By Peter Conti
Lifestyles should be tricky for actual property pros nowadays. in spite of rates of interest at traditionally low degrees, the doubtful economic system makes owners hesitant to relocate or alternate up. There simply usually are not that many purchasers available in the market, and the few who exist generate fierce pageant. in truth, it kind of feels the one ""hot area"" is foreclosure. yet that is not inevitably undesirable information. Conti and Finkel's ebook is an effective ""crash course"" for genuine property agents and brokers eager to comprehend this quarter and explains the intricacies focused on investment funding bargains, utilizing numerous buying/closing equipment and using go out ideas. because of the booklet in addition to workshops and seminars provided through the 2 authors, millions of individuals every year research the artwork of profitable genuine property making an investment.
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He found a seller who owned a fourplex that needed some cosmetic 48 Making Big Money Investing in Foreclosures without Cash or Credit fixing. The seller, a referral from another seller Byron had worked with, was five payments behind and headed for foreclosure. Although Byron met with the seller and locked up a great deal, he didn’t want to keep it for himself, doing the repairs and managing the fourplex. Instead, he sold his rights under the purchase contract to another investor for an assignment fee of $15,000.
This means the borrower (homeowner) still owes the lender any money that the lender lost from the whole process. Many times this pushes the homeowner to declare bankruptcy to escape this debt burden. Because the law doesn’t allow the lender to make a profit on a foreclosure, any money made at the foreclosure sale in excess of the amount owed the lender, including the foreclosure costs, will go to the borrower. However, rarely does the borrower get any- 2 / The Big Picture of Investing in Foreclosures 15 thing for his or her equity in a foreclosure sale because the house is usually sold well below market price.
Truth be told, this was a good way to invest and these investors made lots of money. But the majority of people who wanted to get started investing found themselves excluded because they didn’t have the cash or credit to do these deals the traditional way. Also, while these traditional investors made money, in many cases they took on magnitudes of risk—risk they easily could have avoided by using the strategies you are about to learn. Let’s be clear, any way you structure a deal that allows you to purchase a foreclosure and make a profit in a win-win way is fine by us.
Making Big Money Investing in Foreclosures: Without Cash or Credit by Peter Conti