Quickest Way To Make Money With Foreclosure Investing
Quickest Way To Make Money With Foreclosure Investing
I get asked this all the time and my answer is there is not quick way with foreclosure investing unless you want to lose your shirt!
Having said that, I'll give you guys and gals some of my methods of making money with foreclosures.
1- Recently I've had great success with finding deals and turning them into financing loans instead of a foreclores deal. This generates some referral fees to me ranging from $2,000 to $5,000 - More and more people know that they have equity in their homes and they won't sell it for the kind of prices I want to pay them. So instead, I'll see if they need a loan and chances are the do. So I Joint Venture a transaction and put the homeowner in touch with a loan agent and make a quick finder's fee.
2- I flip the deal in escrow/title before even closing it. This is good for short term profits but not so good for long term money. I average about $10K on a small house here in Los Angeles. That's not even owning the house! Please Note: depending on your state, you must place the right kinds of disclosures on the contract so to make the deal legal and correct. Otherwise, the seller/homeowner can back out of the deal.
3- I act as a bird-dog or finder of foreclosed proprties. I often come across deals that make sense on paper, but I have no interest in pursuing. For example commercial real estate too far from where I live. Or land that's not developed. For these, I have a long list of people who'll pay me a finder's fee ranging from $2,000 to $30,000 depending on the size and profit potential of the deal.
So you see, as long as you are looking and searching and talking to people, you'll come across deals that you can profit from.
Next week, I'll cover how to make money by stopping someone's house from foreclsoure.
Therefore, you stop the foreclosure and make money doing it.
files under: foreclosure investing
I get asked this all the time and my answer is there is not quick way with foreclosure investing unless you want to lose your shirt!
Having said that, I'll give you guys and gals some of my methods of making money with foreclosures.
1- Recently I've had great success with finding deals and turning them into financing loans instead of a foreclores deal. This generates some referral fees to me ranging from $2,000 to $5,000 - More and more people know that they have equity in their homes and they won't sell it for the kind of prices I want to pay them. So instead, I'll see if they need a loan and chances are the do. So I Joint Venture a transaction and put the homeowner in touch with a loan agent and make a quick finder's fee.
2- I flip the deal in escrow/title before even closing it. This is good for short term profits but not so good for long term money. I average about $10K on a small house here in Los Angeles. That's not even owning the house! Please Note: depending on your state, you must place the right kinds of disclosures on the contract so to make the deal legal and correct. Otherwise, the seller/homeowner can back out of the deal.
3- I act as a bird-dog or finder of foreclosed proprties. I often come across deals that make sense on paper, but I have no interest in pursuing. For example commercial real estate too far from where I live. Or land that's not developed. For these, I have a long list of people who'll pay me a finder's fee ranging from $2,000 to $30,000 depending on the size and profit potential of the deal.
So you see, as long as you are looking and searching and talking to people, you'll come across deals that you can profit from.
Next week, I'll cover how to make money by stopping someone's house from foreclsoure.
Therefore, you stop the foreclosure and make money doing it.
files under: foreclosure investing
posted by Mr. Foreclosure at 12:21 AM
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