Think and Grow Rich
Think and Grow Rich
The Science of Getting Rich
The Science of Getting Rich

Building Your Personal Credibility Kit – Part 3

I also like to use my personal Credibility Kit to find more private lenders for my Real Estate Investing Business. You already have all the information about yourself and your company and deals you have done in one place to show your potential lenders.

Looking through your Credibility Kit leaves no doubt in a lender’s mind that they will be making a good investment in you and your properties. Plus, you have references available if they would like to see them and follow up with any of them. I also give my potential lenders an abridged copy of my Credibility Kit in case they know of someone else interested in loaning me money for my deals. This is a great way to build this part of your real estate investing business! 

Your personal Credibility Kit is going to be one of the most important tools you’ll ever add to your real estate investing business. Nothing speaks more loudly or more clearly about you or your integrity than letters from sellers you’ve already done deals with, personal reference letters, letters from lenders, letters from buyers, before and after photos of properties you have rehabbed, copies of closing statements and copies of ads you have run. The professionalism that a Credibility Kit presents to your sellers, buyers and potential private lenders is a real asset to your real estate investing business. Another great reason to use a Credibility Kit is that it gives your seller something to look at while you are looking at their property to determine the amount of repairs needed.

My personal Credibility Kit has given me the edge when buying property on many occasions simply because none of my competition had this amazing tool and the sellers choose to work with me because I look a lot more professional and my Credibility Kit prepared me to answer any questions they had. Get the competitive edge on your fellow real estate investors and start buying more deals by building your Credibility Kit today! You’ll never regret taking time to build this amazing tool for your business.

Check out my web site at www.marketingmagiclady.com for more information on Credibility Kits. Even if you are just starting out in the real estate investing business, I have taken the time to explain to you exactly how to build your kit and I even provide a template with everything you need to build yours AND your Presentation Book. You have no idea of the power a Credibility Kit can give you until you put one together and start using it in your Real Estate Investing business.

For more information on locating even more sellers, buyers and lenders for your real estate properties and all kinds of marketing materials, visit my website.

Kathy KennebrookKathy Kennebrook is a speaker, author and has been actively investing in real estate since 1999, Kathy currently resides in Bradenton, FL and is known as the “Marketing Magic Lady” because she is the country’s leading real estate marketing expert on finding motivated sellers using direct mail.

Contact Kathy Kennebrook

Kathy Kennebrook’s Other Articles >>

Buying at the Foreclosure Auction

From 2013 through 2016, Kim and I have rarely been the high bidders on a property at the foreclosure auction.  Why the dry spell?  Because the cheese has moved!  For example, from 2007 through 2009, the best deals were found buying short sales.  From 2010 through 2012, the best deals were found buying at the foreclosure auction.  From 2013 through 2016, the best deals have been found by buying pre-foreclosures.  Remember, the cheese is always moving.  To be successful, you can’t keep going back to where the cheese was – you must go to where it is today!

Here are the basic steps Kim and I follow when bidding at the foreclosure auction.  (NOTE: Be aware that each state’s foreclosure laws are different.)  First, in Georgia, before a property can be auctioned for foreclosure, it must be advertised in the county’s paper of record for four consecutive weeks before the auction.  Call your county’s Clerk of Court’s office and they will tell you in which paper and on which day(s) the “legals” (including foreclosure notices) run. 

On the day the foreclose notices first run for next month’s auction, we buy that paper and transfer the foreclosure info in the paper – which is difficult to read – onto our Foreclosure Sheet – which make it much easier to read

Second, using a county map, we mark the location of each property that’s advertised for foreclosure.

Third, we drive to each of the pre-foreclosure properties.  Once there, I knock on the homeowner’s door.  This isn’t easy.  It’s not like knocking on a seller’s door.  A seller is eager to talk to any potential buyer.  With someone facing foreclosure, the house is being taken from him.  This is a horse of a different color!

My approach is simple and straightforward. I ask if I can answer any questions about what happens next.  The thing is, few know what happens to a homeowner after the foreclosure auction. Learning allows the homeowners we talk with to relax and make appropriate plans.

There’re two big advantages to knocking on the homeowner’s door before the auction.  We’re able to better understand the seller’s situation and perhaps buy the property pre-foreclosure, and often we’re able to see the condition of the home’s interior and better estimate rehab and holding cost.

Fourth, with the properties we like, we do our due diligence.  By this I mean we make sure which mortgage we’re bidding on, whether the property has a clear title and whether the property has tax liens. 

Fifth, we determine our top offer price.  This is the most we can afford to pay and still make our minimum acceptable profit after all holding cost and expenses have been paid.

Sixth, on the morning of the auction, we run by the bank and pick up our purchase money in the form of certified funds.  Remember: When you buy at the foreclosure auction, you must have all of the purchase money with you – there’s no 10% down or proof of funds letter.  It’s a cash-on-the-barrelhead transaction!

Seventh, when the bidding starts on one of our target properties, we bid up to our number and not a dime more.  Never let yourself get caught up in a bidding war to prove your manhood.  You’ll lose!

Eighth, if we’re high bidder, we’ll meet with the crier, hand over our money and tell the crier how we wish to take title.  Our first call is to our insurance agent to get the property insured.

If we lose the bid, which is often the case, we say a few choice words and get ready for the next auction.

These are the basics of buying at the foreclosure auction.  Before jumping into foreclosures, make sure you first get some solid, detailed, real-world instruction.  A simple mistake can cost you tens of thousands of dollars!

Bill & Kim CookBill & Kim Cook are a husband and wife real estate investing team. They live in Adairsville, Georgia and have been investing in real estate since 1995. They specialize in buying single-family homes, mobile homes and mobile home parks. They also run North Georgia REIA and teach folks how to successfully invest in real estate.

Contact Bill & Kim Cook

Bill Cook’s Other Articles >>
Kim Cook’s Other Articles >>

 Page 5 of 743  « First  ... « 3  4  5  6  7 » ...  Last »