Part 4 of Tim’s Pre-Foreclosure SeriesReading Time: 2 minutes
Happy New Year!! I hope you had a happy start to 2009 last week. This is the beginning of a prosperous new year!
I started a series about what to expect in the pre-foreclosure process a few weeks ago — if you missed anything I discussed, you can scroll down to read my old posts. Last week, I discussed the disadvantages of investing in the pre-foreclosure real estate market. Here is Part 4 of my Pre-Foreclosure Series:
So What Does It Take to Become a Successful Player in the Pre-Foreclosure Market?
You don’t have to be a financial genius to operate successfully in the market, but there are definitely certain prerequisites you must have. Most fundamentally, you need a complete and detailed knowledge of not only the market, but also the local, state, and national laws regarding foreclosures. You’ll need to study real estate rules and regulations in detail so you can operate effectively and not inadvertently break one or more of those laws.
This means you’ll need to do your research and do it well. If you’re a person of action and don’t enjoy reading all that much, think of it this way: You wouldn’t go hunting with an empty gun. You’d just be setting yourself up for failure and wouldn’t bag any game at all! So, consider research your ammunition. Once you have a full load, you’ll be able to hunt down and bag the best and most profitable bargains possible.
No doubt you’ve heard the famous saying that there are only three things important in real estate — location, location, location. Well, in the pre-foreclosure market, there are three other things that are very important — persistence, persistence, persistence! Absolutely nothing beats persistence. You have to be willing to dig and dig (in terms of research) and to deal effectively with owners and your competitors. Remember, the race doesn’t always go to the smartest person around; it goes to the person who never, ever gives up.
Pre-foreclosure investing is one of those investing strategies that does not require any money or credit. Sellers will often deed you their house for free, without any money from your pocket.
Again, if you missed any of the benefits or disadvantages of the pre-foreclosure market that I discussed in Parts 1, 2 or 3 of my Pre-Foreclosure Series, you can read about them below.
Ever wonder exactly why foreclosures occur? I’ll cover that next week, so stay tuned!
To Fun, Fortune, and Freedom!