Buying real estate that are in foreclosure is similar to buying automobiles at a auto auction. You will get huge discounts that can make you very rich. The key to buying real estate is understanding how to buy them in foreclosure.
1. Research - Most investors do their foreclosure research online. The key to getting the best deals is right before they go into foreclosure and on the internet. How will you do this? Simple, you have to do a lot of leg work. Go to each of your local banks and ask to speak with the manager of the mortgage department. He can give you details into what apartment buildings may become available in the near future. The leg work will get you the deals BEFORE they ever become available to the general public online.
2. Financing - Since most banks want the buildings off their books they will likely require you to obtain your own financing through another bank or pay cash. Since most people do not have the cash they need to look for financing. The key to getting good financing comes down to a variety of factors.
a. Credit Score - The higher your credit score the more the bank will finance.
b. Income - The higher your income the more the bank will lend you.
c. Assets - The more assets you have the better.
3. Offer - When submitting an offer to the bank, money talks. The bank just wants to get rid of the property however they do not want any type of contingencies so you will be making the offer "as is".
Submit your offer factoring all the potential problems that there might be.
Buying real estate in foreclosure is the best and cheapest way to buy property. Once you understand the foreclosure process it is just a matter of financing it.
Now that you know how to find foreclosures, you would want to find out how to finance them with no money down by using not your money but other people's money.
Here is a great guide on how you can do this:
Here is the Link:
Skip the learning curve!. Get the secrets to having people with money fund your deals. Here’s a snapshot of what you’re going to learn:
- How to Find Private Investors
- The Best Sources of Private Money
- How To Successfully Propose Private Money Deals
- How to Structure Private Money Deals
- Step-By-Step Explanation of How to Work with Top REO Listing Agents
- How To Prevent Yourself from Getting Burned on Foreclosure Deals
- How To Pay 50% Less Than Bank Listing Price and STEAL Deals
- How To Set Yourself up With Multiple Exit Strategies to Profit on Every Deal
- How To Get Agents Salivating Over Your Offers
- One Trick that Gets you $5,000 to $10,000 More Profit on Every Deal
- How To Research Properties and Prices to You Never Pay to Much
- The Best Way To Manage Investor Relationships
- How to Build Instant Credibility with Private Investors
- How to Market Your Opportunity to High Net Worth Investors
- The Best Way To Use the Tax Laws in Your Favor to Land Cash Deals
- How to Get Attorneys and Accountants to Send High Net Worth Investors Your Way
- How To Quickly and Easily Gain the Respect of Bank Asset Managers and Buy Bulk Property Packages for Pennies on the Dollar
- How To Maximize Your Profits So You Can Do as Many or as Few Deals as You Want and Still Have Time With Your Family Every Night (why work like a dog when you don’t have to?)
This system has everything you need to drive mega profits from the foreclosure boom into your bank account.