One very successful money making technique used by foreclosure investors that requires no investment cash, is called 'assignment' or 'flipping'. No special license is needed and you can earn monthly profits consistently in any type of real estate market. This type of foreclosure training is available. After you master the art of 'assigning' real estate contracts and discover how lucrative it is you’ll wonder why you ever wasted time with a 'JOB'. It's not uncommon to acheive hourly rates of over $100.00 an hour when you analyze how much time you actually put into each deal. Your initial goal is first sourcing properties in default that fit specific criteria, and step 2 is learning the step-by-step process of how to approach, structure and close the deal. Again, finding the right foreclosure training is critical (A link to great training manual is provided below, perfect for total beginners.) Your initial first step is to source a property specifically that is in the early stage of default, hopefully less than 30 days. Also, you are looking for homeowners that have built up equity but for whatever reasons simply can’t handle the month to month grind of paying their house payment. A typical situation would be finding a distressed homeowner currently paying a monthly mortgage bill of $1,100 but can't afford to continue making the payment. Liquidation is the homeowners best option and decides selling the property to YOU is the best way out. You'll want to make an offer on the property quickly but no more than 65% of the 'as is' value. Let's place the value of the property at $300,000, 'as is'. You know this because of your 'due diligence' performing a thorough comparative analysis of comparable homes in the area. The payoff on the home is $175,000. You offer to buy the home for $195,000 ( 65% of the 'as is' value) which they gladly accept. And why not? Arranging the deal terms as such would pay off the 1 month owed on the mortgage, put the brakes on the foreclosure and give the homeowners some cash to find housing. You've just given them a strategy to salvage a potentially devastating financial situation. What do you do next? Do you keep the property and fix it up for possible sale or lease? NO, you know an easier way - which you'll find out is 'assigning the contract' - so you decide NOT to keep the property. You have something in your hand that is extremely valuable - the contract to purchase a property priced below current market value. This is the basis for 'assigning ' the contract. Next, you'll need to find an interested investor to 'assign' the property. Seeing that the property is valued at $300,000 on the market, right now, do you think an investor that is too busy to do the required leg work of sourcing and structuring the deal, as you did with the distressed homeowner would pay $195,000 for the right to own a $300,000 property? You bet, and within a short period of time you will be approached by many hungry investors willing to pay you a nice finders fee for your work. Of course, the final purchaserthat ends up buying your contract will pay $195,000 plus whatever you charge for your finder's fee. for example, if you charge 6% as your finders fee - you just made $11,700 for only a few hours work! This translates into a pretty good hourly rate, definitely worth your time. Isn’t really time to learn something new? Something that can earn you good money? Why not begin to master the art of 'assigning' foreclosure deals? It's a great way, even for those that are not risk takers, to enter the world of foreclosure investing WITHOUT SPENDING ANY OF YOUR OWN CASH. You can visit the link below for more information.
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One very successful money making technique used by foreclosure investors that requires no investment cash, is called 'assignment' or 'flipping'.
Leslie Collins has executed hundreds of preforeclosure deals in the last 5 years - which actually helped distressed homeowners as well as generated thousands of dollars in profits. Interested in learning about assigning foreclosure contracts for profit? - Visit: Foreclosure training
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