BUY FORECLOSURES FOR 5% DOWN??? YES!!!

I RECEIVED A QUESTION FROM A READER LAST WEEK STATING THAT THEY HAD HEARD THAT SOMEONE WAS BUYING INVESTMENT PROPERTY IN ALMOST NEW CONDITION FOR 5% DOWN AND THE OWNER WAS HOLDING THE FINANCING AT MARKET INTEREST RATE. THE EMAIL WENT ON TO STATE THAT, " I THOUGHT THEY WERE MAKING IT, UP BUT I KNEW IT WASN'T APRIL 1ST, SO IT COULDN'T BE AN APRIL FOOLS JOKE!" DO YOU KNOW ANYTHING ABOUT THESE PROPERTIES? IS THERE ANY TRUTH TO THIS? OR IS MY FRIEND JUST TALKING ABOUT AN ISOLATED INCIDENT? SOMETHING THAT JUST A FEW PEOPLE CAN TAKE ADVANTAGE OF?

SO GLAD THEY ASKED!!! ACTUALLY, I MADE A LOT OF MONEY WORKING WITH THESE PROPERTIES WHEN I WORKED IN THE DC METRO AREA. AND I HELPED MANY INVESTORS BUY THESE PROPERTIES.

THESE PROPERTIES ARE OWNED BY THE VETERANS ADMINISTRATION AND WERE PREVIOUSLY OWNED BY VETERANS WHO WERE FORECLOSED ON BY BANKS WHEN THEY STOPPED PAYING THEIR MONTHLY OBLIGATIONS DUE TO LIFE CIRCUMSTANCES. TO INCLUDE DIVORCE, BANKRUPTCY, LIFE CHANGING ILLNESSES, ETC SUCH S WE ALL MIGHT ENCOUNTER. THE VETERANS ADMINISTRATION GUARANTEES THEIR LOANS TO THE BANKS AND WHEN THE BANKS FORECLOSE, IF NO ONE BUYS THEM AT THE FORECLOSURE THE BANK TAKES THEM BACK AND THE VETERANS ADMINISTRATION "BUYS" THEM FROM THE BANK AND THEN THE VETERANS ADMINISTRATION OWNS THEM. THUS, THE TERM "VA OWNED" PROPERTIES.

ONCE THE VA OWNS THE PROPERTY IT IS GENERALLY PUT IN ALMOST PRISTINE CONDITION AND PUT BACK ON THE MARKET ONCE FREEE AND CLEAR TITLE IS ACQUIRED. MOST OF THE PROPERTY IS MANAGED BY A COMPANY CALLED VRMCO AND LISTED ON THE LOCAL MLS WHICH YOUR AGENT CAN ACCESS. BE AWARE, HOWEVER; THAT MANY AGENTS STILL SHY AWAY FROM THESE PROPERTIES BECAUSE OF THE SUPPOSED RED TAPE. IF YOU NEED AN AGENT TO HELP YOU, CONTACT ME (realestateinvestguru@gmail.com) AND I WILL PUT YOU IN TOUCH WITH ONE IN YOUR AREA. THE ONE LISTED ON THE SITE (MORE ABOUT THAT LATER) REPRESENTS THE VA--NOT YOU! THIS CAN SOMETIMES MAKE A HUGE DIFFERENCE IN THE BIDDING PROCESS AND WHETHER YOU GET THE PROPERTY, OR NOT!

THE VA HAS AN ASKING PRICE BUT YOU CAN BID MORE OR LESS DEPENDING ON THE STRATEGY REQUIRED TO WIN THE BID AND THE PROPERTIES WORTH (SEE A NAVY GUY WITH NO EXPERIENCE NETS $60K ON $10K INVESTMENT)

AS AN INVESTOR YOU ONLY HAVE TO PUT DOWN 5% ON PROPERTIES MARKED VENDEE AND THERE ARE MANY WITH THIS DESIGNATION. EACH TUESDAY YOU CAN FIND A NEW LIST OF AVAILABLE PROPERTIES INCLUDING THOSE UNSOLD FROM THE WEEK BEFORE, PUBLISHED ON THE INTERNET ON VRMCO.COM. ONCE YOU HAVE THAT UP; GO TO THE MIDDLE AND PUT IN YOUR LOCATION DESIRED AND WHEN YOU HAVE THAT PUT IN LISTINGS IN THE TOP LEFT AND THEN MARK WHETHER YOU WANT VENDEE OR NOT. DO NOT CALL THE PROPERTY AGENT. CALL YOUR OWN AGENT OR CONTACT ME TO GET YOU ONE. IGNORE THE #'S ON THE LEFT--THEY HAVE NOTHING TO DO WITH 5% DOWN!!! (THIS WILL ALL MAKE SENSE WHEN YOU GET TO THE SITE. YOU MAY SEE NOTHING OF INTEREST THIS WEEK BUT NEXT WEEK MIGHT BE DIFFERENT--KEEP GOING BACK IT CHANGES EACH WEEK! THESE PROPERTIES ARE AVAILABLE ALL OVER THE COUNTRY. HAPPY HUNTING!