Making Big Money Investing in Foreclosures Without Cash or Credit

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Overview

Life can be tough for real estate professionals these days. Even with interest rates at historically low levels, the uncertain economy makes homeowners hesitant to relocate or trade up. There just aren't that many clients out there, and the few who exist generate fierce competition. In fact, it seems the single "hot area" is foreclosures. But that's not necessarily bad news.

Conti and Finkel's book is a good "crash course" for real estate brokers and agents wanting to understand...

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Overview

Life can be tough for real estate professionals these days. Even with interest rates at historically low levels, the uncertain economy makes homeowners hesitant to relocate or trade up. There just aren't that many clients out there, and the few who exist generate fierce competition. In fact, it seems the single "hot area" is foreclosures. But that's not necessarily bad news.

Conti and Finkel's book is a good "crash course" for real estate brokers and agents wanting to understand this area and explains the intricacies involved in funding investment deals, using various buying/closing methods and employing exit strategies. Thanks to the book as well as workshops and seminars offered by the two authors, thousands of people each year learn the art of lucrative real estate investing.


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Product Details

  • ISBN-13: 9780793173655
  • Publisher: Kaplan Publishing
  • Publication date: 9/15/2003
  • Pages: 256
  • Product dimensions: 7.40 (w) x 8.90 (h) x 0.70 (d)

