Hello "Real Estate Bird Dogs". The following comes to us from Karen Bell at the EWI (Enlightened Wealth Institute).  EWI is one of the Real Estate investing forums that I subscribe to. If you are out there locating properties and looking for investments you really should learn about foreclosure investing.

Foreclosures: Help and Hope

Article 1 in a 5-part Series

By Karen Nelson Bell
Best-selling Author and EWI Instructor
Excerpted from her book Nothing Down for Women

One successful investor I know refuses to invest in foreclosures. He says that he doesn’t want to take advantage of people. I say invest in foreclosures and don’t take advantage of people!

The most satisfying deals I’ve done have been the ones where I helped folks who were in such desperate need that they were nearly done in. When I helped them, sometimes you could see the relief pouring over them.

I’ve received letters from the people I’ve helped, claiming that I was their guardian angel. They had nowhere else to turn. Believe me, you don’t get that kind of reward with ordinary business relationships; helping people out of foreclosure can be spiritually satisfying!

You can use your intuitive abilities to help you in foreclosure investing. I urge you to trust your instincts in this arena.

What is Foreclosure?

Let’s define foreclosure again, just in case you’ve forgotten. A foreclosure takes please when a home owner can’t pay the mortgage for a number of months, and the lender (the bank) says, Either you pay your back-due mortgage payments and all the fines and penalties, or we’re going to kick you out and take back the house.

Then if the home owner still doesn’t pay up, the bank says, OK, we gave you every chance. Now we’re going to sell your house in a public auction unless you pay the whole amount of the loan in full. And then the lender does sell it. If nobody buys it at the auction, the bank is stuck with it, and it goes into its inventory.

There are four major stages in the progress of a foreclosure:
1. Predefault
2. Preforeclosure
3. Foreclosure (Auction)
4. Bank REO (Real Estate Owned)

The next four articles in this series will address each of these stages in more detail.

To Our Success,
Mark


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The New World of Foreclosures

The foreclosure market has changed a lot in recent years. Not only are there a ton of foreclosure deals out there right now, but even the way that things work has become very different. It's not that the process has really changed, but more that people are discovering different ways of doing things that they didn't know about before. You need to learn about all the different ways to buy foreclosures and ways to maximize your profits.

Foreclosure rates are ridiculously high right now. Do you know how to find the best deals and make the most of your foreclosure investments? Here are some tips to help you be successful in the new world of foreclosures:

- Get a FREE foreclosure list. Did you know that foreclosure lists are FREE public information? You can usually find them online at your county's public records department, sometimes called the county clerk's office. You can also usually find the foreclosure list free at your local public library, as long as it's a main branch library, not a rinky dink little one. Just ask a helpful librarian. Heck, your taxes pay them, they should be nice! The only time you MAY want to pay for them is if they're extremely up to date and being delivered to you or your email box.

-Learn the list, love the list. This list is your key to profits. Without it, you wouldn't know which deals could be found and where to find them. Make the most of it and you will be rewarded with big profits in the end.

-Find anything that is less than 80 cents on the dollar and consider it a deal worth checking out. Or even better, learn more ways to buy foreclosures and profit from the deals that have less equity, and you'll have ten times as many deals to choose from! Be prepared ahead of time so you can be ready when the time comes.

-Figure out home values. Find a program that can give you comps and median values and estimate what homes are worth. I like zillow.com. but I don't follow their "zestimate". Instead, I look at the comps myself.

-Then, figure out how to get the lowest possible offer that a bank will accept so that you never pay more than you should for a foreclosed property. Never give up on a deal until it is complete, or you have exhausted all of your options. You have so many different tools and things to your advantage that you need to keep trying to see what you can do. It should be easy to make deals, but when it's not you shouldn't give up.

These tips and steps in the process will help you to be more successful in the world of foreclosures. Everything changes and the foreclosure market is no different. You need to evolve with it and learn new ways of doing things so that you are prepared for success.

For more great Foreclosure Investing secrets from Jason Loucks and a FREE CD on how you can start profiting from Foreclosures, Preforeclosures, Short Sales, and REO's for yourself, go now to: http://www.PreforeclosureFortune.Com. By: Jason Loucks

To Our Success,
Mark

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One of the first steps involved with being a real estate bird dog or actual real estate investor is to GET READY and start to look and play the part of a professional. Looking like a professional will take you a long way in advancing your real estate birddoggin.

We will be covering what you should do with your new professional image later. Plus, there are already a ton of posts on this blog about what you should be doing.  (Real Estate Bird Dog Lessons Here)

Here's what I'd actually do if I were just starting out right now...

Maybe you're on a limited budget. But you have some money to work with. All you need is just enough money for:

1. Cab fair or a bus pass or a car

2. Business Cards: Get some professional business cards and a business card holder. You can even do them on your home printer these days and they will turn out pretty good. But a print shop like Staples or Office Depot will do them better and very inexpensive. Go for the 3D print if you can. VistaPrint offers 250 free business cards. For Business cards keep them simple.

I would only put something like "We Buy Houses" or "I want to buy your house" on the cards if you are going to leave them around. My card is simple and straightforward.

