INSTANT CASH IN FORECLOSURES REAL ESTATE PROPERTY INVESTING STRATEGIES.pdf

So you want to make money in real estate. You want to be your own boss. You
want to work out of your home. You want to become financially independent. These are
worthy dreams. The question is: How can you transform these dreams into reality?
You have likely seen more than one late night infomercial guru raving about the
fortune you can make if you only buy his program. I cant speak to their programs. I can
say, however, that many have been shown to be scams. Many individuals who have
popularized their own names through get-rich-quick schemes have subsequently been
popularized by being exposed as frauds, being put on public trial, and eventually being
imprisoned.
What you now have in your hands is not a get-rich-quick scheme. This is a
reality-based get-rich-smart program. Information is power. Accurate information is
more power. Focused and accurate information directed at decisive, effective action is
more powerful still. This is exactly the nature of my Fast Cash in Foreclosures program.


1. Acquiring Financing . . . . . . . . . . . . . . 11
Hard Money Lenders . . . . . . . . . . . . . . . . . 12
Hard Money Financing Process . . . . . . . . 13
Private Investors. . . . . . . . . . . . . . . . . . . . 15
Interaction with a Private Investor . . . . . 18
No Money Down . . . . . . . . . . . . . . . . . 20
Hard Money Lenders: A National Directory . . 22
2. Identifying Distressed Properties . . . . 40
Pre-Foreclosures . . . . . . . . . . . . . . . . . 41
A Market Ripe for Picking . . . . . . . . . . . 41
How to Work Them . . . . . . . . . . . . . . 43
Courthouse Records . . . . . . . . . . . . . . 44
Online Information Bureau . . . . . . . . . . . 52
Abandoned Homes . . . . . . . . . . . . . . . . . 54
REO Properties . . . . . . . . . . . . . . . . . . . . 57
Players of the Game . . . . . . . . . . . . . . 62
Divorce Properties . . . . . . . . . . . . . . . . . 63
Probate Properties . . . . . . . . . . . . . . . . . 66
5
Out-of-State Owners . . . . . . . . . . . . . . . . . 70
Real Estate Auctions . . . . . . . . . . . . . . . . . 72
3. Property Inspection and Valuation . . 75
Learning from Appraisers . . . . . . . . . . . . . . 76
Residence Type . . . . . . . . . . . . . . . . . . . . 79
Secret Valuation Tool . . . . . . . . . . . . . . . . . 81
Inspection Process . . . . . . . . . . . . . . . . . 82
Professional Inspectors . . . . . . . . . . . 83
Inspecting Property Yourself . . . . . . . . 85
Calculating Repair Costs . . . . . . . . . . . . . . 90
Repair Issues . . . . . . . . . . . . . . . . . 91
4. Submitting an Offer to Purchase . . . 109
Reviewing Valuation Elements . . . . . . . . . . 110
Working the Numbers . . . . . . . . . . . . . . . . 111
REO Bids . . . . . . . . . . . . . . . . . . . 113
Privately Owned Property Offers . . . . . . . 114
Sample Offer Submission #1 . . . . . . . 116
Sample Offer Submission #2 . . . . . . . 119
5. Locating Buyers . . . . . . . . . . . . . . . . 134
Pricing . . . . . . . . . . . . . . . . . . . . . . 135
Property Condition . . . . . . . . . . . . . . . . 135
Getting that Curb Appeal . . . . . . . . . . 136
Repairmen . . . . . . . . . . . . . . . . . . . 138
The Secret to Selling Property . . . . . . . . . . 145
Nitty-Gritty of the Process . . . . . . . . . . 147
Paying Mortgage Fees = Faster Sales . . . . 148
Locating Practices . . . . . . . . . . . . . . . . 151
6
6. Pre-Qualifying Buyers for a
Mortgage . . . . . . . . . . . . . . . . . . . . . . 156
The Pre-Qualifying Process . . . . . . . . . . . . . 156
FHA Mortgages . . . . . . . . . . . . . . . . . . . 166
Completing Contracts with Buyers . . . . . . . 169
HUD-1 Closing Statement . . . . . . . . . . . . . 177
7. Assigning Contracts . . . . . . . . . . . . . 180
Contract Assignment Process . . . . . . . . . . 182
Completing the Assignment Agreement . . . 187
Joint Ventures . . . . . . . . . . . . . . . . . . . 190
Joint Venture Process . . . . . . . . . . . . . 191
Cautions and Contingencies . . . . . . . . . . . . . 196
8. Getting Started . . . . . . . . . . . . . . . . 200
Your Company . . . . . . . . . . . . . . . . . . . 200
Your Office . . . . . . . . . . . . . . . . . . . 200
Target Area . . . . . . . . . . . . . . . . . . . 205
Target Group . . . . . . . . . . . . . . . . . . . 205
Financing . . . . . . . . . . . . . . . . . . . . . . 206
Property Search . . . . . . . . . . . . . . . . . . . 207
Continuing Education . . . . . . . . . . . . . . . . 209
A Final Word . . . . . . . . . . . . . . . . . . . 210
9. Super Bonuses
Super Bonus #1..215
Super Bonus #2..216
Super Bonus #3..257
10. Foreclosure Dictionary..258
7
Legal Forms and Business Letters
Agreement Between Owner and Contractor . . . . 140
Amendment to Contract of Sale . . . . . . . . . . 176
Appraisal Form . . . . . . . . . . . . . . . . . . . . 94
Assignment of Contract of Sale . . . . . . . . . . 189
Authorization to Release Mortgage Information . . . 46
Construction Contract . . . . . . . . . . . . . . . . 142
Contract for Sale and Purchase . . . . . . . 124, 171
HUD-1 Uniform Settlement Statement . . . . . . . 178
Joint Venture Agreement . . . . . . . . . . . . . 193
Letter, Abandoned House . . . . . . . . . . . . . . 54
Letter, Divorce . . . . . . . . . . . . . . . . . . . . 63
Letter, Divorce Attorney . . . . . . . . . . . . . . 63
Letter, Probate . . . . . . . . . . . . . . . . . . . . 66
Letter, Probate Attorney . . . . . . . . . . . . . . 66
Letters, Pre-Foreclosure . . . . . . . . . . . . . . 50
Mortgage Pre-Qualification Form . . . . . . . . . . 157
Mutual Rescission of Contract . . . . . . . . . . 199
Offer to Purchase Real Estate . . . . . . . . . . 130
Required Information for FHA Mortgage
Application . . . . . . . . . . . . . . . . 159
Uniform Residential Loan Application . . . . . . . 161