Real Estate Investing: Foreclosures, Flipping Houses Profits

Jay Conner, The Money Authority, is a successful real estate investor with over 15 years experience. In this course he shares the foundation of profitable real estate investing.

Jay shares his top reasons for investing real estate.

What is the mindset for success in real estate investing? How you overcome Fear.The importance of having a great mentor. Recommended reading: As a Man Thinketh.

Why are you working 24 hours a day when you could be living the lifestyle you desire? Without a team, you will just be creating another J.O.B. and doing tasks you will dislike immensely.

Should you use your own money to fund your real estate investments?

Why your local bank is a poor choice for financing your investments.

Hard money lenders only advance you 75 -80% of your purchase price, not including renos. Interest rates are far higher.

Jay talks about a very specific strategy for seller financing.

Buying a house using this method can be one of the most profitable ways to invest in property.

Private money is Jay's favourite way to fund real estate investments.

There are so many opportunities that you can easily be overwhelmed by them all. It is very important to focus in on one area.

There are four opportunities to buy a single family dwelling that is going through the foreclosure process.

Probates offer excellent real estate opportunities. Reaching out to people who have property in Probate. Jay shares an easy way to uncover probate leads. Jay shares his lead generation process.

Jay shares how real estate wholesaling works. This is a great way to get into real estate investing without a lot of money.

FSBO- For Sale By Owner.
A lot of owners who Jay works with have not even thought of selling their property until they see Jay's marketing. The majority of real estate investors comes from FSBO's.

This is one way to exit your deal. A Rent To Own or Lease Purchase programs allow people with poor credit, or not enough money for a down payment,  to get a mortgage. This is one of the most profitable way to exit a deal.

"Fixing and Flipping" is Jay's main real estate investing strategy.

1) What is Rehab?
People buy what they see and how it makes them feel. Everything looks and smells brand new. Jay has a contractor go in and redo the house. Countertops are always changed into granite. Landscaping the yard  is important.

2) Why Rehab?
Biggest profit potential. It takes a bit longer.

3) Success Tips
A) Aim for first time homebuyer only. The is the biggest pool of buyers.
B) No major Rehabs. No moving walls or foundations. Cosmetic changes only ; Paint, carpet, roof, etc.
C) Work with good contractors. Check the local Builder Assoc. monthly meetings to find them.

MLS: Multiple Listing Service

Establish a relationship with a local Realtor. The Realtor sends emails daily for bank owned properties, estate sales and short sales. You look for price reductions. And you want to know about them as soon as they are listed.

Ant Farms is people whom you hire that drive around your target neighbourhood looking for FSBO signs in front of houses and also looking for vacant properties.

Bandit Signs are signs for drivers to read as they drive around town. The sign is easily read. They are for finding motivated sellers or buyers for the rent-to-own market. Jay shares how he uses these signs effectively.

Landlords burn out and get tired and want to get out of renting their houses and apartments.

Jay Conner talks with Greg Ulmar about a recent real estate investment.

Foreclosure Case Study with Jay Conner and John Merriweather

Today, Jay Conner talks about his latest real estate deal ($70+K Profit) on Quailwood Court in North Carolina.

Discover how he found the house along with seven important lessons he observed as he went thru the process of acquiring and closing this deal.

Lesson One: Get your realtor is send you automatically all the new bank owned properties and any houses with price reductions.

Lesson Two: Have your realtor watch the "Hot Sheet". They receive any price reductions on MLS. This is a back up to lesson one.

Lesson Three: Time is of the essence. If you snooze, you lose. Once you determined that the property meets your requirements, you get out to look at the house and estimate repairs. Hot deals will get multiple offers fast.

Lesson Four: Accurately estimate repairs, so there are no surprises. Able to make an offer on the spot

Lesson Five: You must have your funding lined up before you make the offer. Jay offered to close all cash within 7 days of acceptance.

Lesson Six: Second chances ARV - $290K Repairs: $20K

• Offered: $190K

• Owners asked for highest and best offer

• Offered $195K

• Another offer was accepted.

• Realtor continued to monitor the house.

• A week later the house came back on the market.

• Offered $190K again. No Contingencies. Accepted in 2 hours.

Profits: Over $70K

Real Estate Cashflow Conference

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