Book Review
Title: "The All-New Real Estate Foreclosure Short-Selling Underwater Property Auction Positive Cash Flow Book: Your Ultimate Guide to Making Money in a Crashing Market"
Authors: Chantal Howell Carey and Bill Carey
Publisher: Wiley, 2009; 288 pages; $22.95 list ($15.61 on amazon.com)
Former Robert Allen "No Money Down" seminar instructors Chantal Howell Carey and Bill Carey create an Allen-esque energy around building wealth through real estate in their latest investment manual, which is as timely as its title is long: "The All-New Real Estate Foreclosure Short-Selling Underwater Property Auction Positive Cash Flow Book: Your Ultimate Guide to Making Money in a Crashing Market."
After first sketching out the data on how many foreclosures have and will likely take place, creating a sense of urgency for would-be investors to execute the book’s real estate investment plan in the next 48 months, the Careys go on to explicate the basics of the foreclosure process and short-sale transactions.
The authors propose a masterful checklist of steps and factors savvy investors can use to maximize the chances of a bank accepting their short-sale offers.
In fact, this checklist would be just as useful to a non-investor homebuyer braving the rough waters of a short-sale purchase, and would certainly be worth the $22.95 purchase price if used in this context to capture a dream home, rather than getting lost in the short-sale-buying nightmare.
The Careys move on to explore more exotic transaction types, including purchasing distressed mortgages directly from the bank and then foreclosing on the homes after default and auctioning properties for resale. They also devote a significant section of the book to seller financing, their answer to the credit crisis.
The strength in their belief of the feasibility of seller financing (compared to the realities of sellers who need to pay off their mortgage to buy their next homes, in light of the very same credit crisis which created the need for alternative financing in the first place) might be a carry-over from their Robert Allen days.
The Careys do point out, though, that investors who want seller-financing on their purchases should, in turn, extend it when they sell. This is but one example of the opportunistic, win-win deal style the Careys advocate throughout the book.
The Careys appeal to all sorts of investors, offering up the advantages of both short- and long-term investment property ownership and advising readers to incorporate both into their real estate investment playbook.
This quick, accessible read will both cheerlead and educate would-be investors looking to jump into — and profit handily from — the current foreclosure fray.
Tara-Nicholle Nelson is author of "The Savvy Woman’s Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Ask her a real estate question online or visit her Web site, www.rethinkrealestate.com.
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