how to buy real estate foreclosures course

Where can I find foreclosures for sale?

Do you need to study the economics of your real estate market?

What are the different types of financing options for foreclosed homes?

Step #1: Get a Prospective list of Borrowers Who are Late but Not in Foreclosure yet. The Realtor Referral Method. 4. How to Build Your Unstoppable Deal Machine. MODULE 4: The Short-Sale PreForeclosure Money Machine. Lecture 3.

How long does it take to foreclose on a house?

Aug 17, 2020 · Through my real estate investing seminars and courses, I personally helped hundreds of people reWrite their money story and get success in real estate. I took real estate newbies and helped them grow their portfolios, sign leads, secure deals, and set them on their journey to complete financial freedom .

Is buying foreclosures a good investment?

If you don't have a lot of capital, the lower cost of a foreclosure is a great advantage. But beyond the purchase price, buyers of foreclosed properties can often get better financing deals. Because the bank/lender is motivated to sell quickly, they may also offer lower closing costs and lower interest rates.Nov 6, 2020

How do you make money from a foreclosure?

Foreclosures Rising in Your Area? 3 Ways to Help (and Make Money)Buy homes in pre-foreclosure. Borrowers in pre-foreclosure only have a few weeks to settle up or lose their homes, so they're often eager to sell -- sometimes at a discount, too. ... Rent the home back to them. ... Become the lender.Jun 11, 2021

How do you flip a foreclosure?

Flipping a ForeclosureFor optimum returns, define your business goals and put them in writing.The 70 Percent Rule: According to Lending Home, investors should count on paying about 70 percent of the ARV or after-repair value of the property after repair costs are factored in. ... Line up your financing and cash sources.More items...•Apr 30, 2021

Can you buy a foreclosure with an FHA loan?

Yes, you can buy a foreclosure with an FHA loan. 1 The FHA offers mortgages that allow borrowers—even those with less-than-perfect credit—to have down payments as low as 3.5%.

What is real estate investing?

Real estate investing is one of the tried and proven paths to wealth. Ninety percent of millionaires used real estate as at least one of their paths to making their fortune. For the average investor, real estate offers the best way to develop significant wealth. This foundational course covers:

How many courses does Scott Paton have?

149 Courses. Scott Paton has been podcasting since the spring of 2005. He has executive produced and/or co-hosted over 45 podcasts. An internationally renowned speaker, Scott has presented to audiences from London, England to Sydney, Australia, from Vancouver, BC to New York, NY, from LA to Rwanda.

Who is Jay Conner?

Jay Conner is a proven real estate investment leader . Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal. And…. with little to no risk. “Jay is a real estate magician” as “He works seemingly magical deals for buyers and sellers alike.”

When does the course start and finish?

Smart From Scratch starts on 10/03 with access to Stage 1. As early access founding members, you’ll get to start before we even finish the course materials for all of the stages.

How long will I have access to the course?

The early access testing period will be about three months where you’ll get to freely analyze, poke at, and honestly review Smart From Scratch. But you will also have lifetime access to the course.

What skills will this course teach me?

Smart From Scratch is a course that takes you from idea to real business through idea validation techniques, so the list is pretty extensive. Highlights include: figuring out your niche/interest, workshopping your business idea, engaging your community from a business perspective, pre-launch strategies, and more!

Will I launch a successful product by the end of the course?

The concept for Smart From Scratch is to really guide you to a place where you have the capacity to pre-sell your amazing product or business idea. So, although I can’t guarantee anyone’s success, that is absolutely the intended outcome!

Will I be reviewing the final course content?

No, the content you’ll be reviewing will essentially be working or draft materials. That’s why it’s important that I get great feedback from you!

Will I get access to the full course all at once?

No. There are 3 stages, and the content will be produced after reviewing your feedback following each stage of the course. As soon as the course begins, however, all of the 9 Lessons in Stage 1 will be available to you.

How often will I be asked to give feedback?

You will be asked to give feedback after each stage, as well as at the end of the full course for a total of four times. Additionally, you may provide feedback in our “deep dive” conversations, scheduled throughout the first couple of months.

Where to buy a foreclosure?

Buying a Foreclosure at the Courthouse Steps. In most states, once the legal process has been carried out, the property is sent to the county for a public auction on the “courthouse steps ” (sometimes figuratively, but often literally on the steps) and sold to the highest bidder. This process is known as the trustee sale.

What is foreclosure in real estate?

A foreclosure is a process where the lien holder, i.e. the individual or lending institution that has a claim to the real estate, reclaims a property due to a variety of possible reasons, but most commonly the lack of payment on a loan.

