I am wanting to buy foreclosure houses and resell them for profit. how do I go about doing this?

Question:

the 2 largest loans i've ever had were for my car and student loans. do i need to go to real estate school? An agent already told me I could get approved for 100,000 dollars when i was interested in buying his home. does that mean only with him or do I probably have a good chance with any mortgage company ?

Answer:
In a lot of cases, the only "deals" you will find on foreclosed homes are in area's where no one wants to live...run down areas with homes that will need a lot of work. There are also professionals out there who make thier living on buying these forclosed homes. It is not as easy as you may think it is. There are a lot of things you are not even mentioning in this post - like where you are getting your information on the homes, if they are banked owned or if you will need to evict the current owners...so on.
If your question is in reguards to getting a loan, you may want to try lendingtree.com and see what responsed you get back. They will usually give your information to up to 5 different lenders, and they will come back with interest rates and monthly payments.
Please also keep in mind that with foreclosed homes, payment is due NOW, so you must have money in hand to purchase.
Hope this helps!

Get in line! Because of the tv shows, this industry has boomed. Unless you have some great connections with realtors and attorneys, you will not be able to get the real money-makers. This is an industry where you have to be "in the know". What most inexperienced investors end up getting are the houses that the experienced investors have passed on.

From your post, it appears you do not have much experience in finance. You've got to have a knowledge of real estate finance, upfit costs, soft costs, and real estate sales. Otherwise, you'll get taken advantage of and lose your shirt.

You should check the foreclosure rates in your state or area. Many times hard money lenders will assist you. Your credit would have to be very good to be approved for 100k on an investment property. Email me for more info on hard money lenders.

Well, first things first you should see how much financing you qualify before you make any home buying decisions.

Then you will need to decide if you would like to purchase a foreclosure at auction or post auction as an REO. You will need to have all the financing if you are planning to go to auction. Otherwise if you go through the bank as an REO they may finance for you.

Next you will have to find the right property. Make sure you do your research and do all the necessary inspections, etc.

Here's a good site to start your hunt:

http://www.foreclosure.com

Happy hunting!

I am wanting to buy foreclosure houses and resell them for profit. how do I go about doing this?

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