Meanwhile, I want to talk about two U.S. government foreclosure programs that often get overlooked:

1. Veteran's Administration (VA) Foreclosures

2. Housing and Urban Development (HUD) Foreclosures.

I feel a strong kinship to these foreclosure programs because these are the first type of foreclosures that I bought. Let's review quickly how these foreclosures come about.

The VA is a wonderful program that allows our veterans to qualify for a home with no money down. It is really a benefit that we extend to service men and women to say thank you. In most cases, it works well. However, the downside is that default rates are higher than properties purchased with 5, 10 or 20 percent down. So even though a bank may have issued the mortgage, the U.S. government is responsible for a defaulted mortgage.

In the VA program they do something unique to move these properties. The VA offers its own financing called VA Vendee financing. So, even if you are an investor, you can qualify for VA financing. Most prospective home buyers and investors do not understand the difference. YOU DO NOT HAVE TO BE A VETERAN to qualify for VA Vendee financing.

And, here are a few other facts that make it intriguing:

• Vendee mortgages are assumable by qualification.
• Vendee financing is not a credit score driven product.
• Low interest rates - usually the going rate.
• Owner occupied can be financed as little as 0% down.
• Investors can finance as little as 5% down.
• Investors can use 75% of the anticipated rent to offset monthly payments.
• No maximum number of investment properties.

Foreclosure Bootcamp in Kansas City 

You asked for it again and now I'm going to deliver. I've been talking about the incredible deals you can get on foreclosures in the Kansas City area. Now I'm going to show you. 

On November 13 & 14, I am having our second Foreclosure Bootcamp. Join me for a full weekend (Saturday and Sunday) of looking at cash flow and income-producing properties. These are properties that you can buy now for crazy prices that only a few years ago would have been your down payment. For example, single family, bread and butter houses as cheap as $8,000 that only require about $2,000 to $3,000 to fix up and rent for $700 per month.

At this bootcamp I will have a special emphasis on duplexes, 4-plexes and mulit-unit properties. I just looked at a duplex built in 1988 with 3 bedrooms and 2.5 baths on each side for only $116,900. Another 4-plex is listed for $125,000 and is fully rented with gross income of $24,000 and net operating income of $18,000 per year. That's a cap rate of over 14%.

Come prepared to set up a joint venture partnership with one or two of your classmates because these deals are great.  

I am making this bootcamp so affordable that it is literally break even for me – no kidding. Also, I have decided not to charge any fee on what you buy, so you come, make the deals and I'll help, but also get out of your way.

If you need property maintenance or management, I have a company on standby to help.

If you need access to a mortgage broker or title company, I have one on standby.

If you need access to a property inspector, I have one waiting.

If you need help tapping into your individual retirment account, I can help.

If you need help putting a business structure in place, with a tax I.D. number, we can help.

You get two full days of hands-on training, the best real estate deals in the world, our team, and access to our proven system. I am only asking a nominal fee of $497 to cover transportation and food.

This is available to a small group only. I will only be able to take 22 people due to transportation limitations.

Please note that this is not a tax lien or small business workshop. Classroom training will be focused on foreclosures. Training will be one house at a time. Come with your pen, flashlight and notebook ready to purchase a foreclosure.

Saturday – Day 1

Day 1 will focus on how to find the best REO (real estate owned) properties, government foreclosures, foreclosure auctions and online auctions. I will also have a real estate foreclosure specialist/agent on hand to answer your questions and provide you with access to all of the foreclosures in the MLS.

Sunday – Day 2

We will go in the field all day with you and look at properties that you can buy right now. You can make your decisions and leave your offers for us to negotiate, or stay around on Monday.

Why Kansas City and why now?

Foreclosure rates in Kansas and Missouri have surged compared to other parts of the country. According to Realty Trac,  

• Kansas reported a 15.9 percent increase in foreclosures for the month of August 2010 as compared to the same time period one year ago.

• In Missouri, 4,084 properties fell into foreclosure in August 2010, up 63.5 percent from August 2009.