ForeclosuresMass - ForeclosuresMass Monthly - Nothing Succeeds Like Success

For our January success story we spoke with Jennifer Wilson, Founder and President of Home Financial Solutions, a real estate investment firm based in Ashland, MA. Together with her partner (and brother) Jason Wilson, Jennifer expects to buy and sell 25 properties this year. Read on to learn more about what's worked - and what hasn't - in Jennifer's rise to the top!

ForeclosuresMass: How long have you been investing in real estate and how did you get into it?

Jennifer Wilson: I've been involved in real estate investing for about 4 years now. Back in the early nineties I was working as a bank examiner for the FDIC. At that time, everything was failing and it seemed to me that there was potential for making money from foreclosures. I'd always had kind of a bug for real estate, and a few years later, after getting laid off from a high tech job, I took my severance package and used it to live on until the business got up and running.

JW: Slower! Four years ago there weren't all these real estate gurus running around offering advice on how to be successful, so I had to learn most things through trial and error. It took nine months of working at it before I made my first property investment.

* Next 37 17 investors only!

JW: When I began in 2001 I went to a lot of auctions. In Massachusetts it's particularly cumbersome since these occur at the property, and there's a lot of time spent running from place to place. Sometimes I'd make the effort to get there and the auction would be called off at the last minute. I don't go to auctions anymore - I try to make a deal with the property owner before it ever gets to that point.

Another mistake I made was enrolling in training programs offered by experts from other states. Foreclosures are very state specific, and what works in Utah might not work in Massachusetts. You need to know how things work locally.

FM: That makes sense. Can you tell us a bit about what's worked particularly well for you?

JW: Number one is to pick an area and market to focus on. Even though Massachusetts is relatively small, I focus my efforts in Hamden County (Springfield). At this point I'm intimately familiar with the area, and if a property comes up I know immediately if there's a good deal to be made or if a particular property is one to stay away from. This allows me to move fast - and moving fast in real estate investing is essential.

Number two is to focus on a particular investment strategy. I focus on foreclosures because I believe it's (unfortunately) going to be a growing market in Massachusetts. I use a variety of exit strategies depending on the particular situation - rehab, rental, flip, etc. - but I invest through foreclosures. Here too, by doing one thing, I get very good at it.

I also love taking something ugly and making it look nice, which is why I enjoy rehabs. It's not necessarily the most lucrative side of the business, but there's something about bringing up the quality of an entire neighborhood, and then finding a family to move in who loves what you've done with the place. That really gets me excited - it's got to be about more than just making money.

FM: One last question. Why do you think you've been successful as a real estate investor?

JW: For me I think it comes down to three things. First, perseverance. It took me 9 months to make my first deal, and there were plenty of opportunities to stop, but I was determined to make this work.

Second, I'm good at analysis. I like figuring out how to put the deals together and that's a big part of this occupation.

Finally, I think you need a certain amount of empathy to succeed in foreclosures. Bad things happen to good people, and not everybody who's in foreclosure is a deadbeat. If you can't approach people with empathy for their situation and genuine respect, you'll have a hard time getting anywhere.

Thanks Jennifer! How about you? If you've got a success story to tell, we want to know about it. Send an e-mail to editor@foreclosuresmass.com with the subject line: "success story."

Did you like this article? You May Also Like:

	Interview with the Expert: FCM Co-Founder Blasts Her Way Into Prosperity Thinking Sheila Farragher-Gemma, ForeclosuresMass, Corp. As Sheila Farragher-Gemma states in her interview, success is based on your attitude. Carry a negative mindset and you'll never accomplish anything. Change your attitude and you can achieve anything. Sheila explains how she's used Dan Kennedy's program, Wealth Attraction for Entrepreneurs, to learn what separates the really successful entrepreneurs from the rest of the pack. As she reveals, combining positive thinking with action can help you overcome self-doubt and develop the "millionaire mindset" - the kind that attracts real wealth.
	Professional Profile: Using ForeclosuresMass.com Can Ease Mortgage Woes for Investors says one Mortgage Company President Gary Yi, Secure Mortgage Corp. Gary Yi, President of Secure Mortgage Corporation is a very busy man these days. Lower interest rates have caused a boom in purchases and refinancing. There are some tricks to buying foreclosed property that could make the process easier if you are looking for financing...
	Success Strategies: The Three Cardinal Rules of Negotiating Real Estate Deals James A. Gage If you're living by the ABC rule - as in, "always be closing" - you're living by the wrong advice. According to Jim Gage, getting to closing too quickly means you're leaving out a bunch of steps in the process. In his article, he explains the three cardinal rules of real estate negotiations - and how you can use them to successfully close more deals. (Hint: one of the rules means keeping your mouth shut, but you knew that, right?)
	Legal Corner: What to Know Before You Buy: The Legal-Ease of Foreclosed Properties Suzanne Brunelle, Portnoy and Greene, PC Over the past ten years, attorney Suzanne Brunelle of Portnoy and Greene, PC in Newton, has handled thousands of foreclosures. Her advice is simple: find out as much as you can as early as you can about the property that interests you...
	Finance Corner: What you Need to Know When Financing a Foreclosed Property Lisa Halpert, Loan Officer, HomeVest Mortgage Corporation While other investment properties allow a buyer ample occasion to view the property, inspect the systems and bring in experts to assess the improvements necessary for habitation, purchasers of foreclosed properties may have little or no ability to walk through the building. In addition, when foreclosed properties are purchased at auction little time is left for reflection regarding price...
	Legal Spotlight: How to Keep Yourself from Being Part of a Third Party Claim John B. DiSciullo, Esq. As a real estate investor, you have relationships with contractors, sub-contractors and other real estate investors - relationships that can leave you open to third-party claims if you're not careful. In his informative article, real estate attorney John DiSciullo talks about three of the third-party claims you're most likely to encounter: disputes involving contractors, insurance issues, and claims between buyers and sellers and how you can help prevent these disputes from occurring.
	Success Strategies: Buying and Renting a Vacation Home - Making it Work Joan Talmadge Renting a home has become a very popular vacation alternative; an ongoing trend which continues to drive up rental rates. If you're considering making one of your investments available as a vacation rental, you won't want to miss the five tips offered by vacation rental expert Joann Talmadge.
	Nothing Succeeds Like Success: Linda Valentine Finds a Second Career Linda Valentine When the job market closes, what's a woman to do when she's definitely not ready to retire? Become a full-time real estate investor, that's what! With four deals in the works and one recently closed, Linda shows how it's never too late to jump-start a second career in real estate investing.
	Success Story: Sincerity and Generosity Help First-Time Investor Net $15,000 Derek Ebrecht Talk about hitting the ground running: Derek Ebrecht had only been subscribing to ForeclosuresMass for three months when he landed his first deal. Every Friday, Derek would download the online foreclosure data he received in his emails and send out letters to homeowners - until one Friday when a 2-family in Roslindale caught his eye...
	Feature Article: Negotiating For Profit James A. Gage Your approach in a negotiation dramatically affects the outcome of the deal. I've distilled this concept down to three essential principles. These principles are always at work for you and will help you get what you want smoothly...