Having a great strategy and some reliable sources for property acquisition will ensure you are far more successful than just trying the "idea of the month" for finding undervalued properties. What will your "goto" method be for ensuring you have a good supply of inventory for your real estate business?
Every state and county has slightly different rules concerning the sale of pre-foreclosures and short sale investing, but there is a basic process that each follows. This foreclosure process takes quite a long time before a property is sold at the sheriff’s auction and even, in some cases, before the homeowners are evicted from the property. Yet, even so it’s still a good chance for real estate investors to pick up properties at a discount along every step of the way.
A lender is often a bank that lends the buyer money based on their job, down payment and credit history to purchase a home. In return the buyer agrees to a home mortgage with that bank to begin paying back the loan. The bank makes money because the loan accrues interest over the lifetime of the mortgage. The buyer becomes a homeowner and everyone is happy. Should the buyer turned homeowner stop paying back the loan through the mortgage, the bank has a safety net in being able to take ownership of the homeowner’s property.
Full article… Understanding the Foreclosure Process
Popularity: 2% [?]
Filed under Acquisitions, Getting Started, Strategy by mattmiller
Marketing is an important element for success in any real estate investment. In wholesaling property it’s essential for bringing in leads and selling property. It’s very difficult to find enough homeowners looking to sell property without marketing. You can’t exactly go door-to-door asking people if they are selling. Plus, looking up properties in the county courthouse will only let you know which homeowners are in debt and in foreclosure. Not which ones are looking to sell their homes.
So, you need to draw the homeowners to you with marketing and advertising. This isn’t as difficult as it sounds. Marketing your wholesale business can be as simple as putting up a few handwritten signs in the area where you’re looking for wholesaling property. Or it can be as quick as placing an ad in the local newspaper.
Full article… Find Wholesaling Leads
Popularity: 2% [?]
Filed under Acquisitions, Marketing, Team, Wholesaling by mattmiller
The other night Jeff Adams recorded a no-cost webinar (recording below), in which he showed us how to buy bank-owned houses for pennies on the dollar using none of your own money or credit.
With the rising number of foreclosures, banks are over run and desperate to unload homes, even pretty homes in nice neighborhoods. Its easy to see why this is a hot topic.
On this call Jeff revealed how, over the past 14 years, he has successfully profited from buying and selling bank-owned properties and continues to do so to this day.
Here are some of the topics Jeff covers:
Full article… Foreclosure training: how to buy from banks…
Popularity: 5% [?]
Filed under Acquisitions, Financing, Strategy, Videos by Scott Roemermann
Here's a collection of posts from the blogosphere recently that look at the housing / mortgage crisis and whether it represents a good time to invest. I recognize that this crisis represents a lot of heartache and pain for many people and do not wish to make light of that, however as investors we must consider whether now is a good time to buy.
Will We Know When The Market Turns?
If you think that the market is going stay where it is you will have no trouble finding the data to support that prediction. What usually happens in any market, stock, bond, commodities, etc., is that the markets turn without very many …
California Housing: Buy One Home, Get One Free! Really!
Posted By:Diana Olick. If you buy one of Michael Crews Development’s luxury homes, priced at around $1.6m, you get a 2000 square-foot cityscape row-home worth $400000 for free. The luxury home is in San Pasqual Valley, the row-home in …
Full article… Housing Crisis: Is Now the Right Time to Invest in Real Estate?
Popularity: 11% [?]
Filed under Acquisitions, General by Scott Roemermann
We've been talking about ways to reduce risk for beginners so you can muster enough courage to do that first deal. One of the best ways to mitigate risk in real estate is by doing a thorough financial evaluation as part of your due diligence.
But here's a great tip from our friends over at FlippingHomes.com. Using a Letter of Intent to make your offers is a great way to ease your nerves as a beginner and I strongly encourage you to start applying this idea if you are having trouble getting started. I used this approach myself when starting out and it certainly helped me. I remember being quite anxious signing a contract for the first time. So for those of you looking for a little more peace of mind, this might help.
So, there you have it. A quick and easy tip today but a very effective one for beginners.
Popularity: 9% [?]
Filed under Acquisitions, Getting Started, Videos by Scott Roemermann
Within the category of government foreclosures you can consider quite a many different sources. These include VA foreclosures from the Department of Veterans Affairs, HUD foreclosures from the Department of Housing and Urban Development, the General Services Administration, the Department of Treasury, the Small Business Administration, the Department of Agriculture (USDA), the Marshals Service, the Federal Deposit Insurance Corporation (FDIC) and also Fannie Mae. At last count there were about 37 different government departments through which you can locate foreclosure properties. One site that has compiled listings from a few of these departments is www.homesales.gov.
