Historically speaking, the real estate market has its ups and downs, but it’s still possible to practice the real estate flip. No matter what period of time you decide to invest in real estate, you’ll find that there are a substantial amount of homeowners that are in foreclosure. They have come to a point in their lives when they decide (either voluntarily or involuntarily) that they can’t afford to make the payments on thier mortgage any longer. Typically, once a homeowner gets two or more payments behind on their mortgage, it’s nearly impossible for them to become current on their loan.
The process of foreclosure can vary from state to state, depending on the laws and procedures of the courts. Regardless of where the property is located, everyone does get a chance to make good on their loan before the lender actually goes through with the final steps. When a homeowner is in this stage, he is considered to be in pre-foreclosure. This is when the status of hte loan has changed from being “current” to being “late”, “behind”, or “delinquent”, and the bank starts to put pressure on the homeowner to make payments on the loan.
If you’re a deal seeker in the real estate investing world, then people that are in pre-foreclosure are a great target market. They have not lost the house to foreclosure yet, but are heading down that path. They are well aware that the payments are being made, and may be looking for a solution to the huge problem that they’re faced with. By offering these homeowners several solutions to their problem, you can create win-win situations and relieve the seller form the pressure they are experiencing from the bank.
There are several scenarios and options that you can offer a homeowner who is facing foreclosure.
* All Cash Offer - If there is enough equity in the property, you can offer to pay the seller all cash for their property. You’ll typically find these scenarios when the seller has owned the house for several years, or put down a large down payment. * Short Sale - This is the process of negotiating with the bank to accept less than is owed on the mortgage to pay the loan off in full. In order for a bank to consider a short sale, the payments need to be at least 3 months behind. If the house is in need of repairs, then you can usually get the house pretty cheap. It does take 6 to 12 weeks (sometimes longer) to get all of the steps of the short sale completed, but can be worth the wait. If you play your cards right, you can buy houses for as little as 5 to 10 cents on the dollar.
There are other techniques that you can use when dealing with people in a pre-foreclosure status, but for now we’ll just cover those two. If either one of your offers that were mentioned above get accepted, you’ll certainly be ready to implement your real estate flip techniques and make a few thousand dollars.
Is it possible to pay more than MAO on a real estate flip and still make $5,000 to $10,000? Yes! It is! I know, I know…..All you hear is MAO this and MAO that, right? And while MAO is a general rule of thumb, there are always exceptions to the rules. Like, when the seller agrees to finance 100% of the purchase price. Gosh I LOVE it when that happens.
In the following video, I’m going to reveal how you can pay more than MAO on all of your real estate flips and solve all of your monthly cash flow problems today!
THE PROOF IS IN THE VIDEO
So it’s happening right now. In “Real Life” Wholesaling ,my Real Estate Wholesaling Training Program , you’ll learn how to structure deals just like the one in the video and CASH IN on your creative juices.
Now Watch the Video RIGHT NOW - and get on the train to lean how to make offers like this and sweep any competition that might be lurking in your area RIGHT OFF THE MAP!
As a wholesaler, you’re certain to do real estate flip deals in the “war zones”. By definition, war zones are ones that you might consider wearing a bullet proof vest or driving an armored car there when you go look at the property. O.K. It’s not THAT bad, but there are some areas that are a BIT shady, that you should be warned about before you knowingly drive into the pit. Here’s a video for you to check out that will help you identify war zones in a SNAP!!
Don’t forget to leave your comments on this video after you watch it!! THANKS
A real estate flip is by far the easiest and quickest way to make money in the real estate arena. When using the term “real estate flip”, I’m referring to the practice of getting properties under contract and then assigning your interest in the property over to someone else before the contract expires, and getting paid for this act. Your interest in the property is sold to another person (a.k.a. an assignment fee), thus producing quick and easy cash flow.
Sound easy? It is! In fact, if you’re just starting out on the road to wealth by means of real property, doing a real estate flip here or there will certainly keep you interested and excited about playing the game. There is typically no money required on your part, you don’t have to use your credit score to qualify, and you get paid rather quickly. If you follow a system that has already been proven to work by another “flipper”, then you can expect a check in as little as thirty days on your first real estate flip.
Certainly by now you are wondering what you need to do to get started in this incredibly simple and lucrative business. The first thing that has to be done to flip real estate is to study the market and decide on an area where you want to dive in. If you’re familiar with your area, then it should be easy to pinpoint the “bread and butter” neighborhoods where the sales are steady and affordable for the average person. Once you’ve decided on a main location, which can be referred to as a “farm” area), it is time to get serious.
You can’t just go out there are try to do a real estate flip on your own without knowing the ropes. It could get you into some trouble, and you may find yourself with eggs on your head. Not a pretty sight. So be sure to get the training that you need under your belt, at least enough to know how much to pay, how to analyze a deal, how to locate prospects, selling strategies, and the pitfalls to look out for. You’ll also need the proper paperwork with instruction on how to fill it all out.
You”re sure to find that once you’ve done a real estate flip, that you’ve made the right decision! It doesn’t require alot of time, so you can still make money while keeping your full time job (which eventually you can quit). It’s addicting and it pays very well! The best part about the real estate flip business is that you’re your own boss. You set the rules. You set the hours. You set the pay. It can’t get much better than that. Good Luck With any real estate flip that you do……
Woah! Every time I turn around, Preston Ely is showing up in my face. He's the hottest guru on the scene right now with a Fantastic style of teaching. If you're ready to take wholesaling by the horns and do your first real estate flip, then this is where you want to start. Not too many people out there offer a Money Back Guranatee on their stuff. There's no way to lose with Preston Ely. Go out there and do a Real Estate Flip!!
