Finding Your Fortune with Vacant, Distressed Properties
Posted on May 9, 2017 by
When I began my career as a real estate investor in 1985, I stumbled across a tremendous opportunity that most people still don’t know about to this day. Yet it has given my family and me a lifestyle we never dared dream we’d have.
I’m talking about investing in vacant, distressed, abandoned properties – a highly lucrative, yet little-known, segment of the market.
Vacant/Abandoned properties are just that – vacant. No one lives or works there anymore. Weeds may be collecting and taxes may be accruing, but in many cases the owner has already divorced himself emotionally from the property. And that means you could get an excellent under-market deal.
Where do you find these properties? Just look around. You probably pass right by them on a daily basis – and you could be passing up hundreds of thousands of dollars in profits! These properties have been vacant/abandoned for any number of reasons. Perhaps because of a divorce, an illness, a death in the family, or a job relocation.
A case in point…
A $58,000 Profit Right Across the Street
I remember a young lady who attended one of my training classes. In this class, we covered many unconventional profit opportunities – including vacant, distressed, abandoned properties. When she got home from class, she put her key in the lock … but instead of going inside, for no apparent reason, she stopped and turned around. Across the street was an abandoned house.
She had seen that house every time she walked out her front door, and had never paid any attention to it. The windows were broken, the grass was high, and the yard was cluttered with trash.
But now, because of what she’d learned in my class, she knew what to do. Over the next three months, she purchased the property, fixed it up, marketed it, and made a profit of $58,000!
Why Vacant, Abandoned Properties?
When you work with vacant/abandoned properties, you can use the best financing in the world – seller financing. There are several reasons why we prefer this to conventional financing.
Rarely will a seller ask to see your credit report. If you have credit problems, it usually will not become an issue. (By the way, the young lady I just told you about had no credit, no money, and no job when she made that first vacant/abandoned property deal.) Many times, the seller will be open to creative strategies that will help him get rid of his problem property. After all, what does he have to lose? The property isn’t generating any rental income. It’s just sitting there costing him money.
The seller probably has a mortgage on the property that he has to pay every month. More than likely, he’d like to rent it out or sell it, but he doesn’t have the time (or the money) to get it in good shape. In the meantime, another month goes by, and he has to make yet another mortgage payment. He also has to keep ponying up money for taxes and insurance. Not only that, but
because the property is vacant and subject to vandalism, he has to keep shelling out cash to keep it from completely disintegrating.
Needless to say, since it’s such an eyesore, everyone in the neighborhood has probably been complaining about it. In fact, the Department of Building and Safety might already have gotten involved.
This can all add up to a huge, money-sucking headache for the seller. As you can imagine, he is almost certainly very motivated to get rid of it!
Come And Learn This Unique Money-Making Strategy
For many decades, vacant, distressed, abandoned properties strategy has been one of the easiest, safest and fastest strategies to real estate wealth. Two of my students (husband and wife) have just sold one of their flips. The profits on this deal will increase their cash reserves to over One Million Dollars! It took them some years, but they did it!
I’m blessed to be able to teach this unique strategy that’s creating financial independence and millionaires all over the country!
I also teach how you can get 100% financing for your deals, you won’t even have to pay any closing costs! Absolutely No Money Out Of Your Pocket!
To Your Success,
Reggie Brooks
