Spotting Illegal Tricks and Tactics

Even though a lot of excitement and pressure permeates an auction, fraud is almost unheard of at major auctions with credible institutions. The auction houses have too much to lose. Even so, you may encounter some questionable actions and must be able to recognize them. Study the auctioneer and get a handle on his theatrics. Learn the tricks he uses to play up an item. Monitor his cadence so you don't get caught up in its rhythm. If a high opening bid suddenly vanishes and the action continues...

Building Wealth Is a Family Affair

Carolyn Rawlings had been a stay-at-home mom for seven years her husband, Steve, was a utility consultant who had just lost his largest client. They were both ready for a change when they saw my in-fomercial and decided to invest in education. They hit the ground running, using what they learned to buy rental properties with no money down. We wrapped mortgages and used lease options, says Carolyn. We bought a six-unit hotel and flipped single-family homes with no money down and walked away with...

Locating and Contacting the Owners

One of the biggest challenges of buying wholesale properties is finding the property owner. After all, no one is living in these houses, so you can't just knock on the door and ask for the owner. Nor does it make much sense to send a letter to the address because no one is there. It's much easier when the seller calls you, but if you sit back and wait for the owners to come to you, you'll miss out hundreds of thousands of dollars in potential profit that you could have with just a little bit of...

Quick Fixes for Cosmetically Distressed Properties

It's a rare property that won't need some sort of fix-up before you can either sell it or rent it. Plenty of people use this as an excuse for avoiding investing in real estate, but if you can see the upside, you'll realize that knowing how to fix up property can make you millions on deals others pass up. One of the most basic ways to invest in real estate is by buying cosmetically distressed properties, fixing them up, and then either selling them for an immediate profit or renting them for the...

No Money Down Its Real and It Works

One of the things I hear most often from skeptics is that you can't really buy real estate with no money down. Or that it used to work but it doesn't anymore. Try telling that to my students people like Karen Herrera, who owns more than 50 rental units, all purchased within the past three years without her putting a nickel down on any of them. As I discuss specific types of real estate in later chapters, you'll see how you can use no-money-down techniques in different situations. The secret to...

What You Need to Know about Hard Money Lenders

There will be many times in your real estate career when you'll need the services of hard money lenders. These are investors who provide short-term loans (generally for six months to three years) of 60 to 70 percent of the property's value at above-market rates. Because the loans are based on the value of the property and not the creditworthiness of the borrower, they are generally easier and faster to get than traditional financing. The best way to find hard money lenders is to call local...

The Wealth Team

In putting together my training organization, I have assembled a team of the best and brightest minds in real estate investing, asset protection, business start-ups, marketing, and management. These people make up our Wealth Team. Their contributions to this book were substantial and I want you to meet them. Jim Aviza. As an instructor for Whitney Education Group, Jim Aviza has taught thousands of students the secrets of property management and cash flow. He is also president of Northeast...

Acknowledgments

Though there may be just one name on the cover, no book can be written by only one person. From conception to organization and research through the actual process of writing to editing, production, and finally publication, books are a collective effort. And I would like to thank the people who assisted me in this one. Of course, tremendous appreciation goes to the Wealth Team Jim Aviza, Don Burnham, Shawn Casey, Robert Demes, David Gilmore, Kevin Haag, Jean Lapoint, Glenn Purdy, David Shamy,...

Powerful Wealth Building Weapon

Regardless of the current status of your credit, you can still build a successful real estate business. However, you have to understand how credit works and how to establish and maintain a strong credit rating. If you have good credit and are careful to preserve it, things will be much easier for you. And if you've damaged your credit rating along the way, you must start working on repairing and rebuilding it right now. The technical definition of credit is the privilege of delayed payment...

When the Loan Goes Bad From the Lenders Perspective

Lenders don't want to foreclose on houses, which is why they do thorough credit checks before they make a loan. They're in the finance business, not the real estate business. At the same time, lenders understand that things happen in life that cause someone to get behind on payments. Borrowers with a cooperative attitude who contact their lenders before the loan is seriously delinquent typically find that the lenders are willing to work with them to find a way to get the account current....

Planting Your Own Money Tree

Money may not grow on trees, but it does grow out of the ground. Just look around at all the houses, apartment complexes, office buildings, retail centers, and industrial facilities that are making their owners very rich. Think about being able to pick your share of fruit from those brick-and-mortar trees. Most millionaires have a significant portion if not the majority of their wealth in real estate. Why It just makes sense. The supply of real estate is limited what we have on the earth is all...