Table of Content
Downloadable Forms ix Acknowledgments xi Introduction xiii Chapter 1 Get Motivated, Set Goals, Get Started 1 A Short-Sale Case Study--with a $200,000 Profit 2 Getting Motivated 6 Setting Goals 7 Accomplishing Your Goals 9 This Is a Business, Not a Hobby 10 Dealing with Naysayers 10 Personal Appearance 12 Setting Up Your Office 13 Structuring Your Business 14 Ready to Do Business 16 Chapter 2 What Is a Short-Sale? An Executive Summary of How to Negotiate with the Bank and the Homeowner 19 Why Do I Need to Do a Short-Sale? 20 Why Do Banks Accept Short-Sales? 21 How Much Do You Offer the Bank? 23 Successful Short-Sales Start with the Homeowner 33 Financial Agreement with the Homeowners 33 How Much Should You Pay the Homeowner to Move? 35 Setting the Move-Out Date 36 Chapter 3 Expert Strategies for Finding Distressed Properties and Foreclosures 39 Buying Bank-Owned Properties for Pennies on the Dollar 39 Newspaper Ads 43 "I Buy Houses for Cash" Street Signs 44 Networking 44 Postcards 45 Magnetic Vehicle Signs 45 Bail Bondsmen 46 Pawnshops 46 More Deal-Finding Favorites 49 Chapter 4 How to Approach the Homeowners and Create a Win-Win Solution 51 Understanding Why Homeowners Want to Work with You 52 Building Courage to Knock on Doors 53 Friendly Negotiations with the Homeowners--What to Say and What You Need from Them 54 Establishing Rapport over the Phone 57 Knock on Doors Like a Pro 57 Helping Homeowners Understand Their Options 59 Deed in Lieu of Foreclosure 64 Chapter 13 Bankruptcy 65 Final Thoughts 65 Chapter 5 Preparing Your First Offer 69 Authorization to Release Information 75 Going to Contract 79 Hardship Letter 88 Pictures 98 Investor Cover Letter 99 Comps That Justify Your Offer 101 Net Sheet 105 Estimated List and Cost of Repairs 107 Chapter 6 How to Approach the Bank 113 How to Get the Bank Interested in Talking to You 114 What the Bank Wants from an Investor 114 How to Get Through to a Stonewalling Lender 115 Presenting Your Short-Sale Offer to the Bank 115 The Asset Manager''s Role 119 Working with the Portfolio Representative Directly 121 Getting Your Short-Sale Assigned to a Loss Mitigation Rep 121 Additional Information the Bank May Require 122 My Offer Is Submitted--Now What? 127 Chapter 7 Negotiating with a Second or Third Mortgage Holder 131 Your Conversation with the Second Lender 136 Variations on a Theme 139 Chapter 8 Key Elements of the Legal Process You Must Understand 145 Understanding Ownership versus Debt 146 Foreclosure Process 149 Types of Liens 152 Types of Mortgages and Loans 155 Chapter 9 When the Bank Says Yes 159 How Do I Buy More Time? 162 How Does the Homeowner Buy More Time? 163 Chapter 10 Three Profit-Making Exit Strategies: Wholesaling, Rehabbing, and Renting 169 The Wholesale Path 170 The Rehab Path 173 Selling the Home 180 The Rental Path 180 Chapter 11 Setting the Closing Date and Making Sure the Closing Goes Smoothly 183 A Successful Closing 185 What If My Homeowners Change Their Minds? 186 What If My Buyers Change Their Minds? 189 Closing with the Assignment of Contract 191 Double or Simultaneous Closings 196 Are Double Closings Illegal? 198 Chapter 12 First-Year Expectations 201 How You Can Become Rich without Going to College 204 What We Did to Get Here 205 What You Can Expect in Your First Year 207 Thinking Like a Millionaire 208 Index 209
