Buying Houses for Pennies on the Dollar

Recently, I was asked what kind of deals I was finding out there in the marketplace. I shared with a gentleman that I was picking up properties for less than $5000, putting some work into them and either keeping them as long term investments or selling them for $25,000 to $30,000. His ears perked up and immediately said it was not possible.

So I proceeded to show him all my inventory and soon he became a believer. A lot of people don’t realize there are STILL some great deals out there if you know where to look. There is also a lot of junk too so obviously you have to be careful. It’s taken several years to finally have the right team in place so it all runs smoothly.

All the houses I’m buying right now are mostly your C class houses. These are depressed markets that have been hit hard and generally the homes are a little older and almost always are in need of some repairs. But they make great rentals. Please will always need a place a live. So the key to all of this is location. I don’t care how cheap the house is, the focus is good neighborhoods. If you cherry pick and only buy houses in the best neighborhoods, you will always be able to find renters. Or if you need to sell quickly, usually you can sell the property fast.

Now some people/investors might tell you to stay away from properties like this. And I agree if you don’t know what you are doing. Just like the stock market, there is a lot of fraud and manipulation in the market and if you believe everything you hear, you’re taking a big risk. You have to learn to research it out on your own and find out for yourself rather than rely on someone else.

But, there is a ton of opportunities still out there and some Amazing deals. There are only a handful of areas like this. More than likely these are not located in your back yard. But don’t be scared to invest out of state. This is what property managers are for and if you can find the right ones, they will make life a lot easier.

The easiest way to find houses like this are at auctions. Each year, the county holds an auction to pay off some of the back taxes that are owed. I focus only on Deed auctions. A deed auction is where the highest bidder ends up with the deed to the property. There are other auctions where you just have a lien against it. Still a great option, but I would rather have the deed. Normally these auctions are only once a year. Depending on the inventory, they may hold several.

Detroit is a good example. are tens of thousands of properties that are abandoned because no on wants to pay the taxes on them. And because there are so many, they have a few auctions throughout the year.

And just like the stock market, you don’t take someone’s word for it, you physically go see what you are buying. Even on Google earth. You might see a great looking home that was there 2 months ago, but now all it is, is a vacant lot that is worth next to nothing. So you really do have to do your due-diligence before you ever pull the trigger and buy something.

You can get someone like an agent or rehab crew or even property managers to take a look and send you a video if you want. There are some real gems here. Just remember, the key is location and neighborhood.

Wholesaling or Rehabbing?

What better? Wholesaling or Rehabbing?

wholesaling or rehabbingA lot of people always ask what’s better wholesaling real estate or rehabbing real estate? Well today I’d like to talk about this and I know I might ruffle someone’s feathers but this is just my opinion. First off what I’d like to do is describe what wholesaling and rehabbing are.

Wholesaling which is also called flipping is in my opinion probably the quickest and easiest way for beginning investors to put money in their pocket. In most cases it doesn’t take too long of time to actually start making decent size paychecks. I’m talking $10,000 and $20,000 per month. That’s a decent sized monthly account for a lot of people.

Basically wholesaling is where you find a property for a low price and turn around and sell that property for a higher price to someone else. In most cases when we talk about wholesaling properties you will find properties 70% loan to value that need repairs. These are the best types of properties to wholesale because you will be buying them low enough to flip to a rehabber.

As far as rehabbing goes, rehabbing is when you find a junk property and you fix it up and turn it into a nice property. Even when you’re rehabbing properties the goal is to still sell these properties under market value to an end buyer. That’s what makes these two strategies so appealing.

However, who wants to worry about fixing up junkie properties. Especially if this is your first time. Joe properties are not fun to deal with. There is so much that goes into rehabbing a property that if it’s not done properly you can actually spend a lot of money and go way overboard and not be able to make any kind of a return on your investment. In fact you can lose your shirt if you’re not careful.

When you’re looking for an in buyer to sell these houses to whether it’s a wholesale or a rehab deal ultimately you’re looking for a cash buyer. And here’s why. There is so much red tape anymore to get financing from a conventional institution. It is so much easier to just get it from a cash buyer.

Now some of you may not be ready to believe this yet, but there are a lot of cash buyers out there. There’s a lot of rehabbers out there that have money and they would rather do the rehabbing then you. And that’s great let them do it. There are also a lot of landlord that have cash and are willing to pay cash for properties that give them high rates of return. And this is exactly what these properties do.

One other major difference between wholesaling and rehabbing is the money factor. When you’re wholesaling a property you do not have to use your own money you. You can get financing or better yet use transactional funding to fund your deal. With transaction funding your credit or income is irrelevant. It does not matter. On the other hand with rehabbing you need a short-term loan but you need to qualify for it unless of course you have the cash.

