Instant Equity

Mike recently picked a beautiful 3 bedroom 2 bathroom home in a gated community in Lee County Florida for just over $69,000. He put in new appliances, painted and made some other mostly cosmetic improvements, listed the house for sale and sold it in less than 3 days for $117,000, for a whopping $40,000 plus profit. Sounds impossible, but Mike tells you step-by-step how he did it. All it took was some research and a little creativity and presto it was done. 

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The first rule of buying distressed real estate at foreclosure is do your homework! Check your emotions at the door. First set your goals, are you in it for cash flow or are you looking to flip the property for a large gain? As our research has proven, buyers at a foreclosure auction seldom ever lose money. However, then it becomes a question of how much money you're going to make and here it all comes down to your plan. If you're looking to do exactly what Mike does, you buy the property as cheap as you can and then you sell it to a worldwide audience for the best possible price. Always make sure that you check the back taxes and other possible judgments and liens. Mike shows you how to evaluate a property in 5 minutes. Then it all comes down to your goals and aspirations.

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Mike is never one to rest on his laurels. His children are only 4 and 7 years old and already have a large portion on their college costs funded, tax free. At this rate, they'll be ready to retire before their 18th birthdays. Not that he's going to spoil them. But the point is that through strict adherence to the tax code and a little bit of creative intelligence, it's possible for anyone to start out investing in real estate and do it profitably. Mike's been doing it for over a decade and he's never lost money. He teaches you how to do it too and do it well. And remember, never self-manage your property, it will cost you more in the long run. 

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There's a lot of different paths to success in real estate investing. Mike has travelled many of them. Whether you're looking to buy a pristine foreclosure for a quick flip, or a so-called handyman's dream for a big potential profit, Mike has been there and done it. The key is understanding your goals ahead of time, as well your potential limitations. Sometimes it's best to start off slowly and build your confidence. This is especially true if you've had some previous setbacks in your real estate career. Don't let the past be prologue. Follow Mike's system to success. He's done it himself and taught so many others, there's no reason that the next success story can't be yours!

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When it comes to buying real estate at auction, discipline is the key. Keep your emotions under control. Always look at it as a business. Don't get attached to a property. Another opportunity will always come along, that's guaranteed. It's much more important to have a plan and stick to it. When you're working from a plan, you'll feel much more in control and less likely to make stupid mistakes. In addition, when you lose a close auction, you'll be able to shake it off and go on to the next one. You must always remember the tried and true cliche that in real estate the profit is made when you buy the property, not when you sell it. 

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Mike the Real Estate investing master revisits the subject of the self-directed IRA. Saving for retirement extremely is difficult in the era of zero percent interest rates. However, using Mike's techniques provides relief low interest rates and can help you realize returns far in excess of current market conditions. For example, Mike just acquired a $20,000 house in Buffalo, New York for his children's education fund. It's currently renting for $850 per month and will yield a cash-on-cash return of over 40%. And that's just one example of what's available. So listen carefully and see how your current 401k, old pension fund or IRA can be the key to a comfortable retirement.

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Buying real estate at foreclosure sales is one of the smartest ways to get properties way under market value. However, in Florida and other states, buying condominiums, properties governed by Homeowners Associations (HOA's) or Property Owners Associations (POA's) can be very risky. Under Florida Law, a non-bank- third party purchaser, takes the property subject to all outstanding liens and assessments. This could be an insignificant sum of money or it could be quite substantial. Some condominiums have high common charges, over $1000 per month ahd there could be substantial capital assessments for roof and elevator replacements. You need to do additional research by contacting the condo association's attorney to determine the exact amount owed. Otherwise, what seems like a major bargain could turn out to be a substantial liability. Banks of course play by a different set of rules. When they foreclose on a condo or HOA/POA unit, they are only responsible for one year's fees or one percent of the mortgage, whichever is less. 

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In this episode Mike Gazzola explains how to use the banks' inefficiency against them. Multiple offers is the key. Don't sit around waiting for the bank to respond to your offer, make 10 or 20 offers and put the realtors to work for you. In the process, most of your offers will fall upon deaf ears, but some will receive an audience and an acceptance, and you'll be on your way to buying a property for way below market. Mike's done it loads of times and he shows you the way. Even though the real estate market has gotten stronger, there are tons of short sales in every city. Start looking now and you can't help but find some of them. Mike also shows you how to deal with bank owned properties. The key is not to let them manipulate you into a bidding war. Stay disciplined and stay tough! That's your key to big profits.

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Mike discusses what markets are best to invest in. The answer depends upon your goals, whether you're looking for appreciation or cash flow. If you're looking for appreciation then the more glamorous markets may be the place to go, after they've had a crash or a decline. If you're looking for cash flow then the less glamorous or blue collar markets can give you superior returns at a very low risk. We also discussed landlord friendly versus landlord unfriendly jurisdictions. Some states' laws and courts favor landlords and others favor tenants. This is something you need to research before you invest. The internet makes it very easy to figure out. How do you retain a good tenant? Well as always, Mike has a method for doing this. It's effective and it will keep your properties filled with the best tenants. It will also enable you to quickly get rid of the tenants you don't want, come renewal time. Finally, Mike talks about property managers and his experience with finding competent ones. As always there's a process that you need to follow to insure that you find the best people for the job.

Mike Gazzola has funded his retirement tax free, using a self-directed IRA. This approach may not be for everyone and he highly recommends that you consult your accountant, attorney and investment advisor. However, if you determine that it is for you, amazing returns are possible using this device that is available under the Tax Code. Simply stated, you roll over your traditional IRA or old 401k-without penalty into a self-directed IRA. Then when you're ready to buy a piece of property for your retirement account, you notify the custodian of your new IRA. The custodian writes a check to the owner of the property and presto-your IRA now owns the property. When you go to sell the property, the process is the reverse, the buyer now makes payment directly to your IRA custodian and all profits go back into your IRA. If you're receiving monthly rental payments, they also go right back into your IRA allowing you to make even more investments. This strategy might not be for everyone and there are pitfalls that you must become aware of, but if you decide it's for you, the rewards can be enormous. 

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