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Re: Starting Out in Foreclosures (advice needed)

Posted by Ward-CA- on October 10, 2001 at 1:59 PM

In Reply to: Starting Out in Foreclosures (advice needed) posted by Ellis on October 10, 2001 at 10:56 AM

: Ward,

: I have decided to leave my job to pursue jbb's, & foreclosures. My question is before I leave my job what types of credit lines & financial relationships do you recommend I establish before I leave my job & can't claim the income anymore? I have a Equity line of 250k on my house already.

: Is there anything you recommend I do to prepare for the foreclosure business before I say Adios to my employer?

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Ellis, first do some foreclosure case studies! Then check the Post—Training action items of things to do at the beginning of the Reference section in your manual.

Establish a banking relationship with the likes of a Wells Fargo bank near you, where they agree to give you free cashier’s checks. Get a separate equity line on all of your properties and all of your close relatives.

Form an LLC (takes 2 weeks, once you've dreamed up a name) to act as your trustee for all the trusts you’re going use for all the foreclosures you acquire.


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