Table of Contents

Foreword xi
Acknowledgments xv
1. You Can Earn Up to an Extra $100,000 this Year in Foreclosures 1
Why the Time Is Now 2
Three Biggest Myths about Investing in Foreclosures 3
The Choice Is Yours 6
2. The Big Picture of Investing in Foreclosures 9
Foreclosure Defined 9
What Foreclosure Deals Look Like 11
What You Can Offer a Homeowner Facing Foreclosure 14
Deficiency Judgments 14
Deed of Trust versus Mortgage 15
Nonjudicial Foreclosures (Trustee's Sales) 17
Judicial Foreclosures (Used in Mortgage States) 19
Best Foreclosure Stage to Buy In 22
Study the Rules 26
3. 12 Ways to Structure Deals Without Cash or Credit 27
Four Factors That Make Purchase Option Strategies Work with Foreclosures 28
Traditional Ways to Buy Foreclosures 30
The Foundational Foreclosure Buying Strategy 32
The Best-Kept Secret in Real Estate--Buying "Subject To" 35
Due-on-Sale Clause Not a Big Problem 37
Negotiating a Forbearance Agreement 39
You've Bought It "Subject to"--Now What? 40
Three Biggest Questions about Buying "Subject To" 41
Short-Term "Subject to" Rehabbing 42
A Smarter Way to Fund a Rehab 43
Wholesaling or "Flipping" Deals for Quick Cash Profits 46
Short Sales: Making Big Money on Houses with Little or No Equity 49
Six Steps to Close a Short Sale 51
Leveraging the Power of "Subject to" with Discounting Debt 60
Why Every Investor Can Be a Cash Buyer 70
Seven Sources of Funding for Deals Other Than Your Local Bank 71
One Final Strategy to Structure the Deal 89
4. 22 Ways to Find Motivated Sellers 91
Making a Deal Work--Finding a Motivated Seller 93
Script for Qualifying Sellers over the Phone 94
Technique #1 "I Buy Houses" Classified Ads 97
Technique #2 "I Buy Houses" Signs 99
Technique #3 Magnetic Car Signs 101
Technique #4 Larger "I Buy Houses" Signs 102
Technique #5 Postcard Campaign 103
Technique #6 Sequenced Letter Campaign 106
Technique #7 Door Hangers and Door-to-Door Flyers 109
Technique #8 Co-op Mailing Campaigns 110
Technique #9 Visiting Sellers in Default in Person 112
Technique #10 Real Estate Agents 115
Technique #11 Networking with Attorneys 120
Technique #12 Send Out Your Bird Dogs 121
Technique #13 Empower Your Friends and Family to Pass Leads Your Way 124
Technique #14 Buy Deals at Wholesale from Other Investors 125
Technique #15 Network with Other Professionals 126
Technique #16 "Trigger" Documents 127
Technique #17 Research the Notice of Default List at the Courthouse 128
Technique #18 Start a Foreclosure Service Business 129
Technique #19 Go through the Back Door 130
Technique #20 Establish Relationships with Lenders in the REO or Loss Mitigation Department 130
Technique #21 Establish Relationships with Realtors Who Specialize in REO Properties 131
Technique #22 Create Your Own Ugly- or Vacant-House List 131
Tracking Your Marketing Efforts 132
5. The Instant Offer System--Five Simple Steps To "Yes" 135
The Big Picture of the Instant Offer System 136
Five Steps to Get Sellers in Foreclosure to Say "Yes" 137
Step 1 Connect with the Seller 137
Step 2 Set an Up-Front Agreement 139
Step 3 Build the Seller's Motivation 141
Step 4 Talk about the Money 146
Step 5 Take the "What If" Step 149
How to Avoid the Seven Biggest Negotiating Mistakes Most Investors Make 152
6. 24 Foreclosure Pitfalls that Can Cost You Big! 163
Pitfall #1 Letting the Seller Stay in the House 163
Pitfall #2 Renting the Property Back to the Seller 164
Pitfall #3 Putting Serious Money in the Deal before the Seller Vacates 166
Pitfall #4 Giving Sellers All Their Money before the Final Walk-Through 167
Pitfall #5 Putting Serious Money in the Deal before Completing Your Due Diligence 167
Pitfall #6 Not Accurately Determining the Real Market Value of the Property 169
Pitfall #7 Not Checking the Title Carefully Enough 170
Pitfall #8 Not Buying Title Insurance If You Put Serious Money in the Deal 171
Pitfall #9 Not Running a Credit Check on the Seller 172
Pitfall #10 Seller Declaring a Bankruptcy 173
Pitfall #11 Only Buying Half a House 174
Pitfall #12 Not Getting the Property Professionally Inspected 175
Pitfall #13 Messing Up Your Paperwork 175
Pitfall #14 Not Following Your State's Foreclosure Laws 177
Pitfall #15 Falling into the Insurance Trap 178
Pitfall #16 Seller Pushing the Loan to Get Called Due 180
Pitfall #17 Seller Disappearing Once You've Bought the Property and You Need a Signature 181
Pitfall #18 Having Liability Even When You Assign Your Contract 182
Pitfall #19 Seller Claiming Duress 182
Pitfall #20 Seller Claiming Misrepresentation 183
Pitfall #21 Seller Backing Out of the Deal 184
Pitfall #22 Investing in Your Own Name 186
Pitfall #23 Not Papering Your Trail 187
Pitfall #24 Taking Personal Responsibility for Seller's Situation 187
7. How to Flip Your Deals for Quick Cash Profits 191
Seven Profit Centers in Your Deal 191
How to Flip or Wholesale Deals for Instant Cash Flow 193
Step 1 Lock Up the Property under Contract 193
The Secret Clause That Allows You to Flip Your Deal 196
If You're Still Wondering How You Can Sell a House You Don't Own 196
Step 2 Find a Buyer for Your Deal 197
The Biggest Secret to Flipping a Deal Fast 199
Three Little-Known Power Ad Secrets 200
Building Your In-House Buyers' List 202
Step 3 Close with Your Buyer 206
8. Investing for Long-Term Wealth Buildup 211
Strategy #1 Rent Out the Property 212
Strategy #2 Sell Properties on a Rent-to-Own Basis 213
Strategy #3 Sell with "Owner Financing" 214
Using Land Contracts 222
Selling with Owner Financing--Step-by-Step 224
Sample Voice-Mail Script for Selling with Owner Financing 226
Signs--Your Most Effective Source of Buyers 226
Flyers--Your Ace in the Hole 228
Setting Up a Realistic Marketing Timeline 230
Two More Hidden Profit Centers in Your Owner-Financing Deals 231
Six Things Top Investors Do to Sell Fast 232
A Powerful Selling Strategy: Rent-to-Own into Owner-Carry Financing 233
Seven Secrets to Sell Your Properties Fast! 234
9. Putting it All into Action 237
Step 1 Test Out Three Different Lead Sources 237
Step 2 Meet with Three Sellers as Fast as You Can 238
Step 3 Dive In and Learn How to Invest the Right Way 238
Step 4 Establish Three to Five Secure Lead Sources 243
Step 5 Meet with Two to Four Sellers a Week, Every Week 243
Step 6 Start Cultivating Sources of Funding 244
Step 7 Constantly Learn and Grow from Your Experiences 245
Tithing and Seeding--Getting Comfortable with Wealth 245
It's Really Possible for You 247
Resources to Help in Your Investing 251
Index 257
About the Authors 263
Your Bonus Web Pack--A Free $245 Gift from the Authors 265
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Customer Reviews

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  • Anonymous

    Posted October 26, 2003

    It gives you a good idea of what a foreclosure is.

