I am interested in purchasing one property and trying my hand at having a rental property for extra income. I have looked into that and found that my best bet with my current situation would likely be to purchase a home that's been foreclosed on. I have found a site that lists upcoming f/c auctions, but I don't know anything about how to determine if its' a good deal or not - for instance, this site lists the loan balance, the final judgement and the judge's assessment. Is there a course you can take on buying foreclosed properties, or a website to teach me how to figure the worth of the home versus the amount owed on it - and most especially how to get a ballpark of what's owed based on the figures I just mentioned. I know I'd need a title search on any home for protection, but I don't even want to initiate one without knowing how much is expected without looking for other liens. Hope this makes sense.
2006-08-21 10:51:51 · 4 answers · asked by tagi_65 5 in Business & Finance ➔ Renting & Real Estate
There is so much involved in buying foreclosed properties, and investing in Real Estate Period. To learn how the business works spend some time calling Realtors that specialize in selling REOs. The are a great source of free Information. Go to your local library and do a search for books dealing with foreclosure. Look at the different systems and techniques used in these books, because you will need a systematic approach to be successful at this. Next write a detailed business plans on how you are going to execute, when the time comes. Good Luck.
2006-08-21 11:58:09 · answer #1 · answered by B. T 2 · 0⤊ 0⤋
Fist of all, where are you located? or where is the property that you want to buy? If you are in california and the property in California, make sure you know the prices in california for homes are high. So, if you bid or go to an auction make sure you have CASH OR CASHIERS CHECKS FOR the minumum bid and extra money for over bidding.
It is always recommended to go see the property first or NEGOCITATE the property with the seller before goes on foreclosure. This is the best way to buy foreclosure properties.
Websites for more info on foreclosures and training.
http://www.youdreambig.com
http://www.foreclosures.com
2006-08-21 11:38:59 · answer #2 · answered by christian80.geo 1 · 0⤊ 0⤋
In the current market, auctions are usually the worst place to buy foreclosure properties.
It takes some serious cash that you're prepared to risk losing to work foreclosures. Otherwise, you're wasting your time. Otherwise, everyone would do it.
2006-08-21 11:17:28 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Sure it makes perfect sense well ill tell you there are many has to accomplish this. But it wont be easy by your self i happen to specialize in foreclosures and financial services i could help you find just the right home for you. We custom tailer finances for your beneficial needs.contact me at banconeroman2@yahoo.com
2006-08-21 14:38:47 · answer #4 · answered by business creature 2 · 0⤊ 0⤋