E.H. Sinclair does the unexpected in this book: he points out the pitfalls to avoid in R.E.O. (foreclosed Real Estate Owned by the lenders) investing, and also reveals procedures that the infomercial hucksters use while exploiting the efforts of the buyers of expensive get rich in real estate materials in finding properties to flip.
Sinclair shows how to work smart instead of working hard: the chapters include invaluable tips on how to beat the odds against succeeding in purchasing bank owned foreclosures.
Partial list of the contents:
- Reasons to buy distressed properties
- Structuring favorable terms
- Causes of foreclosures
- Timing the purchase
- During the publication process
- Buying the loan
- The trustee's sale
- After the trustee's sale (REO);
- Locating REOs
- Realtors specializing in REOs
- Computerized record services
- REO Internet resources
Free seminars offered to the public that also promise to provide the funds for attendees to purchase foreclosures are exploiting customers to act as canvassers, allowing those lecture promoters to use the techniques explained in the audiobook to take over the deals found by their canvassers and promising to allow them to share in the profits - if and when the purchased property is actually rehabilitated and sold, at which time the promoters' exaggerated fees will leave very little for the attendee who made the initial connection with the property.
In the meantime, the attendee is made to believe how much anticipated profit has been made, strictly supported by the puffed-up estimate of a quick sale at the expected high sales price. Past attendees or actors then appear in a commercial talking about how easy it was and how much they made on their first deal.
The information in this audiobook tells how to go around the seminar hucksters, find your own REOs, negotiate with the banks, and complete deals.