My name, website, phone, email address. You may want to put the name of your company, but I would keep it general. By having cards of this type you can use them for multiple purposes.

A photo of yourself on the card is a nice plus, but optional.

Hint: Whenever you hand a card to someone, take a moment to hand write on the card the date and topic you talked about. This way, the recipient will remember you and why they talked to you. (If you've ever gone through a stack of 200 business cards you will know what I mean. I can't remember who half the people are or where I met them.)

3. Professional Clothing: Get a decent suit, tie, shoes and belt to go with the suit, and maybe a new watch. They don't have to be expensive designer name clothes, etc. – there are many places to buy stuff very inexpensively. They just have to look new, shiny and spiffy.

4. It's your professional real estate investor image that we are putting together for you. So go to Sears or whatever department store that's cheap if you can't afford anything else. And if you say "well I got a suit". Well we both know that's a tired old suit from the 70's and when you put it on, it not only doesn't fit anymore, but it certainly doesn't make you feel like a millionaire does it. So go buy a new suit so you'll be able to look, think, feel and act like a millionaire REI. Then put it on look in the mirror and just say to yourself. "I'm a millionaire real estate investor". And write it on your mirror and on the back of a card and put that in your wallet, and start believing it. Because it's so easy to become a millionaire via REI that a 12 year old child could be taught to do this.

5. Get a haircut and polish up your look.

6. Get a new black briefcase, go to Target or Kmart (anywhere but Chinamart) if you have to.

7. Find a cheap used fax machine if you don't already have one. They work like a regular phone. You do NOT need a second fax line. Just plug it in like a second phone it will work off your regular line. Consider getting one of those multi-function printers that also has a scanner and fax machine built into it. My preference would be to get a black and white laser jet (not an inkjet)


8. Get an answering machine or VM if you don't have one.

9. Get on Ebay and purchase a used copy of Carlton Sheets’ “No money Down” and start listening to it everyday too and from your job/school. Check out some of the other all inclusive beginner courses you can find like Dolph Deroos "Real Estate Investor’s College". You might even try to find someone at your local real estate investment association that will loan you some of their courses.

10. Listen to these courses four or five times and you will be amazed at how much you will learn.

11. Buy a new leather wallet and put at least one, 1 hundred dollar bill in it which you will NOT SPEND - It's only for show.  For example, let's say you meet a big investor and you meet up for coffee. He see's you have a nice suit, nice belt, new shoes, new watch. But, deep down at an sub-conscious level, his mind is saying  "is this guy is safe to work with". Then, when you go to purchase your coffee you pull out your wallet and if for any reason he happens to glance, and it doesn't matter if he does or not.  He'll see that 100 dollar bill and again his mind will say "this guy is safe to deal with".

The same approach can be used at real estate meetings. When you go to exchange cards, you pull out your wallet to pull out a card, they see the 100 dollar bill and boom, they think "this guy is on the up and up, and is safe to do business with".

Now that you have your real estate bird dogging, professional image on the way to being established you are ready to venture out into the world of real estate investing and start networking with people and building your list of contact.

To Our Success,
Mark

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If you are interested in creative real estate investing, the wholesaling of houses can be a good option to make money through real estate. For carrying out the wholesaling effectively, you will have to keep many tips in mind. You must know what all to be done and what not to be done. Wholesaling houses can be quite simple if you know the various aspects of wholesaling process.

For starting with the real estate investing involving the wholesaling process, you must choose a particular area where you want to base your business in. The main aspect involves studying the place in detail and understanding the questions that the prospective customers may ask you. This can tremendously help you in examining the worth of the place you are targeting.

The accessibility of the place you choose is important as you will have to visit the place often if you are planning to base your business in that area.

You must also have a basic knowledge on what to invest if you are a beginner in real estate investing. You must have the knowledge to understand the profitability of a deal. For this, you must learn real estate investing in detail. The economic situation of the targeted place must be taken into consideration before targeting the place.

You must also make sure that the house you are targeting to wholesale is not having many repairs. If the house needs expensive makeovers to make it sale able, the profitability will be affected. It should not be much expensive to sell nor have a market so that the house becomes an asset not a liability.

You must be able to find the value of the house which you are planning to buy. You must also assess the value of the property in advance. If you are a beginner, it will be extremely difficult to do this. The overall worth of the house you are planning to buy must be calculated with great care so that you do not end up with losing money.

The best thing to do is to find the various factors that are capable of increasing the value of the house. Referring to the sales that have happened in the area recently can give you an idea on the rates of properties in that area. The post repair value of the house must also be taken into consideration so that the repair done will not be an additional expense from your pocket.

Creative real estate investing must also include an insight of the person who is capable of buying. Making the list of those persons who are capable of buying the plot will be great. You must have the potential buyers in mind even at the time of buying the house. This can fetch you handsome rewards. This will help you understand the type of houses that have the capability to create the interest in the minds of the prospective buyers.

If you are trying to make a career in wholesaling houses, you must get the help of a real estate investing coach. Getting the help of an experienced person can do wonders in your attempts.

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Author's Email Address: no.royalty@gmail.com
Article Source: http://www.articlemarketer.com

To Our Success,
Mark

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