Posted by Ruth (FL) on April 24, 2000 at 17:41:39:
Thank you Mr. Fernandez for your advice. I will take your advice and purchase that course.
Yes, I’ve gained a good deal of knowledge on flipping properties and some on lease purchases. I think I’ll focus my energies on those two niches for now.
Thanks again!
Ruth
Forclosureworld.net - Posted by JoeNJ
Posted by JoeNJ on April 22, 2000 at 01:50:21:
Hi, Everyone,
Anyone used the www.forclosureworld.net service?
Just wondering!
Thanks,
Joe
Re: Forclosureworld.net - Posted by phil fernandez
Posted by phil fernandez on April 22, 2000 at 12:19:40:
This subject comes up about every other week. Everybody is looking for an easy list to get sent to their house so they can make a bundle in the foreclosure market.
Go down to your local courthouse where the foreclosures are filed. Ask the clerk for a list of current foreclosures. Get the file from the list for each foreclosure.
In other words go down to the courthouse and get your hands dirty. To me its the only way to run your foreclosure business.
Re: Forclosureworld.net - Posted by Maria
Posted by Maria on April 22, 2000 at 11:54:03:
I found forclosure property listings at my local courthouse. Try asking in the assessment office where you can get this info. Here they give you a list…looks like a bunch of numbers but they are actually case numbers you get on the courthouse computers and bring up the cases…they even tell you what the amount owed on the loan is and some even include the day the owner was served…hope this helps.
Re: Forclosureworld.net - Posted by Rik NJ
Posted by Rik NJ on April 22, 2000 at 07:06:17:
I don’t trust their data. I may have some info that can help you in NJ. What are your plans?
Re: Forclosureworld.net - Posted by chris
Posted by chris on April 22, 2000 at 02:41:43:
Joe-
Avoid these guys. Please check the archives at the top of the page and keep in mind they operate under several names.
-Chris
Re: Forclosureworld.net - Posted by Phillip
Posted by Phillip on April 23, 2000 at 08:52:35:
If I recember correctly there is a quote from you on Joe Kaiser’s site regarding foreclosures based on your experiences after buying his forecloure course. How helpful has this course been for you? Is it necessary to have significant sums of money in order to use the course successfully? I am interested in buying the course but need to know if it requires large sums becaue itis something I do not have at this time.
Re: Forclosureworld.net - Posted by JohnB_NJ
Posted by JohnB_NJ on April 23, 2000 at 20:57:28:
Rik,
What part of NJ are you from…
Re: Forclosureworld.net - Posted by phil fernandez
Posted by phil fernandez on April 23, 2000 at 11:25:06:
Joe Kaiser has a great course on buying foreclosures called Totally Dominate Your Foreclosure Marketplace. It is not a beginners course and some of the techniques you do need to have some money, such as paying off back payments. Other techniques you wouldn’t necesarily need money.
To illustrate this, I did a deal last year where a house was in foreclosure. The FMV was $65,000 and there was only about $14,000 owed. With back payments, interest and unpaid property taxes the sum owed to bring it out of foreclosure was about $18,000. There was also a small 2nd of about $7,500 that was a community fixup type loan that did not have to be paid off as long as the woman lived in the house. 0% interest. I let her rent the house back from me. So I tapped into my equity line of credit and paid the bank the $18,000 to stop the foreclosure and officially assumed the $7,500 2nd. So in this case I did have to have access to $18,000.
The deal I’m working on now is another house in foreclosure. It’s been appraised at $68,000, the balance of the loan is $43,000 and with interest and back payments and taxes about $50,000 is owed to the bank. The bank is willing to forgo the $7,000 and I am working a deal out now with this bank to officially assume the $43,000 obligation and they will stop the foreclosure. In this case I did not have to come up with any money.
So Joe’s course that cost me about $129 to buy produced two foreclosure deals that netted me about $65,000 in equity.
Re: Forclosureworld.net - Posted by Ruth (FL)
Posted by Ruth (FL) on April 23, 2000 at 17:55:34:
Hi Mr. Fernandez,
I am also interested in working with foreclosures and learning all I can on this niche. I will be purchasing Joe Kaiser’s course but since it is not for beginners I’d like to know if there is a course or book that you would recommend for a beginner who wishes to learn this aspect of the CRE business.I have purchased a few courses over the past 10 months from this site on the basics of CRE ( flipping,retailing,and lease options) and have made a number of offers but no deals yet. Any suggestions would be greatly appreciated. Thanks!
Re: Forclosureworld.net - Posted by phil fernandez
Posted by phil fernandez on April 23, 2000 at 19:25:36:
Ruth,
I can’t think of another foreclosure course. Others here may be able to direct you to some other material.
In general the foreclosure marketplace is one area of investing that is difficult for a beginner. Alot of things can come up as you are often dealing with lawyers, banks, the federal gov. ( IRS liens etc.), owners declaring bankruptcy to mess up your deal among other obstacles.
I’m not trying to discourage you from buying Joes course. In fact for the money it is packed with information. Go ahead and buy it. I just wouldn’t rush out atry to do one of these deals without a real solid idea of what’s going on.
It sounds like you might actually have some real estate knowledge through the courses that you have already bought.