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Happy New Year!
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Now that the champagne bubbles have cleared our heads, it's time to get
back to business. This month we bring you three articles on investing
basics. Whether you're a seasoned pro or just starting out, you'll find
solid nuggets of information that can help you make 2007 your best year
ever.
To start us off, Steve Krasnow, a certified residential appraiser, talks
about what to look for when considering a property. As you know, the key to
smart offers and bids is knowing the market value of foreclosed properties.
Figuring out a property's value, however, can be difficult when you're not
allowed to tour it. Steve gives you four strategies
for
determining value -
without setting foot on the premises. If you need help developing your
"eye" for value, then this article is for you.
Next, Jason Kane, a Massachusetts real estate attorney and owner of Kane
Title Services, presents, "Think Title Insurance is a
Waste of Money? Think
Again!" According to Jason, fraud and other issues have made title
insurance a must-have purchase when investing in foreclosed or REO
properties. This is an article you'll want to read and act upon
immediately.
In our Interview with the Expert we caught up
with Cathy Toomey, the
dynamic and active Broker / Owner for Stone Ridge Properties, a real estate
firm in Amesbury, MA. Cathy gives a great reason for building a network
that includes real estate agents - it's because distressed homeowners call
agents first when they know they have to sell their homes - fast. Read
Cathy's interview to learn how and where you can meet agents like her.
This month Debbie Siegel, in her Mortgage Minute, "Staying on the Good Side
of the IRS," gives you tips for understanding what's deductible and what's
not on your 2006 taxes. Quick - when can you deduct points? The answer may
surprise you.
* Next 37 17 investors only!
We wish you a great start to 2007 and look forward to bringing you the
latest and best in real estate investing tips and strategies for the coming
year.
Best regards,
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Jeremy B. Shapiro
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Sheila Farragher-Gemma
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Co-Founders, ForeclosuresMass.com
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Nothing Succeeds Like Success: Accountant Turned Real Estate Investor Closes 10 Deals First Year Out
Paul Deltorio, CPA
After twenty-five years as a CPA, Paul Deltorio was ready for a change. With coaching from real estate investor Jim Gage, Paul launched a successful real estate business, closing ten deals in twelve months. In this interview, Paul explains how Jim taught him to approach homeowners experiencing foreclosure, identify great deals, and stay focused on his goals. One year out, Paul is considering giving up accounting to pursue real estate full time!
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Interview With The Expert: Managing "Bad" Credit
Marty Eerhart, Senior Loan officer, Assured Mortgage
Getting the approval needed for an investment loan is heavily dependent on your credit score. Unfortunately, if you have "bad" credit, it can get in the way of making a purchase. Marty Eerhart talks about what you can (and can not) do to improve your credit score.
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Success Story: Husband and Wife Team Know it Pays to be Sincere when Making Deals
Jeremy Cyrier, The Cyrier Sales Team
As a real estate broker and investor, Jeremy is always on the lookout for good investments for both himself and his customers.
Through weekly emails from ForeclosuresMass, Jeremy is notified of foreclosed properties listing up-to-date, accurate data. Not too long ago, Jeremy was notified of a foreclosed apartment complex that peaked his interest. This is what transpired...
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Feature Article: Is Lease Purchase Investing For Everyone?
James A. Gage
All investing has risk, some more than others. But there is one exception to the rule - lease purchase. With a lease purchase, investors receive all the benefits of control/ownership of the property without ownership - how can you beat that scenario?
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Feature Article: Letters to Homeowner Prospects: 6 Rules Will Get Them Read... and Answered!
Ken Lizotte, CMC
Of all forms of writing, letter-writing may be the toughest. After all, who reads letters anymore, let alone writes them? Most of us frantically clip thru our snail mail as quickly as possible, casting 90% of it unopened into the trash. Thus, any letter you send to a foreclosed homeowner must grab your recipient's attention at once, hold his or her interest and (best case scenario) motivate your reader to action...
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Feature Article: Three Steps to Rebuilding Your Credit After Foreclosure
Stephen R. Elias, Attorney
Gone are the days when rebuilding one's credit history after going through bankruptcy or foreclosure was straightforward. With the crash of the sub-prime lending market, consumers are under intense scrutiny when applying for mortgages and credit cards, which means rebuilding credit can now take three to five years - or longer!. In his article, bankruptcy attorney and author Stephen R. Elias provides three key steps that you can pass on to your clients who need advice on how to recover from foreclosure.
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Interview with the Expert: What is Hard Money and How to Use It
Dan Burke
If you're new to real estate investing, you've probably heard the term "hard money" but have no clue what it is. Simply put, "hard money" is short-term financing. In this month's Interview with the Expert, Dan Burke explains how hard money differs from conventional financing and why hard money financing gives you a better advantage when dealing with really hot deals or bank short sales.
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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.
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Interview with the Expert: Know How to Use Your Contingencies
David Camiel, Attorney
If you think you can use an escape clause to get out of a real estate contract, think again. Because the courts look unfavorably at escape clauses, contingencies are a better way to protect your interests - as either the buyer or the seller. Veteran real estate lawyer David Camiel explains the legal ins and outs of real estate contingencies and how they can work to your advantage.
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Nothing Succeeds Like Success: An interview with full time investor, Derek Ebrecht
Derek Ebrecht
Derek Ebrecht's got focus, drive and insight into what makes for successful investing. He's also got several profitable deals under his belt, despite his relative newness to the foreclosures field. We spent some time with Derek this month to understand the reasons behind his success.
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