If you are a real estate investor looking at the real estate boom of the 2000s that close, you can guess the investment opportunities that foreclosure will now be available in virtually all real estate markets in the country.
In the last two years of the mortgage lender reported a huge increase in defaults and the national foreclosure rate led many sub-prime lenders go under. But that's just the tip of the iceberg.
You can use the On The Foreclosure Boom?
On the surface it seems pretty easy. Get a list of properties in default. Contact the owner of the house. And to agree with the juicy discount, just before the house bank. Then you can fix and flip, or keep it as a rental with a gain instant built capital. It is true?
Well, not yet.
Log in foreclosure investment game can be a very beneficial step you can not just feed your family, but to pay for a lavish lifestyle and recreation. Or it could be a big black hole eat all the time, effort and money on marketing.
Very few real estate investors really succeed in foreclosure in progress. Why? Therefore, they are using the wrong in a crowded market approach.
How to recognize himself the densest Foreclosure Investing Field?
He did not bother to say a huge understatement. Foreclosure field is probably the most competitive areas of real estate investing. Regularly receives more attention from the media. So more and more people come to haunt him. Hundreds of investors in the metropolitan area homeowners facing foreclosure letter. Even homeowners who harass them on the phone and knocking on doors.
In short, if the owner is behind on payments, you may be ready for a great battle for attention. Imagine for a moment that the people sitting on the kitchen table making his way through a pile of letters from lawyers, debt collectors and investors.
Your mail piece is just one of many that went straight to the trash. You must find a way to differentiate the investment crowd. Here's an idea that will put you ahead of the competition.
Only way to approach ethics Foreclosure Investing
To be honest, most people who are behind the mortgage payments and are at risk of losing their homes - talk to a real estate investor about selling the house is the last thing on your mind. They often assume investors foreclosure sharks take advantage of their situation.
Therefore, if you want the phone to call people in foreclosure, contact them with an offer to 'keep the house'.
Here are 3 reasons why you should offer homeowners facing foreclosure to keep their homes Opportunity, even if you are really interested in you buying
First, it aims to help families with financial difficulties ethics. You will keep the American dream.
Second, you really make money with it. You can help negotiate a payment plan with your current lender (this process is called loss mitigation) and to collect payment for their services. There are already several national companies with the internal list of mitigation department lost contact for quite all lenders in the country to do all the work for you. Therefore, even if you never buy a house with thousands of foreclosures in the city, offering loss mitigation services can be a source of income for yourself.
Thirdly, the most useful approach. In many cases, you will be part of a home purchase. Remember, this only works for the owners of the loss mitigation process sitting in the back, but now returned to their ability to pay. Most will not be eligible for a payment plan because they could not prove their troubles behind them. And they will not know until they are helped revenue and expenditure of pen on paper and submit it to your lender. They now have irrefutable evidence that they could not keep. Then reality is installed, it starts talking about "sale". Who are going to sell to? You, of course. Now they have earned your trust and is the only natural step to take.
So I ask again: Will you be able to tap the booming market in foreclosure? If you follow my advice, you will benefit from a mortgage for the next 5 years or more.Thanks