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He started by sending a letter to the homeowner. The homeowner contacted him in response to the letter and they set up an in-person meeting.

“I met with her and we discussed what we were doing,” he said. “We just talked about getting her into a better situation than what she was currently in.”

Once he and the owner came to an agreement about purchasing the property, Andrade enlisted the help of a local real estate broker to complete all the proper paperwork and close the deal. Within a month of purchasing the property he found a tenant.

Andrade continued to search RealtyTrac for more foreclosures that he can turn into rentals and in the process found that there were more people looking to sell than he was able to help by himself.

“I am getting about 50 to 60 calls per month. I have a feeling that the calls will increase to over 100 very soon,” he said. “I really enjoy the business of helping people get out of a tough situation and into a better one.”

Andrade started sending some of the leads to a local broker, allowing him to help more distressed homeowners while also making a commission off the leads closed by the broker.

“Business in this category has picked up so much that I expect to earn over $20,000 per month in commissions,” he said. “In addition, I plan to buy four additional foreclosures properties in 2008 through the help of RealtyTrac. Sellers are dumping properties for pennies on the dollar.”

There are plenty of opportunities to grab and plenty more to come,” he continued. “There’s a lot of money to be made in this business. A lot. And all it takes is the first step, which is getting the proper information and taking action.”