Building My Real Estate Empire

Question from Sara… I’ve always been curious about fixing up investment properties, could you maybe tell me where I can find more info on getting started and how to come up with the capital to get a house and fix it?…

Answer… The best place to start your Real Estate Investing education is to “Partner Up” with someone who has been doing it for a while. There are many ways to make mistakes in Real Estate Investing, and those mistakes can be very costly… and painful! There are also many good books on the subject. Any large library or book store will have a good selection. As far as the money goes… you can team up with a “Money Partner”. Also, many mortgage lenders offer various types of rehab loans for Investors.

Best of Luck… Eric Foster

Question from Jay… Hi. What’s the best way to do a short sale before it goes into foreclosure to try to make a profit? My girl friend filed for bankruptcy, and now the case is closed. The lawyer said we can do what ever we want with it. Well I have several people interested in the property. So I’m thinking since the house still in my girl friends name… what’s the best way of doing this and pocket some $$$… The only problem I can’t get by is the mortgage company that has the biggest loan wants her bank statements and last years income tax information etc. Oh the good news, I have a buyer that has cash!!! Please help, Jay

Answer… Jay Thanks for the question! There is a lot going on here, so I will give you just a quick answer. There is quite a bit to it. Since she filed bankruptcy she no longer has any obligation to repay the debt. And the attorney is correct. It is still her house until the foreclosure happens, so she can sell it. The problem you may run into is that the bank will want whatever money that they are owed, or as much of it as they can get. Since it is a short sale, and she filed for bankruptcy, they will generally not let her get any of the proceeds from the sale. The reason they are asking her for bank statements and tax returns, is to prove that she has no ability to repay the loan and that the lenders best option is to approve the short sale and take what money they can get.

Eric Foster
www.EmpireHoldingsInc.com
www.BuildingMyRealEstateEmpire.com

Question from Jeff… Hey, love the site!  I am a college student (junior) who wants to become a full time real estate investor after graduation.  Do you suggest I get an internship with a real estate firm for the summer or try and work with actual real estate investors.  Also any other ideas on how to start my investing career after graduation would be very appreciated.  Thanks!!

Answer… Hey Jeff, Thanks for the question! Just like with most things, I would get all the education you can get. The information you will learn from a real estate agent will be quite a bit different from what you will learn from an investor. Why not try both? As far as how to start investing, get the education and learn as much as you can. Then, take small steps until you feel comfortable. And remember, it is better to pass on a deal than it is to do a deal that you later regret. Good Luck!

Eric Foster
www.EmpireHoldingsInc.com
www.BuildingMyRealEstateEmpire.com