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One of the major problems most beginning
investors have, is knowing the market value of a property they are
interested in. Experienced investors will have their properties
valued to within a 3% variance all the time. All decisions
regarding a property are based on the price it will receive. In
other words Know The Market Value. Experienced foreclosure
investors will use The Multiple Listing Service, Title Companies and
their own experience to arrive at that value.
The second problem is the law. You don’t want to
run into legal issues because you’ve structured a deal that is
illegal in your state. States do have laws regarding what you
can and cannot do with owners who are defaulting on their home
loans. So again, do your research.
The third problem is the problem of money. If
you’ve got a good amount to back your purchases, that’s great. But
even if you don’t, it is still possible to do the deals. However,
you do need enough to be able to find properties, keep track of them
and cover your on going expenses.
The fourth problem is that of knowledge. Federal
tax liens, partial interests, leased land, incorrect property
information, unpaid property taxes and wrong common descriptions are
all things that hurt investors. If you don’t know how to check for
these things, you should not be investing in foreclosures. If
you don’t know how to follow up on real property information, you
need to spend some time acquiring the knowledge necessary to
complete these tasks. Take a course, read, make contacts and talk to
people involved in the business. You can easily find them at local
Trustee or Sheriff’s sales.
Successful Creative Real Estate Financing, as in
life, depends not on what happens, but on what you do.
The key to your future is what you do with what you have,
because life gets better not by chance but by change.
It only gets better for you, when you get better.
Many people are impressed with the many creative
ways there are to make money in real estate, but don’t have any
money to get started. It really is simpler than you might
think. Notice, that I said simpler, not easier. Ideas
don’t work unless you do.
Learn one creative financing formula very,
very well and keep using it. “Do what you do best.” Find one formula
that you understand, are comfortable with and like to work with. Get
good at it. Then, get better. Remember this: “perfect
practice makes perfect.” When you have one success, reinforce it
with another. When you miss, analyze and correct your mistake and do
better the next time. Keep refining your formula until no one else
can implement it as well as you do. Success is no accident: it takes
commitment.
Until next time, I wish you much success.
“If you think you can win, you can win.”
-- William Hazlitt
Rodney Brooks is CEO of Brooks Global
Financial Network. Brooks Global Financial Network is located in
Bridgeton, New Jersey
Rodney can be reached by email at:
brooksglobal@yahoo.com
To get a free comprehensive Creative Real
Estate Financing Course, visit
http://goaddr.com/33
For more information on the Brooks Global
Financial Network including links to personal and business financial
information and services, free courses and information on home
business, affiliate marketing, credit repair, bankruptcies, divorce,
taxes, real estate, home and business telecommunications, VOIP, and
much, much more, visit
http://brooksglobal.blogspot.com/ |
The
Reality of Foreclosure Investing