The Foreclosures.com Guide to Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul

267 Pages·2007·5.5 MB·English

by  Alexis McGee

The
The
foreclosureS.com
Guide to Making
Huge Profits
Investing in
Pre-foreclosures
without Selling Your Soul
Alexis McGee
John Wiley & Sons, Inc.

The
The
foreclosureS.com
Guide to Making
Huge Profits
Investing in
Pre-foreclosures
without Selling Your Soul

The
The
foreclosureS.com
Guide to Making
Huge Profits
Investing in
Pre-foreclosures
without Selling Your Soul
Alexis McGee
John Wiley & Sons, Inc.
This book is printed on acid-free paper. ∞
Copyright © 2007 by Alexis McGee. 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:
McGee, Alexis, 1960–
The Foreclosures.com guide to making huge profits investing in
pre-foreclosures without selling your soul / Alexis McGee ; with Susan J.
Marks.
p. cm.
Includes bibliographical references and index.
ISBN 978-0-470-17105-9 (pbk. : alk. paper)
1. Real estate investment—United States. 2. Foreclosure—United States.
I. Marks, Susan J. II. Title.
HD255.M3725 2007
332.63'24—dc22 2007028128
Printed in the United States of America.
10 9 8 7 6 5 4 3 2 1
To my husband and partner,
Tim,
who knew I had a book in me before I did.
And to my kids, Cooke and Kali, who think it’s cool.

C O N T E N T S
ACKNOWLEDGMENTS ix
INTRODUCTION xi
PART 1 A Different Approach
CHAPTER 1 Pre-Foreclosure Investing: What It Is and Why It
Works 3
CHAPTER 2 You Can Do It! 15
PART 1I Getting Started
CHAPTER 3 The Basics 33
CHAPTER 4 All Foreclosures Are Not Created Equal 53
CHAPTER 5 What about Money? 73
CHAPTER 6 Finding Potential Deals 89
CHAPTER 7 Who Are These Homeowners? 109
CHAPTER 8 The Art of Communication 121
CHAPTER 9 Recognizing Fraud and the Scams 139
CHAPTER 10 Tips, Timing, and Math 149
vii
viii CONTENTS
CHAPTER 11 The Other Options: Short Sales, Foreclosure
Auctions, REOs, and REO Auctions 169
CHAPTER 12 After the Deal Is Sealed 183
CHAPTER 13 What’s Next: The Right Way to Flip a Property 199
EPILOGUE 213
ABOUT FORECLOSURES.COM 215
GLOSSARY 217
RESOURCES 235
INDEX 241
FORECLOSURES.COM 247
FREE TELECONFERENCE! 248