What a great great question!
Here's the answer...
"It Depends". lol
Here's the long and short of it. When you buy a foreclosed home on the open market... what I mean is not on the courthouse steps, you most certainly can get a loan. In fact, the banks want to loan you money... the real estate and lending markets drive a big chunk of our economy... so it's very advantageous for the economy as well as your bank account, to get a loan when you buy a foreclosed home. You can get an FHA loan, VA loan, or use conventional financing.
Without getting too much in depth... as an investor, you want to leverage your money as much as possible right? Let's say you have $1,000,000 to invest and the homes you're going after are worth $250,000. Well.... if you bought them all cash, you'd be out of business after 4 homes (or less because of closing fees).
She BANKED $2.4 Million In Just 14 Months
Investing outside of California and investing in real estate from your own home is way outside my knowlege base... but not Charrissa Cawley's. Click here for an Immediate digital download of Charrissa's ground-breaking training. You'll be directed to a page to fill in your info and request the training. In the training you'll learn what to do to become a Real Estate Power Investor! "Are You In or Are You Out?"
That's what Charrissa Cawley would say... In fact she does say it... and Charrissa makes a compelling arguement too. With the recent relaxation of FHA guidelines, in the 90 flip rule, she says there are no more excuses to not invest... Charrissa put it this way... "...those of you who have been waiting for the perfect time to begin investing need to do a gut check and make a real estate investing decision. You’re either going to start investing – or you’re going to kick back and talk about investing until all the best properties are gone and this unprecedented opportunity passes." She's sooooo right!!! I talk to "I shoulda" people all the time. Don't be one of "those guys" It's a waste of life. Either you're going to invest in real estate or you're not. -So you've gotta ask yourself... "Am I in or Am I out??" All my posts are based on investing in real estate in California... most specifically, my local market. That's because that's what I'm familiar with. So if you're investing in homes, whether they be foreclosures, short sales, or some other investment home, in California then you can glean a lot from my posts. If you're in another state... or you want to invest outside of your state, then read this post and learn from the master, Charrissa Cawley. If you don't know who Charrissa Cawley is, then here's a quick bio... Stay at home mom turns Multi-Millionaire, in 14 Months... that's right... she started investing and earned 2.14 Million Dollars in just 14 months. Now she's giving back. She's a seminar speaker and a real estate investment trainer. She's training on real world, current, Real Estate Investing strategies and her students are making a killing too. Charrissa is allowing people to get thousands of dollars worth of material for a low introductory price. Grab your copy now... I hear the price is going way, way up after the launch. -- This Is Cool -- Charrissa is teaching people how to invest from the comforts of your own home... I'm not talking about the training... I'm talking about actually buying the homes - while at your home. You can become a skilled real estate investor without even having to be on location for most of your deals. This is the beauty of remote access and virtual assistants... I'd also like to add that NO MATTER HOW BAD the recession gets, it's times like these that turn our markets upside down which opens up a plethora of opportunities out there for property investors. Basically, right now there is an absolute gold mine out there which I and many others are capitalizing on. In fact we are doing a good thing by keeping the RE economy sector moving forward and stopping a domino effect of further chaos to some degree... So no, there is no need to ask; "Charrissa, is your business suffering right now?". Because the answer is "no, my business is booming during this downturn." Here's a question Charrissa asks: "Are you currently 'happy' with your day to day routine? Would you live your life a little bit differently if you didn't have to worry about having enough 'time' or 'money' to make sure your family and future were secured? If you're like most people, you would do ANYTHING to finally be able to drop that crappy 9-5 'just over broke' job, and generate three times the amount of money you do now, with only 1-2 hours of real work a day working for nobody but yourself. Imagine the freedom, no staff, no office, no boss, and no more 'routine'..." This would mean time with your family, time for vacations (and the money to do it!), all those goals you've set for yourself financially turning into reality, and let's face it - just a much better, less stressful, and more rewarding day to day life! Sound good? Let me tell you it's more than good, it's GREAT! Charrissa has been living this dream for a few years now and watched hundreds of her students grow to be huge power investors under her wing. The best part is, these are NORMAL and EVERY DAY people just like you, they're not Harvard graduates, they are not the 'top of the business class', they simply have a heart, a brain, and a passion to finally take control of their lives. IT DOESN'T MATTER what your experience level or background is with real estate, the information that she has to share with you has the power to dramatically change your life for the better in under 30 days.
