The Abandoned Property Investor's Kit E-Book

Reggie Brooks

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 342

Veröffentlichungsjahr: 2008

Beschreibung

"A declining market is the best market in which to make money." --Donald J. Trump With rising foreclosure rates, it's easy to find discount properties--especially in the abandoned property market. But how do you choose the best ones with the most profit potential? And how do you deal with the complexities and problems associated with abandoned properties? The Abandoned Property Investor's Kit gives you all the practical, effective tools you need to break into this lucrative real estate niche. Reggie Brooks, the #1 abandoned property specialist in North America, shows you how to find abandoned properties, locate the owners, negotiate a cheap sale, get the financing you need, and turn your investment into big bucks. Brooks also explains the tricky aspects of abandoned property investing and offers proven solutions for dealing with them. Inside, you'll discover how to: * Start investing in your spare time, with little or no money down * Find great properties in your market * Use creative financing techniques like wraparound mortgages and subject-to deals * Rehabilitate properties for increased curb appeal and higher rents or resale prices * Negotiate to win with lenders and owners * Understand purchase agreements and other documents Even without cash on hand or a massive line of credit, savvy investors can still make a bundle. This comprehensive guide shows you how.

Leseprobe

Table of Contents

Title Page

Copyright Page

CHAPTER 1 - How I Got Started Making an Extra $43,000 Investing in Abandoned ...

Investing in Abandoned Properties Is a Public Service to Your Community

Foreclosures Feed the Abandoned Property Market

How I Got Started

The Beauty of Abandoned Property Investing: Very Few Competing Buyers!

CHAPTER 2 - Why Every Real Estate Investor Should Do at Least One Abandoned ...

Motivated Sellers

Advantages of Abandoned Property Investing over Other Strategies

Combining Abandoned Properties with Other Techniques

CHAPTER 3 - How to Nail Low- or No-Money-Down Deals

Raise the Price, Lower the Interest Rate

Government Programs

How to Research Grants in Your Area

Available Loan Programs

CHAPTER 4 - Find Abandoned Properties Fast

Target Your Search

Spread the Word

Join the Club

Other Commonsense Strategies

Stick with a System

CHAPTER 5 - Track Down the Owner

Ask the Neighbors

The Tax Advantage

Other Public Records

Simplicity Itself

CHAPTER 6 - Negotiating: Understand What Owners Want

Key Principles

Emotions in Negotiation

Preparing to Negotiate

Striving for a Win-Win

Establishing Rapport

What Does the Seller Need?

CHAPTER 7 - Want an Option? Be Convincing

A Sample Option Purchase

Purchase Agreement and Receipt for Deposit

Another Great Option Story

Selling an Option

Other Option Techniques

CHAPTER 8 - Creative Financing Techniques

The Wraparound Mortgage

The Subject-To Deal

The Contract for Deed

Other Creative Strategies

CHAPTER 9 - Turning the Corner and Heading Down the Home Stretch to the ...

Determining the Value of a Property

Making an Offer

A Standard Real Estate Purchase Contract

The Purchase Contract Explained

CHAPTER 10 - Rehabbing Abandoned Properties: Creating Curb Appeal and Homes in ...

Preparation and Inspection

Renovating for Rental

Renovating for Resale

A Shopping Trip

CHAPTER 11 - An Abandoned Property Deal from A to Z

Schedule Reggie Brooks to Speak at Your Event

Special Bonus : How to Create Massive Wealth in Real Estate

Here’s How to Get Your Free Wealth-Building Bonus . . .

Who Is Reggie Brooks?

INDEX

Copyright © 2008 by Reggie Brooks. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging in Publication Data:Brooks, Reggie, 1948- The abandoned property investor’s kit : find the owner, buy low (with no competition!), and sell for big profits/Reggie Brooks. p. cm. Includes index.

eISBN : 978-0-470-43257-0

1. Real estate investment—United States. 2. Abandonment of property—United States. 3. Real property—Purchasing—United States. I. Title. HD255.B757 2008 332.6324—dc22 2008009616 32.6324—dc22 2008009616

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CHAPTER 1

How I Got Started Making an Extra $43,000 Investing in Abandoned Properties—And How You Can Too!

A declining market is the best market in which to make money.

—Donald Trump

Abandoned properties represent a lucrative opportunity for you to make money no matter where you live—in the middle of a bustling metropolis or in the heartland of America. There are abandoned properties right now in your neck of the woods just waiting to be bought for less than market value. You can make some repairs and sell them for a quick profit, or hold them while you methodically build a real estate portfolio. Either way, by following the proven strategies that I lay out for you in this book, you can grow rich in a relatively short period of time. I know because I’ve done it, and many of my students all around the United States have done it, too. You’ll find our stories and what we’ve learned (and what we’ve learned that was wrong!) throughout this book.

Before I get into all the details of how investing in abandoned properties works and how much money you can realistically hope to make, I think it’s important to explain exactly what an abandoned property is. The phrase abandoned property conjures up a mental image, probably negative, of a house that is falling down, a yard overgrown with weeds, broken windows, and boarded-up doors, in a seedy part of town. That stereotype is only partly accurate.

If you limit yourself to thinking of abandoned properties as fallen-down dumps like these, you will severely limit your market—and your income potential. Abandoned properties can also be houses in decent neighborhoods and sometimes even luxury homes in exclusive neighborhoods. An abandoned property can literally be any house in any neighborhood. Your profit potential is limited only by your imagination and your ability to seek them out.

Basically, an abandoned property is one whose owner has walked away from it, usually with no regard for what will happen to it at some point in the future. People walk away from their homes for many different reasons. Sometimes it’s because of a job loss, a job relocation, or a divorce. Sometimes it’s due to an illness or even a death. Other times it’s because they feel they can no longer afford to keep it.