"The American people would not want to know of any misquotes that Dan Quayle may or may not make."Dan Quayle
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Bond investing
Bond investing is the safest way to invest long term. One of the safest ways to invest is in bonds. If you are thinking about investing in bonds, chances are you are making a very good decision. You should be able to make a little bit of money on your ...
Investment Techniques For Creating Passive Income
Copyright 2005 Mika Hamilton There are many wealth creation strategies and investment techniques available to those who are looking to create a passive income. These fall into three main categories. Running a business, investing in property and investing ...
Know Money to Make Money
The experts are always telling us that getting paid for what you know is one of the most effective, least time-intensive ways to make a buck. Well, if you know anything about money (and you don't need to be a financial whiz), writing articles for ...
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So you wanna buy pre-foreclosures? or at the courthouse steps? So many people ask us about this. Here's our '30 second seminar' on it. If you're going to buy PRE-foreclosures--after the seller is behind on her payments, but before the lender's auction date-then there are some pros and cons to consider.
Pros: 1) you've got a good possibility of buying the house subject-to the loan from a very motivated seller who just wants out. 2) you don't need to do any marketing, just read the foreclosure notices (more on this later), pull some comps and do drive-bys. 3) There are several *thousand* foreclosures published each month, in the greater Atlanta area-plenty to choose from.
Cons: 1) You've only got about 3 weeks (to beat the courthouse auction) to contact homeowners and get signed contracts, title work, funding, etc. 2) Most pre-fc homeowners are in denial about their situation and/or mad at the world due to all their stress and debt collection calls they get. Soooo, they're usually not very open or friendly to you and your offer. 3) Most really good deals are redeemed (caught up) by the homeowner, and the foreclosure cancelled, just before the courthouse auction.
Say you decide to jump in and 'play the PRE-foreclosure game'. We'd recommend you subscribe to the Atlanta Foreclosure Report at www.equisystems.com/default.htm (about $600/yr and we don't receive any commission for recommending them), and get the monthly list online. Also, consider doing a lot of bold, cut through the clutter mailings to the pre-foreclosures you're considering, to get their attention and have them call you. Remember, their mailbox and answering machine is filled with debt collection stuff. You need to stand out, and hit them often. You might want to mail a different neon postcard or lumpy mail (trash can, stick of dynamite, handcuffs, etc.) *every few days*, until they've grown to like you or are curious enough to call you.
If you choose to skip pre-foreclosure and actually buy foreclosures at the courthouse steps-then you're dealing with the foreclosing attorney and the lender, not the homeowner. The biggest things to keep in mind is you're expected to pay all cash by the END of the auction day; you'll have to run your own title exam in advance; and you'll probably have to guess what condition of home interior is since homeowner may not have let you inside. Another option is to buy the note/mortgage for cash at a deep discount, direct from the lender, prior to the courthouse auction. You don't have to deal with the homeowner that way, but you do have to have access to funds, and you will still have to do your own foreclosure after you buy the mortgage.
Best of success & abundance,
Lou Castillo
About the Author
FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! -- 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success...Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight!
http://www.InvestorSuccessTactics.com
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