Foreclosure University Blog

Thinking About Wholesaling? Wait Until You Read This.

Should Beginners Wholesale Properties

There was an article on wholesaling I read the other day that has been keeping me up the last few nights thinking about. I actually agreed with most of what the author was saying, except for one major piece – that beginners should NOT start out wholesaling properties…

It made me think a lot about this business, students, why some succeed and others don’t… And the author is right, most people do not succeed investing in real estate. That’s the honest truth.

Several years ago, when I was at an event, listening intently to what the speaker was saying, a gentleman leaned over to me with his arms folded [Read more…] about Thinking About Wholesaling? Wait Until You Read This.

Buying Distressed Properties For Pennies

by Jarad 5 Comments

Buying Distressed Properties For Pennies

A few days ago, I sent an email out regarding buying distressed properties. I wanted to show you a quick glimpse of some of the deals we are seeing and doing. I show you these numbers not to brag, but so you can see what kind of opportunity is out there in the marketplace. And you’ll see that you don’t have to have a lot of money to turn a quick profit and quadruple your investment.

Over the past 2 years, we’ve been using this strategy to buy and sell distressed properties. We’ve bought and sold over 500 properties this way and with what we are seeing, there are no signs of slowing down any time soon.

Here are some of the properties we’ve sold recently… [Read more…] about Buying Distressed Properties For Pennies

Free Proof of Funds And Proof of Funds Letters

by Jarad 21 Comments

Free Proof of Funds Letters

As you invest in real estate, one of the many things you will come across is proof of funds. This is just one of those pieces you need especially when you are doing any sort of quick flip where a bank is involved. The banks whole purpose in requiring proof of funds is to make sure you, as the investor, actually have the money to close your side of the transaction. They just want to make sure you are a legitimate player.

Can you blame them? What would you do if you were selling a property and you had two offers come in – one that would pay all cash, close on the date of your choice and backed it up with a bank statement, or one that needed to get conventional financing with no proof of funds letter? It’s obvious which offer you’d accept even if it was a lower offer. [Read more…] about Free Proof of Funds And Proof of Funds Letters

Building A Buyers List

by Jarad 2 Comments

The Importance of Building A Buyers List

Building a buyers list is one of the most important things you can do as a real estate investor. What surprises me the most, it that a lot of investors are not building a buyers list which can really cost them. Having a buyers list is the difference between selling a house in a few hours as opposed to a few weeks or months. And the longer you hold onto a house, the more it takes from your profits because of holding costs. [Read more…] about Building A Buyers List

Should I Foreclose or Short Sale

by Jarad Leave a Comment

Should I Foreclose or Short Sale My Home?

Question: Should I foreclose or short sale. Here is the situation. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the price of $60k. We are ready to close but I need to pay all the delinquent HOA fees, late fees and attorney fees that have mounted up. I can not afford to pay the $3000 in late HOA fees to close on the short sale. Now, I am facing foreclosure. I have asked the HOA to waive the late fees and attorney fees so I can do a short sale but they are refusing.

Is it worth it to borrow the money from friends and family or should I foreclose or short sale?
Thank you,

Wholesaling Houses – How Much To Offer

by Jarad 3 Comments

The Formula For Wholesaling houses

When you’re wholesaling houses it’s important to never pay more for property then you should. If you pay more for a property than what you should, you run the risk of not being able to sell the home quickly. You also stand to make less of a profit. So knowing exactly how much to offer is a big deal and something you shouldn’t take lightly..

So what is the magic formula that will allow you to NOT pay more for a property than what you should? [Read more…] about Wholesaling Houses – How Much To Offer