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Note: We Are Unable to Accept Telehpone Calls Due To Unusually High Call Volumes, Please Email Us or Contact Us and We Will Respond
Step 1: Find Properties & Research Them
Step 2: Estimate Rehabs, Estimate Value Vs Comparables
Example: Orlando property
 
If investors were to go directly through bank
Country wide has property on sale for $83,900
MLS $93,000
Online Comparables $140,000
$83,900 is 59% of Online Comp Value! Great!
If you decide to go directly through bank. Not clean and are in foreclosure. Property sold as is.
Foreclosure not always pretty houses. Does Countrywide clean the carpets, landscape, paint or exterminate. No!
Realize Property Sold “As Is”
After evaluation it needs new carpet, new interior paint, landscaping, exterminator…
Additional $10K - $12K
$95,900 (68% of market value)
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Step 3: Must Get Pre-Approved From Countrywide
1.Credit FICO Score Above 660
2.Must Show Proof of Current Income
3.Past Income- Two Years Tax Returns
4.Need to Show Proof of LIQUID Assets
5.Do you have Minimum $5-$10 Million
(amount depends on lender)
Why the increased criteria?
Simple.
Countrywide is busy. Want to deal with the big boys, with hedge funds, bulk buyers that have millions of dollars. Want to spend time with the person who will spend billions vs. fifty thousand dollars worth.
Therefore, raised the bar.
Not as easy as you may think to buy a foreclosure if you're a small investor.
Step 4: A Full Title Search & Inspection
A Professional Inspection.
Small investor has to:
Pay for title search
Pay for Property inspection
Before close have to have a exit strategy. What do I want to do with this…
Step 5: Close the Deal & Begin to Work on Exit Strategies…
1.Flip it “as is”
2.Rehab and Resale it
3.Rehab and Rent it
4.MOVE IN IT!
5.Get Foreclosed on!!!
Too Much Time, Energy & Money.
Do You Give Up???
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Foreclosure Investment Homes
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