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If you can get them at a reasonable price. Lets say 60-70% of what their appraisal is, you can wholesale them right back out to investors or rent them out yourself, and cash in the equity. Owner finance them, shoot, you got a million things to do once you get them at that discount.
Now is the time if you deal with foreclosures to get them!
If you can get them at a reasonable price. Lets say 60-70% of what their appraisal is, you can wholesale them right back out to investors or rent them out yourself, and cash in the equity. Owner finance them, shoot, you got a million things to do once you get them at that discount.
Now is the time if you deal with foreclosures to get them!
What is the best site or book to really learn up on the process of buying foreclosure properties? I know this was a hot market a while back and every infomercial seemed to be giving out info. But I am looking to get into this market and buy up a few properties. Any info would be appreciated.
With all of the ARM loans having people in over their heads right now, it seems like a great time to attack this market.
With all of the ARM loans having people in over their heads right now, it seems like a great time to attack this market.
You should check with you county. They typically have an auction type setting for these things once a month-at least they do here in the DFW area.
Was going to buy a couple places last month, but we are going to wait it out for a few mths as people and banks get super anxious to unload their properties.
Our plan is pretty good ( my buddy works for Wells Fargo financial-only subprime mortgages).
-You buy the house from the individual before house is foreclosed; you then rent the house to the same individual-letting them "save face". There is obviously some risk involved, but you take the property back from them if they start to miss payments.
Was going to buy a couple places last month, but we are going to wait it out for a few mths as people and banks get super anxious to unload their properties.
Our plan is pretty good ( my buddy works for Wells Fargo financial-only subprime mortgages).
-You buy the house from the individual before house is foreclosed; you then rent the house to the same individual-letting them "save face". There is obviously some risk involved, but you take the property back from them if they start to miss payments.
This sounds a lot like what I would like to do. I would like to offer the current home owners a way out since they are going to lose their home. I would give them like $10k or so and have them switch the home/loan over to me. They get out from under the loan and have $10k to put down on another home to buy or can use the money to get into a rental until they are back on their feet.
I am sure there are details I need to learn about but know of someone that has done this in the past. I would like to read up on the options when trying to obtain foreclosure properties.
