THIS e-book is an up-to-date mentoring course on “How to Beat the Odds” in successfully buying, selling, leasing or rehabilitating distressed properties in any marketplace – regardless of swings in supply and demand. Connecting the dots, the reader will learn how to ride market trends and become a successful “game changer.” You’ll recognize market tops, peg near-bottoms, target high-profit distressed properties, find bargain-basement prices, discover property acquisition money and develop eager clients and investment partners.
After several years of urging by my former “Real Estate Practices and Principles” students, who perceived the foreclosure process as a “lost art” seldom included in everyday real estate training, I developed what one real estate agent -- turned professional investor -- called a bullet-proof foreclosures program. The course covers insider information acquired during my 44 years as a Capitol Hill real estate broker-speculator-regulator-educator. Along the way, I gained valuable insight from many experts who created six-figure plus earnings by buying right and avoiding the pitfalls of the untrained. This collection of useful practices worked for speculators in the 1960s and ‘70s, created rich returns for investors during the savings and loan crisis in the late 1980s and early ‘90s, and has proven successful for real estate agents, investors, and aspiring entrepreneurs who have been attending my foreclosure seminars directed toward the mortgage meltdown of the 21st Century.
Upon completing the first draft of my “how to” book, I gave a copy to my wife. An editor and former real estate broker, she read the manuscript and asked me about my potential readers. “Who do you want to read your book?” she asked. “Everyone,” I answered. She shook her head. “Then you need to expand your audience beyond the real estate profession. I took her advice and added information that would benefit both the untrained and professional alike – in essence, anyone who wants to create wealth in real estate.
Many foreclosure books and seminars pitch a get-rich-quick pump, but come up short on the details. This book is not a late-night TV fairytale about getting wealthy sitting at your computer trying to find and use other people’s money. It’s about getting a leg-up on the competition. The distressed property market has changed dramatically since Wall Street firms started using resold home loans as security for financial obligations. Instead of keeping their home loans in-house, many lenders sold the loans which added several more players to the mortgage game. Cheap and easy credit dominated the marketplace until demand proved unsustainable and the market took a dive.
As loans started to default, most delinquent borrowers found they couldn’t go back to the loan originators and try to modify the terms of the loan. Instead they were cast into a mix of competing interests from loan servicers, to asset managers to investors in pension, endowment, insurance and mutual funds and international banks. Short sale compromises, foreclosure and reserve auctions, repossessed property negotiations, contract flipping, and calculating the costs of a cosmetic fixer-upper all had to be tailored to a new market.
The object of this book is to provide a certain mosaic to a complex foreclosure process -- an easy path toward identifying and predicting real estate trends and built-in profit targets. As your mentor, I promise to provide the road signs as well as open the door for frank conversation on how to unravel the mystery in finding profit-centers in foreclosure auctions. Each chapter, honed by years of practical experience and tough questions from both my continuing education real estate classes and foreclosure seminars, dissects the world of distressed properties and sheds light on what lenders don’t want you to know. For the non-professionals, I have added chapters that contrast picking a real estate agent or selling the property yourself; using a licensed building contractor or putting together your own home improvement team ; learning the ABCs of shopping title insurance companies and negotiating closing costs and developing a property management portfolio.
In teaching this course, I emphasize, and at times repeat certain processes that can’t be cut short or dismissed as over-kill. Every exercise has meaning. Some of my former students, trying to cut corners, have ended up “shooting themselves in the foot.” This mentoring course has been tailored to cut down on rhetorical foot wounds by increasing your real estate literacy. My rapid success paint-by-the-numbers program will teach you how to avoid costly mistakes and tap into a goldmine of bargain-basement discounts in lender-serviced or owned properties.
The information in this book is intended to enhance your interest in real estate, particularly the distressed property marketplace. The examples used are for illustrative purposes only. I will not dispense either legal or tax advice. I am neither an attorney-at-law nor a certified public accountant. If you need or desire legal and/or tax advice, you should employ the services of competent professionals in their respective fields of expertise.
Mizzer Associates / 410-535-9444 / firstname.lastname@example.org