Foreclosures?
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Answer:
Contrary to what everyone else is saying, now is the time to buy! With subprime lending institutions going belly-up right and left, the banks don't want to take back any more non-performing assets (aka houses in foreclosure).
Your best bet is to get to them BEFORE they go to auction. There are sites across the country that will give you up-to-date information on pre-foreclosures in your area.
A word of caution: make sure you do your 'due diligence'. It can be so easy to think that every deal you find will be a home run. Sometimes it's good enough to make it to first base because that's what pays the bills. Work up to the 'home runs'.
And whatever you do, DO NOT quit your job before you can sustain yourself 100% from your real estate for a solid 6 months to a year. If real estate investing can't cover ALL the bills and then some, don't you dare quit your job!
Most importantly, it's not a matter of 'ready, aim, fire'. It's FIRE! (Then clean up the mess later). If you're always getting ready to get ready, you're never going to get there. Pull the trigger, put your toe in the water, and give it a shot!
I admire your entrepreneurial spirit and believe in you! Go for it, kiddo! You can do it!
Yes, you need a decent amount of cash to get into it. You will need to know what houses need what type of improvement so you can flip them and make money. Last of all you need to know when to do it. That time is when sales of homes are brisk, which they aren't. Many people that were flipping homes have stopped because the real estate market is so bad.
Try http://flippersonline.biz has some free information for you. Hope it helps.
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http://all-foreclosure-listings.blogspot...
you must study each supply you yourself.
ultra best options: small towns
The "buys" aren't as great as they make it seem on tv. First, a mortgage company is going to want to make a profit on it and sell it as close to the market rate as it can. Some will sell at the amount of the loan (plus whatever legal costs they had) just to get rid of it. But, in those cases, it's usually because the property is so destroyed by the former owners that they can't get much more for it than that.
So, long story short, you either pay close to market rate for the house. Or, you get one below market rate that requires a lot of work, which in the end, will bring it back up to the same cost. Only difference is you can remodel to what you want.
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