This Is Not A Definitive Guide To Foreclosure

Category: Finance, Real Estate.

There have been a lot of books and late night infomercials on how to become rich through real estate. Neat.

Apparently, you can become rich overnight. But, no one has really written a good guide on how to go bankrupt. First off, watch some late night infomercials on TV. Sure everyone is doing it, but how can you get in on the action. And possibly order some real estate tapes from Carlton Sheets. Believe that after listening to some tapes, you can compete with people that have done this 7 days a week for years. This will provide you with a positive upbeat attitude and a sense of false confidence that is essential in order to go bankrupt.

Second. Go directly to the sellers agent. For your first investment, buy in a city you know little to nothing about and avoid using a buyers agent who does know the city. The best way to make a truly horrible decision is to avoid any outside advice. Look for a discount or a distressed property over a good long term investment. The best part of this is that avoiding a buyers agent usually doesn t save you any money since the selling agent simply makes more when you deal with them directly. Late night infomercials and Carlton Sheets talk a lot about this.

One thing about distressed properties with desperate sellers is that they frequently are in crappy areas with low appreciation rates. Getting equity at the point of sale. Buying a property at under market rate in an area with low appreciation potential versus a property in a good area is the kind of short sighted thinking that will really help you reach the goal of bankruptcy and foreclosure. The more you listen to other people, the more you might get different perspectives and the higher chance you might learn new things. When you talk to people including your realtor, try to spend time talking about all the crap you learned from your book or light night infomercial. This could really hurt your chances of going bankrupt so avoid listening to anyone.

Be positive to the point of stupidity. Remember you know everything even if you only got interested in real estate last week. Alot of investors I know always think about how their situation would be affected by a 10 or 20 percent drop in the market before making a purchase. You need to be blinded by greed. You should avoid this kind of thinking. You should only fantasize about how you are going to double your money. While you are at assume that its going to rain money tomorrow.

When calculating your monthly cashflow, assume that you will have 100% occupancy all the time and no maintenance cost. Also, be stubborn when renting your properties. Come up with some bizarre logic about how the property deserves$ 900 a month. Decide upon a number say$ 900 a month and refuse to budge. Lose months of rent having the property sit vacant instead of going down$ 50 on the rent. As you move closer to foreclosure, don t alter your spending habits. Instead of responding to the market make statements like" Well the markets wrong then" .

Don t move into a smaller house or cut spending. Overextend, overextend, overextend. Act like nothing is wrong. Are you approved to buy one house. Alot of people are getting into the foreclosure game. Why not buy 5, heck why not 2Instead of building up a portfolio of properties over time, gaining experience along the way, just buy alot of properties next Tuesday. Their is no reason you should be left behind.

This is not a definitive guide to foreclosure. Throwing caution to the wind and filling your eyes with greed and you should find yourself walking down the golden path to foreclosure. Alot of people end up in foreclosure due to many things unforeseen events like unpreventable family illness, divorce or job loss. This is simply a guide to what I call elective foreclosure.

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