Pocket enormous profits with bank-owned foreclosure properties — also known as Real Estate Owned (REO) — with expert tips and time-saving short cuts from renowned real estate investing guru, Lance Young.

“Break the Bank with Foreclosures” is scheduled for Tuesday, May 6 at 4 p.m. ET. To catch the LIVE educational session CLICK HERE.

From how to spot money-making deals to negotiating drastically reduced sale prices, Lance will cover all the steps you need to follow to be a successful investor during this 90-minute online educational training workshop.

Definitely sit-in on this training experience if you want to:

• Learn about the best REO deals to pursue
• Understand the reasons banks want to get rid of REOs as quickly as possible
• Pick up three proven methods for finding sweet REO deals
• Know what to do after you have found an REO
• Negotiate rock-bottom prices
• Write real estate contracts to your advantage

Negotiate with lenders and flip amazing REO deals for huge cash profits right now before it’s too late! Lenders and banks are motivated to sell real estate inventory fast and cheap now more than ever and are often willing to slash their prices.

This is your chance to get in on the action once and for all!

Register for “Break the Bank with Foreclosures” now and flip real estate FAST for BIG money!! CLICK HERE … class sizes are limited.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

Flipping houses is a fantastic means to make a lot of money in a relatively short amount of time. It’s an undertaking, however, which is nearly impossible to do alone — even for the most experienced flippers.

Whether it’s a contractor, investment partner or local real estate agent, flippers often need to rely on several different people to ensure that projects are completed on time and within budget.

But where do you find these folks?

In the past, real estate investors built their teams as projects unfolded. And over time the flippers were able to assemble strong, reliable teams.

That’s still the case today. However, the process — particularly the research aspect — has become a whole lot easier thanks in large part to the Internet and meaningful sites such as FlippingPad.com.

FlippingPad.com is a social community that fosters open dialog between various members of the real estate “flipping” community. It is designed to help people share and discuss real estate investing at the local level.

Here’s a snip from the Web site:

“… Talking, sharing and communicating were immensely helpful when we got started. So, whether you’re full-time or just interested in learning about investing, there is a place for you on the Flipping Pad.”

Indeed, FlippingPad.com is a great way to meet people in the industry, find some partners in crime, get answers to important questions and basically give you a head start flipping homes.

Check it out when you have some time … you won’t be disappointed.

… we’ve got them in the most recent edition of the Foreclosure.com monthly email newsletter, “Investment Exchange,” which is now available for FREE right here.

Our April edition is the first of a two-part series that focuses on foreclosure investing, covering everything from how to find great foreclosure deals to how to analyze and flip them for monster profits.

We also provide educational resources that will help you better understand the foreclosure investing process, as well as some pitfalls for which beginners need to look out.

In addition, the newsletter contains a bonus article from Wall Street Journal best-selling author, nationally renowned speaker and major real estate investor, Robert Shemin.

To check it all out right now for FREE click here.

Join us for a LIVE online presentation on Tuesday, March 11 at 4 p.m. ET to learn how to discover unbelievable real estate deals, flip them for huge profits and get rich fast

“Fortune at Your Fingertips” is an interactive 90-minute educational experience that will demonstrate how to put the Internet to work for you so you can make huge real estate profits.

“America’s #1 Real Estate Expert,” Robert Irwin, is personally going to show you how to find investment homes up to 50 percent off retail price to earn mind boggling riches.

Find unbelievable real estate deals on the Internet for up to 50 percent off retail price with proven tips and advice!

Robert will teach you:

• Everything you need you can find online
• The basics of investing in real estate don’t change
• Use the Internet to invest in foreclosures
• Use the Internet to invest in commercial and other types of real estate
• What you need do to get started

Robert is a superstar within the real estate industry because of his innovative investment techniques.

To reserve a spot now CLICK HERE. Spots are limited.

Of course, we will also open the floor up to you during an interactive question and answer session. Remember, if the timing is bad and you can’t make the LIVE presentation tomorrow please remember that we will email you the recorded version as soon as possible … there’s no excuse to miss this great training opportunity!

Webinars are LIVE 90-minute educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

To keep investors and future homeowners up-to-date on the latest real estate news, Foreclosure.com features an Article Center that we update each day. These articles are also archived in the left sidebar for your convenience.

Bob Bruss — who is widely known as the “Dear Abby” of real estate — is often featured in this section. He leverages more than 23 years of experience in the industry to provide readers with usable information.

