Pre-Foreclosure, Winning the race against the bank.
We have all seen the infomercials; "make a million dollars in your first year." Just send a check for a few hundred dollars and we will teach you how to make your dreams come true--- by buying and selling Foreclosures.
They include cash flow statistics, before and after photos, and a few "real life" success stories. You begin to feel hooked and sucked towards the television screen as visions of your new yatch and umbrella drinks becoming more and more vivid. As you go to get your credit card, you start to ask, "Why have I never met any of these people?" Ah, common sense is now leading you back to reality. Good because you will need it should you choose to venture into the foreclosure business.
Getting rich overnight is rare, and when starting out, start slow. Use good old fashion business sense. Start by looking at foreclosures before they become foreclosures. Yes, pre-foreclosures.
This is a very long story and advice. I cannot post it all here. I will give you what to do in relevance to importance.
- Learn the local statutes regarding foreclosure.
- Locate properties that are in Pre-foreclosure.
- Determine, which deals, are worth pursuing.
- Contact the current owners of worthy properties and make an offer
- Contact and negotiate with the existing lenders and other lien holders affiliated with the property.
- Develop and implement your strategy on how'll you finance each deal.
- Purchase the property.
Comments(0)