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water_skipper asked:
How do I invest in foreclosures? I was snooping around the real estate classifies and saw some VERY good deals on houses. Are these good investments to buy and rent out? Are these good investments to buy then resell later? I’m talking about paying $10k or less for a house worth over $100k! What’s the catch?
How do I invest in foreclosures? I was snooping around the real estate classifies and saw some VERY good deals on houses. Are these good investments to buy and rent out? Are these good investments to buy then resell later? I’m talking about paying $10k or less for a house worth over $100k! What’s the catch?
Tags: 100k, Good Deals, Invest, Real Estate
March 23rd, 2008 |
Tags: 100k, Good Deals, Invest, Real Estate
March 26th, 2008 at 9:34 am
I guess in USA?
There will be a lot of capitalizing on those poor people that have got in over here head.
But I very much dough you fifer’s.
10K in most cases wouldn’t buy you a out house ( that is bush talk for Toilet)
So when you are talking investment, it is first all about Location, Location, then it the land & building is cost efective.
Is it subject to flood?
better to buy on height side of road,
Is it subject to heavy traffic>
transp[ort , shops, and at this stage you havent done your searches.
There is a lot of research goes into an investment befor you think of buying a house no matter how cheep it is that;s why people pay me to aquire there investments.
If you only have 10k to invest it would be better to put it into the share market.
But feel free to contact me when you have 400+k +Costs.
March 28th, 2008 at 2:37 am
you can probably scoop houses up like that in Detroit. I heard that houses were bidding down to $5000 and still not selling..
March 30th, 2008 at 10:21 pm
There are not that may people that desperate to sell their home that cheap.
Do you live there? Do you know enough about the real estate values in order not to overpay for the property?.
Remember that you are only purchasing their equity for the amount that you give them. Then you must obtain the financing to payoff the company that loaned them the money.
Then you will very likely need to invest in repairs and remodeling in order to sell it.
So, you see a deal for a house where you only give them $10,000.00
Then you have to pay off their mortgage for say another $80,000.00. You may be able to finance it, but then you have interest to pay… about $400.00 per month plus the closing costs on your financing.
Then you have to pay any back taxes and insurance which could be another $5,000.00 or more if you forgot to investigate the title for liens. Are there other mortgages? Did they forget to pay a contractor who did some work on the house?
Then you may have to fix it up for anywhere from a few hundred dollars to several thousand dollars.
Then you can either sell it or rent it out.
When the renters move out, you may have to fix it up again so that you can sell it.
Then you must add the price of selling it which can be another $7,000.00 or more.
All of a sudden, the $100,000.00 house is eating your bank account for lunch.
Yes, people can and do make money doing this. It is not as easy as the people on TV make it sound.
April 1st, 2008 at 12:21 am
The catch is you need to learn as much as you can about real estate investing.
Knowledge and wisdom can make you a very rich person in real estate.
You may even want to start out scouting properties for other real estate investors. This is called “wholesaling”. The money you make helps you buy your own properties.
April 2nd, 2008 at 10:39 pm
Have you ever invested in Foreclosures? if not.
Go to
Tax Liens are more secured!
April 5th, 2008 at 7:47 am
Forget Foreclosures.. look for tax auction sales at your local county court house. Go to the Tax Asessors office.
April 7th, 2008 at 11:08 pm
You could be arrested or killed.
I suggest you to buy the DVD “House of sand and fog”
April 7th, 2008 at 11:17 pm
You asked what’s the catch? There are many.
1. Investing in foreclosures is riskier than buying real estate through a title company. Why? Because there may be tax liens or assessments levied against the property you are buying. You are buying properties “as is”.
2. There are definite guides on how to buy real estate foreclosures by going through a specific checklist of title searches, etc. The best book I’ve seen on this particular topic is available on Amazon or Barnes/Noble. The ISBN is 0978834682. It’s called the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days by Don Sausa.
3. Lenders do not like foreclosures because of the associated risk. So you may have issues getting a loan for it.