Our success stories
A lifetime lesson
When he first heard that it's possible to make more than $80,000 on a preforeclosure deal with just a $10 contract, Foreclosure.com Three-Day One-on-One Real Estate Training Retreat student, Jean Aristide, was skeptical.
"It just didn't sound right," said the Lauderhill, Fla., resident. "It seemed like a far-fetched hoax. Fortunately, I could not have been more wrong."
That's because esteemed retreat instructor and renowned investing expert, Lance Young, has been buying and selling preforeclosure real estate this way for more than 20 years. He's an integral member of our teaching team and a big reason many of our students go on to collect handsome real estate investing profits.
In fact, testimonials from his students show that with no experience, people have made first-time profits of $11,000, $31,000, $80,000 and more just by following his simple guidelines.
"Lance has a quick, easy-to-understand and lucrative approach when it comes to preforeclosures," said Aristide. "It's perfect for someone like me who is just starting out in this business — very low risk and extremely high reward."
According to Lance, an investor needs no more than $10 to make a deposit on a preforeclosure home (in distressed property sales deposits tend to be very small). The rest of??the payment, which is agreed upon in a contract that the investor writes up, is guaranteed at settlement.
For example, if an investor negotiates to give a preforeclosure homeowner $5,000 cash for the equity in his or her property, he or she should expect to get the remaining balance ($4,990) at the closing table — an arrangement that most distressed homeowners agree to more often than not.
Investors are encouraged to??remain steadfast and not be tempted to offer much more of a deposit just because the homeowner may complain about getting $10.??There needs to be an incentive for the seller??unload the??property and??vacate??it at??or before settlement. The??more money that is guaranteed up front is more money that??preforeclosure buyers have to worry about never seeing again.??
"There are two reasons for offering such a low deposit," said Young. "First, $10 is perfectly legal to offer as a deposit to purchase a home. Second, 99 out of 100 homeowners do not know you need to give them a deposit at all. Therefore, why risk any more than $10?"
In short, giving the homeowner a $10 deposit will make the transaction legal while also limiting your risk.
Having said that, it's??reasonable to expect that??some negotiation??on the price point will take place from time to time.??However, if a seller??continues to balk,??don't get carried away — use??sound judgment during negotiations to work out the best deal.
"It really is possible to close amazing deals with just a $10 bill — it's how I make a living!," said Young. "You don't need good credit, and you don't need to spend a lot of time at it.
"In fact," Young concluded, "during the retreat you get??all the knowledge and tools you need to make big profits with preforeclosure homes ... guaranteed."
So how does an aspiring investor with little to no experience go from $0 to $80,000 in a matter of days?
"It's a process," explained Aristide. "And once you understand that process, everything just falls into place. Of course it takes some effort, but the more you do it, the easier it becomes."
From analyzing potential preforeclosure deals to??negotiating with homeowners to writing up the actual contracts, Lance covers the entire "process" from soup to nuts during the Foreclosure.com Three-Day One-on-One Real Estate Training Retreat.
It's a lesson that lasts a lifetime and pays future wealthy real estate investors back in spades over time.
Just ask Jean.
For information on the next Foreclosure.com One-on-One Real Estate Training Retreat click here.
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