REAL ESTATE INVESTMENT SECRETS: Part Seven of Twelve
HOW TO PROFIT FROM FORECLOSURES IN ANY MARKET
an interview with Alexis McGee, President: Foreclosures.com
“Coming up with the money is never the problem when investing in foreclosures. There are more money partners than there are deals,” advises Alexis McGee, who coaches first-time foreclosure buyers.
Investing a wad of cash is not the only way to make money in this market. Research and sign the right deal, then find a money partner for a contract assignment. You get out with a respectable assignment fee, and they take over from there, prepping the property and putting it back on the market. If you’re diligent, you can turn a couple of those assignment deals a month, and in little time become a money partner yourself.”
Although Alexis worked for many years as a commercial broker, today she is pursuing residential foreclose properties. “It’s an easy market,” she explains. “Some people are afraid of foreclosures because they think of the ’80’s, where you had such high inventory and no buyers. But today’s market doesn’t follow that trend. The economic factors- growth, jobs, financing- are still solid today. There’s a good inventory, and buyers.
It’s also important to understand that you are helping people – that’s the only approach that is sustainable. Your deals allow the distressed owner to salvage a good chunk of his equity before it gets devoured by legal fees.
There are particular formulas to follow to be successful:
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Stick with entry level properties, (but there’s a little more to it)
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Know how to run the numbers and research so you pay the right price for the house
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This type of work requires its own skillset, which you can learn.
Alexis can feed you leads from the foreclosure notices, and teach you everything from which types of properties to consider to what to say on the phone when you call a prospective owner. A good way to explore this opportunity is to:
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Check out www.foreclosures.com and access free articles on foreclosure investing
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Explore the free deal lead index to find properties in your area
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Register for a free seven day trial of the lead database
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Take the home study course. Additional coaching available.
American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit.
Real Estate Investment Secrets is available for purchase from American Apartment Owners Association. Join as a Premium Plus member, and receive all of the benefits of our association including Real Estate Investment Secrets free as our gift for joining. Visit www.joinaaoa.org for more information.
See our related feature Secret of Evaluating and Selecting Undervalued Properties.
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