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Document Outline

• Copyright
• Contents
• Preface
• 1 What Is a Bargain in Real Estate?
• 2 How to Get Started Bargain Hunting
  • Bargains Can Be Anywhere
    • The Three-Bedroom, Two-Bathroom Dream Bargain
  • Keep an Open Mind
  • Develop a Style
  • “I Wouldn’t Live in That!”
  • Locating Bargain Areas
    • Finding Cheap Properties in Expensive Areas
    • Buy Close to Home
  • What about the Competition?
    • Don’t Underestimate Inertia
  • Get a Game Plan
    • Bargain Game Plans
  • Find a Mentor
• 3 Bargains in Foreclosure
  • Does It Really Happen?
  • Are All Foreclosures Bargains?
  • What Is the Foreclosure Process?
  • When the Borrower Is in Default
  • Why Step in to Save the Borrower?
  • Why Wouldn’t the Borrower Save Herself?
  • Will the Seller Take Our Offer?
  • What Can Go Wrong?
  • Are There Any Laws to Watch Out For?
  • What about Assuming the Seller’s Mortgage?
  • How Do I Find Properties in Foreclosure?
  • Contact Title Companies
  • What Do I Say to the Seller?
  • The Bottom Line
  • What about Numbers 2 and 3 for Buying a Property during Foreclosure?
• 4 Bargains in REOs
  • Why Don’t Lenders Like REOs?
  • Are There Different Types of REOs?
  • What Does a Typical Bank REO Look Like?
  • Why Do Lenders Try to Keep Their REOs Secret?
  • How Many Bank REOs Are There?
  • Are All Bank REOs a Good Deal?
  • Are Small Bank REOs Better?
  • How Do I Find Out about Bank REOs?
  • How Do I Make Real Contact?
    • Contact the Lender’s Agent
    • Appeal Directly to the REO Officer
    • Find the Property Directly
    • Negotiate Terms with the Lender
    • What about Fix-Up Costs?
  • How Do I Get the Best Deal?
  • What Kinds of Problems Do REOs Have?
  • Are REOs the Best Deals Around?
• 5 HUD Repos
  • Should I Get an Appraisal First?
  • Are the Properties in Good Shape?
  • What Are HUD Incentives?
  • Who Pays the Closing Costs?
  • What about Financing?
  • Where Do I Find HUD Homes?
  • Where Do I Find a Participating Agent?
• 6 VA Repos
  • Types of Housing
  • Where Do I Find VA Homes?
  • How Do I Submit an Offer?
• 7 Fannie Mae and Freddie Mac REOs
  • Where Can I Find Freddie Mac Properties?
  • Where Can I Find Fannie Mae Properties?
• 8 GSA and IRS Auctions
  • What Types of Property Does the GSA Offer for Sale?
  • Investors Wanted
  • Where Can I Find Out about IRS Properties?
    • Title
    • Redemption Period
• 9 SBA, Treasury, Army Corps of Engineers, and More
  • Small Business Administration
  • Treasury Department
  • Army Corps of Engineers
  • Other Bargain Offerings
• 10 Private Individual’s REOs
  • A Private Headache
    • Fred’s Eventual Solution
    • The Figures Speak for Themselves
    • What Fred Would Really Like to Do
  • Finding the Bargain
  • Taking Advantage of the Bargain
    • Plan 1
    • Plan 2
  • Can I Do It?
  • The Bottom Line
• 11 How to Buy at Auction
  • How a Foreclosure Auction Works
  • In Trust Deed States
  • In Judicial Foreclosure States
  • How Do I Find Property Up for Auction?
  • Do I Check Out the Property?
  • What Do I Look Out for in Liens and Encumbrances?
  • Should I Buy Title Insurance?
  • How Do I Protect Myself against Hidden Liens?
    • Read the Mortgage
    • Search the Title
    • Find Out about Redemption Equities
    • Determine Your Maximum Bid
    • Check with an Agent and Attorney
  • How Do I Arrange Financing?
  • How Do I Bid at the Sale?
    • At the Auction
  • What If I Win?
  • What Should I Do Once I’m the Winner?
  • Is It Worth It?
• 12 Buying at Probate and Tax Sales
  • What Are Forced Sales?
  • Probate Sales
    • Selling Property in Probate
    • Following through on a Probate Sale
    • Finding Out about Probate Sales
    • Financing and the Probate Sale
    • Getting Started
    • Pitfalls
  • Tax Sales
    • Property Tax Sales
  • The Bottom Line
• 13 Buying “As Is”
  • When the Seller Is a Company or Organization
  • Why Do Large Sellers Not Give Full Disclosure?
  • Why Do Large Sellers Insist on Selling “As Is”?
  • Can I Negotiate “As Is” Terms?
  • When Must I Inspect the Property?
• 14 After Natural Calamities
  • Where’s the Opportunity?
  • Is This a Risky Investment?
  • How Do I Determine If an Area Is Likely to Bounce Back?
• 15 How to Inspect a Bargain Property
  • What Should I Look for in the Neighborhood?
  • What Should I Check in the Home Itself?
    • Overall Appearance
    • Landscaping
    • Exterior
    • Interior
    • Basic Systems
    • Roof
    • Foundation
    • Structure
    • Soil
    • Black Mold
  • Should I Get Permits for the Work?
  • What Should I Check for in the Title?
  • How Do I Check the Title?
• 16 How to Finance a Bargain Property
  • Can I Get an Owner-Occupant Mortgage?
  • How Do I Get an Investor Mortgage?
  • What If I Want to Get Cash Out of My Property Later?
