Foreword.

Introduction.

Section 1. Getting Started?

Myth #1. I'm Taking Advantage Of Someone Else's Misfortune.

Myth #2. Foreclosures Only Happen In “Bad” Neighborhoods And During Economic Downturns.

Myth #3. Foreclosures Are Always The Result Of Financial Irresponsibility.

Myth #4. The Average Person Can't Find Foreclosures - You Have To Be An Insider.

Myth #5. I Need A Lot Of Money To Get Started.

Myth #6. If Foreclosure Rates Are Rising, Buying Doesn't Make Sense Because There Are Too Many Homes Already On The Market.

Myth #7. The Process Is Incredibly Time-Consuming; There's No Way To Get Started If I Already Have A Full-Time Job.

Myth #8. I Have To Be An Expert.

Myth #9. Real Estate Agents Won't Help Me With Foreclosures - There's Nothing In It For Them.

Myth #10. I Can Do This By Myself.

Section 2. The Foreclosure Process.

Myth #11. The Process Takes A Long Time.

Myth #12. I Can't Get It – It’s In Bankruptcy.

Myth #13. I Can't Help Out The Homeowner.

Myth #14. They'll Save The Property, And I'll Be Out My Time And Money.

Myth #15. They Can Still Cancel The Sale.

Myth #17. It Was Published In The Paper, So I Can Buy It Now.

Myth #18. I Have To Wait Until The Auction To Buy The Property.

Myth #19. If I'm Not The High Bid At Auction, I Can Forget Buying The House.

Section 3. Finding The “Right” Properties.

Myth #20. Every Foreclosure Is A Good Deal.

Myth #21. I’m Buying A Home At The Foreclosure Auction.

Myth #22. Courthouse Auctions Are The Only Source Of Foreclosure Properties.

Myth #23. Real Estate Agents Always Have First Crack At The Good Deals.

Myth #24. I Can Find Better Deals Outside My Own Area.

Myth #25. Foreclosed Properties Are Always Trashed And Need Extensive And Costly Repairs.

Myth #26. Something Else Is Wrong With The Property If It Was In Foreclosure.

Myth #27. I Don't Need An Inspection.

Myth #28. I Can't Get Inside So There's No Way For Me To Estimate The Property Value.

Myth #29. Never Bid On A Second Mortgage.

Section 4. Analyzing The Deal.

Myth #30. I Found The Opportunity Too Late – There's Not Enough Time.

Myth #31. I Found The Opportunity Too Early – I'll Probably Waste My Time.

Myth #32. I Can't Get A Good Deal Through A Real Estate Agent.

Myth #33. I Can't Get A Good Deal From Bankruptcy.

Myth #34. I Can't Get A Good Deal On A Government REO.

Myth #35. I Can’t Get A Good Deal From The Lender.

Myth #36. The Purchase Price And My Fix-Up Costs Are The Only Costs I Need To Consider.

Myth #38. It Doesn't Matter Where Its Located - Since I'll Pay Well Below Market Value, The Location Isn't Important.

Myth #39. I Shouldn't Bring In Experts To Help Me Analyze The Deal; The Fewer People Who Know It's Available, The Better.

Section 5. Financing The Property.

Myth #40. Interest On Loans From Private Investors Is TOO High.

Myth #41. Lenders Don't Want To Deal With Little ‘Ol Me.

Myth #42. Lenders Won't Be Willing To Talk To Me Until I Have A Deal On The Table.

Myth #43. I Should Use As Much Of My OWN Money As Possible.

Myth #44. I Can't Use FHA Or VA Financing.

Myth #45. I Can't Use A Home Equity Loan To Finance The Property, Since I Don't Own The Property Yet.

Myth #46. Since The Property Is Already In Foreclosure, I Can't Assume The Owner's Loan.

Myth #47. The Property Has To Be In Good Shape To Get Financing.

Myth #48. Taking On A Partner Will Only Cut Into My Profits.

Section 6. Securing The Property.

Myth #49. Once I Purchase The Property At Auction, I Can Take Immediate Possession.

Myth #50. Only Real Estate Pros Are Allowed To Attend Real Estate Auctions.

Myth #51. There Will Be Lots Of People Bidding Against Me.

Myth #52. The Higher The Bidding Goes And The More People Bidding, The More Likely It's A Great Property.

Myth #53. I Won't Be Able To Get Good Title To The Property.

Myth #54. I'll Have To Pay The Back Taxes And Insurance.

Myth #55. I Can't Force The Previous Owners To Vacate The Property.

Myth #56. I Don’t Need Insurance Until The Previous Owners Move Out And I Take Possession Of The Property.

Section 7. Cashing In!

Myth #57. I Need To Finish Renovations Before I Sell.

Myth #58. The More I Put Into A Property, The More Return I'll Get.

Myth #59. I'll Save Money And Make More Profit If I Make All Repairs And Upgrades Myself.

Myth #60. I Can't Make A Profit.

Myth #61. I Won't Be Able To Sell It – They Couldn't!

Myth #62. I Already Have A Home; My Best Bet Is To Flip The Foreclosures I Purchase.

Myth #63. The Property Will Be Easiest To Flip When It's “Market Ready”.

Myth #64. It's A Foreclosure; I'll Still Make A $10,000 Profit!

Myth #65. I Should Feel Guilty.

Section 8. Avoiding Disaster.

Myth #66. I'm An Experienced Real Estate Investor, So I Don't Need To Do My Homework.

Myth #67. I Am Familiar With The House, So I Don't Need To Inspect It.

Myth #68. The House Looks Great – It Won't Need Many Repairs!

Myth #69. This House Is Amazing – It’s Worth A Fortune!

Myth #70. I Can Trust What The Homeowners Tell Me.

Myth #71. If I Find Myself In Financial Difficulty, I’ll Never Escape Foreclosure.

Myth #72. I'll Be Able To Flip This House In A Couple Of Weeks!

Myth #73. If I Make Some Repairs Before I Take Possession Of The Property, I'll Save Valuable Time.

Myth #74. It’s A Stretch, But I Think I Can Make An Extra $10,000 On This Property.

Myth #75. I'm Making Good Money On Real Estate, But I Should Keep My Day Job.

>Myth #76. I've Put So Much Time Into This Deal… I Refuse To Let Anyone Outbid Me!

Myth #77. Foreclosure Investing Is Just Too Complicated– I Can't Do It.

Resources.

Sample Forms & Checklists.

State Foreclosure Guidelines.

Index.