The more commonly known government foreclosures are through HUD and VA and more information about those can be found on the following pages respectively:
There are pros and cons with each so weigh up whether they are for you and also consider the following lesser known government foreclosures.
Full article… Government Foreclosures – For Real Estate Investors
Popularity: 7% [?]
Filed under Acquisitions by Scott Roemermann
Note: check out our database of foreclosure homes which has over 1.5 million listings including an extensive supply of bank foreclosures. It now includes all Wells Fargo foreclosures since their asset manager, Premiere Asset Services, has signed up.
Once you've decided to start investing in foreclosures, you still have one big step left to handle. You must find the right foreclosure listings. There are numerous sources of foreclosure properties and I find it helpful to divide the sources into two broad categories: government foreclosures and bank foreclosures.
Within the category of government foreclosures you can consider quite a many different sources. These include VA foreclosures from the Department of Veterans Affairs, HUD foreclosures from the Department of Housing and Urban Development, the General Services Administration, the Department of Treasury, the Small Business Administration, the Department of Agriculture (USDA), the Marshals Service, the Federal Deposit Insurance Corporation (FDIC) and also Fannie Mae. At last count there were about 37 different government departments through which you can locate foreclosure properties. One site that has compiled listings from a few of these departments is www.homesales.gov.
Full article… Foreclosures – Where To Find Great Foreclosure Listings
Popularity: 9% [?]
Filed under Acquisitions by Scott Roemermann
Foreclosures are largely considered a great opportunity for investors to pick up heavily discounted properties and some significant instant equity. As such many people seem to be on the hunt for more information about HUD foreclosures. I hope to shed some light on the topic and answer the following questions:
Hopefully that will give you enough information to evaluate this as an investment opportunity and know where to begin.
HUD homes are owned by the United States government through the Department of Housing and Urban Development. When a foreclosure is carried out on these homes, the ownership of the home reverts to the government, for use or "disposal" as they see fit. HUD contracts management companies to handle the preparation and sale of the homes in each state. Their respective websites which list all the HUD foreclosures are sorted by state on the HUD website here.
Full article… HUD Foreclosure Fortunes: Reality or Myth?
Popularity: 12% [?]
Filed under Acquisitions by Scott Roemermann
Just like any other lender, the Department of Veteran's Affairs expects buyers to whom they lend money for property to pay their mortgages on time until the debt is paid off. Sometimes however, like any other lender, the VA has borrowers who default on their payments. When this happens, the VA will foreclose on the property to recoup its losses.
Pocket friendly financing incentive and interest rates are offered to all interested buyers so that the VA does not have to pay taxes, insurance, and maintain the foreclosed homes that are for sale. The VA makes these foreclosure homes available to anyone. You don't even have to be a veteran.
Full article… VA Foreclosures – Not Just For Veterans
Popularity: 8% [?]
Filed under Acquisitions by Scott Roemermann
You're a Real Estate Entrepreneur or Investor, and you're out there in the market place looking for deals. I have a question. for you.
Are you doing a bit of advertising and just hoping that a deal will fall in your lap, or are you operating in a way that makes certain it will happen. If you don't have a process for making sure deals happen, you don't yet understand the importance of having a marketing plan.
The sad fact is that even after all their training, less than one percent of all real estate entrepreneurs and investors actually have a marketing plan. Even though it's very simple, don't underestimate its power.
Full article… A Marketing Plan – The Thing That Makes Deals Happen!
Popularity: 5% [?]
Filed under Acquisitions, Marketing by Scott Roemermann
Note: check out our database of foreclosure properties which has over 1.5 million listings including an extensive supply of bank foreclosures. It now includes all Wells Fargo foreclosures since their asset manager, Premiere Asset Services, has signed up.
Whether you are searching for a new home, a second home or seriously considering real estate as an investment, you will find there are different options available to you. These choices can include traditional home buying, purchasing through an auction and many other possibilities. One alternative you may not have considered is bank REO sales.
If a bank cannot sell a property at a bank foreclosures auction, the bank may do an REO sale. This can happen when the amount owed on the property is more than the value of the property. When this is the case, the bank tries to sell the property not at an auction where the price can be lower. At this stage of the process, they will most often sell the property through a realtor.
Full article… REO Properties and Bank Foreclosures
Popularity: 32% [?]
Filed under Acquisitions by Scott Roemermann
