real Estate Auctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
69 |
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3. Property Inspection and Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
72 |
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How in the world can You KNOW HOW MUCH foreclosed houses are worth!? Just as important, how can you figure it out fast enough to snag the deal? This was one I really struggled with! I mean, what if I missed the mark on a house? I have to tell you, it scared me stiff… but I didn’t quit! I found a way, and I share it with you. In the first half of this Chapter I show you everything you need to know about house valuation, including my “Secret Valuation Tool” that tells you the value of any property in the country in less than a minute!
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Learning from Appraisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
73 |
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Residence Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
76 |
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Secret Valuation Tool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
78 |
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How can You AVOID WASTING MONEY on repairs!? Sometimes new investors will act like they’re gonna be living in the house! It’s a house, not a home (except for your buyers!) You ONLY REPAIR THINGS that let you SELL it for the MOST MONEY and the LEAST EXPENSE, and I show you what they are starting on page 79. I even show you the things that you SHOULDN’T Repair on foreclosed homes!
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Inspection Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
80 |
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Professional Inspectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
81 |
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Inspecting Property Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
83 |
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Calculating Repair Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
88 |
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Repair Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
89 |
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4. Submitting an Offer to Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
106 |
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How can You KNOW WHAT TO BID!? This is where so many investors just freeze up! This is where the rubber meets the road… where you put your money where your mouth is! Believe me, I sweated some bullets on this one when I was first starting out… but I figured out a System so you can ALWAYS offer the right amount, no more and no less! Now, this doesn’t mean that every offer will get accepted! What it means is YOU WILL NEVER OVERBID on any property, EVER! (or, just as important, you will never UNDERBID and lose a great deal on a real estate investment property!) When your offer gets accepted you will KNOW how much money you’re gonna make on foreclosures!
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Reviewing Valuation Elements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
107 |
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Working the Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
108 |
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REO Bids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
110 |
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Privately Owned Property Offers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
111 |
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Sample Offer Submission #1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
113 |
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Sample Offer Submission #2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
116 |
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5. Locating Buyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
132 |
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How can You SELL TWICE AS FAST!? When I found out how long it took the average real estate investor (and agents) to move a foreclosed property I KNEW there had to be a better way! And there is! In Chapter 5 and Chapter 6 I show you exactly how to resell your house within a few weeks (I mean all the way through the approval process and closing!)!
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Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
133 |
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Property Condition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
134 |
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Getting that Curb Appeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
134 |
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Repairmen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
136 |
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The Secret to Selling Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
144 |
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Nitty-Gritty of the Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
146 |
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Paying Mortgage Fees = Faster Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
148 |
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Locating Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
151 |
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6. Pre-Qualifying Buyers for a Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
156 |
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The Pre-Qualifying Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
156 |
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FHA Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
166 |
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Completing Contracts with Buyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
169 |
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HUD-1 Closing Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
177 |
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7. Assigning Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
180 |
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If selling a house within a few weeks ain’t fast enough, in Chapter 7 I show you how you can SELL A HOUSE IN DAYS… EVEN HOURS! Using my methods of real estate investing you’ll get your CASH in HALF THE TIME (or faster)! I even give you a list of the people who’ll buy your houses from you, as one of the bonuses with my Course!
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Contract Assignment Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
182 |
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Completing the Assignment Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
187 |
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Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
190 |
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Joint Venture Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
191 |
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Cautions and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
196 |
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8. Getting Started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
200 |
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This is my Personal Action Plan For Success! I found a lot of experts gave out lots of different information, but at the end of the day I still had no plan, just a lot of facts and figures! I learned about real estate investment the hard way, but you don’t have to! You can skyrocket your business by simply organizing all the information I give you and following this plan. I’ve been told by some of my students that THIS was the Chapter that brought it all together!
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Plan Your Work And Work Your Plan! |
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Your Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
200 |
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Your Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
201 |
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Target Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
205 |
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Target Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
206 |
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Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
207 |
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Property Search . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
208 |
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Continuing Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
209 |
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A Final Word . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
210 |
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