| Everyone knows someone whose house is being | | | | advantage of this opportunity? |
| foreclosed on. Sad for them. Great for you. Why? | | | | Fortunately for you, there are many other smart |
| Buying foreclosed properties is the single greatest | | | | people who can see the value to be created in the |
| wealth building opportunity available to ordinary | | | | REO / foreclosure market. Their problem is that they |
| Americans today. | | | | lack the time and expertise to buy and manage the |
| Banks are taking back more properties than they | | | | properties. They would be very happy to have |
| know what to do with. Recently, a Bank of America | | | | someone like you put in the time and effort in |
| employee casually mentioned to a conference of | | | | exchange for a piece of the action. But where do you |
| home builders that the bank was planning to increase | | | | find these people, and how do you negotiate the |
| the pace of foreclosures from 7,000 per month to | | | | deals? |
| 45,000 per month. | | | | Here are some helpful hints for finding the money you |
| That's more than 500,000 homes this year. There is | | | | need to get into buying foreclosed and REO homes in |
| literally no chance that normal, everyday home buyers | | | | a big way: |
| can absorb all of the properties BofA will foreclose on | | | | 1. Speak with your lawyer and / or accountant: They |
| this year, and that's just one bank! | | | | know many people with extra money, many of whom |
| Here's where you, the investor, come in: | | | | are interested in getting into real estate while the |
| As an investor, you can move more quickly than a | | | | market is at its bottom. They may be happy to make |
| normal home-buyer. You don't have a spouse | | | | the necessary introductions for you. |
| hemming-and-hawing about the drapes or the color of | | | | 2. Join the local chamber of commerce: If you want |
| the walls or whether your kids will like the | | | | money, you need to get to know local business |
| neighborhood. You are dispassionate; you think of | | | | owners. These are the type of people who have |
| homes as investment opportunities and nothing more. | | | | access to a spare $100,000 and the appetite for risk |
| That lets you make decisions about potential | | | | necessary to bet on you. |
| acquisitions much more quickly than average | | | | 3. Network with local real estate agents: They have |
| home-buyers, who are you competition. | | | | clients who are thinking the same thing you're thinking. |
| The only thing holding you back from buying many, | | | | They would love to put you together and maybe earn |
| many properties is money. Sure, you may have | | | | commissions when you buy and, eventually, sell your |
| banked enough to buy one or two foreclosed | | | | properties. |
| properties. And maybe you can borrow a bit more. But | | | | Want more ideas for profiting from the foreclosure |
| this opportunity dwarfs the resources that you have | | | | crisis? |
| available. How do you find the money to take | | | | |