And a recent article on “10 things investors should look for in fixer-uppers” is certainly no exception. It’s a simple approach on how to profit in today’s real estate market with homes that need a little “TLC.”

Whether you call them “fixer uppers” or “handyman specials,” there are not too many other businesses other than flipping real estate that can generate a similar return on investment in such a short timeframe.

Consider the following:

1. Basically sound condition without major structural defects
2. Good location with a low crime rate
3. Good-quality school district
4. Need for profitable cosmetic fix-up work, but not major unprofitable repairs
5. Purchase price at least 30 percent below the market value of nearby comparable homes in good condition
6. Purchase from a motivated seller who is anxious to sell
7. Affordable low-down-payment financing
8. Seller or tenant will vacate immediately upon transfer of title
9. Within a 60-minute drive from your current residence
10. Good demand from renters and/or buyers

To read the entire article check out InmanNews.com (subscription required).

Now, the quick steps mentioned above are not going to turn you into a pro overnight. But, use them as a guide as you research potential investment properties on Foreclosure.com.

The best general advice we can offer on this topic is to go after houses that are located in nice neighborhoods and only need minimal amounts of work.

That’s because just some minor touch-ups and cosmetic work such as painting and new carpets can go a long way when it comes to turning a nice profit on a home.

In short, look to purchase the ugliest house on the prettiest block. Don’t be scared off by houses that look and smell terrible. These are often easy — and cheap — fixes.

Happy house hunting!

The preforeclosure stage is a time when a homeowner is behind on his or her mortgage and the lender has filed an official Notice of Default (NOD) or Lis Pendens (LIS) to recoup the payments.

This will often lead to foreclosure if the homeowner cannot come up with the cash or negotiate a deal with the lender to remain in the home.

Rather than face eviction and endure personal credit turmoil, a distressed homeowner in preforeclosure will often look to sell the property as soon as possible and use the proceeds to pay off outstanding debts with the lender and relocate.

It’s an unfortunate situation — one that is outside the control of anyone but the homeowner and lender. However, working with a homeowner to resolve the matter before foreclosure is one way to help and provide him or her with much-needed relief.

It can also translate into huge savings because preforeclosure investing gives you the most options and highest percentage of profit.

Here’s a tip to get you started:

When working preforeclosures, the earlier you make contact with the homeowners, the more options you have to capitalize on great deals.

How do you do that?

First, you need to identify homeowners in your area who are in preforeclosure. This can be accomplished at no cost or obligation using our FREE 7-Day Trial.

With a solid set of leads it is then smart to drive into the neighborhoods and canvas the homes from the curb to determine which are the most desirable.

The next step is to communicate with the homeowner. This can be done in a few different ways, and we recommend that you try multiple approaches to ensure that you get noticed by the homeowner.

Here are a few quick methods to contact a homeowner in preforeclosure:

• Letters
• Post cards
• Contact the homeowner’s attorney
• Direct purchase
• Short sale
• Mortgage purchase

We expand on each of these strategies in our e-Book entitled “Cash-in on the Foreclosure Process: How to buy a Foreclosure.”

This educational resource is packed with tips and advice that is required reading if you plan to get started investing in distressed real estate.

Best of all, we’ll email it to you at no cost with our FREE 7-Day Trial.

In our last post, we introduced the Foreclosure.com Flip Formula for Success.

Today, we’re going to break down all the factors that go into making it a helpful tool that can successfully guide you through the real estate investment process.

Let’s get started.

First, it’s important to establish a realistic re-sale value (RRSV) so that you will avoid having to market a property that is overpriced and takes too long to sell. It is a smart idea to price your flip 2-3 percent less than the competition. The attractive price along with the like-new appearance of your property should make for a desirable new home.

Next, determine the seller closing costs (SCC). Items like a brokerage commission (if you require the services of a real estate company), state stamps on the deed, possible buyer closing credit, prorated taxes, title search fees and any attorney fees are all possible expenses for which you need to account.

Read the rest of this entry »

To properly analyze the value of a potential flip it is a good idea to have a time-proven formula with which to work.

Adopting a successful formula and following it can help minimize the chances of being surprised by unexpected costs that eat into your net profit and turn a great deal into a money pit.

Far too often, an inexperienced investor will try to analyze a flip by taking the cost of the property he or she has purchased and adding the repairs and carrying costs to arrive at a projected re-sale value.

However, the re-sale price is not arbitrarily based on the amount of money that is invested in the property plus a sizeable profit. On the contrary, the re-sale price is based on comparable sales in the neighborhood that take into account the size of the property, its condition and amenities.

