The easiest part of your business will be finding properties. Why? There are a great number of markets you can work. Distressed property comes in many forms, such as pre-foreclosures, REO or bank owned properties, real estate auctions, probate properties, properties whose owners are going through divorce, and abandoned properties.
Up to this point, I have taught you how to make a fortune buying and selling distressed property for large profits. What I am about to share with you is a nother powerful concept which will multiply your money making options, and allow you to buy and sell property for no money down. The concept? Assigning your real estate contract to other investors.
Continue reading Assigning Contracts
Now that you have found a buyer who has seen your property and wants to purchase it, it’s time to pre-qualify that buyer for a mortgage. Though the process may sound intimidating, I will make it easy for you. Continue reading Pre-Qualifying Buyers for a Mortgage
What I am about to teach you is the most important lesson in my system — locating buyers to purchase your property. In this business, finding properties is easy! Once you establish yourself, you’ll have so many properties coming in that you won’t know what to do with them all. BUT, if you can’t find buyers to purchase your properties, you won’t make a penny! Continue reading How to Sell Fast – Mastering the Art of Finding Buyers
Acquiring Financing for Foreclosure Investing
Before we start to learn how to identify distressed properties, which is the easiest part of this business, you MUST HAVE your financing arrangements in order. The reason for this is that when you go under contract with a homeowner or Realtor and tell him you will close in 30 days you must close in 30 days. Closing within that time frame is not a legal requirement, but doing so will establish you with a good reputation; and in this business your reputation is very important. There will be times, however, when problems with title or some other issue may legitimately prevent you from closing within 30 days. If this occurs, simply inform the involved parties of the situation and let the chips fall where they may.
This is one of the most important lessons in my program, so make sure everything is clear to you. Earning money as a real estate investor hinges on making smart offers on properties. Though high offers submitted may be eagerly accepted by sellers, they will also result in your losing or making little money on those properties. Submitting offers that are too low may result in great profit potential, but they are rarely accepted, so the profit potential remains just that — potential. To make money as a real estate investor you have to actually buy and sell property. The trick, then, is to submit as low of an offer as possible while retaining a good chance of being accepted. Continue reading Submitting an Offer to Purchase
In this business, accurately determining the value of property is crucial for your success. In whatever location you decide to start your business, you need to familiarize yourself with the real estate particularities of that locale. I have made all my money by working in just one county. Why? I have made myself an expert on the county; I know exactly what I can sell a given property for; I know when I can push the value up an extra $10,000 and when I can’t. These are good reasons for you to find a location, then stick with it and really study it. YOU become the real estate expert of your area. Continue reading Property Inspection and Valuation