The Abandoned Property Investor's Kit: Find the Owner, Buy Low

236 Pages·2008·0.9 MB·English

by  Reggie Brooks

Abandoned
The
Property
Investor’s Kit
Find the Owner,
Buy Low (with No Competition),
Sell for Big Profits
REGGIE BROOKS
John Wiley & Sons, Inc.

Abandoned
The
Property
Investor’s Kit

Abandoned
The
Property
Investor’s Kit
Find the Owner,
Buy Low (with No Competition),
Sell for Big Profits
REGGIE BROOKS
John Wiley & Sons, Inc.
Copyright©2008byReggieBrooks.Allrightsreserved.
PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey.
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LibraryofCongressCataloginginPublicationData:
Brooks,Reggie,1948–
Theabandonedpropertyinvestor’skit:
findtheowner,buylow(withnocompetition!),andsellforbigprofits/ReggieBrooks.
p. cm.
Includesindex.
ISBN978-0-470-26765-3(pbk.)
1. Realestateinvestment—UnitedStates. 2. Abandonmentofproperty—
UnitedStates. 3. Realproperty—Purchasing—UnitedStates. I. Title.
HD255.B7572008
332.63(cid:2)24—dc22 2008009616
PrintedintheUnitedStatesofAmerica.
10 9 8 7 6 5 4 3 2 1
CONTENTS
CHAPTER 1 How I Got Started Making an Extra $43,000
Investing in Abandoned Properties—And
How You Can Too! 1
Investing in Abandoned Properties Is a
Public Service to Your Community 5
Foreclosures Feed the Abandoned
Property Market 6
How I Got Started 11
The Beauty of Abandoned Property Investing:
Very Few Competing Buyers! 16
CHAPTER 2 Why Every Real Estate Investor Should Do at
Least One Abandoned Property Deal 21
Motivated Sellers 28
Advantages of Abandoned Property Investing
over Other Strategies 31
Combining Abandoned Properties with
Other Techniques 34
CHAPTER 3 How to Nail Low- or No-Money-Down Deals 39
Raise the Price, Lower the Interest Rate 46
Government Programs 49
How to Research Grants in Your Area 56
Available Loan Programs 60
v
CONTENTS
CHAPTER 4 Find Abandoned Properties Fast 63
Target Your Search 68
Spread the Word 71
Join the Club 72
Other Commonsense Strategies 74
Stick with a System 82
CHAPTER 5 Track Down the Owner 85
Ask the Neighbors 88
The Tax Advantage 94
Other Public Records 95
Simplicity Itself 98
CHAPTER 6 Negotiating: Understand What Owners Want 101
Key Principles 105
Emotions in Negotiation 105
Preparing to Negotiate 106
Striving for a Win-Win 107
Establishing Rapport 112
What Does the Seller Need? 115
CHAPTER 7 Want an Option? Be Convincing 119
A Sample Option Purchase 124
Purchase Agreement and Receipt for Deposit 126
Another Great Option Story 127
Selling an Option 130
Other Option Techniques 132
vi
Contents
CHAPTER 8 Creative Financing Techniques 139
The Wraparound Mortgage 146
The Subject-To Deal 148
The Contract for Deed 150
Other Creative Strategies 151
CHAPTER 9 Turning the Corner and Heading Down
the Home Stretch to the Abandoned
Properties Winner’s Circle 153
Determining the Value of a Property 156
Making an Offer 162
A Standard Real Estate Purchase Contract 164
The Purchase Contract Explained 172
CHAPTER 10 Rehabbing Abandoned Properties: Creating
Curb Appeal and Homes in Demand for
Maximum Profit 177
Preparation and Inspection 180
Renovating for Rental 189
Renovating for Resale 193
A Shopping Trip 197
CHAPTER 11 An Abandoned Property Deal from A to Z 199
Schedule Reggie Brooks to Speak at Your Event 213
Special Bonus: How to Create Massive Wealth
in Real Estate 215
Here’s How to Get Your Free Wealth-Building Bonus ... 217
Who Is Reggie Brooks? 219
Index 221
vii