Finding properties to buy is not a problem.
Every bank and mortgage company has more of them then they know what to do with, as a matter of fact, they are drowning in them.
Even cities now own a tremendous amount of properties.
In the past, when a homeowner defaulted on a mortgage the bank wrote off the bad debt against profits, took possession of the property and readily found another buyer in a short period of time.
Well, no buyers were out there this time, so banks just wrote off the bad debt...but DID NOT take possession of the property, because they would have to pay the property taxes on it until it was sold.
Before, paying taxes for 2 or 3 months was no big deal but they were not taking a property that they may not be able to sell for 4 or 5 years.
So, cities ended up with thousands of properties that no longer contribute to the tax rolls of that city.
In Baltimore, 1 of every 4 houses in now owned by the city.
These cities are more than receptive to give properties away for a song to someone who can repatriate them to the city tax rolls and we will give you the play book on how to do this.
But let's not even start there. Walk down to your local bank and ask them what properties they have in their inventory.
Ever hear of Dade County, Florida? It is where Miami is located.
Well, in that county alone, there are 55,000 homes in foreclosure and 19,000 that the banks ALREADY have in their hands.
Florida finally finished ahead of California in something...foreclosures!
But every bank in every state is chock full of foreclosed properties. But no one is lending out money to buy properties.
Anyone interested in having $5,000,000 to buy properties?
Well, first let us show you, on the next page, how to sell the properties you acquire first because, if you just buy them and can't sell them, then all you did was take the bank's inventory off their hands.
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