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I Pick Up Homes Every Month for Pennies on the Dollar and Offer them to my investors, you should too.
Now is the time to pick up homes before they ever go into foreclosure, and it's not hard turning them for quick profits. And these profits can be staggering. It's not uncommon for me to turn a $2,500 investment into $25,000 in 90 days or less. That's an annualized return of over 4,000%. I know of no other investment where you can make ten times your money in just a few months. "How is this possible?" you ask. It's quite easy.
Typically, when a bank is going to foreclose, the homeowner is strapped for cash and has no way to bring the back payments current. Not to mention, there is usually a very large second mortgage on the home.
This is the key to what I do. I buy these second mortgages for 5 to 10 cents on the dollar using a technique called a short sale. Imagine buying a $50,000 note for only $2,500 and being able to do it with no money out-of-pocket.
You'd instantly create $47,500 in equity and when you sell the home, this $47,500 would go straight into your pocket. Once you're up to speed you could easily do one short sale every 90 days.
At an average profit per deal of $30,000 you could potentially make an extra $120,000 this year working as a part-time investor.
Why would a bank sell you a $50,000 note for only $2,500?
Because they must avoid foreclosure at all costs - and here's why. When a bank forecloses on a home it becomes a non-performing asset. This affects the amount of money a bank can loan. Remember, banks are in the busines of loaning money, not holding real estate!
Since banks only make money by borrowing from the Fed and lending to the public, they must borrow as much as they can. Every non-performing loan reduces the amount the bank can lend to the public, affecting their bottom line profits.
The bank knows if the property is foreclosed, it goes to auction and is sold for what is owed on the first mortgage and typically not a dime more. This leaves the second mortgage holder getting absolutely nothing.
Think about it - if you were in their shoes, wouldn't you rather recoup something than nothing at all?
So for the bank it's a no-brainer...and it creates a win-win situation for everyone involved. The bank gets some money, but more importantly they keep a non-performing asset off their books. The homeowner avoids foreclosure and saves his/her credit. And you are the biggest winner of all, walking away with tens of thousands of dollars in instant equity.
There are many ways to make money in real estate. If you are an active real estate agent - there is much more to life than just a commission. If your not investing for yourself, you should be!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.