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There have been a lot of books and late night infomercials on how to become rich through real estate. Apparently, you can become rich overnight. Neat. But, no one has really written a good guide on how to go bankrupt. Sure everyone is doing it, but how can you get in on the action.

First, watch the late night infomercials on TV. And possibly order some real estate tapes from Carlton Sheets. This will provide you with a positive upbeat attitude and a sense of false confidence that is essential in order to go bankrupt. Believe that after listening to some tapes, you can compete with people that have done this 7 days a week for years.

Look for a discount or a distressed property over a good long term investment. Late night infomercials and Carlton Sheets talk a lot about this. Getting equity at the point of sale. One thing about distressed properties with desperate sellers is that they frequently are in crappy areas with low appreciation rates. Buying a property at under market rate in an area with low appreciation potential versus a property in a good area is the kind of short sighted thinking that will really help you reach the goal of bankruptcy and foreclosure.

When you talk to people, try to spend time talking about all the crap you learned from your book or light night infomercial. The more you listen to other people, the more you might get different perspectives and the higher chance you might learn new things. This could really hurt your chances of going bankrupt so avoid listening to anyone. Remember you know everything even if you only got interested in real estate last week.

Be positive to the point of stupidity. Alot of investors I know always think about how their situation would be affected by a 10 or 20 percent drop in the market before making a purchase. You should avoid this kind of thinking. You need to be blinded by greed. You should only think about how you are going to double your money. Fantazise about, I don't know, how you are going to buy a bunch of boats or something.

When calculating your monthly cashflow, assume that you will have 100% occupancies all the time and no maintenance cost. While you are at assume its going to rain money tomorrow.

Also, be stubborn when renting your properties. Decide upon a number say 900 a month and refuse to budge. Come up with some bizarre logic about how the property deserves 900 a month. Lose months of rent having the property sit vacant instead of going down $50 on the rent. Instead of responding to the market make statements like "Well the markets wrong then".

As you move closer to foreclosure, don't alter your spending habits. Don't move into a smaller house or cut spending. Just assume something will magically happen that will fix everything. Maybe you are the only heir to the king of Prussia. If people tell you Prussia doesn't exist anymore and never had kings they are just negative thinkers trying to bring you down. Ignore them.

Overextend, overextend, overextend. Are you approved to buy one house. Why not buy 5 heck why not 20. Instead of building up a portfolio of properties over time gaining experience just buy alot of properties next Tuesday.

Alot of people are getting into the foreclosure game. Their is no reason you should be left behind. Its fun. Its exciting. It could be you. Throwing caution to the wind and filling your eyes with greed you should find yourself walking down the golden path to foreclosure.

This is not a definitive guide to foreclosure. Alot of people end up in foreclosure due to many things, unforeseen events like unpreventable family illness, divorce or job less. This is a guide to what I call elective foreclosure.

Escapesomewhere Austin Real Estate is a realty company operating in Austin Texas. Their website has a page on Austin Foreclosures along with a real estate cashflow calculator.