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Secrets to Pre-Foreclosure Profits

Secrets to Pre-Foreclosure Profits

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Published by foreclosures
In the real estate market, knowledge is definitely power - and the secret to profits! Since the subject of this book is preforeclosures, it's important to understand exactly what preforeclosures are and opportunities are available to you. This book is dedicated to helping you build and/or improve a career in real estate through my hard-earned experience and knowledge, so let's get started!
In the real estate market, knowledge is definitely power - and the secret to profits! Since the subject of this book is preforeclosures, it's important to understand exactly what preforeclosures are and opportunities are available to you. This book is dedicated to helping you build and/or improve a career in real estate through my hard-earned experience and knowledge, so let's get started!

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Published by: foreclosures on Sep 21, 2009
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Secrets To PreForeclosure ProfitsDoDeals.com
Copyright 2009 Page 1
 
Secrets To PreForeclosure ProfitsDoDeals.com
Copyright 2009 Page 2
Content
About the Author ................................................................................................... 3Introduction to Pre-Foreclosures ........................................................................... 5The Basics of Foreclosure .................................................................................... 9Step 1: Organizing Your Office ........................................................................... 16Step 2: Researching the Market and Qualifying Homeowners ............................ 20Step 3: Selling the Homeowner on You .............................................................. 30Step 4: Performing Due Diligence ....................................................................... 35Step 5: Inspecting the Property ........................................................................... 43Step 6: Estimating Property Value ...................................................................... 61Step 7: Negotiating with Homeowners and Others ............................................. 68Step 8: Preparing and Presenting the Purchase Agreement .............................. 75Step 9: Closing the Sale ..................................................................................... 81Step 10: Maximizing Property Value and Appeal ................................................ 84Step 11: Achieving Maximum Profit .................................................................... 90A Word on Short Sales ....................................................................................... 95Conclusion ........................................................................................................ 100
 
Secrets To PreForeclosure ProfitsDoDeals.com
Copyright 2009 Page 3
About the Author
This book is dedicated to all those who’ve suffered hard times and want to make
a success of themselves in the wonderful field of real estate. I know your story
because I’ve been through some hard times myself. Let
 
me explain…
 My brother and I escaped Vietnam on a fishing boat in 1986. I was 11 years oldand my brother was 18 at the time. We spent seven days and six nights at seaand were mugged by pirate boats. They stripped us of all our valuables, but,luckil
y, didn’t kill us as happened with other unfortunate escapees. Eventually, a
Malaysian boat picked us up, and we spent six months in a refugee camp beforebeing transferred to a camp in the Philippines. After a short stay there, theUnited States accepted us, and we ended up in Houston.Neither my brother nor I had much money, so we lived in a two-bedroomapartment
with eight to 12 other single guys! Needless to say, it was crowded,
and some of our roommates weren’t the best people. One day, I came hom
efrom school to find out the apartment had been raided by the FBI looking fordrugs and illegal hand guns!Although my brother and I were poor and dressed in clothes bought from charityorganizations, we worked hard. I graduated from high school, went to college,and worked in the IT field for two years. I had a good job, but, in 2002, thesoftware company I worked for crashed and went out of business. There I waswithout a job!
I’d always heard that
real estate was the place to make good money, so I startedstudying by taking home study courses and attending seminars to gather thebasic knowledge I needed. Then, I began knocking on the doors of homeownersfor a few months and discovered very quickly that no one wanted to talk to me!Realizing that door-knocking was not an effective method of getting deals, I
become a ―bird dog‖ for other 
real estate investors. A bird dog finds good leadsfor investors and then is paid for those leads that pan out. In the meantime, Iworked at finding my own deals. After about four months, I found a good one. Ibought a home for $55,000 and put $22,000 worth of repairs into it. I sold thehome for $134,000 dollars at a five-day auction. I earned a $57,000 profit (minus
3% of the buyer’s closing costs)!
This kind
of profit doesn’t happen every time, of 
course. But through a combination of luck and hard work, I was on my way in areal estate career!
As of this writing, I’ve bought
over 340 properties, including single-family homes,condos, town homes, and vacant lots. I specialize in wholesaling but have alsodone manyrehabs,subject-
to’s

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