As a person familiar with both investing and home improvement, I see this market as a time of reflection. Our past action have brought us to a point where many home owners are faced with loosing their home. Many homeowners are faced with losing their home without making a dime. There are many opportunities out there to buy homes. First time home buyers do themselves a disservice if they do not consider buying a home right now. Ideally with this market, you could find your dream deal and have moved in by or near the Christmas holiday season. You could buy a new home, but you should also consider Pre-Forclusers.
My stance at this time is not for the current home owners. I do not know exactly how you can save your home if you have reached the foreclosure point. Most predatory lenders that would have helped stopped foreclosures are no longer in business. There are a few that still operate, but their practices have changed drastically. My stance is for the first time investor that wants to lean more about the Pre-Foreclosure market. My stance is for the first time home buyer with decent or not so decent credit but has a desire to own a home. My stance is for the single mom living in an apartment that has no tax benefit from renting. My stance is for the millions of people struggling to just buy that first home. I hope and aspire to help them.
My background is in banking. I was a commercial and residential lender. I learned a great deal from banking. I also learned a great deal from training, I took everything from Carlton Sheets classes to Richdad.com real estate program. I learned a ton more from making mistakes. I played in the real estate market with little to no money. I also played in the real estate market with thousands. I’ve won and lost. In the process here are some of the tips I’ve learned that could help you make money now in Pre-Foreclosure Homes
What should you do first in the Pre-foreclosure home market to make money
Get a coach. It a simple rule but most people do not follow it. When you have a mentor or a coach involved you are more likely to do better than others. If you have a plan that you and your coach or mentor outline, you should stick to it. There is tons of money to be made in the Pre-foreclosure market. There is no need to go after every deal. You should get a coach, make a plan, and take action. My coaches have changed through out the years.
Some I still work with today. The fact remains you will need a coach that has more experience than you in the industry to help guide you through troubled times. Some coaches come at no cost. Some coaches charge thousands of dollars for their expertise. If Phil Jackson came to coach my sons’ team for $100,000 it would be a bargain. If someone that is a first time coach want to coach for the same $100,000, it would be a risk. Get an experience coach that can help you achieve you dream Pre-foreclosure market championship. A great pair off coaches I’m aware of are Vicki And Lloyd Irving. They have helped many of their student achieve phenomenal success in short periods of time.
How do you start in Pre-foreclosure Home Market to make money
Read everything. You can not learn enough about the business. There are many books an periodicals on the subject. Once you have coach and a plan, you will have material to learn. You might have a boot-camp to attend. Regardless, you should pick up ever book you find on the Pre-Foreclosure and Short Sale market. Each book your read on Pre-Foreclosures might have a tidbit of information that helps you move forward.
The more you read, the more you should act upon. The fact is knowledge is great but applied knowledge makes a world of difference. You might know how to cook, but until you get in the kitchen to make breakfast you will sill be hungry. As long as you learn and apply the knowledge you will grow in the Pre-foreclosure market.
Biggest Key to make money in th Pre-Foreclosure market that will make you money
Be creative. Donny Deutsch said it best “You will get what other won’t because you do what other don’.” In this business, creative people make a killing. People that think outside the box and are willing to ask. One of my favorite sources for online creative ideas is Creonline.com. I’ve gone to CreOnline for both contract and information purposes. I live online and use every resource to continue my learning.
You should consider, taking over payment of those whom have a mortgage that is assumable. In some cases the mortgage might be $3,000 a month. The owner is $9,000 behind, and you have less than $20,000 in fix up cost. The current home owner simply wants to get out of the deal. I have seen a person with this case in a $500,000 home. They simply wanted to give to the investor for $300,000. With the right coach and plan, this deal would be a slam dunk. I’ve seen people trade a bike a boat and a truck in for a car. You could do the exact same thing for a home, some home owners will accept other assets for their equity. If they can was away with something it is better than nothing. Some home owners will take a second for their equity if they can move on and out of the house. Again, as long as you are creative you can get many deals done.
Big picture, the Pre-foreclosure market is one where there is money to be made. If you have an exceptional coach, you learn all you can, and stay creative you will be successful. God Bless and good luck in the Pre-Foreclosure market.