Make Money in Abandoned Properties: How to Identify and Buy Vacant Properties and Make a Huge Profit

284 Pages·2006·1.58 MB·English

by  Chantal Howell Carey

MAKE MONEY
IN
ABANDONED
PROPERTIES

MAKE MONEY
IN
ABANDONED
PROPERTIES
How to Identify and Buy
Vacant Properties and Make
a Huge Profit
CHANTAL HOWELL CAREY
BILL CAREY
John Wiley & Sons, Inc.
Copyright © 2006 by Chantal Howell Carey and Bill Carey. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
Howell Carey, Chantal.
Make money in abandoned properties: how to identify and buy vacant properties and make
a huge profi t / Chantal Howell Carey, Bill Carey.
p. cm.
Includes index.
ISBN-13: 978-0-471-78673-3 (cloth)
ISBN-10: 0-471-78673-X (cloth)
1. Real estate investment—United States. 2. Abandonment of property—United States. 3. Real
property—Purchasing—United States. I. Carey, Bill, 1951– II. Title.
HD255.H657 2006
332.6324—dc22 2006009976
Printed in the United States of America.
10 9 8 7 6 5 4 3 2 1
With love to all our family, friends, and dedicated students!
May you always have more blessings than you need!

C
O N T E N T S
Preface xi
Introduction xvii
1 . What Is Abandoned Property? 1
An abandoned property is a property from which its
owners have walked away.
2 . Why Do Property Owners Walk Away? 13
Property owners walk away from their property for
three main reasons.
3 . Motivated Abandoned-Property Owners 28
A motivated owner is the key to making money in
abandoned property.
4 . How to Find Abandoned Property 38
There are 10 clues to look for to fi nd abandoned
property.
5 . How to Locate Owners Who Have Abandoned Their
Property 51
There are fi ve ways to locate owners who have
abandoned their property.
6. How to Write a Foolproof Abandoned-Property
Offer 66
There are fi ve requirements to include in a foolproof
abandoned-property offer.
vii
viii Contents
7 . Presenting Your Abandoned-Property Offer 76
Present your abandoned-property offer to have it
accepted by the owners.
8 . Counteroffers 83
A counteroffer creates an opportunity to make an
abandoned-property deal.
9 . Negotiating with the Abandoned-Property Owner in
Foreclosure 93
Negotiate a win-win transaction.
10. Buy the Abandoned Property First, Then Get a
Buyer 105
Get the contract signed, then get the fi nancing.
11. Four Ways to Obtain Financing to Rehab or Hold
Abandoned Property 116
There are four ways to obtain fi nancing to hold or rehab
abandoned property.
12. Creative Financing of Abandoned Property 125
Creative fi nancing can close your abandoned-
property deal.
13. Abandoned-Property Investment Strategies 137
There are two abandoned-property investment
strategies.
14. Assigning Your Abandoned-Property Deals 147
Assign your abandoned-property deals to make
quick cash.
15. Rehab Abandoned Property to Create
Instant Equity 161
The key is where you spend your rehab dollars.
Contents ix
16. How to Option Abandoned Property 173
Use an option to tie up abandoned property.
17. How to Find Motivated Partners 190
Show me the money, and I’ll show you the deal.
18. Bankruptcy and Other Problems 210
Be aware of the abandoned-property owners fi ling
bankruptcy.
19. Closing Your Abandoned-Property Deal 221
Use an escrow to close your abandoned-property deal.
Conclusion 233
Appendix A: Deeds Chart 235
Appendix B: Loans Chart 237
Glossary 239
Index 261