How does foreclosure work?

The foreclosure process differs in each state, but it generally begins with numerous notices being given to the property owner, followed by a legal set of steps leading up to the actual foreclosure. There are generally three places in the foreclosure process where it is possible to buy a property: Pre-foreclosure.

What is the most common source of foreclosures?

By far the most common source of foreclosures is the Multiple Listing Service (MLS.) The MLS is a collection of lists put together by local real estate agents of all the properties currently for sale in their offices. In the old days, these lists were kept in file cabinets, and each office kept their own lists private. Today, real estate brokers work together to share all the information freely using the MLS.

What happens after a courthouse sale?

After the sale on the courthouse steps, the new owner of the property will next need to evict the “tenants” (former homeowners) who may still reside at the property. If it is a bank that forecloses, the bank will generally go through the process of evicting the tenant and getting the home listed with a real estate agent to sell.

How to make an offer to buy a house?

Once you find a property you want to buy, it’s time to submit your offer. Again, this is when a good real estate agent comes in handy. Typically, you will meet with your agent and let them know the terms you want to offer. Your agent will submit an offer to the seller and the bank will look it over and either: 1 Accept it 2 Deny it 3 Ignore it 4 Counter it (most common)

Is HUD listed on MLS?

Some properties that have been foreclosed on by the U.S. Department of Housing and Urban Development (HUD) are not listed publicly on the MLS but instead are only accessed privately on the HUD Home Store.

What are the different types of foreclosures?

Here are five types of foreclosure and approaches to buying. 1. Pre-foreclosures. A property is in pre-foreclosure after the mortgage lender has notified the borrowers that they are in default but before the property is offered for sale at auction.

Why do you buy a foreclosed home?

If there are savings on the acquisition side, it improves the likelihood of the buyer realizing appreciation of their asset, as well as investment gains if they sell in the future . If done responsibly, purchasing a foreclosed home can allow a buyer to reap a myriad of benefits for many years to come.

What is a sheriff's sale auction?

A sheriff's sale auction occurs after the lender has notified the borrower of default and allowed a grace period for the borrower to catch up on mortgage payments. An auction is designed for the lender to get repaid quickly for the loan that is in default.

What is short sale?

Short sales occur when the lender is willing to accept less for the property than what is owed on a mortgage. Borrowers do not necessarily need to be in default of the mortgage payments for a lender to agree to a short sale. However, they typically need to prove some type of financial hardship, such as the loss of a job, which is likely to result in default.

What are the disadvantages of buying a foreclosed home?

The disadvantages include a home’s possible bad condition, the length of the buying process, and competition from professional flippers.

What is REO in real estate?

Properties that do not sell at auction revert back to the bank; that is, they become real estate owned (REO) properties. They are often managed by the institution’s REO department. Online sources such as RealtyTrak have extensive listings of such bank-owned properties that can be searched by city, state, or ZIP code. 4 

How to qualify for short sale?

In order to qualify as a short sale, the lender must agree to “sell the property short” by accepting less than is owed, and the home must be listed for sale. These properties are usually advertised as short sales “pending bank approval.”.

What are the three activities that increase the demand for real estate?

Increases or decreases in population are the result of three activities: births, mortality, and people moving into or out of the area.

How many new dwelling units are needed in real estate?

So if a new employer moves into the area and brings 150 new jobs, the local real estate housing market will need approximately 100 new dwelling units.

What are special tax credits?

Special tax credits for low-income housing and old buildings. If you invest in and upgrade low-income housing or certified historic build- ings, you can gain special tax credits. The credits represent a direct reduc- tion in your tax bill from expenditures to rehabilitate and improve such properties.

What was the problem in the early 2000s?

Though building levels were in equilibrium with demand, the problem was that the demand was artificially inflated.

What is a balloon loan?

Balloon loans. One type of loan that is sometimes confused with a hybrid loan is a balloon loan. Balloon loansstart off just like traditional fixed-rate mortgages. You make level payments based on a long-term payment schedule, over 15 or 30 years, for example.

What is population growth?

Population growth is one of the cornerstones upon which demand for real estate is based. An area with a steady growth in population soon needs more residential and commercial rental properties. More people mean more demand for housing, retail shopping, and offices and service providers.

What is SMSA in San Francisco?

SMSA’s are large areas that consist of one or more major cities. For example, the entire San Francisco Bay Area, the combined areas of Dallas and Fort Worth, Greater Los Angeles, and Greater New York City are each a single SMSA.