Foreclosure Investing: Learn the Secrets to Making Money Buying Foreclosures

Overview

Learn how to get started making money buying foreclosure properties
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Overview

Learn how to get started making money buying foreclosure properties
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Product Details

  • ISBN-13: 9781479195077
  • Publisher: CreateSpace Publishing
  • Publication date: 10/29/2012
  • Pages: 510
  • Sales rank: 916,199
  • Product dimensions: 8.50 (w) x 11.00 (h) x 1.03 (d)

Table of Contents

Forward.......................................................... vii

Introduction.......................................................ix

Chapter 1: Understanding Promissory Notes......................... 1

Chapter 2: Understanding Mortgages................................17

Chapter 3: Understanding Deeds of trust...........................43

Chapter 4: Judicial Foreclosure...................................69

Chapter 5: Non-Judicial Foreclosure...............................89

Chapter 6: How to Find Foreclosure Properties....................109

Chapter 7: Contacting Distressed Homeowners......................133

Chapter 8: How to Negotiate with Distressed Homeowners...........157

Chapter 9: What's the House Really Worth.........................181

Chapter 10: Equity Purchase Technique.............................193

Chapter 11: Equity Split Technique ...............................207

Chapter 12: Purchase/Leaseback/Option Technique...................215

Chapter 13: Lease Option Technique................................227

Chapter 14: Assignment Technique..................................243

Chapter 15: Short Sale Technique..................................257

Chapter 16: How to Buy at the Auction.............................295

Chapter 17: Purchasing REO Properties.............................321

Chapter 18: Due Diligence.........................................337

Chapter 19: Fixing Up Your Investment.............................367

Chapter 20: Exit Strategies.......................................379

Chapter 21: Equity Purchase Contract..............................391

Chapter 22: Assembling Your Own “Dream Team”......................403

Chapter 23: 90-Day Action Plan....................................415

Epilogue..........................................................421

Glossary..........................................................423

Appendix..........................................................435

State-by-State Foreclosure Laws...................................443

Letter to Readers................................................

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Introduction

vii

Introduction

How to Use This Book

A. Four Sections

The material in this book is broken down into four sections for easy reference: 1) Understanding the real estate documents and the foreclosure procedures, 2) How to find foreclosure properties and negotiate with homeowners, 3) The techniques you can use to purchase the foreclosure properties, and 4) Additional subjects you'll need to know to become a successful foreclosure investor. If at all possible, try to read the sections (and chapters) in sequence because each section is built upon a fundamental understanding of the previous section.

Section 1- Understanding Foreclosure

The first section of this book explains everything you've ever wanted to know about foreclosure, but was afraid to ask. For example, Chapter 1 discusses the promissory note, Chapter 2 discusses the mortgage, and Chapter 3 discusses the deed of trust. Understanding these documents is important because they set the stage for the foreclosure proceedings you'll be dealing with as an investor. Once you understand the differences between these three documents, read Chapter 4 regarding judicial foreclosure or Chapter 5 regarding non-judicial foreclosure (depending on which type of foreclosure is conducted in your state). In states where mortgages are used to secure real estate loans, lenders generally use judicial foreclosure. In states where deeds of trust are used to secure real estate loans, lenders generally use non-judicial foreclosure. Once you have an understanding of the judicial and/or non-judicial procedures, you should proceed to the second section of this book.

Section 2 — Finding Foreclosures

In the second section, I explain how to find foreclosure properties (Chapter 6), how to contact distressed homeowners (Chapter 7), how to negotiate with distressed homeowners (Chapter 8), and how to determine what the house is worth (Chapter 9). This is perhaps the most important section because it is crucial that you know how to market for foreclosures, and how to negotiate with homeowners. Once you have an understanding of how to deal with distressed homeowners, you should proceed to the third section of this book.

viii

Section 3 — Buying Foreclosures

The third section of my book discusses the various techniques (i.e. strategies) you can use to purchase foreclosure properties. The techniques are broken down into two categories; i) positive equity, where the house is worth more than the loan(s) against it, and ii) negative equity, where the house is worth less than the loan(s) against it. For example, if the house you're trying to buy has positive equity, you can use either: the equity purchase technique (Chapter 10), the equity split technique (Chapter 11), the purchase/leaseback/option technique (Chapter 12), the lease option technique (Chapter 13), or the assignment technique (Chapter 14). On the other hand, if you're trying to buy a house with negative equity, you'll need to focus on the short sale technique (Chapter 15). The final two chapters in this section explain how to buy houses at the foreclosure auction (Chapter 16), and how to buy REO properties directly from lenders (Chapter 17). Once you have an understanding of when and how to use the various techniques for buying foreclosures, you can proceed to the fourth section of this book.

Section 4 — Due Diligence

The final section of this book covers several important subjects you'll need to utilize as you start buying foreclosures. For example, Chapter 18 explains the various components of due diligence. Chapter 19 discusses fixing up your new investment property. Chapter 20 discusses exit strategies you'll need to consider with each house you purchase. Chapter 21 shows you how to assemble a “Dream Team” of real estate professionals to mentor you along the way. Chapter 22 shows you how to set-up a 90-Day Action Plan so that you can get started right away buying foreclosures. Finally, at the end of the book, I've assembled an Appendix of important documents you'll need, a reading list of books on foreclosure investing, a list of foreclosure websites, and a state-by-state analysis of foreclosure procedures.

B. What Types of Property Does This Book Cover?

In this book, you'll notice I've use the generic words "property," “house” and “residence” interchangeably. In other words, the information in this book applies to any type of real property you may be buying, regardless of whether you're purchasing a single-family home, condominium, duplex, triplex, apartment building, shopping center, office building, commercial building, industrial park or raw land.

But if you're a new investor, focus on single family residences. Why? Because houses are easier to deal with for several reasons:

ix

1. There are more of them than any other type of real estate.

2. There are more potential buyers for houses than any other type of real estate. Because houses have relatively lower prices than multi-residential and commercial buildings, there is a larger pool of buyers.

3. There are more potential tenants if you decide to lease the house. Houses historically have lower vacancy rates than other properties. In contrast, a commercial building can sit empty for months, even years, before finding a new tenant or buyer.

4. Tenants tend to stay longer and willingly participate in the maintenance of a house. In contrast, tenants in apartment buildings and commercial properties come and go and trash their units without concern.

5. Residential values are not dependent on rental income. A house has the same value whether it is vacant or occupied. In contrast, the value of an apartment building or commercial property is dependent on the amount of income it produces.

6. When purchasing a house, you are typically dealing with a distressed homeowner. If you're buying a multi-residential or commercial building, you'll be negotiating with experienced investor(s) and possibly their legal team.

C. Gender Neutral

You will also notice that I use the words, “he,” “she,” “him,” “her” interchangeably (instead of “he/she” or “him/her”) when referring to people. I do this because I believe it is cleaner and easier to understand. So please, do not take any significance to the fact that in one paragraph I may refer to “him” or “he,” and in another paragraph refer to “she” or “her.” I'm just changing it up to keep it interesting.

D. Investor Tips

You'll also notice that in every chapter, I've included one or two investor tips. These are commentaries on related subjects to help you become a better investor. They usually contain information or suggestions that you will find helpful as you begin your investment journey.

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