You'll learn all you need to know, like "The Four BIGGEST MISTAKES New Investors Make" No Matter What - Don't Let This Happen To you!. Mess these up and you'll NEVER make it in this industry.- The market: Never invest unless there is a STRONG rental market with good potential for long-term positive cash flow/income. Weak markets often predict short term risky returns with little room to maneuver.
- Do NOT overspend on your investment. Meaning that if you can't get it at a great price, DON'T TOUCH IT! No matter how much 'future appreciation' a property might have, this is asking to get burned later!
- STOP CHASING the same dime. Motivated sellers CAN be a little goldmine if you focus on them exclusively, however this is going to eat up your time, and you are going to find yourself in a bad deal sooner than later. I have a turn-key system that goes far beyond the success of quick movers & shakers.
- Too much talking, not enough walking. This was the hardest one for me to get over, stopping my research and simply TAKING ACTION! Too many people talking a big game, and even if they truly know what they are talking about, nothing attracts success more than being a motivated go-getter that doesn't talk too much, but acts fast, swift, and often.
Monday, March 22, 2010
Friday, March 19, 2010
What is a foreclosure or foreclosed home?
When you buy a foreclosed home you are buying a home that the previous home owner was no longer able to pay for. Foreclosures happen when the borrower can or will no longer pay for the home. Common reasons for foreclosure are non payment of the loan due to:
There are two types of foreclosures. "Judicial" foreclosures and "Non-Judicial" or "Trustee" foreclosures.
In a judicial foreclosure a complaint is filed with the courts and will go through an entire hearing. Judicial foreclosures are performed in 15 states. The "redemption period" can be lengthy on these types of foreclosures... and they vary from state to state. That's really the biggest thing to pay attention to when buying a home that was foreclosed on through that process.
A nonjudicial foreclosure is handled by a trustee and is usually wrapped up in a shorter amount of time. The redemption time is typically much shorter. Nonjudicial foreclosures are performed in 32 states. They are both "clean" sales... meaning all debts and liens are typically wiped out and the new owner can take ownership with a clean title. Again... the only possible snafu is the redemption period. Pay attention to that and you'll be in great shape when buying a foreclosure.
Many foreclosed homes are radically discounted and put back on the market to be re-sold to a new owner. This is where you can really clean up... when you buy a foreclosed home.
You know the old saying... someone's loss is your gain.
Where ever you are looking to buy your foreclosed or repo home, make sure you know the local market and you'll really be able to cash in. Some markets are very competitive... take a look at my video talking about buying a foreclosed home in your local area.
- Loss or reduction of income
- Divorce
- Death
- Living beyond your means
- Over-buying by speculators
- Gigantic loss of value
- Destruction of property
There are two types of foreclosures. "Judicial" foreclosures and "Non-Judicial" or "Trustee" foreclosures.
In a judicial foreclosure a complaint is filed with the courts and will go through an entire hearing. Judicial foreclosures are performed in 15 states. The "redemption period" can be lengthy on these types of foreclosures... and they vary from state to state. That's really the biggest thing to pay attention to when buying a home that was foreclosed on through that process.
A nonjudicial foreclosure is handled by a trustee and is usually wrapped up in a shorter amount of time. The redemption time is typically much shorter. Nonjudicial foreclosures are performed in 32 states. They are both "clean" sales... meaning all debts and liens are typically wiped out and the new owner can take ownership with a clean title. Again... the only possible snafu is the redemption period. Pay attention to that and you'll be in great shape when buying a foreclosure.
Many foreclosed homes are radically discounted and put back on the market to be re-sold to a new owner. This is where you can really clean up... when you buy a foreclosed home.
You know the old saying... someone's loss is your gain.
Where ever you are looking to buy your foreclosed or repo home, make sure you know the local market and you'll really be able to cash in. Some markets are very competitive... take a look at my video talking about buying a foreclosed home in your local area.
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