Finding Owners Of Foreclosures And Vacant Abandoned Real Estate

May 2, 2008

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How Even A Homeless Bag Lady Can Jump Start Her Real Estate Investing Career

May 2, 2008

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Why You Have Not Made A Dime Investing In Real Estate Investing & What You Need To Do If You Want To

May 2, 2008

Ok, so you haven’t made a dime in Real Estate yet right? You want to be a Real Estate Investing Millionaire, but for some reason you can’t seem to find good deals on houses. Well, I can tell you what your problem is.

You are doing all of the things that don’t make you money in real estate! Going around with a Realtor, looking on the web, driving around nice neighborhoods looking for For Sale signs, telling a few people that you Buy Houses….it’s a major waste of time.


That’s just keeping yourself busy! Do you want to “PLAY REAL ESTATE” or do you want to be a “Real Deal” Real Estate Investor? If you don’t want to do what it takes, do yourself a favor and go down to Toys R’ Us pick up a game of Monopoly and call it a day. If you’re more interested in the latter, then you need to listen up! Spend that time knocking on the doors of homeowners in foreclosure. Quit doing all of the “Safe” things like meeting with Realtors. That’s why they’re safe, because you’re not going to make any money. If you don’t put yourself out there…YOU’LL NEVER GET A DEAL!

What you’re doing is looking for deals on houses & not looking for people that need their problems solved. No one sells their house at a serious discount unless they HAVE TO! Would you sell your house to me for 50 cents on the dollar because I’m a nice guy? Of course not, you worked hard for your home and you don’t HAVE TO. But if you had lost your job, were 30 days from losing your home, and I showed you how I could put immediate cash in your pocket, wouldn’t you consider it?

As investors we buy houses from people that NEED TO SELL, NOT PEOPLE THAT WANT TO SELL. When you’re dealing with a Realtor, 9 times out of 10 they’re going to show you nice houses, owned by people that are in no urgent rush to sell. I hardly ever deal with Realtors. I’m not saying to completely alienate yourself from them. That would be foolish. Simply network with them, and let them know that if a killer deal comes along, you can close with cash quickly. Explain what you’re looking for and that’s when they will call you. I wouldn’t go around looking at houses with them. Most Realtors are not trained to look for the types of deals that we’re looking for. Actually, they’ll probably tell you that it’s NOT POSSIBLE to find the kinds of deals that we do.

There’s a few things that you need to be looking for..THESE are the things that will lead you to the good deals that you’re looking for:
1. Divorce
2. Imprisonment or Court Costs
3. Loss of Job – Foreclosures
4. Bankruptcy
5. Death
6. Job Transfer
7. Bad Tenants – Contact Landlords who have filed evictions

Most of these types of people can be searched by looking through the public information on your local courthouse records. Depending on your location, most of the time these are available online. Situations like Loss Of Job would be discovered by looking through the foreclosures and knocking on their door. You need to focus your attention on people with these types of situations.

These people usually have serious issues that need to be solved. They at one time had the cash to pay for their mortgage and the expenses associated with it. Now due to circumstances beyond their control, things have been thrown out of whack and they need someone to get everything reorganized for them. That’s your job…Solve their problem and you’ll get a good deal.

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Track Down The Elusive Homeowner – “Bloodhound Style”

May 2, 2008

“Vacant – Boarded Up Houses” are my FAVORITE DEALS for quick turnaround flips. You’re talking about someone that cares so little about the property that they’ve left it to decay. The owner of that house should be begging you to take their junk house off of their hands. Except, the only problem is, the owner has completely vanished without a trace…Or so it may appear!

In these times of computers and the Internet, It’s a very rare occasion when someone can’t be tracked down. Every homeowner leaves little clues, and it’s your job to piece them together. If you want to be successful at this, you need to have a system and you need to follow it exactly as I’m describing it to you. If you only do one or two things, you may get lucky…but if you do them all, you’ll almost always get your “Mark”. I suggest you print up the following Ten Step Plan and follow the process every time you track down a seller.

The Ten Step Plan To Finding Homeowners “Bloodhound Style”

1. Place A Flier in the door stating that you buy houses in any condition & stick one of your “I Buy Houses” bandit signs right in the front yard.

