Real Estate?
Posted by admin on 12 Oct 2008 1:48 am. Filed under Renting & Real Estate.
Casey C
I heard that people are making money with real estate. How do I buy forclosers and tax sales homes. If you can help thank you
I heard that people are making money with real estate. How do I buy forclosers and tax sales homes. If you can help thank you
On October 13th, 2008 at 4:05 am
In most states foreclosures and tax leins are public records. Spend some time in the records office to get some good leads. Often there are ‘courthouse steps’ auctions for tax delinquent properties that happen at a certain time each month. Look in to it as it varies from area to area. Tax lein properties are great to find, just be leary of a “Quit Claim” deed. Make sure the deed is clear or you could buy into a mess and lose your investment.
Spend some time on your states Business and Professional Regulation site as well as your Real Estate Commission site and you will find a lot of info on the hows and whys. This will help ensure that you are able to distinguish between a real deal and a raw deal. Good Luck!
On October 16th, 2008 at 7:56 am
Casey, this is a complicated issue. Buying and reselling foreclosures, as everyone will tell you, is dangerous.
Read this article, for starters:
You have a lot of homework to do. Be careful, but yes, it certainly CAN be done. Good luck! (Sorry that this is not really an answer, but it is a subject that is too important for you to take so lightly that you would think you could learn about it in this forum.)
On October 17th, 2008 at 11:28 pm
It takes some cash, cash that you are prepared to risk losing.
It also takes some real knowledge of real estate. Get a good buyer’s agent if you don’t want to lose your shirt on your transactions.
This article has some of the basic concerns:
This is a good general cautionary article
On October 19th, 2008 at 1:28 pm
Casey, I agree with the last answer, buying foreclosures can be risky, but profitable if you know what you are doing. Be careful.
Here is a bit of background information for you…
Foreclosure (Delinquent Mortgage) is the legal process by which an owner’s right to a property is terminated, usually when the borrower gets behind in payments. If the borrower fails to bring the payments up to date within a specified period, the lender (mortgagee) may begin foreclosure proceedings. A property foreclosure typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
Having a property foreclosured on you is not a pleasant experience for anyone to go through. Unfortunately, we live in the “real world” and foreclosures happen daily. Sometimes, it can be the unfortunate result of changed circumstances and other times it should just be put down to bad financial management.
Regardless of the reasons behind the foreclosure proceedings, finding foreclosure properties to buy can be a profitable and common ways to make a fortune in real estate. Like it or not, finding foreclosures is a way to profit from someone’s misfortune and it is happening a lot.
If you want to invest in real estate then buying a foreclosed property can be a good place to start, but you need to follow some basic rules to avoid getting your fingers burnt too. The first step is to find foreclosures and then do some homework on the foreclosed property and research the local property market too. Research can make or break the fortune to be made on a foreclosed property. The important thing is to know the true market value of the foreclosed property and NOT over bidding on the foreclosed property.
In a nutshell…
Find foreclosures and then know the value and fix up costs of the foreclosed property under the hammer and don’t over bid.
On October 24th, 2008 at 1:44 pm
If you are truly interested in this area of real estate, I would go to the library and look up all books you can find on the subject. In fact, I would go to several different libraries because they will all have different books. Study as much as you can and get familiar with it first. Buy a course if you feel you need even more instruction. But yes, this is a good way to make good money.