Buying foreclosure property?
Question:
I have a nice home, but my goal is to buy a small income property that I can leave to my niece in about 15 years. (20 if I am lucky).
Answer:
If you want to invest in foreclosures, you don't want to do it on a seller's market. That means you have too much competition and the prices are too high. Luckily, you're in a buyer's market nationally! Areas like Florida and California are popping with foreclosures. If you can sit out on foreclosures for just a little bit of time till the buying demand picks up, you could have a handsome profit. And yes, I've done this and pocketed a 30% profit on my FIRST flip. But I read books about it before I did anything. Please see my recommended reading below.
Right now is an awesome time to start investing in real estate, Rates are low lots of foreclosures.Find a Good Real estate Broker who specializes in investment properties and make sure he/she have their own investment properties or he/she will not be prepared to help you with some of the important aspects of being a landlord . I own rental properties , and the two biggest pieces of advice I could give are #1You Make your money when you buy {buy low} #2 Keep your projects within 25-30 minutes from your residence.
Even as a former real estate agent, they dont teach you this is real estate school. I purchased this product: http://rei.networthusa.com/pages/prod_pr...
And it has really helped. You can do it before 15 years.. think bigger.
-Angela
http://www.RatRaceClub.com
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