This a great article by by coach Daryl White explaining how to make your phone calls.

Making Your Calls Count
By Coach Daryl White – February 2009

Has this ever happened to you? You spend hours, maybe even days researching your leads to find phone numbers for neighbors, relatives and owners and then spend even more time going over in your head every possible call scenario so that you’re ready for them?

When the time comes to actually call owners you pick up the phone, palms sweating, stomach doing flip-flops and then, Oh My God, someone answers the phone (didn’t expect that to happen).

You make your “Alexis introduction” and the owner says “I’ve got it all taken care of”. You say “Great, I’m glad to hear that, I’ll call you back in a few weeks to see how things are going”. You hang up and about two seconds later you realize that you have absolutely no clue what’s going with that owner.

Talk about a wasted call.

Well this happened to me many times when I first started in this business. I would get so nervous when someone answered the phone that as soon as they said something that sounded like they truly did “take care of it”, I would quickly end the call.

Next I would see the same lead pop up on the ‘Auction List’ a few weeks later and wonder what happened? So I’d call the owner back but would never get an answer. So what did happen? What happened was that I failed to make my first call count. I did not find out everything I could while I had them on the phone.

When you get an owner on the phone your goal is to make the call count for both you and for them.

For you, you need to find out if it’s a lead you will continue to pursue or refer to another resource so you’re not wasting your time on non-deals. For them, you need to know if they are on the right path and if not, help them get them there so they can achieve a more positive outcome.

I accomplish this by asking the following four “qualifying questions”:

1. What happened?
2. What would you like to see happen?
3. What are you doing to make that happen?
4. What will you do if that doesn’t work out?

I call them “qualifying questions” because the answers to those questions will help you to quickly determine if it’s a possible deal for you or what other option(s) they should be pursuing.

There are eight basic options for an owner in default:
1. Forbearance
2. Loan Modification
3. Mortgage Refinancing
4. New Mortgage or Line Of Credit
5. Sale of the Home
6. Deed-In-Lieu of Foreclosure
7. Bankruptcy
8. Do Nothing and Lose the House to Foreclosure

However; an owner who has no income really only has one option – the sale of their home. Even in the case of bankruptcy, the court is unlikely to approve a payment plan if they have no income.

That is why it is important that you know how they got in default before you start discussing their options with them or recommending a solution. As Alexis would say that would be like prescribing medication to a patient before you know their illness.

The 2009 job unemployment predictions are in the millions so it’s very likely that the majority of owners in default you talk to this year will be unemployed. Many of them will either be stuck, not knowing what to do, or doing the wrong thing because no one is telling them the hard truth about their options.

That is where you come in. You are the “White Knight” who’s going to ask the tough questions, listen to what they say, and give them honest feedback and recommendations that will help get them unstuck and moving in the right direction. Just like Alexis taught me in Lab.

By following the steps above, every call you make will count and you won’t just be counting calls if you know what I mean. So get busy, get on the phone and get those deals coming in. Happy investing!

Daryl White
Lab Graduate & Investor
Coach & Lab Instructor

If you would like to learn more about investing in foreclosure click on the link below.Kick Start Your Foreclosure Investing

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Becoming a Real Estate Rehabber by Alexis McGee

I’ve been talking a lot lately about the “Investors Flip Feast” going on right now. With an Investor’s Flip Feast you contract a great deal with a homeowner and then assign your contract to another investor for a quick finder’s fee. It’s a great way to get started in foreclosure investing without needing any of your own cash or credit.

Once you’ve mastered “assigning deals” to investors for quick paydays, you are ready to make some serious money in real estate by buying a property at a discount, fixing it up, and selling it on the retail market. This is also known as “rehabbing” or “retailing.” This is a great way to see the results of your work immediately and build wealth quickly. It works in any market, any time. And it is working especially well right now with all the great fixer foreclosure opportunities everywhere around us.

Our many foreclosures.com successful rehabber clients focus on fixing up “entry level” family properties and make $30,000-$60,000 or more on every deal. Doing two or three houses like this a year can provide great extra income for college and retirement expenses, while doing six or more deals a year can provide you with a great living and be your ticket to firing your boss.

Cosmetic vs. Structural Repairs

When looking for a great property to rehab, keep your eyes open for fixes that will make a big difference, but not necessarily cost a lot. Less really is better in the retailing business. Look for houses that need cosmetic changes such as:

· New paint

· New carpet

· New fixtures

· New landscaping

· Minor clear termite repairs

Until you become an expert at rehabbing, avoid properties with structural problems such as foundation issues or severe dry rot. Major rehabs can be extremely profitable, but you must refine your job-costing skills first or you can get stuck in a money pit.

Buy It Right and Everything Else Falls in Place

It’s often said that real estate investors make their money when they buy, not when they sell. This simply means that when you get in for the right price, you are guaranteed to profit when you get out.

So what is a good deal? You want to have at least a 30% margin PLUS repairs to ensure that you make enough profit. For example, if a house in perfect condition will be worth $200,000 fixed up, you must get it for $140,000 LESS the cost of repairs. If repairs are minimal and only $20,000 then you need to buy it for $120,000. In this scenario, when including repairs, you are actually buying the house at 40% off.