Here is an easy-to-understand formula that works for us:

Realistic Re-sale Value (RRSV)

minus Seller Closing Costs (SCC)
minus Debt Service (DS)
minus Repair Costs (RC)
minus Minimum Acceptable Profit (MAP)
minus Buyer Closing Costs (BCC)

= The X-factor: Maximum Property Purchase Price (MPPP)

We call this the Foreclosure.com Flip Formula for Success. Write it down and keep it in a safe spot, because you will need it one day soon.

In our next post, we will explain this formula in more detail and also tell you how it can keep you on track and under budget.

In our last post, we briefly discussed the various home improvement programs on television that are creating a few misconceptions. Primarily, that it is easy to flip a home. That all depends, of course, on your level of experience.

If you are new to foreclosures, then we want to point out a few more things.

First, renovation expenses almost always run over budget. And that means in the real world investors sometimes run out of money to cover additional repair expenses and a couple extra mortgage payments.

To avoid this situation, build in a little extra cash in your budget just in case issues emerge midway through a renovation project. This way, if problems arise, you’ll be ready. And if they don’t, you’ll come in under budget.

Second, purchasing, rehabbing, marketing and selling a property in 30 days is almost impossible — even if you have years of experience under your belt. Whether the kitchen cabinets you want to install are on back order or the repair crew you hire gets stuck on another job, something unexpected will usually pop up.

So, set a reasonable project schedule and always be prepared to expect the unexpected.

Third, don’t expect to receive positive responses from all of the potential buyers who visit the completed project. Expect to hear comments like “It’s a little pricey for the neighborhood

There are several new real estate programs on television these days that depict newbie investors purchasing dilapidated homes, making repairs and selling them for staggering profits all in 30 minutes.

Put simply, it’s not easy — or as fast — as it looks.

Because of the editing process, these shows rarely convey all the hard work, knowledge and dedication it truly takes to pull off such a feat.

Instead, these shows often make flipping houses appear to be clean and simple. Here is a general example of a “get rich quick

We all remember the cute fables we heard as kids, but few realize how these tales can have a dramatic impact on our real estate investment decisions.

I won’t spoil the ending for you just yet, but let’s take a look at how the fast and loose Hare investor compares to the slow and steady Tortoise investor:

• Hare buys the third property he sees because he’s anxious to get started, while the Tortoise looks at more than 10 properties before finding the one that is right for him.
• Hare has his buddy the carpenter look over the house to see what it needs, while the Tortoise orders and pays for a full home inspection.
• Hare passes on pulling a permit for the new roof and plans to install it on the weekend when code enforcement isn’t working, while the Tortoise applies for the permit and is told “at least three weeks.”
• Hare paints the entire interior white because he got a good deal on the paint, while the Tortoise has his sister in law — an interior designer — stop by to help select some eye-catching colors.
• Hare decides to sand and paint the old kitchen cabinets to save a ton of money, while the Tortoise buys new boxed cabinets on sale at the local home improvement store.
• Hare throws down some seed on the patchy lawn, while the Tortoise lays new sod in the front yard and plants a few flowers in the beds.
• Hare schedules an open house for the next Friday, hoping that he’ll have all the work done in time, while the Tortoise wants to wait until all the little details are taken care of so it shows “just right.”
• Hare holds his first open house and gets only three lookers because of the lack of curb appeal, while the Tortoise has so many people come by he can’t talk to them all at once.
• Hare finally signs a contract with the first buyer willing to make an offer, while the Tortoise negotiates with two different interested buyers during which time he gets both buyers prequalified.
• Hare’s contract falls apart because of the financing contingency and he has to hold the open house again, while the Tortoise’s contract closes on time.
• Hare — after making two extra mortgage payments that he did not count — is hoping this new deal closes soon, while the Tortoise has already cashed his proceeds check and is out scouting his next foreclosure investment.

So how did all this play out?

The Hare got started sooner, spent less money on repairs, was first to finish the repairs and hold his open house, went to contract twice before the deal closed and actually netted less money because of the lower contract sales price and extra mortgage payments he made.

The Tortoise, meanwhile, got a later start, spent more money on repairs, was the last to finish his repairs and hold his open house, closed in 30 days at a higher contract sales price with the first qualified buyer and actually made considerably more net profit on his deal.

The moral of this foreclosure fable?

In the long run, slow and steady, persistence and attention to detail will always win out over a fast and shoddy, get rich quick, “don’t care” attitude.