2. Ask The Neighbors….Not Just immediate neighbors. I always go Four houses out on each side and across the street. You should be able to get bits and pieces of information from each person. Don’t be afraid to ask questions..Leave your card and offer money (if you buy the property) for any information that they may “remember” after you leave…Ask & You Shall Receive!

3. I go to or you could call 411 – You’ll find about half of them right here!

4. Visit your local Tax Assessor’s Office. Check the “Mailing Address” to see where the tax statements are headed. ALSO, I ALWAYS run that person’s name to see if they own other property in hopes that there are more abandoned junkers that we can cut a deal on. Sometimes a new mailing address will be on other properties as well.

5. Run the name through the clerks office and look at all the recorded docs and court indexes for that person. You can often get a good picture of what’s going on, and sometimes even some other addresses or addresses of relatives, etc. This is where your detective skills kick in. You want to scour through and see if you can find anything…divorce filings, new loans, liens, Law Suits. If their salary is being garnished, the employer’s name and address will be their for you. . Many times you’ll see that the individual is in jail or just got out of jail. You can usually find their attorney or a new address off of the arrest info. If they’re in jail, you can call the prison and set up a visit with the inmate.

6. Send out a letter and put “Address Service Requested” on the envelope. Make sure that the address is hand written on the envelope and regular stamp is used (NO BULK RATE)

7. Hire a Skip Tracer. usually use “FINDTHESELLER.COM” because they’re pretty inexpensive and they’re pretty good at finding people that I can’t with very limited info. It usually takes 24 – 48 hours to get a match but you can be trying the other methods while you’re waiting.

8. If it’s a unique last name, I’ll start calling everyone in the phone book within the area…hoping to get a relative. I’ve been surprisingly successful with this “Shot Gun” approach. If the name is something like, “Johnson” or “Jones”…I wouldn’t even attempt it..:)

9. Voter Registry – You can get updated addresses

10. Place the lead in your file in case another clue arises in the near future (Property goes into foreclosure, neighbors call you, someone calls on the sign, etc)

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How A Homeless Bag Lady Can Jump Start Her Real Estate Investing Career

May 2, 2008

Upon looking at the Real Estate Investing message boards, I’ve come to find a very common question that seems to resurface over and over again. “I have No Money and I have horrible credit. Can I still invest In Real Estate?”

I want to answer this question once and for all, so I thought about it from the perspective of having absolutely nothing. What would I do if I was homeless and had zero resources?


Well, life is much easier if you have one of the two, but it’s not a necessity. With great credit you could write a check against a credit line and buy houses immediately.

Obviously, you’d be in an even better situation with pure cash. Still yet, all is not lost if you lack both Cash and Credit. You will merely need to use the following strategies until you can increase either your cash supply or build up your credit:

1. Wholesale properties – Locate great deals, put them under contract and sell the contract to an investor with cash or great credit. If you do a few of these you’ll be buying houses for cash in no time. Expect to make from $10,000 – $20,000 per flip depending upon the equity spread. **THIS IS THE BEST SCENARIO FOR A NEWBIE WITH NO MONEY

2. Go through a Hard Money Lender (you can find them at a local real estate investing club) and rehab the property and sell retail. Hard money lenders will usually lend up to 70% of the After Repaired Value and base their decision on the property values not your credit. Hard Money Lenders are usually real estate investors that have amassed a ton of capital and need to make an easy return on their money. Keep in mind, you’ll pay for the nose for a hard money loan and I wouldn’t use them for anything that I was planning on holding for more than 3 – 4 months total. Like I said, they’re expensive but if lack of funds is what’s standing in the way of a nice profit, it’s well worth it. What’s the cost of NOT doing the deal?

3. Purchase the property Subject to the existing financing with a promise to pay the owner’s portion of the proceeds in 90 – 120 days.

Example: Owner owes $50,000 and you agree to purchase the house for $62,000. You have the owner deed their property to you and you continue to make their payments every month. In 90 – 120 days when you sell the property or can Refinance (it’s easier to refi then to obtain a new loan) the homeowner will get their lump sum check for $12,000.

OR….you could negotiate with the seller to receive that $12,000 over a five year period and you would just make the payment each month to them. REMEMBER— EVERYTHING IN LIFE IS NEGOTIABLE!! This would be the best bet if you plan on using the property as a rental.

