New member from Maryland

[Elizabeth Turin]

I want to get knowledge in Real Estate before investing my money:

what courses or seminars you recommend and also books. I want to buy foreclosures and also buy rental properties.

Thank you and happy New Year 2016!

[Account Closed]

Welcome, 

Good question, "What courses or seminars you recommend and also books. I want to buy foreclosures and also buy rental properties?"

I attended a school many years ago, in fact I am still enrolled as a student, you may be interested as well, my wife and I called the school....... Street-Wise U.   

It wasn't expensive, but the requirements and homework was mandatory (but at your own pace), the grades were measured in cash flow and equity, the more education you got the greater cash flow and equity you made. 

I discovered competition for those high grades in this school........were few.  The drop-out rate was high.

Here are some of the assignments and ideas that have made many students successful from their studies and work at  Street-Wise U.

• Select a neighborhood, look at fifty houses with agents and FSBO's, keep a journal of them, note the cost per SF (divide SF by the asking price = cost per SF price), keep a copy of the listing, notes on what agents and sellers say (the negative and positive comments) about the property. Do Not make offers on any of them until you are well into your training at SWU. Be cognizant of values.

• Preview, if you can, all houses that are scheduled for trustee sale or drive to the house take pictures and preview the neighborhood.
• Attend 50 Foreclosures Auctions at the court house, add information to your journal, observe bidders (when they bid, how often, where do they stand, to they talk to the trustee or auctioneer) always listen and take notes, retain a copy of the auction and the foreclosure notice, estimate the final hammer price to see how close you were to guessing it.
• Meet others at the F/C auction, collect cards. Ask questions, make friends, get referrals.
• Go to the court house to search the foreclosures records of properties going to auction (this is public information) read the file and the title search and lien report. Determine if there are other liens on the property and who else is in the chain of title.
• Make a note of the Trustee's information, call Trustee to get additional information about the sale;  is the property being sold subject to any liens or judgments, what is the condition, what will the lender accept, how can you look at the inside of the property, is it vacant, if high bidder will I have to evict the owner or tenant, is it or has it been listed with an agent, if so what's their contact information, will the lender consider financing you if you  are the successful bidder, will you accept an offer before the sale date?  What is the deposit, how soon will I need to settle?
• Call all auction companies in the area, get on their mailing list. Talk to auctioneers and their associates, ask them to notify you of recently booked properties (before they are advertised).
• Be ready with your money that will be needed at the auction, check your finances, Apply for a credit line.

As for books to read, I would suggest you subscribe to all of the legal and business publications in the area where auctions are advertised, read the auctioneers web sites for up coming sales, read files at the court houses, down load the legal requirements that lenders are required to follow. Study foreclosures laws in your state.

The above is the first semester aw SWU.

The up-coming in field classes at SWU will be;

• Tax sale certificates and tax sale pouching
• Power prospecting
• Contract Engineering
• Negotiating with with sellers, buyers, trustees and lenders
• Hybrid Offers and Joint Ventures
• Public auctions and creative financing

You can go broke taking seminars. Your best teacher, coach or mentor is YOU......You getting involved, You listening, observing, making offers, networking, hanging around folks you respect and are doing what you want to do, reading and exposure to  experience.

Knowledge doesn't have to be expensive........Wisdom is priceless.

Get STREET WISE and continue here on BP.

Charles