Concept 10 - Know When to Be A 'Walkaway' Yourself!
The 10 Essential Concepts Behind DeedGrabbing:
Now for something completely different to wrap up the "10 Concepts" series - a downer perhaps? Will you ever be a "walkaway owner" yourself? In some cases, the answer should be yes.
We have a pretty good idea of what we're doing now - when we get some letters out, and some calls going out to owners, we're well on our way to doing deals. It will only be a matter of time until we get a hold of our first walkaway owner who will deed us their property for a token amount, like $100.
If you operate like I do, you'll use the instructions in my DeedGrabber ebook to see if there's a good chance that the property has some equity, and can be resold immediately for a nice profit. Then, you'll see if you can flush out any title problems on your own before acting.
You may choose not to even spend money on a title report.
A title report may cost more than you're about to pay for the property, and you're not even sure the owner will follow through and deed you the property until you know the paperwork is back in the mail to you.
When we get deeds to property sight-unseen, with no title report, we are indeed risking our $100 or whatever. But the most important thing in a situation like this is to get the deed handled so we're secured in our position if there's a profit to be made.
You notice I said "if". Though we did our best to keep from making a bonehead deal, we may have miscalculated and purchased "a pig in a poke". We can afford to lose plenty of hundred dollar bills on deals that don't work out, when we can turn around and resell some of the properties for a $10k+ profit.
So what about those properties that turn out to be dogs?
We MUST follow DeedGrabber Essential Concept #10:
"You must be willing to be a walkaway owner yourself".
It's exciting to get your first deed, or any deed for that matter. As long as you haven't tied up any real money in it, you don't stand to lose much, and potentially stand to gain a lot.
But don't throw good money after bad. If you can't resell the property for even a small profit, and a tax deadline is coming up, resist the temptation to bail the property out. Resist the temptation to start working on the property to make it more appealing. If you can't resell, take your lumps and let it go yourself.
In some states, you could even be due an overage check if the property sells for more at the tax sale than was owed in taxes. And you can pick this check up shortly after the sale.
The real damage happens when you try to keep hope alive by bailing out a property from tax sale that didn't sell for a profit beforehand. Or getting in there and fixing it up.
How about all those other owners who lost their property and might be due an overage check? Like I said in an eariler concept, there are second chances in the DeedGrabbing game. And soon I'll show you how to get more huge checks coming in by helping these owners collect their overages, without even dealing with any property at all!
|"Foreclosure Happens" - Even to DeedGrabbers! But with only a token amount at risk on our end (for a properly set-up DeedGrabber deal), it's part of the game.|
It's also the title of the 40th and final chapter of "Gonzo Investing" by Joe Kaiser. In my opinion, Gonzo is the "Bible" of smart real estate investing. While putting together this 10 Concepts series, I reviewed it for the first time in a number of years.
I was amazed how the information in almost every chapter is now ingrained in my investing - learned from either from my own 'hard knocks' or from the course itself.
Don't miss out on picking it up - I can't offer it again. Get a decade's worth of wisdom for less than $100 here.
Everything You Need to Know to Profit From
Tax Property Before the Sale -
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Ebook Digital Download: "Go Ahead, Be a DeedGrabber" in digital format for immediate download. Takes you step-by-step through the process of DeedGrabbing, from getting your list of owners, to contacting the owners, what to say to them, and how to research the property for value and title issues before you buy. Then, how to sell the properties you get for big paydays.
DeedGrabber Study Course: Immediate download of the ebook PLUS the ebook in written format shipped to you free by UPS. Additional materials include Legal Forms CD which itself can save you thousands of dollars developing your paperwork. Also includes seminar DVD, Quick Start CD, and Introduction to DeedGrabbing CD with Jackie Lange of CREWealth.com.