4. Find an established investor in your area and arrange a partnership on a “Deal By Deal Basis”. If you locate the properties, manage everything and handle any needed work & the other investor puts up his money you’ll split the deal 50 / 50. Don’t be shy about contacting other investors with this proposition. BELIEVE ME, if you have a good enough deal they’ll want in on it. This is a great scenario because aside from having a financial backing, you’ll also be taking advantage of the years of experience that the established investor will be bringing to the table. Believe me, even though you’ll be managing everything, the other investor is going to be keeping you in the right direction. After all, he wants to make money on that deal…he’ll have a vested interest in it so you’ll be getting a free education to boot! You just want to make sure that you have everything in writing to ensure that there are no misunderstandings when it’s time to split the proceeds. Write out exactly what is expected of all parties involved and you shouldn’t have any problems.

Sign Up To Receive Rich Urban’s Free Real Estate Investing Coaching at:
You want to know the REAL TRUTH about making money in Real Estate that everyone else is too scared to reveal you? Are you sick of all the B.S., hype, lies and scams out there?

Get a FREE course now — Make Sure That You Enter Your Name & Email at:

Uncle Sam Is Going To Pay Us To Buy Foreclosures!

April 15, 2008

Ya…They’re working on a bill to give a Tax Credit of $7,000 to anyone that buys a Foreclosure or Preforeclosure in 2008. Keep in mind that this is a credit not a deduction…that’s actually $7,000 real money in your hand..:)

Check it out here:

How A Young Real Estate Investor Can Make Some Serious Cash In Real Estate Right Now

April 14, 2008

Ok…I understand! You don’t have any credit whatsoever, or you got a few credit cards early and destroyed your credit. That’s fine…you can still make some serious wealth through real estate. Put your money & credit away and start using your head…
For right now, getting a mortgage is totally out of the question.

But, here’s what you can do:

1. Arrange creative financing with your seller (purchase house subject to the existing financing, Lease Option)

2. Wholesale a few properties first to give you some cash reserves (Find good deals and sell them to other real estate investors for $5,000 – $20,000)

3. Find properties in need of renovation- buy the properties with a hard money loan – use funds to repair — resell for a profit or refinance after repairs are complete and pay off hard money loan.

These are just a few of the things that you can do…don’t let your mind limit you because you’re “young” or you are a “student” or you just don’t have credit.

Now that the real estate market has switched to a “buyer’s market”, there is a lot more chatter about grabbing some favorable terms, and lease options seem to be the new buzz word.

Here’s the deal with lease options — Most of the time, those “LEASE OPTION” or “RENT TO OWN” signs are other real estate investors that are trying to sell their properties to an end user for a premium because they know that the potential buyer is going to have challenged credit. Now, there’s nothing wrong with that….BUT….as an investor, you don’t want those deals.

You need to focus on marketing & searching for motivated sellers (someone that is behind on payments, needs to relocate fast, bought a new house and can’t sell the other one), etc…and THEN see if taking over their payments solves their problem. A good portion of the time the motivated seller will be in a bad situation and can legitimately only accept an all cash offer. That’s fine, in those situations, lock it up under a contract at a good price and wholesale it to other investors (or maybe your parents would be interested). As you start going through the motions more and more….you’ll find people that don’t actually need cash, and those are the ones where you’ll take over their mortgage or do a lease / option.

I personally prefer buying the property Subject To (have them sign a deed over to you) and you just continue their mortgage, because you have much more control over the deal. But make sure that you do your research on these topic before jumping right into it. There’s a guy on ebay that sells a pretty decent “Subject To” course for a few dollars..:) Pretty good basic stuff, for a low price…

In my area (South FL) good opportunities for these kinds of deals would be:

a. Speculators that are sitting on 6 houses that won’t sell
b. Builders that are in a pickle
c. Someone that has inherited a property with a mortgage
d. Divorce
e. Someone that must move very quickly or relocate out of the area
f. Someone that has purchased another house – moved out and can’t sell their original house because the market has slowed down
g. An individual that bought very cheaply and doesn’t want the tax implication (make sure that you’re not paying too much)

Good Luck,

Rich Urban