  • Are There Any Other Types of Financing?
  • Can I Do Asset-Based Financing?
  • Shoestring Financing
• 17 Hidden Treasures in Financing
  • A Basic Financing Bargain
  • Understanding Paper
    • Hard Paper
    • Soft Paper
    • Differences between Hard and Soft Paper
  • Using Soft Paper to Get Bargains
    • Getting a Lower Interest Rate
    • Getting a Longer Term
    • Negative Amortization
    • Deferring the Payments
    • Paying No Interest
    • Getting Special Terms
  • Getting Money Back Out of the Property
    • Buying Back the Soft Paper
    • Cranking the Property
    • The Subordinated Crankable
  • The Bottom Line
• 18 Buying Distressed Property
  • Not All Distressed Property Is a Bargain
  • The Three Elements of a Bargain Distressed Property
  • The True Profit Margin
    • Are the Expenses Realistic?
    • You Must Pay Yourself a Salary
    • Safety Calls for Calculating Liquidation Costs
  • The High-Class Distressed Property
    • Turning Severe Damage into Profit
    • The Secret to Buying the Right Property
  • The Midpriced Distressed Property
    • Analyzing the Damage
    • The Repairs
    • The Secret of Her Success
  • The Lower Priced Distressed Property
  • The Advantage of Lower Priced Property
    • Larry’s Secret: The Price-to-Rent Ratio
    • The No-Liquidation Escape Plan
  • Commercial Opportunities
    • Calculating the Bargain
    • Getting Out of Your Style
  • Location Bargains
  • The Bottom Line
• 19 Getting Started on a Shoestring
  • Don’t Overlook Any Possibilities
  • Raising Money for the Down Payment
  • How to Get Cash
    • Write a Check
    • Withdraw Your Savings
    • Cash In Your Stocks, Bonds, Coin Collection, or Other Investments
    • Sell or Refinance Your Property
    • Sell Your House (and Move to an Apartment)
  • Borrow
    • Borrow on Real Estate
    • Borrow from a Bank
    • Borrow from a Credit Union
    • Borrow on Your Credit Cards
    • Borrow from Friends
    • Borrow from Relatives
    • Borrow from a Commercial Finance Company
  • Clues on Borrowing
    • Only Borrow When You Don’t Need the Money
    • Establish Your Credit
    • Improve Your Bad Credit
    • Borrow All That You Need the First Time
    • Pay Back Promptly
  • Sources of Collateral
  • Try an Exchange
  • Take In a Partner
    • Syndication
    • Equity Sharing
  • The Bottom Line
• 20 Bargains in the MLS and FSBOs
  • Can I Find Bargains on the MLS?
  • Should I Check the Old Listings?
  • Should I Bother with the Legwork?
  • Are There Bargains in FSBOs?
• 21 Buying from Motivated Sellers
  • Who Are Motivated Sellers?
  • Ethical Considerations
  • Finding Motivated Sellers
    • Offering a Bargain for a Quick Sale
  • Desperately Seeking a Way Out
  • The Absentee Landlord
    • Tilly’s Offer
  • Motivated Sellers Are Out There
  • Pitfalls When Dealing with Motivated Sellers
    • The Unsolvable Management Problem
    • The Unsolvable Personal Problem
    • The Unsalable Property
• 22 Getting Brokers to Work for You
  • Why Do I Need the Help of Real Estate Brokers?
  • Understanding Real Estate Agents
  • The Real Estate Agency Business
    • Hungry for Business
    • Agents Who Invest
    • The Agent Will Work for You
  • How to Get a Loyal Agent
  • The Buyer’s Agent Agreement
    • Limiting the Agreement
  • How to Keep Agents Loyal
    • Worrying about the Commission
    • Taking Advantage of the Broker
    • The Moral
  • My Bias
• 23 Buying Mortgage Paper for Profit
  • The Reluctant Lender
  • The Stonewalling Borrowers
  • The Order of Foreclosure of Mortgages
    • Henry’s Problem
  • Protecting the Secondary Lender’s Interests
    • Henry’s Foreclosure Does Not Affect the First Mortgage
    • How’s Henry Feeling?
  • Is It a Bargain?
  • The Bargain Opportunity
    • Your Offers to Henry
    • What Will Henry Do?
    • The Benefits to You
  • Does It Really Work?
  • How Do I Find Lenders Like Henry?
  • Hidden Perils
  • Protecting against the Perils
  • Recommendation
• 24 Seven Real Estate Bargains to Consider
  • Understanding the Big Seven
  • Price Bargain
    • Hidden Problems
    • Underestimated Costs of Liquidation
    • Invalid Estimate of True Market Value
  • Terms Bargain
    • Coming to Terms
    • When the Owner Won ’t Cut the Price
    • Giving Price and Demanding Terms Josh then offered full price with a token down payment
    • Where’s the Bargain?
    • Big Challenge, Big Profits
  • Rental and Resale Market
    • A Rental Market Bargain
    • Calculating Current Value
    • When You Don’t Really Know the Market
    • A Resale Market Bargain
  • Location Bargain
    • A Bargain in a Poor Location
    • Negative Locations
  • Condition
  • Zoning Bargain
    • Underutilized Properties Mean Bargains
    • Look for Older Properties
    • Watch Out for Midnight Conversions
    • Learn to Read the Zoning Maps
    • Watch Out for Zoning Errors
  • Occupancy Bargain
    • When the Occupant Cries “Fraud!”
    • Occupancy Can Veto an Otherwise Good Bargain
  • Putting It All Together
• Appendix Mortgage Priority in Foreclosure
• Index
• About the Author

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