Cashflow off Real Estate the unconventional way.
Real estate foreclosures are going to go up.
Shadow inventory, which means foreclosures in waiting (aka a moratorium)
Essentially a backlog of real estate that you can get for below retail @ auction
But how? Thread:
Real estate foreclosures are going to go up.
Shadow inventory, which means foreclosures in waiting (aka a moratorium)
Essentially a backlog of real estate that you can get for below retail @ auction
But how? Thread:
Enter my bud, @amaconstruct:
“Fall in love with the problem. Anytime it’s hard there’s less competition, anytime less competition, you’ll get a better deal, anytime there are problems as long as you have the solutions to it you can make a ton of money. And have a LOT of fun.”
“Fall in love with the problem. Anytime it’s hard there’s less competition, anytime less competition, you’ll get a better deal, anytime there are problems as long as you have the solutions to it you can make a ton of money. And have a LOT of fun.”
First:We’ve all heard of foreclosures.
You see them on MLS showing a bank foreclosed on property. But that's the END of the process.
REO’s (foreclosed properties listed on MLS) are competitive.
Why? MLS is easy. (& millennials might be on Zillow more than Robinhood).
You see them on MLS showing a bank foreclosed on property. But that's the END of the process.
REO’s (foreclosed properties listed on MLS) are competitive.
Why? MLS is easy. (& millennials might be on Zillow more than Robinhood).
What not everyone else knows? Prior to that, there’s an auction for insiders
@amaconstruct taught me that the real opportunities are upstream...
@amaconstruct taught me that the real opportunities are upstream...
BTW - if you want the EXACT playbook that @amaconstruct uses + live interviews with him + notes (and many more opportunities like it) make sure you're subscribed to Contrarian Cashflow
contrarianthinking.co/pricing/
contrarianthinking.co/pricing/
Step 1: Find the Auctions
Search pre-foreclosures on Zillow
Look for Government Seized Properties (hud(.)gov or treasury(.)gov)
Try auction(.)com for your city/ area
Search bank websites - they list if no one buys at live auction
Search pre-foreclosures on Zillow
Look for Government Seized Properties (hud(.)gov or treasury(.)gov)
Try auction(.)com for your city/ area
Search bank websites - they list if no one buys at live auction
Step 2: Get the Foreclosure List
Get your list of properties from a local foreclosure list service (aka google it) or at Roddy’s List if you’re in Texas
Get your list of properties from a local foreclosure list service (aka google it) or at Roddy’s List if you’re in Texas
Step 3: Drive-By
Go and drive by the house you want to purchase, PHYSICALLY be there
Some hacks:
Hire off-duty/ retired cops to do the drive-bys in the area for you. Everyone will talk to a cop.
Hire your realtor to do it and send the video. They’re incentivized.
Go and drive by the house you want to purchase, PHYSICALLY be there
Some hacks:
Hire off-duty/ retired cops to do the drive-bys in the area for you. Everyone will talk to a cop.
Hire your realtor to do it and send the video. They’re incentivized.
Step 4: Find out what it's worth
Look at comps with realtor
Search what's for sale nearby
Call a realtor, tell them you're thinking of selling and the address, and ask what they think it's worth. Sometimes they'll tell ya, sometimes they'll know more about it and who's interested
Look at comps with realtor
Search what's for sale nearby
Call a realtor, tell them you're thinking of selling and the address, and ask what they think it's worth. Sometimes they'll tell ya, sometimes they'll know more about it and who's interested
Step 5: Research Liens & Titles
1. Check property taxes.
2. Are there any other leins (debt or loans) on the property. If you buy do you owe anyone $$?
Resources:
County recorder, clerk or assessor's office online (or in-person)
Contact a title company
1. Check property taxes.
2. Are there any other leins (debt or loans) on the property. If you buy do you owe anyone $$?
Resources:
County recorder, clerk or assessor's office online (or in-person)
Contact a title company
SIDENOTE: This might seem like work… well, if things are hard and you stop because they’re hard, will you ever achieve any level of success in anything?
The more hard work, the more people are weeded out. Think of it as your unfair advantage.
The more hard work, the more people are weeded out. Think of it as your unfair advantage.
Step 6: Getting prepped
In most states, you have to pay 100% of the funds in cashier’s checks that day
So if it’s a $300K house, you need to give them at least $300K in cashier’s checks that day that you’re going to sign over
Bring different check sizes.
In most states, you have to pay 100% of the funds in cashier’s checks that day
So if it’s a $300K house, you need to give them at least $300K in cashier’s checks that day that you’re going to sign over
Bring different check sizes.
Step 7: Succeed on Auction Day
Arrive early and prepared, know your goal and bid(s) in advance
Listen carefully and don’t bid on unknown or discarded properties
Bring a voice of reason (aka another human) and accept going home empty-handed
Take a calculated risk
Arrive early and prepared, know your goal and bid(s) in advance
Listen carefully and don’t bid on unknown or discarded properties
Bring a voice of reason (aka another human) and accept going home empty-handed
Take a calculated risk
Always measure your risks!
"Never fall in love with something that doesn’t love you back. Don’t fall in love with a house, a deal, anything. There’s always another deal, there’s always another house. Just keep fishing. " - @amaconstruct
"Never fall in love with something that doesn’t love you back. Don’t fall in love with a house, a deal, anything. There’s always another deal, there’s always another house. Just keep fishing. " - @amaconstruct
There's always risks:
Keep in mind:
List Accuracy
Property Condition
Occupancy
Clear title
Valuation
Keep in mind:
List Accuracy
Property Condition
Occupancy
Clear title
Valuation
Ultimately, the winning formula in life is usually… take action.
We all have fear, but the people who get to the other side, to the financial freedom, take action in spite of the fear.
We all have fear, but the people who get to the other side, to the financial freedom, take action in spite of the fear.
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