    In general is a good read, it gives a good idea as what a foreclosure is. It does not give you the nuts and bolts as how to go about looking for and buying foreclosures. After reading this book there may not be one single person that can locate, buy and sale a foreclosure home. The book just doesn¿t give you the tools to go out and do it, but again, what do you expect for a $15 book. The book pushes too much their home courses, and their mentorship program, that by the way is $$$$$$ expensive. If you really want to get material that can get you started you may want to consider a book from Joe Kaiser you can find it at www.creonline.com

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted May 12, 2005

    It's true

    I have talked to people who have used this book to start their journey into investing and it really is true. I can't wait to begin my investments with this book as a guide.

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  • Anonymous

    Posted May 18, 2005

    Concise

    Loved their approach to foreclosure investing. There is a ton of stuff on Foreclosures on the market, but these guys zero in on the most effective time to strike. They shared their distilled knowledge (after I'm sure lots of mistakes) to get me quickly to the best when investing in foreclosures--that being PRE-foreclosures THEN shared lots of tips of what not to do and why.

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  • Anonymous

    Posted April 18, 2005

    Beginning Investor

    I'm a beginning investor and didn't really know a whole lot about the Foreclosure market, the process and what is all involved - then I came across Peter and David's book on foreclosures and it opened my eyes to a whole market I've been missing out on. The ideas in here were simple and easy to understand and they've given me some great ideas. For example, page 105 on how to get free foreclosure lists and then chapter 5 as a whole on negotiating. That was amazing stuff. Thank you Peter and David.

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  • Anonymous

    Posted April 30, 2005

    It¿s a win/win/win!

    I've seen several foreclosures in my neighborhood and am excited to take the techniques taught by Peter and David and put them into action. If I can help someone get out of a bad situation that is most likely causing them embarrassment, turn that investment into a home for another family, and make some money...I see that as win/win/win!

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  • Anonymous

    Posted April 29, 2005

    Foreclosure 101 - A must for the new Investor

    The thing to remember is that foreclosure law and proceedings are different from state to state. Peter and Davids book does a good job of outlining the process in general and encouraging the reader to investigate further in their locale. While all the techniques in the book are sound, they may not fit all investor types or location. This book is a great place to start if you're considering investing in foreclosures and need a crash course on commonly used strategies.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 3, 2005

    Another great book from the team of Conti and Finkel

    This is a great book with great information! The author gives you enough information to make the program work without having to make any additional purchases. The book was very easy and quick to read. I would definitely recommend this book to experienced investors as well as to those who are new to the world of real estate investing.

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  • Anonymous

    Posted April 29, 2005

    Finding your investment niche

    This was an excellent book for getting started investing in this lucrative niche. I live in Chicago and foreclosures are high. This book gave me the steps to take advantage of this market even though I have never invested befor. They make it really easy.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 29, 2005

    Great over all read

    As a full time investor we are always looking for more great ideas and approaches to investing. Peter and David have contributed much to our tool box of investor ideas with this book. Should be in every RE investors library.

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  • Anonymous

    Posted May 2, 2005

    Great gems for cracking into investing in foreclosures...

    There are some really great tips in here on negotiating (something that's not intuitive for me) specifically pertaining to foreclosures. But not only that, they have some concrete strategies in there about how to actually find the deals and structure them to be profitable. Above all, they structure things in such a way that everyone wins. Getting this book should be a no brainer for anyone that wants to invest in foreclosed properties!

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  • Anonymous

    Posted May 2, 2005

    A good resource

    Just finished Peter Conti and David Finkel's Making Big Money Investing in Foreclosures Without Cash or Credit and found the information to be very worthwhile. The content covered the full spectrum of investing in foreclosures. It touched on how to find foreclosures, ways to finance your deal, when and how to negotiating with sellers, and profitable exit strategies that offer the best return with least risk. The language was easy to read and the definitions, examples, scripts, and real life stories helped make the topic of investing in foreclosures interesting and comprehendible. I especially appreciated the details in negotiating a deal with the seller. A good resource for anyone investing in real estate.

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  • Anonymous

    Posted May 2, 2005

    This is a great book!

    I've spent lots of money on complete courses dealing with foreclosure properties. I was amazed when I read this book. It had just about everything I needed to know here in one inexpensive resource! I found this book to be very practical in helping to work my way through the whole foreclosure process. I especially liked the section on 24 pitfalls and how to avoid them. This was very helpful. I really do recommend this book to anyone wondering how to handle foreclosure properties.

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  • Anonymous

    Posted August 1, 2004

    Great Book!!

    I can hardly put it down. Vital info, much of it I haven't seen anywhere else.

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  • Anonymous

    Posted May 8, 2004

    I expected more

    I don't feel the book was as detailed about all the steps of foreclosures and how to buy in each step! I am looking for a better book!

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  • Anonymous

    Posted November 18, 2008

    No text was provided for this review.

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