For these reasons I believe that wholesaling is a better strategy than rehabbing – especially when you’re just starting out.

Foreclosure Options and Bankruptcy

Foreclosure Options – Bankruptcy?

foreclosure optionsAlthough there are lots of foreclosure options, bankruptcy seems as though it’s the one that most homeowners have the biggest trouble with. Bankruptcy was created to protect individuals not hurt them. Things happen, many times out of our control. The most common bankruptcy filings are simple because someone gets sick. They can’t pay their medical bills and so they have no other option but to file. In real estate it works the same way. Life happens and sometimes it’s the best foreclosure option.

Though it should be one of your last resort efforts, bankruptcy is also an option that could save you from foreclosure. Personal bankruptcy comes in two types, Chapter 7 and Chapter 13. Chapter 7 will liquidate or eliminate debt, while Chapter 13 helps you pay off debt through court protection and supervision. Bankruptcy may seem like a simple or good solution to your financial struggles, but there really is more to it. It’s a very lengthy and complex legal process that can come with some consequences.

For most situations, it can be a great help, but remember to exhaust all of your other options before you get here. Since financial circumstances can vary greatly, you should seek the advice of professionals when determining if or which type of bankruptcy will be right for you. Speak with an accountant, financial planner, or a bankruptcy attorney. If you don’t have an attorney, then at least seek out multiple opinions before acting on the most extreme option.

Remember though, bankruptcy only stops the foreclosure for a certain period of time. Then, depending on which Chapter is filed, the home will either be sold, auctioned, or you’ll continue to make payments as before.

Cut Your Losses and Sell Your Home

Now obviously this isn’t an option if you owe more than the home is worth. However, often times selling the home is the best option for someone facing deep financial debt as long as they have equity. This allows you to gain up to 100% of the equity of your home, minus the costs to sell. Typically, this will be close to or more than enough to absolve the money owed on the mortgage. Though for many selling a home is easier said than done due to emotional attachment. This often allows one to ignore or avoid the realities of their financial hardship, and it encourages one to search for magic bullets until it’s too late to salvage their credit. It should be known that there are no magic bullets in these foreclosure options, but with hard work and planning can turn things around.

If you can assess your current financial circumstances reasonably, selling the home can even help you retain the ability to be a homeowner in the future. This is something you really have to think about when facing foreclosure. If you cannot find a way to avoid it now, it may be impossible to obtain a mortgage in the future. Don’t let your future or your equity be eaten up by past due balances and high interest loans, sell the home and move on. While it may be hard, consider that you may be able to get an even better home once you’ve improved your financial state.

Many of us will face financial hardships at some point in our lives, but you can protect your credit and your future by putting a good plan into action immediately. This quick action can help you preserve assets and eliminate debt. If you still end up facing issues, then these foreclosure options will help you keep your house or at least avoid the financial ruin that can prevent you from being a homeowner ever gain. Make sure you actively weigh all of your options and seek the advice of professionals to determine which solution will be best for you and your family.

Foreclosure Guidelines to Handling Your Debt

Foreclosure Guidelines to Handling Your Debt

foreclosure guidelinesDue to the state of the current economy, a lot of homeowners are facing the possibility of foreclosure. When this happens, you have to quickly determine what’s gone wrong and come up with a reasonable solution to make things right again. Whether you have faced a demotion, layoff, or sudden illness, making the effort to explore every alternative can help. There are actually several options available to solve this financial hardship, and I’ll share a few of these foreclosure guidelines with you.

Refinance with an Institutional Lender

One option to avoid foreclosure is to bring your payments up to date with a loan from institutional lenders. You can do this by borrowing with your home’s equity, also known as refinancing. The equity of your home is determined by comparing the current market value of your home with the amount of money you still owe on your mortgage. Refinancing simply involves taking out another loan to pay off the previous mortgage.

Choosing to do this can actually make keeping your house more affordable. Refinancing can extend your payment period, which can significantly lower your monthly payment and interest rates. Yes, the fact that you are near foreclosure can make lenders a little concerned about opening a loan with you, so it’s important to act on these foreclosure guidelines quickly before back payments have made a major impact on your credit rating. If it’s too late, expect higher interests rates, but refinancing may still hold benefits for you.

Acquire a Loan from a Private Lender

You could also try obtaining a loan through a private lender. Private lenders are individuals or companies that are looking to make higher, faster returns on their funds than savings and stocks can provide. They are typically more interested in the equity of the home than anything, so it may be easier to obtain help from them. Even those considered at-risk due to defaults in their credit history may be able to find a solution here. I have a friend that runs a private lender database you might want to check out here.