Out of that 30% margin, 15% goes to buying, holding, and selling expenses and 15% goes to your profit. In the same example, your 15% profit on a $200,000 retailed house will net you $30,000. The higher the resale, the more money you make. If the house is smaller than $200,000, I pencil in a minimum of $30,000 flat (rather than 15% percent) to make sure I get my minimum payday for my time, effort, and risk.

Also remember that the bigger the repairs, the bigger the discount (I’ve been known to buy at more than 50% discount on bigger projects). Remember, you’re dealing with motivated sellers–typically fixer uppers–which means the houses you buy will NEVER be in perfect condition.

Make Sure You Get it Right

To make every deal as profitable as possible, you must prepare in advance and estimate all your costs properly. The biggest risks in rehabbing property are:

While you can make a great deal of money in rehabbing, it can be frustrating and time-consuming if you don’t do it right. On the other hand, you don’t have to deal with tenants, you can see the progress being made every day, and you’re updating housing and improving a neighborhood. It’s rewarding to drive by houses you’ve bought, rehabbed, and sold. And your new neighbors love you.

If rehabbing houses interests you, try doing one or two while maintaining your current job. If you enjoy it, and it makes you enough money, perhaps you might try going full time as an investor. Fixing up houses for new buyers is one of the most satisfying things you can do in real estate, and the most profitable.

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Quite often you will find links to foreclosures.com at the end of posts. You might be wondering who or what Foreclosures.com is if you haven’t checked it out. .

Foreclosures.com is a set of real estate investment tools created to help you become successful in foreclosure investing. Along with our listings of over 6 million properties in various foreclosure stages, we also provide the industry’s best tools to help you learn to buy real estate at 20-50% off and sell for large profits.

If you would like to check them out go to
Foreclosure Investing

Hans Anderson

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Your Time Has Come: Rental Markets are BACK!

By Wendy Patton –

For the last several years I have been saying that the foreclosure epidemic would be a good thing for real estate investors. Real estate investors have such a great opportunity when foreclosure rates go up. What opportunities exist? Real estate investors can buy foreclosures, of course, and they can also benefit from the displaced owners of the foreclosures. They now have tenants for their new purchases and their existing properties.

For the most part, from 2000 until early 2007, if you could fog a mirror you could qualify for a mortgage. This easy qualification process led to two things: 1) The tenant base decreased causing higher vacancy rates and lower rental rates and 2) it put so many people in a situation they couldn’t afford. Many people had no savings and barely squeezed into a home with minimal down. They couldn’t afford any blip in their lives or with their new home.

Unfortunately, things happen in life. Also, many people were put into interest-only adjustable rate mortgages. They qualified when it was interest only or a negative amortization loan, but when it adjusted, they found themselves way over their heads financially.

(Get invaluable information on how to help homeowners make the right decisions and more at ForeclosureS.com’s 3-Day Hands on Lab with Alexis and her Team of Coaches. Learn by doing under the expert guidance of a 25- year veteran foreclosure investor in her private offices) ForeclosureS.com’s

The Wall Street Journal published an article on May 3, 2008 that talked about how rental homes were going for a premium in many markets around the country. Many homeowners that have gone through recent foreclosure are having a difficult time finding a rental home. There is now so much competition of renters added to the market. It also stated that many renters are looking for a new place due to the home they are living in suddenly being pulled out from under them when an owner is in foreclosure. Many of them have little or no time to move. Some have only a few days notice, as they did not know the owner was even in foreclosure.

I have waited for this time with baited breath. I, personally, am excited that lending requirements have tightened. It keeps out many investors that can qualify for a loan, AND it keeps many of my tenants renting from me. For investors that can’t qualify for a loan, my lease option and subject to strategies will be key. Over time when the rental rates stabilize, it will drive up property values for landlords/investors. What does this mean for you? BUY NOW!!!! What are you waiting for?

Wendy Patton is the nation’s leading author and trainer in lease options, rent-to-owns and subject-to deals.For more information on Wendy Patton visit her website at www.WendyPatton.com.

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The following article will clear up the myth that hard work is not required when trying to find foreclosures.

Hard Work

By Daryl White

“Don’t join an easy crowd; you won’t grow. Go where the expectations and the demands to perform are high.” Jim Rohn

Lately I’ve been hearing more and more “man, this business is hard work” from my new Coaching clients. Truthfully, I’m always a little surprised. After completing their Six Steps home study and the 3-Day Kick Start Your Foreclosure Investing, where Alexis tells them in no uncertain words “being a successful investor does not come easy, this takes hard work.” But the reality is that many people hear only about the money being made, and don’t really hear the “hard work” part. And I think I know why…

When you watch late night TV, you are told over and over again; that making money in real estate is “easy” – you just have to “know the secret systems” that they will “share with you”. You’ve heard the pitch I’m sure “just buy my program and you’ll be wealthy beyond your wildest dreams”. Or, “anyone can do this”. Or my favorite “if I can do it, so can you”. The reason that’s my favorite is because I believe they are telling you the truth, without even realizing it. They aren’t really doing it and neither can you, at least not the way they make it seem.

(If you haven’t read Alexis’ column “There are No Secret Marketing Systems” please make sure you do.)
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Kick Start Your Foreclosure Investing

Copyright © 2009 Foreclosures.com.
This article is available for free distribution under the following terms:
a) You may not edit, delete or add any content to this article.
b) You must maintain all links to Foreclosures.com.
c) This article must be distributed free of charge.
d) This Resource Box must stay intact.

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