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 | The Short Sale Experience Ebook | |
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E-book Title: The Short Sale Experience
Author: Michael Hobach
Book Description: Dear Investor,
My name is Michael Hobach and I am here to share my extensive business and short sale experience with you. I realize how difficult it is to get a new business venture off the ground, and I am here to make it a little bit easier for you. Read on...
To help you get started I have compiled a collection of basic information and experiences from my Posts, Emails, and general knowledge of the Preforeclosure business and Short Sales into a new book called "The Short Sale Experience", and you can get your copy today for less than the price of a medium pizza!
Here's the deal - I spend a lot of time on the phone, answering Emails and meeting with people that want to do what I do and they all start by asking the same questions!
So I got the bright idea that maybe I should write or compile a small book that can be literally given away for a nominal charge. This book should have basic information that will lead the new investor through the preforeclosure process from an investors perspective.
I did just that and released the first revision in mid November 2005. It is jam packed with meaty information and will certainly answer your questions... this is a perfect resource regardless of your experience level. Within the first week this book was offered to those existing customers I sold more than 100 copies - without the benefit of this web site - sight unseen... "hey I have this new book about short sales and you can get your copy today by clicking here" is all that I wrote in a broadcast Email, and they went nuts!
You can download your PDF copy of this book immediately, simply by clicking on this link...
If you need a little more information before you skip lunch today...
Most Investors fit into one of three groups...
1.) Those that have heard that tons of money can be made in Real estate and now they are looking for all of the answers before they do anything!
Really - there is a lot of money to be made in real estate! You can look and look and research and research but you won't see any of that big money unless you start doing something! Start doing what those that ARE making the money do every day!
Opportunities exist in many facets of Real estate investing. To say that one area yields a larger gain than others, would be a disservice to anyone looking at Real estate as their investment vehicle. Most investors do things that they are comfortable with - things that they know.
Today, the most popular area of RE investing is in the foreclosure or preforeclosure area. This area of investing is growing like no other area of RE investing! There are more opportunities today in preforeclosure than any other area of RE investing simply because there are so many mortgages going into default. Face it - it is just a matter of numbers... the more opportunity, the easier it is to get in and make money doing it!
So - what should the newbie investor do? Well, reading and learning and understanding the process is very important before one can jump into their first deal. There is a certain level of comfort that must exist with the information that one has learned to do the tasks needed to acquire their first investment property. Maybe the new investor doesn't want to hold the property! There is a lot of money to be made simply finding the properties, performing the negotiations, and then selling the properties off to another investor or new homeowner - this is called flipping - totally legal - totally easy to do! If you have the guts to give it a try...
2.) Those that are buying and selling Real estate but have not done a Short Sale deal because they don't understand why a bank would discount a mortgage payoff up to 60%... and they haven't figured out that there really is a ton of money to be made buying preforeclosure properties!
Think of it this way... Homeowners defaulting on their mortgages are at an all time high and the banks have extended credit to these homeowners to a point where there is no equity or more likely negative equity in their properties. We refer to this as being an 'upside down mortgage'.
Now the foreclosure process is the only recourse that the bank has to reclaim their money... and most foreclosures end with the homeowner giving up, as they do not have the means to recover. The foreclosure process usually dictates that the property be sold at Sheriffs Sale (or auction) so that the bank can recover what they can and apply it against what is owed. Until the Sheriffs Sale, the property is considered Preforeclosure - once the Sheriffs Sale has passed the property then becomes a foreclosure property.
The bank makes the opening bid at the Sheriffs Sale which is usually what is currently due on the property. (Including unpaid balance, interest, and legal fees.) Since there is no equity, most properties have no other bidders at the Sheriffs Sale and the property goes back to the bank and becomes Real Estate Owned (REO).
This means that the banks will be taking a major loss as they take back more and more properties into their inventory... the more properties that the bank takes back (REO) the more it impedes their ability to borrow money... since the bank is in the business of borrowing money so that they can lend money, it is counter productive for them to take back the properties - it is in their best interest to liquidate their losses on each and every non performing asset - the properties that are in foreclosure.
3.) Those That have already negotiated at least one Short Sale and realize just how much money can be made and now they are looking for a better way... a way to make the money without actually buying the property with their own money before selling it.
Face it - those investors that have the cash or the line of credit to purchase the properties after a successful short sale can realize major gains through the equity that exists in a property after a short sale.
So what do you do when you don't have the ability to fund your deals? Well, of course the first guess would be to find a partner with the cash or line of credit. This is a good tactic, however that money usually comes at a price and it usually isn't unlimited! Two important variables that need to be considered by the investor.
What if there were a way to purchase Real estate with little or no money out of your own pocket and you didn't need to take on a partner or borrow the money?
Well the alternative is to flip the properties - or sell them at the same time that you are buying them - no money out of your pocket and no partners, or loans to make the Flip happen - all 100% legal and totally moral. This may seem like a difficult concept to understand unless you realize that every day "things" are bought and sold by people who never take possession of the "thing" that they are dealing in. Those that buy and sell stocks understand this concept as it is a very common occurrence.
What is keeping you from making the big money that everyone is telling you that you should be making in real estate?
Many people stumble and miss out on the abundant life that we all strive to achieve - why? Fear! We have all attended those seminars, or listened to those tapes about FEAR and how it cripples us for no real reason. In the case of Real estate investing, including short sales with a flip, we are all afraid initially that we don't know enough and that we are going to fail, or at least make ourselves look like a fool.
Everything that we read and listen to seems to just stop short of giving us that secret to success - that is the perception anyway...
The truth is that all of the information is right here in front of us in enough detail to get us through what we need to do. The problem is that we don't get it! We think that something is missing and that the author is purposefully keeping information from us as go through the training.
What is keeping you from getting started?
Do you get up every morning hating your job... your life? Well - do something about it!! Real estate investing is exciting and very fulfilling. I can tell you that it is a lot easier if you can see an actual transaction unfold in front of your eyes... there is something about having actual documents in your hands and information on how the whole transaction transpired! And of course seeing the check that was handed to the investor just makes it all too real!
So, do you think that all investors are born into success and that the very first deal was successful? Absolutely not! I am here to tell you that each and every successful investor, and short sale negotiator evolve over time. There are failures in the beginning as they learn... just like the child learning to walk. There are spills, and hospital visits, and then success! They can walk... and run... and jump... and then they don't even think about what they are doing!
Did you know that walking is actually a controlled fall? Do you remember that from school? You walk by leaning forward, as if to fall, and then almost by magic your legs and feet work together to catch you from falling - without thinking about it... and you are walking...
Real estate investing, short sales, and the back to back close are just like walking! At first it takes a bit to get your balance, and you take your first step. Then your do your next deal, and your next, and before you know it you are doing deals without even thinking about it - in your sleep as it were...
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