However, you should remember that loans like this will always have much higher interest rates than what you would find from a bank. If you have bad credit, these lenders will be less willing to help you out if you ever miss a payment again. They made the deal with you based on the security of the investment in your properties value, so you would be at a high risk of losing your home again if payment obligations can’t be met. If you feel this may be a problem for you, then put more emphasis on the other foreclosure guidelines or alternatives available.

Settling Your Note

This might come as a surprise to some but you can actually settle your 2nd mortgage (if you have one) for less than what you owe. Similar to a short sale, however you get to stay in the home and it doesn’t affect your credit if you do it right. You also don’t need to be behind on payments. Really what they look for is a hardship of some kind. Really a great strategy for those looking to eliminate some debt. The only downside to this strategy is that you may have to come out of pocket to payoff the note.

For example if you owe $80,000 on your 2nd and they agree to accept $20,000 as a payoff, you’d have to come out of pocket $20,000. But there are ways to pay that off and get a more manageable monthly payment because you just eliminated $60,000 in debt.

Make More Money

I’m sure that exactly what you wanted to here for a foreclosure guideline. I’m sure you would love to make more money, if only you had the time and know what to do, right? Well watch this video of Cameron Dunlap and he’ll show you a few things you can do to make some extra money.

Guru Product Blueprints Bonus and Review – Eben Pagan

Eben Pagan Guru Product Blueprints BonusGuru product blueprints bonus and review is here. Eben Pagan is at it again. This time he has created a new product that teaches people how to create best-selling products. And if you know anything about Eben, his stuff is fantastic. Just look at his track record. He has sold over 100 million dollars worth of product… obviously the guy knows what he is talking about.

Check out his Guru Product Blueprints Review

Now, if you’re looking to create a new product or possibly modify an existing product, this is a training you don’t want to miss. There is a reason why Eben consistently creates and sells millions of dollars worth of products. One of those reasons Eben calls emotional intelligence.

All too often we as vendors only look at the information we are promoting to our customers. We tend to overlook the “Emotions” our customers want to feel when they buy our product. See they are looking for a solution to their problem and hoping to find a product that gives them not only the informational need, but fulfills the emotional need as well.

Fulfilling emotional needs is much, much more powerful then just fulfilling their information needs. So when you are creating your products, make sure you cater to the emotional needs first.

Then he talks about MIA which stands for Motivation, Information and Action. The idea behind this is to keep motivating your students through their emotions by giving them information that they want. Then give them specific action steps that will give them the results they want. This is powerful.

And finally to give away some of your most valuable information because it builds trust and by doing so has a more powerful affect on your student and they will buy more.

Ebens Guru Product Blueprints is 10 weeks of this type of training. Real live access to him and his team. 3 days of virtual training. Watch Eben create a product in front of your eyes. Get access to all of his products that have sold millions so you can see and copy his blueprint.

Check out Foreclosure University’s Guru Product Blueprints Bonus

Foreclosure University has an amazing guru product blueprints bonus that will really take this training to a whole new level. It’s absolutely incredible and something you should check out if you are serious about creating a better product for your customers.

Hope this guru product blueprints review has helped and good luck to your success.

Automating Foreclosures with iFLip

You’re about to DEMO iFLip, A complete hands off virtual real estate money making system… one of the only applications of it kind. Specifically designed to help ANY investor save time and do more deals.


Disclaimer: Of course, I can’t guarantee that you’ll make any money at all with iFLip or anyone else for that matter, because I don’t know you. I don’t know how much time you’ll put into learning and using iFLip or how dedicated you are to building your real estate business.

Fast Cash with Foreclosures Blueprint and 30 Minute Insider Real Estate Training Video


Here it is, the Fast Cash with Foreclosures Blueprint.

If you are investing in foreclosures or ever plan to invest in real estate this is a MUST read. The Fast Cash with Foreclosures Blueprint is the exact 36-Step proven process that my good friend Cameron uses to make a FORTUNE each year from Foreclosures.

“RIGHT” Click here to download the Fast Cash with Foreclosures Blueprint to your Desktop
(This file is very large and make take a few minutes to download)

Step 2

After you’ve downloaded the report, make sure you watch this FREE 30 Minute Insider Real Estate Training Video.

Here are just a few things we cover:

* Discover the 10 Biggest Mistakes Most Beginning Investors Make

* Learn the 5 Rules for Real Estate That Every Successful Investor MUST Follow

* Discover the Greatest Opportunity for Finding Profitable Real Estate Deals

Step 3

After you check out the blueprint and watch the video please comment below and share your thoughts. We’d love to know your #1 take-away and BIG “Ah-Ha’s”, so please share your thoughts with by commenting below.

Thanks & Enjoy,
Jarad and Cameron

P.S.  If you have a question or would like to comment please do so below.