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Foreclosure investors tread mean streets

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moh malekpour

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Bidders need time and nerve to profit off homes up for repossession, an audience learns.

On a recent weeknight, about 30 people gathered at the Hotel Huntington Beach to learn about foreclosures.

The speaker was Ward Hannigan, a nonpracticing lawyer from San Diego who says he has bought 500 foreclosure properties in 25 years. Those investments have made him a wealthy man, he says.

But anybody who walked in thinking that buying distressed properties was a route to easy profits heard a different message from Hannigan.

"What it takes is almost an ironclad, grit-your-teeth determination to make money in foreclosures," he told the group.

Hannigan, a lively speaker who salts his talks with humor, walked his audience through the process of buying foreclosed properties at auction. As he described it, it's practically a full-time job.

Before bidding, a prospective investor should have driven by on which he plans to bid and researched any liens at the county recorder's office. She needs to have cashier's checks in her pocket to cover the full purchase price if she turns out to be the winning bidder.

And all that preparation is often for naught, as properties are frequently taken off the auction block at the last minute for a variety of reasons, including an agreement a homeowner has worked out with a lender to get out of default.

When he does buy a property, an investor might need to rehab it or evict the previous owner before he can prepare it for sale.

All of which makes it difficult to hold a day job.

This guys paid $10,000 for 3 days to learn how to buy foreclosures: Dec. 19--Ken and Susan Hussni of Yorba Linda are recent graduates of Ward Hannigan's one-on-one foreclosure training, having paid nearly $10,000 for 36 hours of face time over three days.
 
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Brad Ellis

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Moh,

Apart from the price of $10K is this any different from the old Carleton Sheets seminars on buying with no money down?

I went to one over 20 years ago and he kept on telling everyone to get a second from the seller (silent), so I accused him of promoting mortgage fraud. No, he protested, the banks do not care if there is a second but he could not answer why, then, the second would have to be silent. But he maintained the banks did not care,

so, I aksed him to name one. After askng 3 times I got booted and my money back!

One can make money in foreclosures- it just takes time and perserverance and a good knowledge of the market, of rehab costs, of budgeting for unexpected things (and about the only thing will be what and not if something unexpected comes up!).

Just silly.

Brad
 

murray stroupe

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Re; Education & Non practicing FC lawyer rakes in 10k per student

==============

Fun read ,Moh;
wonder exactly what it takes to graduate????
A warm body & a 10 k check that clears.LOL
 

Terrel L. Shields

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I went to one over 20 years ago and he kept on telling everyone to get a second from the seller (silent), so I accused him of promoting mortgage fraud. No, he protested, the banks do not care if there is a second
Brad, you misunderstood him....he meant they don't care so long as they don't know about it. :)
 

DTB

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Don't know the "experts" credentials or track record, however if it gets them to where they want to go...

I don't think 275 per hour for one on one training is exhorbitant or that 10K is really a big deal if you want to play in the world of foreclosures.

What would you charge?
 

moh malekpour

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they plan to approach owners of properties that have substantial equity before the home is lost in a trustee's auction. Their pitch: Sell to us before the auction and walk away with half your equity rather than lose it all in foreclosure. They call their venture Guardian Angel Solutions.
In order to find out the equity of the home, they have to have the probable market price of the home and the amount of outstanding loans. If the owner has a substantial equity and is in default, why should he or she sell the house to these poeple? They can sell it in open market and pay off the loan.
 

DTB

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In order to find out the equity of the home, they have to have the probable market price of the home and the amount of outstanding loans. If the owner has a substantial equity and is in default, why should he or she sell the house to these poeple? They can sell it in open market and pay off the loan.


This is but one of the many things you don't understand about foreclosures. It is seldom about economics and more about the human condition. :beer:
 

moh malekpour

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This is but one of the many things you don't understand about foreclosures. It is seldom about economics and more about the human condition. :beer:
What human condition? mental, psychological or physical?
 
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