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Mistakes Cost Money
Is Anyone Really Making
Money?
The
questions I always hear are, "Randy, do you know
of any foreclosures for sale"? Randy, can you put
together a short sale package for me? Randy, can
I really make money in Real Estate?
The answers of course
are yes, yes and you bet you can. But, the most important question you need to be
thinking about
asking is... "Randy, do you know of any
good foreclosures
for sale?
Because... most of
them are no good.
Buyer
Beware. Not Every Foreclosure Is A
Good Deal.
Let's
face it. Everyone gets excited with the idea of making
money. Sure, my company has purchased foreclosures (our first one
was in 1982, see it here) as well as many other types of
unique situations. And yes, I have
helped other people, just like you, do the same. But, it's
not as easy as many people make it out to
be. (You know, those so-called guru's that come and
go.)
To be
successful you absolutely must know how to buy and sell Real Estate
for a profit. Otherwise, you're going to get stuck with a
bad investment that puts a serious financial burden on
you and your loved ones. A lot of people are finding that out,
right now. But, it's a little too late for them.
You
see, I started in the Real Estate business in 1981. That's when
interest rates were 16, 17 and 18%. Can you imagine what that was
like?
If
you want to make
money investing in Real Estate or simple get a good deal on a new home
you better know what you're doing or work with someone who does.
Your partner in success,
Randy Quinn
Got
A Question? - Get An Answer
-
Call
or Email Me
How
do I get started finding a good foreclosure?
Why
is buying at the auction the least successful way to
make a profit?
Will
the value increase or decrease?
What
if it needs repairs?
How
do I find reputable contractors?
Where
do I find money to fund my purchase?
How
can I find properties before the public notice appears
and
everyone knows?
What
are some of the typical pitfalls I need to look out for?
True Story
Mistakes Cost Money
It's
still amazing to me when I'm at a foreclosure auction
and the successful bidder ends up being the successful
loser.
As a rule I don't attend many
foreclosure sales because my strategy allows me to
benefit without being there. But recently I did
show up at one particular sale only because I happened
to be the builder some 20 years ago and was curious.
I
was surprised to see almost 20 people there and
shocked when the final bid reached in excess of
what I and other investors in attendance believed to
be more than it's actual value. Ouch!
Here's
some extra tricks and treats:
Tricks to
avoid:
- Just because a foreclosure has a low price tag doesn’t
mean it’s a bargain. Many need lots of expensive repairs.
- Buying a foreclosure property isn’t for amateurs.
Buyers need a knowledgeable real estate practitioner to guide them
through the process.
Foreclosure
treats:
- Well-maintained foreclosures priced at 50 percent or
less of their market value make homeownership very affordable.
- Building a relationship with a lender’s REO (real
estate owned) department can help when it’s time to make a deal.
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